{"id":549544,"date":"2022-09-21T04:00:04","date_gmt":"2022-09-21T04:00:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=549544"},"modified":"2025-12-15T22:41:00","modified_gmt":"2025-12-15T22:41:00","slug":"central-bank-eases-fx-rules-for-imports","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/central-bank-eases-fx-rules-for-imports\/","title":{"rendered":"Central bank eases FX rules for imports"},"content":{"rendered":"<section id=\"549546\" 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=\"549546\">\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\/21\/this-morning-egypt-to-launch-intellectual-property-strategy-today-its-fed-day\/\">\r\n                            THIS MORNING: Egypt to launch intellectual property strategy today + It\u2019s Fed Day.                        <\/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\/21\/this-morning-egypt-to-launch-intellectual-property-strategy-today-its-fed-day\/\" 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\/21\/this-morning-egypt-to-launch-intellectual-property-strategy-today-its-fed-day\/')\">\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\/21\/this-morning-egypt-to-launch-intellectual-property-strategy-today-its-fed-day\/\">\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: Egypt to launch intellectual property strategy today + It\u2019s Fed Day.&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/this-morning-egypt-to-launch-intellectual-property-strategy-today-its-fed-day\/\">\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\/21\/this-morning-egypt-to-launch-intellectual-property-strategy-today-its-fed-day\/&title=THIS MORNING: Egypt to launch intellectual property strategy today + It\u2019s Fed Day.\">\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+Egypt+to+launch+intellectual+property+strategy+today+%2B+It%E2%80%99s+Fed+Day.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F21%2Fthis-morning-egypt-to-launch-intellectual-property-strategy-today-its-fed-day%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\/21\/this-morning-egypt-to-launch-intellectual-property-strategy-today-its-fed-day\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549546\" class=\"content-area-description single-story post-549546 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-antonio-guterres tag-apple tag-enterpriseam tag-financial-markets tag-intellectual-property tag-interest-rates tag-russia-ukraine-conflict tag-tax 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, ladies and gents.<\/strong> Today\u2019s issue brings a double helping of good news for importers, promising news for Egypt\u2019s ambitions to become a regional hub for green energy, and some not-great news for the Tawasol-LimeVest consortium\u2019s bid for Alex Medical.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p><p><strong>Intellectual property strategy launch:<\/strong> Egypt will <a href=\"https:\/\/bit.ly\/3qBM6XB\">launch its intellectual property strategy<\/a> today. World Intellectual Property Organization (WIPO) Director-General Daren Tang will make an appearance at a ceremony being put on to launch the program.<\/p><p><strong>It\u2019s the second day of the general debate at the UN General Assembly:<\/strong> Among today\u2019s speakers are US President Joe Biden, Libyan President Mohamed Menfi, and Iranian President Ebrahim Raisi, according to <a href=\"https:\/\/espeakers.unmeetings.org\/6320ae9f5ea20000120344dc13092022\">the schedule<\/a>. President Abdel Fattah El Sisi will deliver an address at the event though it remains unclear when.<\/p><p><strong>The UN chief opened proceedings yesterday with a cheery speech:<\/strong> In his opening address, UN Secretary-General Antonio Guterres <a href=\"https:\/\/www.un.org\/sg\/en\/content\/sg\/statement\/2022-09-20\/secretary-generals-address-the-general-assembly-trilingual-delivered-follows-scroll-further-down-for-all-english-and-all-french\">warned<\/a> of \u201ccolossal global dysfunction\u201d created by climate change, the conflict in Ukraine and rising economic crises in the developing world. \u201cOur world is in peril \u2014 and paralyzed,\u201d he said. French President Emmanuel Macron and Germany Chancellor Olaf Scholz both made the invasion of Ukraine the centers of their address yesterday, both decrying what they termed Russian \u201cimperialism.\u201d<\/p><p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a><strong> The Federal Reserve begins the second and final day of its policy meeting today<\/strong> amid rising economic uncertainty and market volatility surrounding the pace at which it\u2019s raising interest rates. The central bank is widely expected to announce a third successive 75-bps hike when the meeting wraps tomorrow on the back of last week\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b280c55-4c6b-4d0b-87e3-80b98ab25cd8\">disappointing inflation data<\/a>. An increase of this magnitude would take the Fed Funds Rate to its highest level since March 2008.<\/p><p><strong>Markets are nervous ahead of the decision:<\/strong> Asian markets are in the red across the board this morning and it\u2019s looking to be a similar story in Europe and the US later today. US stocks fell back during yesterday\u2019s trading session, US treasury yields hit 15-year highs, and the USD rose to near-record highs.<\/p><p><strong>HAPPENING TOMORROW- <\/strong><\/p><p><strong>The Central Bank of Egypt will meet to discuss interest rates<\/strong>, and the signs are pointing towards a third hike of 2022. Six of seven analysts and economists <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/298ef0bf-e4ce-4276-a53a-4061d2e7023f\">surveyed in our regular poll<\/a> expect the Monetary Policy Committee to raise rates during its meeting tomorrow as inflation rises and the EGP continues to weaken. HC Securities also added its voice to the chorus, saying earlier this week it sees the central bank raising rates by 100 bps at this meeting and another 100 bps in the November meeting due to Egypt\u2019s deteriorating external position and expectations for inflation to accelerate in the coming months.<\/p><p><strong>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>Things are moving quickly in Ukraine amid fears that Russia could escalate the conflict:<\/strong> There is speculation that Moscow could be about to order a general mobilization after the country\u2019s parliament toughened punishments for crimes committed during military mobilization and combat operations. Russian-occupied territories in Ukraine have also announced plans to hold referendums on whether to formally join Russia, a week after Russian forces were sent into retreat in Kharkiv province. Nato condemned the planned referendums, describing them as \u201ca further escalation\u201d of the war. (<a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-marches-farther-into-liberated-lands-separatist-calls-urgent-referendum-2022-09-19\/\">Reuters<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/09\/20\/world\/europe\/russia-annex-ukraine-referendum.html\">New York Times<\/a> | <a href=\"https:\/\/www.ft.com\/content\/5b941171-550b-415c-b95f-2f92ceedb89f\">FT<\/a>)<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>PSA- The last call for coastal governorates to join the e-invoicing system: <\/strong>Companies across Alexandria, Beheira and Marsa Matrouh can now sign up to the eighth and final phase of the rollout of the government\u2019s electronic invoicing platform, the Tax Authority <a href=\"https:\/\/www.facebook.com\/tax.egypt\/posts\/pfbid0vGu8egKHxFiqie51JoXGknTcfY9TVnct1YA9xcei7eEAQhFnVubrEhgvgXXRng8cl\">said yesterday<\/a>.<\/p><p><strong>Up next: <\/strong>The second part of the final phase will target companies in Sharkia, Gharbia, Kafr El Sheikh, Menoufia and Damietta and will kick off on October 15.<\/p><p><strong>What e-invoicing system? <\/strong>The government is working to digitize all B2B and B2C invoices, a move designed to give the government greater oversight over tax and reduce the size of the informal economy. The Tax Authority <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99a6ca73-945a-43a8-9bb3-70e01e484a6c\">launched a pilot<\/a> in late 2020 and has been gradually extending the system since then. All B2B and B2C invoices across the country are expected to be fully automated by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18d53df7-c601-478e-8d52-5674b63b988f\">December<\/a>.<\/p><p><strong>Attention iSheep: Apps and in-app purchases will be pricier starting next month: <\/strong>Apple is raising prices of apps and in-app purchases through the App Store in the eurozone and nine other countries, including here in Egypt, as soon as 5 October, the company said in a <a href=\"https:\/\/developer.apple.com\/news\/?id=e1b1hcmv\">blog post<\/a> to developers. The tech giant did not specify the level of the increases.<\/p><p><strong>Behind the move: <\/strong>Apple may be looking to protect its margins against currencies weakening against the USD, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-20\/apple-to-hike-app-store-prices-from-europe-to-asia-next-month?sref=mmeFTDW1\">Bloomberg<\/a> writes.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>Our friends at HSBC are hosting an energy transition webinar series next <\/strong><strong>Tuesday-Thursday, 27-29 September.<\/strong> The series will look at the \u201clatest climate analysis in relation to the global energy market and transition to net zero\u201d in six different sessions covering energy security, what is required to ensure the success of COP27, financing and investment needs for the energy transition, and the scaling up of renewables in the region, among other topics. You can <a href=\"https:\/\/www.hsbcscheduling.com\/eventweb.php?pid=PDFjNDU8MGUxPzFsMTU&amp;src=enterpriseam\">register for the series here<\/a>.<\/p><p><strong>WANT MORE on the region\u2019s energy transition? <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8c61a7c8-07cc-49bb-aad8-c3f819b917c7\">Catch this op-ed in EnterpriseAM<\/a><\/strong> by HSBC\u2019s Group Head, Center of Sustainable Finance and Head of Climate Change Middle East, North Africa and Turkey, Zoe Knight on to the capital that\u2019s needed to help drive that shift.<\/p><p><strong>A Spanish business delegation will be in town next Tuesday and Wednesday<\/strong> (27-28 September) for the Egypt-Spain Multilateral Partnership Forum, organized by the Spanish Institute for Export and Investment, according to <a href=\"https:\/\/ent.news\/2022\/9\/Press-Release-PRE-EVENTO-en-ingle%CC%81s.pdf\">a press release (pdf)<\/a>. The two-day conference will include seminars and panel discussions on trade and investment in transport, energy, and water with Egyptian ministers and representatives from government bodies, alongside officials from international financing institutions and Spanish Secretary of State for Trade Xiana M\u00e9ndez B\u00e9rtolo. The agenda for the conference is available <a href=\"https:\/\/ent.news\/2022\/9\/Program-Spain-Egypt-Multilateral-Partnership.pdf\">here (pdf)<\/a>.<\/p><p><strong><a href=\"https:\/\/gitex.com\/home\">GITEX Global<\/a><\/strong><strong> is being held at the Dubai International Convention and Exhibition Center <\/strong><strong>from 10-14 October.<\/strong> The event, which is running under the theme \u201center the next digital universe,\u201d will bring together players in Big Tech to discuss AI, cybersecurity, blockchain, the metaverse, and more.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p>***<\/p><p><strong>WE\u2019RE LOOKING FOR A SMART, TALENTED HEAD OF PEOPLE<\/strong> to help us develop and deliver a comprehensive people strategy to help grow Enterprise and our sister company, Inktank Communications. Attracting and retaining top talent is the lifeblood of our business \u2014 are you the right person to help us do it?<\/p><p><strong>WHO YOU ARE-<\/strong> Our Head of People is responsible for aligning HR practices with business objectives and works alongside some very smart people, including our C-level and leadership teams, to design and develop HR strategies and monitor their effectiveness. Candidates should have at least 10 years of experience in human resources, with extensive knowledge of key HR disciplines including performance and talent. We are looking for someone who isn\u2019t afraid to challenge, innovate, experiment, and move at a fast pace \u2014 not to mention creating some very cool new things to drive people engagement and improve a high-performance culture.<\/p><p><strong>INTERESTED IN APPLYING?<\/strong> To apply for the Head of People, drop us a line at jobs@enterprisemea.com and mention \u201cNoha\u201d in your subject line \u2014 she\u2019s our outgoing Head of People and the first person who\u2019s going to be reading your application. Please send a solid cover letter telling us a bit about who you are and why you\u2019re a good fit for our team. We want to see your CV, but the most important thing is a cover letter that makes us want to pick up the phone and give you a call.<\/p><p>***<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>We look at how the biggest EGX-listed CIT infrastructure players performed during 2Q 2022 amid rising inflation, FX shortages and the EGP devaluation \u2014 and review the outlook for the sector in the second half of the year.<\/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\/antonio-guterres\/\">Antonio Guterres<\/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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/intellectual-property\/\">intellectual property<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/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\/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=\"549547\" 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=\"549547\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/549547\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549547\" class=\"content-area-description single-story post-549547 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=\"549548\" 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=\"549548\">\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\">Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/foreign-currency-rules-for-imports-are-easing\/\">\r\n                            Foreign-currency rules for imports are easing                        <\/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\/21\/foreign-currency-rules-for-imports-are-easing\/\" 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\/21\/foreign-currency-rules-for-imports-are-easing\/')\">\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\/21\/foreign-currency-rules-for-imports-are-easing\/\">\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=Foreign-currency rules for imports are easing&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/foreign-currency-rules-for-imports-are-easing\/\">\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\/21\/foreign-currency-rules-for-imports-are-easing\/&title=Foreign-currency rules for imports are easing\">\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=Foreign-currency+rules+for+imports+are+easing+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F21%2Fforeign-currency-rules-for-imports-are-easing%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\/21\/foreign-currency-rules-for-imports-are-easing\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/294.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549549\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/foreign-currency-rules-for-imports-are-easing\/294-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/294.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"294.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/294.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/294.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549548\" class=\"content-area-description single-story post-549548 post type-post status-publish format-standard has-post-thumbnail hentry category-trade tag-central-bank-of-egypt tag-enterpriseam tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Central bank eases FX rules for imports: <\/strong>The Central Bank of Egypt (CBE) has relaxed restrictions on the use of foreign currencies for imports in a bid to ease the buildup of goods at ports, according to a document circulating among banks seen by Enterprise.<\/p>\n<p><strong>Among the key changes:<\/strong><\/p>\n<p><strong>#1- You should now be able to open letters of credit to pay for goods stuck at port:<\/strong> Companies will now be able to cover imports using <strong>foreign currency that they held in their domestic bank accounts as of 19 September<\/strong>. This will allow companies to open letters of credit (L\/Cs) (and, in some cases, to use documentary collection) to pay overseas suppliers and release goods that are stuck in customs.<\/p>\n<p><strong>#2- Parent companies with Egyptian subsidiaries can use FX balances:<\/strong> Parent companies can use foreign-currency deposits held as of 19 September to cover import costs for subsidiaries and vice versa.<\/p>\n<p><strong>#3- You\u2019re lucky if you export to neighboring countries:<\/strong> From now on, companies can use foreign-currency revenues made from exporting to neighboring countries to pay for imports, provided they meet certain reporting requirements on both shipments and transactions. The document lists Libya, Syria, Sudan, Iraq, Yemen and Palestine.<\/p>\n<p><strong>#4- You can transfer in FX and use it to cover imports:<\/strong> From now on, Importers can use foreign-currency transfers from overseas partners to cover imports. FX including remittances, dividends or the proceeds of capital increases may be used. Subsidiaries can use loans from parent companies on the condition that the facilities are provided for no less than 12 months and that it is documented in both companies\u2019 financial statements.<\/p>\n<p><strong>The rationale:<\/strong> The move is designed to undo some of the damage done by former central bank governor Tarek Amer\u2019s decision earlier this year to require importers to use L\/Cs to pay for goods. The move prevented businesses from accessing foreign-currency deposits, resulting in a pile-up at ports and causing shortages of industrial and consumer goods.<\/p>\n<p><strong>SOUND SMART- By setting clear channels through which businesses can get FX into their account to cover imports, the measures offer a bit of relief <\/strong>for everyone from manufacturers to distributors \u2014 but will still make it difficult for importers to source FX from outside the banking system. After spending years snuffing out the black market, policymakers are loath to see it return.<\/p>\n<p><strong>Reaction to the policy switch has been largely positive:<\/strong><\/p>\n<p><strong>The measures \u201cmend previous decisions [on imports] by the CBE<\/strong>, Ahmed El Zayat, a member of the Egyptian Businessmen Association, told CNBC Arabia (<a href=\"https:\/\/bit.ly\/3Bzr8xJ\">watch, runtime: 5:16<\/a>). \u201cRelying on L\/Cs for imports saw us facing hurdles and challenges, leading to a slowdown in shipments\u2019 release,\u201d he said.<\/p>\n<p><strong>Manufacturers will now have access to raw materials and components and will be able to ramp up production<\/strong>, Alaa Ezz, Secretary-General of Federation of Egyptian Chambers of Commerce (FEDCOC), told Kelma Akhira\u2019s Lamis El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=tlYev7i0fkY\">watch, runtime: 2:00<\/a>). The inflationary pressures caused by shortages will begin to abate, helping prices to stabilize, he said.<\/p>\n<p><strong>But more clarity is <\/strong><strong>needed:<\/strong> Matta Beshay, a member of FEDCOC\u2019s importers division, told Masaa DMC last night (<a href=\"https:\/\/www.youtube.com\/watch?v=SPlnXCN1lVo\">watch, runtime: 9:46<\/a>) that the central bank needs to provide more information on how importers will source foreign currency. \u201cAs importers, we want to have more clarity and want to know more about how the system would work,\u201d he 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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549550\" 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=\"549550\">\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\">Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/nafeza-rollout-to-air-freight-pushed-to-january\/\">\r\n                            Nafeza rollout to air freight pushed to January                        <\/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\/21\/nafeza-rollout-to-air-freight-pushed-to-january\/\" 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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Use of the ACI for air freight was due to become compulsory <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32b15e18-83f6-4e63-8a58-5fe31877b61b\">on 1 October<\/a> but the ministry will now extend <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ddecdf91-9f09-48eb-b55c-896e9ed89d7d\">the trial period<\/a> through the final quarter of the year \u201cin appreciation of global and local conditions,\u201d the ministry said.<\/p>\n<p><strong>There are signs that importers are reluctant to join:<\/strong> \u201cWe\u2019re holding training sessions to onboard importers to the system, but no one is showing up,\u201d Misr Technology Services\u2019 (MTS) Khaled Nassef told us yesterday. Less than 10% of daily air freight shipments are currently being booked through Nafeza, and \u201cwe need at least 70-80% of daily shipments to go through Nafeza before the full rollout,\u201d he said. MTS is a trade and logistics platform provider and has been responsible for the rollout of the Nafeza customs window and the design of the ACI system.<\/p>\n<p><strong>This wouldn\u2019t be the first time: <\/strong>Maritime importers also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10fa5156-9181-43fb-a1b5-94c82af47cd0\">took a while to adjust<\/a> when the system was launched last year, with talk of technical glitches and complaints about ease of use making the rounds at the time. Last we heard, more than 80% of all importers have since onboarded to ACI. More than 31k maritime and air freight importers had joined the ACI system as of the end of May.<\/p>\n<p><strong>Refresher:<\/strong> The ACI is a pre-registration system that provides real-time information about incoming shipments and is a key part of the Finance Ministry\u2019s Nafeza digital customs window, which was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6c476e4-b695-4719-b2c4-57a24eba139c\">launched in maritime ports<\/a> late last year.<\/p>\n<p><strong>** Want more on Nafeza and ACI? We explain everything <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e9e2f68a-8c99-4750-b736-cbcdd6f65839\">here<\/a><\/strong><strong>.<\/strong><\/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\/aci\/\">ACI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nafeza\/\">Nafeza<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549552\" 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=\"549552\">\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\/21\/alex-medical-board-gives-thumbs-down-to-tawasol-limevests-offer\/\">\r\n                            Alex Medical board gives thumbs down to Tawasol-LimeVest\u2019s offer                        <\/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\/21\/alex-medical-board-gives-thumbs-down-to-tawasol-limevests-offer\/\" 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\/21\/alex-medical-board-gives-thumbs-down-to-tawasol-limevests-offer\/')\">\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\/21\/alex-medical-board-gives-thumbs-down-to-tawasol-limevests-offer\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Alex Medical board gives thumbs down to Tawasol-LimeVest\u2019s offer&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/alex-medical-board-gives-thumbs-down-to-tawasol-limevests-offer\/\">\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\/21\/alex-medical-board-gives-thumbs-down-to-tawasol-limevests-offer\/&title=Alex Medical board gives thumbs down to Tawasol-LimeVest\u2019s offer\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Alex+Medical+board+gives+thumbs+down+to+Tawasol-LimeVest%E2%80%99s+offer+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F21%2Falex-medical-board-gives-thumbs-down-to-tawasol-limevests-offer%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\/21\/alex-medical-board-gives-thumbs-down-to-tawasol-limevests-offer\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/298.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549553\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/alex-medical-board-gives-thumbs-down-to-tawasol-limevests-offer\/298-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/298.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"298.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/298.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/298.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549552\" class=\"content-area-description single-story post-549552 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-alexandria-medical-services tag-enterpriseam tag-healthcare tag-limevest tag-ma-watch tag-tawasol-holdings tag-yas-holding 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>Alex Medical\u2019s board takes issue with Tawasol-LimeVest\u2019s offer:<\/strong> The Alexandria Medical Services board has shared its opinion on the Tawasol Holdings-LimeVest consortium\u2019s bid to acquire up to 74% of the company \u2014 and it\u2019s not too positive, with the board saying the offer doesn\u2019t represent the value of the company and lacks concrete plans for the future, it said in a <a href=\"https:\/\/ent.news\/2022\/9\/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2-%D8%A7%D9%84%D8%B7%D8%A8%D9%89-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF-%D9%85%D8%AD%D8%B6%D8%B1-%D9%85%D8%AC%D9%84%D8%B3-%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-20-09-2022.pdf\">disclosure (pdf)<\/a> to the EGX yesterday. This comes in the middle of the subscription period for the consortium\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad46444d-2c60-4f89-9f57-a21c381e01c2\">mandatory tender offer<\/a> (MTO), which offered to purchase shares at EGP 47.67 apiece, valuing the company at around EGP 742.3 mn.<\/p>\n<p><strong>Valuation is wide of the mark: <\/strong>The board said the offer doesn\u2019t reflect the average share price of the company for the six months preceding the launch of the MTO.<\/p>\n<p><strong>Tawasol-LimeVest ups its price again, but still no dice:<\/strong> The board\u2019s stance on the valuation came despite Tawasol-LimeVest upping its offer again yesterday ahead of the meeting. The consortium is now offering to pay EGP 49.00 per share, the Financial Regulatory Authority (FRA) <a href=\"https:\/\/ent.news\/2022\/9\/FRA-Lime-Vest.pdf\">said (pdf)<\/a> yesterday, a move that came a day after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d4b847e-401a-461e-932f-b5e894e39cf4\">Yas Holding\u2019s improved EGP<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d4b847e-401a-461e-932f-b5e894e39cf4\">48.<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d4b847e-401a-461e-932f-b5e894e39cf4\">62 offer<\/a>.<\/p>\n<p><strong>Alex Medical isn\u2019t convinced by Tawasol-LimeVest\u2019s vision:<\/strong> The bid also contains no firm plans for what the consortium would do with the company post-acquisition and gives contradicting information regarding employees\u2019 job security and labor rights, Alex Medical\u2019s board said.<\/p>\n<p><strong>How will this impact their bid?<\/strong> A mandatory tender offer launched by Tawasol and LimeVest is ongoing until 27 September. It is unknown how many shareholders have agreed to sell their shares to the consortium. The big one is Abu Dhabi Commercial Bank which owns a 51.5% stake in the company, but given its board representation it might not be looking good for the consortium\u2019s bid. ADCB had last year reportedly been looking to sell its majority stake, which it acquired from NMC Healthcare\u2019s disgraced founder, BR Shetty.<\/p>\n<p><strong>What about the competing Yas bid?<\/strong> The Emirati firm\u2019s offer is pending healthcare-sector specific approvals and a go ahead from the FRA.<\/p>\n<p><strong>For those of you just joining us:<\/strong> The Tawasol-LimeVest consortium has been in the running to acquire Alex Medical since last year. The outfit had originally offered EGP 47.67 a share to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad46444d-2c60-4f89-9f57-a21c381e01c2\">purchase up to 74%<\/a> of the company, a bid it renewed last month. Tawasol already <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a108ea38-12e7-4974-9c7c-e191893d0399\">owns 26%<\/a> of Alex Medical, meaning the acquisition could give the consortium 100% ownership.<\/p>\n<p><strong>Could we see others jump back into the fray?<\/strong> Yas and the Tawasol-LimeVest consortium had both put in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/324b0f80-415a-4f55-93a2-f4bef5c8108d\">offers for Alex Medical<\/a> in June last year, amid a bidding war for the healthcare provider that at its peak saw <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/db1dc8a7-f010-4c1e-a656-a4b11bb806fa\">eight companies and consortiums<\/a> signal their interest before it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad19be3f-8f1a-494f-933b-2462e348c032\">fizzled out<\/a> without a sale.<\/p>\n<p><strong>Advisors:<\/strong> Prime Holding are the brokers on the Tawasol-LimeVest offer and Zaki Hashem and Partners are acting as the consortium\u2019s counsel. Al Ahly Pharos is reportedly Yas\u2019 financial advisor on the transaction, according to sources quoted by <a href=\"https:\/\/bit.ly\/2RpY0FY\">Hapi Journal<\/a> at the time the offer was launched.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alexandria-medical-services\/\">Alexandria Medical Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/limevest\/\">LimeVest<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tawasol-holdings\/\">Tawasol Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/yas-holding\/\">Yas Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549554\" 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=\"549554\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/549554\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549554\" class=\"content-area-description single-story post-549554 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\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=\"549555\" 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=\"549555\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/contact-financial-closes-egp-2-bn-sukuk-issuance\/\">\r\n                            Contact Financial closes EGP 2 bn sukuk issuance                        <\/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\/21\/contact-financial-closes-egp-2-bn-sukuk-issuance\/\" 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\/21\/contact-financial-closes-egp-2-bn-sukuk-issuance\/')\">\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\/21\/contact-financial-closes-egp-2-bn-sukuk-issuance\/\">\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=Contact Financial closes EGP 2 bn sukuk issuance&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/contact-financial-closes-egp-2-bn-sukuk-issuance\/\">\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\/21\/contact-financial-closes-egp-2-bn-sukuk-issuance\/&title=Contact Financial closes EGP 2 bn sukuk issuance\">\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=Contact+Financial+closes+EGP+2+bn+sukuk+issuance+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F21%2Fcontact-financial-closes-egp-2-bn-sukuk-issuance%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\/21\/contact-financial-closes-egp-2-bn-sukuk-issuance\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/300.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549556\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/contact-financial-closes-egp-2-bn-sukuk-issuance\/300-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/300.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"300.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/300.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/300.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549555\" class=\"content-area-description single-story post-549555 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-contact-financial tag-debt tag-debt-watch tag-enterpriseam tag-securitization tag-sukuk 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>Contact Financial Holding has closed an EGP 2 bn sukuk issuance<\/strong>, after getting the greenlight from the Financial Regulatory Authority (FRA) yesterday, Contact Financial Holding CEO Said Zater told Amwal El Ghad. The sharia-compliant mudaraba sukuk has a seven-year tenor and the proceeds will be used to finance car purchases for clients of its subsidiary, Contact Credit, the regulator said in <a href=\"https:\/\/ent.news\/2022\/9\/FRA.pdf\">a statement (pdf)<\/a>.<\/p>\n<p><strong>Who\u2019s buying in: <\/strong>Baraka Bank, and Arab Investment Bank, Zater said.<\/p>\n<p><strong>Advisors: <\/strong>The issuance was co-underwritten by Misr Capital and Al Ahly Pharos. Sarwa Promotion and Underwriting, a subsidiary of Contact, was the lead arranger. Alieldean Weshahi & Partners acted as the legal advisor, and Financial Capital Services \u2014 formerly Baker Tilly Wahid Abdel Ghaffar & Co \u2014 was appointed as an independent financial advisor.<\/p>\n<p><strong>It\u2019s been a quiet year so far for sukuk<\/strong>, which saw only one <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6170918c-d131-411e-a667-a3f24c66a66c\">EGP 3.25 bn sukuk issuance<\/a> from Palm Hills Developments (PHD) in March. This marks Contact Financial\u2019s (formerly Sarwa Capital Holding) third sukuk issuance by our count, after closing the only issuance of the year in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b389205-5282-4d47-b93a-13d8a30d62ff\">2021<\/a> and another in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/638cf2dd-260a-4ffc-b6bd-7dced92a6222\">2020<\/a>.<\/p>\n<p><strong>More coming? <\/strong>Contact Financial\u2019s sukuk arm is preparing for three more issuances before the end of the year with a combined value of around EGP 4 bn, Zater told us when we spoke on the phone yesterday. The company also expects to issue EGP 1-1.5 bn worth of securitized bonds within a month for its consumer finance business.<\/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\/contact-financial\/\">Contact Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/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=\"549557\" 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=\"549557\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/maersk-egypt-to-finalize-usd-15-bn-clean-fuel-project-at-cop27\/\">\r\n                            Maersk + Egypt to finalize USD 15 bn clean fuel project at COP27                        <\/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\/21\/maersk-egypt-to-finalize-usd-15-bn-clean-fuel-project-at-cop27\/\" 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\/21\/maersk-egypt-to-finalize-usd-15-bn-clean-fuel-project-at-cop27\/')\">\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\/21\/maersk-egypt-to-finalize-usd-15-bn-clean-fuel-project-at-cop27\/\">\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=Maersk + Egypt to finalize USD 15 bn clean fuel project at COP27&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/maersk-egypt-to-finalize-usd-15-bn-clean-fuel-project-at-cop27\/\">\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\/21\/maersk-egypt-to-finalize-usd-15-bn-clean-fuel-project-at-cop27\/&title=Maersk + Egypt to finalize USD 15 bn clean fuel project at COP27\">\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=Maersk+%2B+Egypt+to+finalize+USD+15+bn+clean+fuel+project+at+COP27+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F21%2Fmaersk-egypt-to-finalize-usd-15-bn-clean-fuel-project-at-cop27%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\/21\/maersk-egypt-to-finalize-usd-15-bn-clean-fuel-project-at-cop27\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549557\" class=\"content-area-description single-story post-549557 post type-post status-publish format-standard hentry category-energy tag-climate tag-energy tag-enterpriseam tag-maersk tag-renewables wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Maersk will sign the final contracts for the USD 15 bn clean fuel project at COP27 in <\/strong><strong>November<\/strong>, Chief Group Representative Hany El Nady said in a televised interview (<a href=\"https:\/\/www.youtube.com\/watch?v=jmAZowXUrE4\">watch, runtime: 14:03<\/a>) last night. Earlier this week Maersk CEO Soren Skou <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78342613-6da4-4b0a-a63a-b823645c04d4\">held talks<\/a> with President Abdel Fattah El Sisi on the project, which will see the company work with the Egyptian government to set up a national network to produce and distribute green energy and fuel for ships.<\/p>\n<p><strong>More details: <\/strong>Some 200k tons of fuel will be produced during the first phase, which will be completed by 2026. The second and third phases will raise production to 1 mn tons and 3 mn tons by 2028 and 2030, respectively, El Nady told Kelma Akhira\u2019s Lamees El Hadidi last night. Maersk has already begun feasibility studies for the project, he added.<\/p>\n<p><strong>REMEMBER-<\/strong> The government is aiming to position Egypt as a regional hub for green energy, with the government making moves to capitalize on investment momentum ahead of COP27. Major global companies have signed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ab5ebab-55a1-4a68-97a3-0f02e5b4e147\">USD 18 bn worth of preliminary agreements<\/a> to establish green ammonia and hydrogen projects in Ain Sokhna this year, with final agreements expected to be signed at the global climate summit.<\/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\/climate\/\">Climate<\/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\/maersk\/\">Maersk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549558\" 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=\"549558\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/egypt-cant-get-enough-of-that-sweet-russian-crude\/\">\r\n                            Egypt can\u2019t get enough of that sweet Russian crude                        <\/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\/21\/egypt-cant-get-enough-of-that-sweet-russian-crude\/\" 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\/21\/egypt-cant-get-enough-of-that-sweet-russian-crude\/')\">\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\/21\/egypt-cant-get-enough-of-that-sweet-russian-crude\/\">\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 can\u2019t get enough of that sweet Russian crude&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/egypt-cant-get-enough-of-that-sweet-russian-crude\/\">\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\/21\/egypt-cant-get-enough-of-that-sweet-russian-crude\/&title=Egypt can\u2019t get enough of that sweet Russian crude\">\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+can%E2%80%99t+get+enough+of+that+sweet+Russian+crude+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F21%2Fegypt-cant-get-enough-of-that-sweet-russian-crude%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\/21\/egypt-cant-get-enough-of-that-sweet-russian-crude\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549558\" class=\"content-area-description single-story post-549558 post type-post status-publish format-standard hentry category-energy tag-energy tag-enterpriseam tag-oil-and-gas tag-russia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>Incoming shipments of Russian fuel to Egypt have risen sharply in the past months<\/strong> as Moscow looks to alternative markets in the Middle East and Asia in light of Western sanctions, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-19\/russia-to-flood-asia-with-fuels-as-europe-ramps-up-sanctions\">Bloomberg<\/a> reports.<\/p>\n<p><strong>How sharply?<\/strong> Last month 51 shipments of oil were sent from Russia to Egypt, up from just one in August 2021.<\/p>\n<p><strong>El Hamra has been one destination:<\/strong> Bloomberg <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c285d7e5-470e-491b-88a6-63e022ea2531\">reported<\/a> in August that Russia was shipping oil to the El Hamra oil terminal on the North Coast, which is able to store 1.5 mn barrels of crude. Around the same time Oil Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/466596725510753\">announced<\/a> a large-scale expansion of the terminal that would more than triple storage capacity to 5.3 mn barrels.<\/p>\n<p><strong>It\u2019s not just us:<\/strong> Shipments heading to the UAE rose more than 400% y-o-y in August, China-bound ships more than doubled. Saudi Arabia and Malaysia took 32 and 48 cargoes respectively during the month after receiving none in August 2021.<\/p>\n<p><strong>Flows could rise in the coming months<\/strong>, as pressure mounts for Moscow to find new buyers ahead of the EU\u2019s ban on Russian crude, which will come into effect in December, Bloomberg says.<\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/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=\"549559\" 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=\"549559\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/ecc-paid-usd-5-mn-for-majority-stake-in-source-beauty\/\">\r\n                            ECC paid USD 5 mn for majority stake in Source Beauty                        <\/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\/21\/ecc-paid-usd-5-mn-for-majority-stake-in-source-beauty\/\" 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\/21\/ecc-paid-usd-5-mn-for-majority-stake-in-source-beauty\/')\">\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\/21\/ecc-paid-usd-5-mn-for-majority-stake-in-source-beauty\/\">\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=ECC paid USD 5 mn for majority stake in Source Beauty&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/ecc-paid-usd-5-mn-for-majority-stake-in-source-beauty\/\">\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\/21\/ecc-paid-usd-5-mn-for-majority-stake-in-source-beauty\/&title=ECC paid USD 5 mn for majority stake in Source Beauty\">\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=ECC+paid+USD+5+mn+for+majority+stake+in+Source+Beauty+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F21%2Fecc-paid-usd-5-mn-for-majority-stake-in-source-beauty%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\/21\/ecc-paid-usd-5-mn-for-majority-stake-in-source-beauty\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/302.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549560\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/ecc-paid-usd-5-mn-for-majority-stake-in-source-beauty\/302-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/302.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"302.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/302.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/302.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549559\" class=\"content-area-description single-story post-549559 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-e-commerce tag-ecc tag-enterpriseam tag-ma-watch tag-startup-watch tag-startups 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>UPDATE- ECC reveals the price tag on its newly acquired stake in Source Beauty: <\/strong><a href=\"https:\/\/ecc-hub.com\/\">Egyptian Company for Cosmetics<\/a> (ECC) invested USD 5 mn to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fd03b7b3-4044-448f-b5cd-eebd61fa8945\">acquire a majority stake<\/a> through capital increase in local online beauty store <a href=\"https:\/\/www.sourcebeauty.com\/\">Source Beauty<\/a>, according to a joint <a href=\"https:\/\/ent.news\/2022\/9\/Source-Beauty-ECC_Final-Press-Release.pdf\">pre<\/a><a href=\"https:\/\/ent.news\/2022\/9\/Source-Beauty-ECC_Final-Press-Release.pdf\">ss release (pdf)<\/a> yesterday. The two companies first announced the acquisition earlier this week but didn\u2019t specify the size of the transaction. Source Beauty founder and CEO Lydia Schoonderbeek declined to mention how much of the company was sold to ECC when we asked yesterday.<\/p>\n<p><strong>Where will the funding go? <\/strong>\u201cWe\u2019re going to grow our talent, build on our authenticity, increase our tech footprint, and grow our product offering to help us further engage with the younger generation,\u201d Source Beauty founder and CEO Lydia Schoonderbeek told us yesterday.<\/p>\n<p><strong>The local market remains its primary focus:<\/strong> The startup has no geographical expansion plans in the short-term and is putting all its effort into growing in the Arab world\u2019s most populous consumer market, Schoonderbeek said.<\/p>\n<p><strong>About the company: <\/strong>Launched in 2018, Source Beauty is an online beauty marketplace offering products from more than 85 local and international brands, and has 60k users. ECC \u2014 which counts Lorax Capital Partners among its minority shareholders \u2014 manufactures beauty and personal care products and owns haircare and skincare company <a href=\"https:\/\/bobana-eg.com\/\">Bobana<\/a> and cosmeceuticals player <a href=\"https:\/\/www.infinityclinicpharma.com\/\">Infinity Clinic Pharma<\/a>. The acquisition will see Schoonderbeek serve as ECC\u2019s chief creative officer, alongside her role as CEO of Source Beauty.<\/p>\n<p><strong>ADVISORS- <\/strong>Al Tamimi and HVK Stevens acted as local and international counsel to ECC while Van Campen Liem advised Source Beauty.<\/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\/e-commerce\/\">e-commerce<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ecc\/\">ECC<\/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\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549561\" 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=\"549561\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/al-azhars-grand-imam-appoints-first-female-adviser\/\">\r\n                            Al Azhar\u2019s Grand Imam appoints first female adviser                        <\/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\/21\/al-azhars-grand-imam-appoints-first-female-adviser\/\" 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\/21\/al-azhars-grand-imam-appoints-first-female-adviser\/')\">\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\/21\/al-azhars-grand-imam-appoints-first-female-adviser\/\">\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=Al Azhar\u2019s Grand Imam appoints first female adviser&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/al-azhars-grand-imam-appoints-first-female-adviser\/\">\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\/21\/al-azhars-grand-imam-appoints-first-female-adviser\/&title=Al Azhar\u2019s Grand Imam appoints first female adviser\">\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=Al+Azhar%E2%80%99s+Grand+Imam+appoints+first+female+adviser+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F21%2Fal-azhars-grand-imam-appoints-first-female-adviser%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\/21\/al-azhars-grand-imam-appoints-first-female-adviser\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549561\" class=\"content-area-description single-story post-549561 post type-post status-publish format-standard hentry category-moves tag-ahmed-el-tayyeb tag-al-azhar tag-enterpriseam tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Grand Imam appoints first female adviser: <\/strong>Al Azhar Grand Imam Ahmed El Tayyeb has appointed Nahla Al Saeedy as his adviser on expatriate affairs, making her the first woman to hold such a role, Al Saeedy said in <a href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=pfbid0prV2zS5F1wJBUqraVxZ1RADqjLnhYoja8uLwFv7cvdePfbz6Eu82o7Nhy6yjNprQl&id=100063895622796\">a statement<\/a>. Al Saeedy will keep her role as the head of Al Azhar\u2019s center for international students and the dean of the Islamic studies faculty for expats.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-el-tayyeb\/\">Ahmed El Tayyeb<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-azhar\/\">Al Azhar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549562\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"549562\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/549562\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549562\" class=\"content-area-description single-story post-549562 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_VIEWS_1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549563\" 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=\"549563\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/relaxation-of-import-restrictions-dominates-the-airwaves\/\">\r\n                            Relaxation of import restrictions dominates the airwaves                        <\/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\/21\/relaxation-of-import-restrictions-dominates-the-airwaves\/\" 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\/21\/relaxation-of-import-restrictions-dominates-the-airwaves\/')\">\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\/21\/relaxation-of-import-restrictions-dominates-the-airwaves\/\">\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=Relaxation of import restrictions dominates the airwaves&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/relaxation-of-import-restrictions-dominates-the-airwaves\/\">\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\/21\/relaxation-of-import-restrictions-dominates-the-airwaves\/&title=Relaxation of import restrictions dominates the airwaves\">\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=Relaxation+of+import+restrictions+dominates+the+airwaves+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F21%2Frelaxation-of-import-restrictions-dominates-the-airwaves%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\/21\/relaxation-of-import-restrictions-dominates-the-airwaves\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549563\" class=\"content-area-description single-story post-549563 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-central-bank-of-egypt tag-enterpriseam tag-l-cs tag-last-nights-talk-shows wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Surprising no one, the CBE\u2019s leaked new rules for facilitating FX for imports dominated <\/strong><strong>the airwaves yesterday<\/strong>, with the nation\u2019s talking heads trying to gauge how far the new measures would clear an imports backlog crippling the country since spring. Kelma Akhira\u2019s El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=YHPqdzeW2_s\">watch, runtime: 8:44<\/a>), Salet El Tahir (<a href=\"https:\/\/www.youtube.com\/watch?v=rTlzYCydEV8\">watch, runtime: 4:43<\/a>), Yahduth Fi Masr (<a href=\"https:\/\/www.youtube.com\/watch?v=EOqrtMxsDZo\">watch, runtime: 2:46<\/a>), Al Hadath Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=AH1Jg4ORBAY\">watch, runtime: 6:56<\/a>) and Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=SPlnXCN1lVo\">watch, runtime: 9:46<\/a>) all had coverage. We have the details in this morning\u2019s news well, above.<\/p>\n<p><strong>The release of another 28 pre-trial detainees following a presidential pardon<\/strong> got a mention from Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=NJAUkxQE5fI\">watch, runtime: 5:56<\/a>) and Al Hadath Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=fYz9ru1oJqQ\">watch, runtime: 7:47<\/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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/l-cs\/\">L\/Cs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549564\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide 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href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 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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=\"549565\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/foreign-press-highlights-the-impact-of-the-economic-crisis-on-egyptian-citizens-profiles-foreign-minister-sameh-shoukry\/\">\r\n                            Foreign press highlights the impact of the economic crisis on Egyptian citizens + profiles Foreign Minister Sameh Shoukry                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div 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Foreign Minister Sameh Shoukry&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/foreign-press-highlights-the-impact-of-the-economic-crisis-on-egyptian-citizens-profiles-foreign-minister-sameh-shoukry\/\">\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\/21\/foreign-press-highlights-the-impact-of-the-economic-crisis-on-egyptian-citizens-profiles-foreign-minister-sameh-shoukry\/&title=Foreign press highlights the impact of the economic crisis on Egyptian citizens + profiles Foreign Minister Sameh Shoukry\">\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=Foreign+press+highlights+the+impact+of+the+economic+crisis+on+Egyptian+citizens+%2B+profiles+Foreign+Minister+Sameh+Shoukry+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F21%2Fforeign-press-highlights-the-impact-of-the-economic-crisis-on-egyptian-citizens-profiles-foreign-minister-sameh-shoukry%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\/21\/foreign-press-highlights-the-impact-of-the-economic-crisis-on-egyptian-citizens-profiles-foreign-minister-sameh-shoukry\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549565\" class=\"content-area-description single-story post-549565 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-economy tag-enterpriseam tag-sameh-shoukry tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a mixed bag in the international press this morning, with no single story dominating the conversation.<\/strong> Here are some of the stories getting attention:<\/p>\n<ul>\n<li><strong>Egypt\u2019s economic problems are taking their toll:<\/strong> The impact on Egyptian citizens of the economic crisis caused by the war in Ukraine and the pandemic is getting attention. (<a href=\"https:\/\/www.nytimes.com\/2022\/09\/20\/world\/middleeast\/egypt-economy-ukraine-war-pandemic.html\">New York Times<\/a>)<\/li>\n<li><strong>\u2018Lion of Diplomacy:\u2019 <\/strong>Sameh Shoukry gets a glowing profile detailing his role on the international stage. (<a href=\"https:\/\/www.theafricareport.com\/234444\/egypts-sameh-shoukry-the-lion-of-diplomacy-on-the-international-stage\/\">The Africa Report<\/a>)<\/li>\n<li><strong>The Tourism and Antiquities Ministry has reopened the site of Christian relic the tree of the Virgin Mary <\/strong>in Cairo following months of renovation. (<a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypts-ancient-tree-virgin-mary-reopens-visitors-2022-09-19\/\">Reuters<\/a> | <a href=\"https:\/\/www.thenationalnews.com\/mena\/2022\/09\/19\/egypt-reopens-ancient-virgin-mary-tree-site-following-months-long-renovation\/\">The<\/a><a href=\"https:\/\/www.thenationalnews.com\/mena\/2022\/09\/19\/egypt-reopens-ancient-virgin-mary-tree-site-following-months-long-renovation\/\">National<\/a>)<\/li>\n<li><strong>A Spanish charity has rescued 372 people at sea, most of them Egyptians, <\/strong>who were trying to cross the Mediterranean to Europe in unsafe smugglers\u2019 boats. (<a href=\"https:\/\/apnews.com\/article\/middle-east-africa-egypt-migration-9abbe7850925be92bdfe701dc48cd120\">AP<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/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\/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=\"549566\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549567\" 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=\"549567\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/sha7en-gets-license-to-operate-ev-charging-stations\/\">\r\n                            Sha7en gets license to operate EV charging stations                        <\/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\/21\/sha7en-gets-license-to-operate-ev-charging-stations\/\" 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\/21\/sha7en-gets-license-to-operate-ev-charging-stations\/')\">\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\/21\/sha7en-gets-license-to-operate-ev-charging-stations\/\">\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=Sha7en gets license to operate EV charging stations&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/sha7en-gets-license-to-operate-ev-charging-stations\/\">\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\/21\/sha7en-gets-license-to-operate-ev-charging-stations\/&title=Sha7en gets license to operate EV charging stations\">\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=Sha7en+gets+license+to+operate+EV+charging+stations+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F21%2Fsha7en-gets-license-to-operate-ev-charging-stations%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\/21\/sha7en-gets-license-to-operate-ev-charging-stations\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549567\" class=\"content-area-description single-story post-549567 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-construction tag-eipico tag-enterpriseam tag-evs tag-mastercard tag-mb-engineering tag-sha7en wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The Transport Ministry yesterday sent out the tender document for the Tenth of <\/strong><strong>Ramadan dry port<\/strong> to the four qualifying consortiums, it said in <a href=\"https:\/\/bit.ly\/3BU3Rba\">a statement<\/a>. MSC, Elsewedy Electric-CGM CMA-CEVA Logistics, Orascom Construction-Abu Dhabi Ports, and Bollore Logistics-Meridiam are all competing for the contract to build the 250-feddan dry dock.<\/p>\n<p>EGX-listed <strong>MB Engineering's <\/strong>EV charging subsidiary <strong>Sha7en<\/strong> has received a <strong>license<\/strong> to operate <strong>EV charging stations<\/strong>, it said in <a href=\"https:\/\/ent.news\/2022\/9\/MB-Sha7en.pdf\">a disclosure, (pdf)<\/a> to the EGX yesterday.<\/p>\n<p><strong>More Egypt-Qatar talks:<\/strong> Industry and Trade Minister Ahmed Samir held talks with the chairman of the Qatar Chamber of Commerce over increasing bilateral trade and investments, the ministry <a href=\"https:\/\/www.facebook.com\/mift.media\/posts\/pfbid0TadQ4h5WJ8pQPxQm1vJCbWH8umtsi1QnxYcYDGzjigZQ8DrCGSDWxhwg2tzxJmvLl\">said<\/a> yesterday.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>A consortium of <strong>Saudi Egyptian Developers<\/strong> and the UAE\u2019s <strong>Al Shafar General <\/strong><strong>Contracting <\/strong>(ASGC) is among the companies bidding to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f607257c-d4b2-419b-b095-d828ca92d8ae\">redevelop<\/a> the former <strong>National Democratic Party<\/strong> headquarters. (<a href=\"https:\/\/bit.ly\/3f1cFD0\">Hapi Journal<\/a>)<\/li>\n<li>Elsewedy Electric subsidiary <strong>Rowad Modern Engineering<\/strong> was awarded an <strong>EGP 418 mn <\/strong>contract to construct <strong>three biological products <\/strong><strong>factories<\/strong> for <strong>EIPICO<\/strong> in <strong>Tenth of Ramadan City<\/strong>. (<a href=\"https:\/\/ent.news\/2022\/9\/282556_2.pdf\">Statement, pdf<\/a>)<\/li>\n<li><strong>Bahraini telecom carrier <\/strong><strong><a href=\"https:\/\/infonas.com\/\">Infonas<\/a><\/strong> has landed in Egypt and is reportedly looking to sign cooperation agreements with three local IT and communications companies. (<a href=\"https:\/\/bit.ly\/3eOOpUv\">Al Mal<\/a>)<\/li>\n<li>Payments platform <strong><a href=\"https:\/\/site.paytabs.com\/en\/egypt\/\">PayTabs<\/a><\/strong> has expanded its social commerce platform <strong><a href=\"https:\/\/site.paytabs.com\/en\/paymes\/\">Paymes<\/a><\/strong> to <strong>Saudi Arabia<\/strong> and <strong>the UAE<\/strong>. The platform was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4fbf8170-725d-416e-95b5-dd0036b89b05\">launched here<\/a> in May after Paymes merged with PayTabs (<a href=\"https:\/\/www.prnewswire.com\/news-releases\/paytabs-launches-social-commerce-across-gcc-301627365.html?tc=eml_cleartime\">Statement<\/a>)<\/li>\n<li><strong>Egyptian Modern Education Systems<\/strong> could establish a<strong> private university<\/strong> in the<strong> new capital<\/strong>. The company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4fa2a9ab-cc01-489e-bc26-5b36934044d1\">recently moved<\/a> from the small-cap Nilex index to the EGX. (<a href=\"https:\/\/ent.news\/2022\/9\/Egyptian-Modern-Education-Systems-EGX-disclosure-19-9-2022.pdf\">Statement, pdf<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eipico\/\">Eipico<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mastercard\/\">Mastercard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mb-engineering\/\">MB Engineering<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sha7en\/\">Sha7en<\/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=\"549568\" 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=\"549568\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/aramco-wants-more-fossil-fuel-investment\/\">\r\n                            Aramco wants more fossil fuel investment                        <\/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\/21\/aramco-wants-more-fossil-fuel-investment\/\" 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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Most of the companies taken public by Palihapitiya, the self-anointed Warren Buffett of this generation, have seen their share prices plunge this year amid tightening financial conditions. (<a href=\"https:\/\/chamathreads.substack.com\/p\/ipo-20-update?sd=pf\">Statement<\/a>)<\/p><p><strong>Shocker: Aramco CEO wants more investment in fossil fuels:<\/strong> The CEO of Saudi Aramco has pinned the blame on the current global energy crisis on underinvestment in fossil fuels, saying in a speech yesterday that if investment doesn\u2019t rise spare capacity could be destroyed once demand rebounds, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-20\/aramco-says-global-oil-buffers-may-vanish-when-demand-recovers?srnd=premium-europe\">Bloomberg<\/a>. \u201cWhen the global economy recovers, we can expect demand to rebound further, eliminating the little spare oil production capacity out there,\u201d Nasser said. \u201cBy the time the world wakes up to these blind spots, it may be too late to change course. I am seriously concerned.\u201d An increase in investment this year is \u201ctoo little, too late\u201d and won\u2019t make up for what happened after 2014 when investment fell from USD 700 bn to USD 300 bn last year, he said.<\/p><p><strong>Nasdaq makes a crypto push: <\/strong>The second largest US stock exchange has launched a digital assets unit to lure institutional investors into digital currency, a company exec reportedly told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-20\/nasdaq-makes-first-big-crypto-push-to-lure-institutional-clients?sref=mmeFTDW1\">Bloomberg<\/a>. The tech-heavy index will offer custody services for BTC and ETH, competing against crypto trading firms including Coinbase, Anchorage Digital and BitGo and could launch a crypto exchange depending on the regulatory and competitiveness landscape.<\/p><p><strong>But Enterprise, isn\u2019t crypto going through a bleak<\/strong><strong> midwinter?<\/strong> The Nasdaq is optimistic about <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e265cf2-35f9-41b4-ba05-e402b38f9352\">institutional interest<\/a> despite the recent crypto crunch, which has seen BTC plunge 58.9% so far this year to trade around USD 18.9. \u201cWe believe this next wave of the revolution is going to be driven by mass institutional adoption,\u201d Ira Auerbach, the index\u2019s new digital currency head, tells the business newswire.<\/p><p><strong>Also worth noting:<\/strong><\/p><ul>\n<li><strong>IPO Watch:<\/strong> Chinese EV maker <a href=\"https:\/\/en.leapmotor.com\/home\">Leapmotor<\/a> is looking to raise up to HKD 8.1 bn (USD 1.0 bn) in what would be Hong Kong\u2019s largest IPO this year. Leapmotor will set a per-share price of between HKD 48-62, with trading set to begin on 29 September. (<a href=\"https:\/\/ent.news\/2022\/9\/Zhejiang-Leapmotor-Technology-IPO.pdf\">Release, pdf<\/a>)<\/li>\n<li><strong>TotalEnergies wants more of Qatar\u2019s huge LNG project:<\/strong> The French energy giant will add to its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1cfcbd4e-943f-41b5-b7b0-580113ab9b04\">25% stake<\/a> in the project as European countries go in search of new energy suppliers to replace Russian fossil fuels. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-20\/totalenergies-set-to-make-another-gas-investment-in-qatar?srnd=premium-middle-east\">Bloomberg<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-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>10,011<\/p>\n<\/td>\n<td>\n<p>+1.6% (YTD: -16.2%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.38<\/p>\n<\/td>\n<td>\n<p>Sell 19.49<\/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 19.41<\/p>\n<\/td>\n<td>\n<p>Sell 19.47<\/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>11,504<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +2.0%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,135<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +19.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,498<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +9.5%)<\/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>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,856<\/p>\n<\/td>\n<td>\n<p>-1.1% (YTD: -19.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,193<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: -2.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,467<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: -19.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 90.90<\/p>\n<\/td>\n<td>\n<p>-1.20%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 7.72<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,671.10<\/p>\n<\/td>\n<td>\n<p>-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 18,909<\/p>\n<\/td>\n<td>\n<p>-3.2% (YTD: -58.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 1.6% at yesterday\u2019s close<\/strong> on turnover of EGP 1.04 bn (8.6% above the 90-day average). Regional investors were net sellers. The index is down 16.2% YTD.<\/p><p><strong>In the green: <\/strong>Fawry (+6.2%), Elsewedy Electric (+5.1%) and Madinet Nasr Housing (+4.5%).<\/p><p><strong>In the red: <\/strong>Eastern Company (-1.3%), Ibnsina Pharma (-1.2%) and Alexandria Containers (-0.8%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hong-kong\/\">Hong Kong<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spacs\/\">SPACs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/totalenergies\/\">TotalEnergies<\/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=\"549569\" 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=\"549569\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/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\/21\/shoukry-makes-the-rounds-in-new-york\/\">\r\n                            Shoukry makes the rounds in New York                        <\/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\/21\/shoukry-makes-the-rounds-in-new-york\/\" 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\/21\/shoukry-makes-the-rounds-in-new-york\/')\">\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\/21\/shoukry-makes-the-rounds-in-new-york\/\">\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 makes the rounds in New York&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/shoukry-makes-the-rounds-in-new-york\/\">\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\/21\/shoukry-makes-the-rounds-in-new-york\/&title=Shoukry makes the rounds in New York\">\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+makes+the+rounds+in+New+York+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F21%2Fshoukry-makes-the-rounds-in-new-york%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\/21\/shoukry-makes-the-rounds-in-new-york\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549569\" class=\"content-area-description single-story post-549569 post type-post status-publish format-standard hentry category-diplomacy tag-diplomacy tag-enterpriseam tag-gerd tag-russia tag-sameh-shoukry tag-vladimir-putin wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Foreign Minister Sameh Shoukry met with US Secretary of State Anthony Blinken<\/strong> on the sidelines of the UN General Assembly in New York yesterday. Shoukry and Blinken discussed US support for Egypt to weather the economic challenges triggered by the war in Ukraine, according to a <a href=\"https:\/\/eg.usembassy.gov\/secretary-blinkens-meeting-with-egyptian-foreign-minister-shoukry-3\/\">US embassy readout<\/a>. They also touched on the Grand Ethiopian Renaissance Dam (GERD) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b20ee688-49b2-48dc-9cdd-9b804c504215\">dispute<\/a> and COP27 preparations, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02P5BJAHLtMAun9rVoXKc9pecUtF1BYUgk2P2tMoGJiEshKULaTik4jSrnx4bu1Mqol\">statement<\/a>. Shoukry has been making the rounds in New York, <a href=\"https:\/\/enterprise.press\/am-edition\/\">meeting<\/a> with the Foreign Ministers of <a href=\"https:\/\/sis.gov.eg\/Story\/171486\/Egypt%2C-France-discuss-bilateral-relations-on-fringe-of-UNGA-meetings-in-New-York?lang=en-us\">France<\/a>, Norway, Malta, India, Cyprus and the Netherlands, and the US envoy to Yemen.<\/p>\n<p><strong>Egypt\u2019s Ambassador to Russia Nazih El Nagary <\/strong><strong>submitted his credentials <\/strong>to Russian President Vladimir Putin yesterday, <a href=\"https:\/\/bit.ly\/3BTgSBE\">RT Arabic<\/a> reported.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/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\/sameh-shoukry\/\">Sameh Shoukry<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549570\" 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=\"549570\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">15<\/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\/21\/erdogan-to-pay-a-visit-to-israel\/\">\r\n                            Erdogan to pay a visit to Israel?                        <\/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\/21\/erdogan-to-pay-a-visit-to-israel\/\" 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\/21\/erdogan-to-pay-a-visit-to-israel\/')\">\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\/21\/erdogan-to-pay-a-visit-to-israel\/\">\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 to pay a visit to Israel?&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/erdogan-to-pay-a-visit-to-israel\/\">\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\/21\/erdogan-to-pay-a-visit-to-israel\/&title=Erdogan to pay a visit to Israel?\">\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+to+pay+a+visit+to+Israel%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F21%2Ferdogan-to-pay-a-visit-to-israel%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\/21\/erdogan-to-pay-a-visit-to-israel\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549570\" class=\"content-area-description single-story post-549570 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-enterpriseam tag-iran tag-israel tag-politics tag-recep-tayyip-erdogan tag-turkey wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Is Turkish President Recep Tayyip Erdogan planning to visit Israel? <\/strong>That\u2019s what the president told leaders of US Jewish organizations at a meeting on the sidelines of the UN General Assembly in New York, according to <a href=\"https:\/\/www.jta.org\/2022\/09\/19\/global\/erdogan-tells-jewish-leaders-he-plans-to-visit-israel\">Israeli media<\/a>. A spokesperson for the Israeli president and the Israeli Foreign Ministry could not confirm the news to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-20\/turkey-s-erdogan-says-he-plans-to-visit-israel-jta-reports?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>. Israel and Turkey last month agreed to bury the hatchet and restore full <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a72fc03-dcc4-478b-85fd-e24130ec327a\">diplomatic<\/a> relations for the first time since 2018.<\/p>\n<p><strong>Five people were allegedly killed in clashes with security forces in Tehran<\/strong>, amid demonstrations over the death in custody of a Kurdish woman who had been arrested by the country\u2019s morality police, according to the <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/09\/20\/iran-mahsa-amini-death-hijab-protest\/\">Washington Post<\/a>. The death of 22-year old Mahsa Amini has triggered a fresh wave of protest against the country\u2019s highly conservative dress code laws.<\/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\/iran\/\">Iran<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/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\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"549571\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">15<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/cit-infrastructure-players-are-holding-up-well-amid-a-challenging-economic-environment-but-theyre-in-for-a-tough-balancing-act\/\"> \r\n                            CIT infrastructure players are holding up well amid a challenging economic environment, but they\u2019re in for a tough balancing act<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/cit-infrastructure-players-are-holding-up-well-amid-a-challenging-economic-environment-but-theyre-in-for-a-tough-balancing-act\/\" 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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Inflation is on the rise, while an ongoing EGP devaluation and an FX shortage are similarly leaving their mark on telecom and financial infrastructure players \u2014 though not in entirely negative ways. While many have managed to contain \u2014 or even benefit from \u2014 the impacts of the EGP devaluation and FX movements, the challenge moving forward will be to maintain a healthy net monetary position and maintain a healthy and diversified revenue mix.<\/p>\n<p><strong>IN CONTEXT- <\/strong>The EGP <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b55986a-5bf0-4548-a969-7607bcf4f50e\">fell 16% against the greenback<\/a> as the Central Bank of Egypt (CBE) took measures to mitigate the fallout from Russia\u2019s war with Ukraine, including an out-of-schedule rate hike and allowing the currency to slide. The EGP has now fallen about 23.8% from its value at the beginning of March, while domestic inflation continues to rise. On the global front, rising interest rates and volatility in financial markets have made share prices plummet as the EGX remains down 16.2% YTD.<\/p>\n<p><strong>Telecom players managed to contain the impacts of this challenging environment: <\/strong>Despite the two EGX-listed telecom players \u2014 Telecom Egypt (TE) and Raya Customer Experience (Raya CX) \u2014 reporting rising operating costs due to wage increases amid rising inflation, both companies managed to report solid revenues. TE \u201cexceeded expectations\u201d during the quarter, an analyst covering the telecoms sector who requested anonymity told Enterprise. The company reported a 22% y-o-y rise in revenues to EGP 10.8 bn, and a 38.2% y-o-y rise in net income after tax to EGP 2.42 bn, according to its <a href=\"https:\/\/ent.news\/2022\/8\/TE-2Q2022.pdf\">earnings (pdf)<\/a>. Raya CX saw its net income fall a slight 1.4% y-o-y during the quarter to EGP 7.6 mn, while its revenues rose nearly 50% to EGP 288.6 mn, according to its <a href=\"https:\/\/ent.news\/2022\/9\/Signed-RCC-Consolidation-30-June-2022.pdf\">financials (pdf)<\/a>.<\/p>\n<p><strong>Biggest impacts for telecom players are wage inflation + the devaluation:<\/strong> \u201cThe biggest expenses for telecom players are wages and tower expansions and maintenance, which could be hit by rising inflation,\u201d Arqaam Capital Associate Director Noaman Khalid told us. TE\u2019s operating costs rose 20.6% y-o-y amid wage increases during the quarter, while Raya CX also reported a 50.3% increase during the first half of year to the total costs of goods sold (COGS), with wages constituting the largest share of COGS, at 74.3% \u2014 especially as it ramps up hiring as part of expansion plans.<\/p>\n<p><strong>For Raya CX, the devaluation could be a good thing \u2014 provided they have a healthy revenue mix: <\/strong>\u201cThere\u2019s demand for outsourcing, and Egypt is in a very good position because the cost base is lower,\u201d the telecoms analyst said. \u201cThe more Raya CX can increase the contribution of USD-denominated contracts [to their revenues], the better, because it hedges them against any devaluation,\u201d they added. Half of Raya CX\u2019s revenues are currently in USD, and the company\u2019s key strategy is to continue to \u201cdiversify sources of revenue in terms of currency, geography and business segment,\u201d as a way of hedging against FX movements, according to its <a href=\"https:\/\/ent.news\/2022\/8\/RCX-2Q22-Earnings-Release-English.pdf\">earnings release (pdf)<\/a>.<\/p>\n<p><strong>It\u2019s a similar situation for TE, though it\u2019s in a slightly more favorable position: <\/strong>\u201cTE provides a service that\u2019s highly in demand and underpenetrated in Egypt, and it offers it at cheaper prices than its competitors,\u201d the source said. A third of TE\u2019s revenues is USD-denominated, which also hedges them against currency fluctuations. But the key is its net monetary position, meaning whether it has more debt as opposed to assets in USD. Two of TE\u2019s five business lines are completely dollarized. \u201cIf it has more debt than receivables, it could get hit with temporary FX losses but it doesn\u2019t have a significant impact on operations,\u201d the source said. \u201cThese losses are more than offset by its USD-denominated revenues,\u201d they added.<\/p>\n<p><strong>Digital payments players are also seeing rising expenses: <\/strong>The two EGX-listed e-payments giants, e-Finance and Fawry, have both reported rising expenses for the past two quarters. e-Finance\u2019s sales, general and administrative expenses rose 75.4% y-o-y during the first half of the year, driven up by an increase in headcount and expansions of operations and staff. The company expects these expenses to \u201cslow over the remainder of FY2022 and to normalize in FY2023.\u201d Fawry also mentions having rising expenses during the first half of the year due to talent acquisition and marketing activities.<\/p>\n<p><strong>But both companies are strong on the operational side:<\/strong> Fawry\u2019s revenues rose 35% y-o-y to register EGP 531.29 mn, driven by a doubling in revenues from its banking services, according to the company\u2019s <a href=\"https:\/\/ent.news\/2022\/8\/Fawry-ER-2Q22-E-Final-4.pdf\">earnings release (pdf)<\/a>. On the downside, its net income eased 35% y-o-y in 2Q 2022 to EGP 24.15 mn due to a slate of nonrecurring items, including a noncash expense of EGP 21.7 mn for its employee stock ownership plan (ESOP). Setting aside those charges, net income would have dipped 14% y-on-y to EGP 41 mn. e-Finance, on the other hand, doubled its net income y-o-y to EGP 279.3 mn in 2Q 2022, on the back of an increase in transaction-based revenues and data-hosting contracts, according to its <a href=\"https:\/\/ent.news\/2022\/8\/E-Finance-2Q-2022.pdf\">earnings release (pdf)<\/a>. Revenues at the state-owned firm rose 59.3% during the quarter to record EGP 702.5 mn.<\/p>\n<p><strong>Things are looking up for both firms: <\/strong>\u201cFawry's expenses should ease during the second half of the year,\u201d Noha Baraka, head of the fintech sector at CI Capital, told Enterprise. \u201cCashless transactions are extremely underpenetrated in Egypt, so this massive growth potential can likely overcome any expected hits to consumption activity due to inflation,\u201d she added. This can be seen through the consistent growth of transactions on both Fawry and e-Finance\u2019s end: Fawry has handled a total of EGP 614.9 mn transactions in 1H2022, up by 9.1% y-o-y, while e-Finance has processed some EGP 443.2 mn transactions.<\/p>\n<p><strong>And the outlook for the CIT sector as a whole is positive: <\/strong>Like the fintech sector, which is benefiting from the government\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16f68b1b-62fc-4d71-a4bd-a75a9f1648fb\">prioritization of financial inclusion<\/a> and expansions of fintech infrastructure, the telecom sector is also underpenetrated and has significant room for growth, Khalid said. This means that both sectors are still experiencing a lot of organic growth that can help outweigh other monetary pressures and challenges, the telecoms analyst echoed.<\/p>\n<p><strong>But share performances are all over the place: <\/strong>Fawry\u2019s shares are down nearly 70% so far this year, while e-Finance\u2019s shares are down 26.5%. \u201cThe sector is not immune to the rest of the market\u2019s performance,\u201d Baraka said, adding that \u201cthe share price is not a reflection of either of the companies\u2019 individual performance, but of the market\u2019s performance as a whole.\u201d E-finance is already taking action to support its share price and address this discrepancy, with plans to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/23131ce3-403e-4cc5-9537-9b43d590a5a3\">buy back 5% of its shares<\/a> over the next nine months.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li>Abu Dhabi Ports (ADP) completed <strong>its acquisition of a 70% stake<\/strong> in local <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99f85003-cd06-4efe-813f-9d09a33d59d6\">shipping and logistics firm<\/a> International Associated Cargo Carrier (IACC).<\/li>\n<li>Qatar and the Transport Ministry are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1b0de2d-c348-49f4-842b-4b5f4ff1c21c\">conducting feasibility studies<\/a> for an investment in <strong>Egypt\u2019s container terminals<\/strong>.<\/li>\n<li>Eni wants to <strong>boost its LNG import capacity<\/strong> starting 2023 to receive more imports and plans to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3ec33227-7a88-425b-9e9c-e494bf0fcb56\">work with Egypt<\/a> and others to boost export capacity.<\/li>\n<li><strong>Egypt\u2019s gas revenues<\/strong> could rise <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9beee4fa-d275-44b8-8750-e17c35e76228\">more than 50%<\/a> this year as we aim to generate USD 8.5-10 bn in natural gas revenues in FY 2022-2023<\/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\/cit\/\">CIT<\/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\/fawry\/\">Fawry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"549573\" 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\/21\/549573\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549573\" class=\"content-area-description single-story post-549573 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 50 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>13-27 September (Tuesday-Tuesday): UN General Assembly, New York.<\/p>\n<p>19-22 September (Monday-Thursday): EFG Hermes One on One Conference, Dubai.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>21 September (Wednesday): The <a href=\"https:\/\/ent.news\/2022\/9\/PRESS-RELEASE-Egyptian-Virtual-Food-ShowSept-21-date.pdf\">Egyptian Virtual Food Show (pdf)<\/a>.<\/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>25-29 September (Sunday-Thursday) FRANEGYPT will hold its <a href=\"https:\/\/bit.ly\/3eVy8NC\">first virtual expo<\/a> on franchises in the country.<\/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>27-28 September (Tuesday-Wednesday): Egypt-Spain Multilateral Partnership Forum, Sofitel Gezira, Cairo, Egypt.<\/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>27-29 September (Tuesday-Thursday): <a href=\"https:\/\/www.hsbcscheduling.com\/eventweb.php?pid=PDFjNDU8MGUxPzFsMTU&src=enterpriseam\">HSBC Energy Transition Webinar<\/a> series.<\/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>30 September (Friday): <a href=\"https:\/\/www.youm7.com\/5906819\">Winter opening hours for shops and restaurants begin<\/a>.<\/p>\n<p><strong>OCTOBER<\/strong><\/p>\n<p>October: House of Representatives reconvenes after summer recess<\/p>\n<p>October: Air Sphinx, EgyptAir\u2019s low-cost subsidiary to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=25062022&id=06c1fc4b-9551-4f6c-a782-70bdec4b30f0\">commence operations<\/a>.<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>1 October (Saturday): Start of 2022-2023 public 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 October (Monday): The <a href=\"https:\/\/ceo-women.com\/\">CEO Women<\/a> Conference.<\/p>\n<p>10-14 October (Monday-Friday): Gitex Global, Dubai International Convention and Exhibition Centre, Dubai, UAE.<\/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>17 October (Monday): Fifth Egypt and UN-led regional climate roundtable ahead of COP27, Geneva, Switzerland.<\/p>\n<p>27 October (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>27-30 October (Thursday-Sunday): <a href=\"https:\/\/cairoict.com\/\">Cairo ICT<\/a>, Egypt International Exhibition Center, New Cairo.<\/p>\n<p>Late October-14 November: 3Q2022 earnings season.<\/p>\n<p>Late October: First Abu Dhabi Bank to <a href=\"https:\/\/bit.ly\/3eEUoeA\">complete<\/a> full integration with Bank Audi\u2019s Egyptian operations after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7db0f456-9e63-420a-b309-a9a455fb3667\">merger<\/a>.<\/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>3 December (Saturday): Dior Men\u2019s pre-fall collection show in Giza.<\/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): Use of Nafeza <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381373340699759\">becomes compulsory<\/a> for air freight.<\/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":549545,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-549544","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"bd5893f1-2ef2-4512-878a-3a5b8a47442e","teaser":"","photo_url":"https:\/\/ent.news\/2022\/9\/32.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>Central bank eases FX rules for imports - 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\/central-bank-eases-fx-rules-for-imports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central bank eases FX rules for imports\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/central-bank-eases-fx-rules-for-imports\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:41:00+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\/32.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\/central-bank-eases-fx-rules-for-imports\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/central-bank-eases-fx-rules-for-imports\/\",\"name\":\"Central bank eases FX rules for imports - 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