{"id":549687,"date":"2022-09-27T04:00:01","date_gmt":"2022-09-27T04:00:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=549687"},"modified":"2025-12-15T22:44:25","modified_gmt":"2025-12-15T22:44:25","slug":"the-egp-nears-record-low-against-usd-but-gains-on-the-eur-and-gbp","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/the-egp-nears-record-low-against-usd-but-gains-on-the-eur-and-gbp\/","title":{"rendered":"The EGP nears record low against USD \u2014 but gains on the EUR and GBP"},"content":{"rendered":"<section id=\"549689\" 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=\"549689\">\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\/27\/this-morning-the-egp-is-a-few-pips-away-from-hitting-a-record-low-oecd-slashes-global-growth-forecasts-the-uae-just-eased-covid-restrictions\/\">\r\n                            THIS MORNING: The EGP is a few pips away from hitting a record low; OECD slashes global growth forecasts + the UAE just eased covid restrictions                        <\/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\/27\/this-morning-the-egp-is-a-few-pips-away-from-hitting-a-record-low-oecd-slashes-global-growth-forecasts-the-uae-just-eased-covid-restrictions\/\" 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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OECD slashes global growth forecasts + the UAE just eased covid restrictions&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/this-morning-the-egp-is-a-few-pips-away-from-hitting-a-record-low-oecd-slashes-global-growth-forecasts-the-uae-just-eased-covid-restrictions\/\">\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\/27\/this-morning-the-egp-is-a-few-pips-away-from-hitting-a-record-low-oecd-slashes-global-growth-forecasts-the-uae-just-eased-covid-restrictions\/&title=THIS MORNING: The EGP is a few pips away from hitting a record low; OECD slashes global growth forecasts + the UAE just eased covid restrictions\">\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+The+EGP+is+a+few+pips+away+from+hitting+a+record+low%3B+OECD+slashes+global+growth+forecasts+%2B+the+UAE+just+eased+covid+restrictions+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F27%2Fthis-morning-the-egp-is-a-few-pips-away-from-hitting-a-record-low-oecd-slashes-global-growth-forecasts-the-uae-just-eased-covid-restrictions%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\/27\/this-morning-the-egp-is-a-few-pips-away-from-hitting-a-record-low-oecd-slashes-global-growth-forecasts-the-uae-just-eased-covid-restrictions\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549689\" class=\"content-area-description single-story post-549689 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-apple tag-covid-19 tag-currencies tag-economy tag-egp tag-enterpriseam tag-food-security tag-germany tag-hsbc tag-oecd tag-uae tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Good morning, wonderful people, and happy hump day to you all. <\/strong>Global markets are feeling a bit choppy this morning, so we suggest you fasten your seatbelts as 3Q races to a close.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>EGP WATCH-<\/strong> The EGP fell close to record lows against the greenback yesterday, continuing a slide that has seen the currency lose more than 24% of its value against the USD since March. The currency dipped another two piasters against the USD yesterday, reaching 19.5584. This is marginally higher than the record low of 19.5605 set in December 2016 in the wake of the EGP float.<\/p>\n<p><strong>This is a story of a rampaging greenback rather than a tanking EGP:<\/strong> The Central Bank of Egypt has allowed the currency to fall gradually against the USD in recent weeks, weakening almost 2% since Hassan Abdalla was made governor in mid-August. Over the same period, <strong>the EGP has performed better against other major currencies<\/strong>, gaining 3.5% against the EUR and 4.8% against the JPY, suggesting that this is more a story of a strengthening USD than a weaker EGP.<\/p>\n<p><strong>In fact, since the March 2022 devaluation, the EGP has been on something of a tear against major global currencies<\/strong>, which are dipping against the greenback. The EGP is:<\/p>\n<ul>\n<li>Up 17% against the GBP;<\/li>\n<li>Up 8% against the EUR;<\/li>\n<li>Up more than 13% against the JPY.<\/li>\n<\/ul>\n<p><strong>We\u2019re not alone in this:<\/strong> Much of the world is coming under increasing pressure as tightening financial conditions in the US push the greenback ever higher. The USD Index (DXY) hit heights not seen since May 2002 yesterday as the currency continued a surge that has seen it gain around 5% in the past week alone. Its relentless rise is now putting increasing pressure on other major currencies, with analysts now warning of <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-25\/financial-crisis-redux-looms-in-asia-as-major-currencies-crack?sref=mmeFTDW1\">a potential currency crisis in Asia<\/a> triggered by the JPY and CNY; the GBP <a href=\"https:\/\/www.reuters.com\/markets\/europe\/sterling-plunges-all-time-low-scathing-appraisal-fiscal-plan-2022-09-26\/\">plunging to record lows<\/a> yesterday; and the EUR falling further below parity to new 20-year lows.<\/p>\n<p><strong>^^ We have more on the global selloff of everything that isn\u2019t a greenback<\/strong> in this morning\u2019s Planet Finance, below.<\/p>\n<hr class=\"grey-line\">\n<p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p>\n<p><strong>WATCH THIS SPACE #1- The Madbouly government\u2019s economic conference doesn\u2019t seem <\/strong><strong>like it is taking place today. <\/strong>Senior government officials have said the gathering would take place as soon as this week, but have yet to publicly announce a date.<\/p>\n<p><strong>WATCH THIS SPACE #2- We\u2019re also on the lookout for news that the state has formed a <\/strong><strong>new council of economic advisors.<\/strong> Word on the street is that the council will see bold-name members of the business community provide meaningful advice to the Madbouly government as it and the central bank look to guide us through our current challenges.<\/p>\n<p><strong>MEANWHILE- Our friends at HSBC are hosting an energy transition webinar series today <\/strong><strong>through <\/strong><strong>Thursday<\/strong> (27-29 September). 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. <a href=\"https:\/\/www.hsbcscheduling.com\/eventweb.php?pid=PDFjNDU8MGUxPzFsMTU&src=enterpriseam\">You can register for the series here<\/a>.<\/p>\n<p><strong>A Spanish business delegation will be in town today 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>\n<p><strong>Islamic fintech will take center stage at the Arab League HQ <\/strong>in Cairo today, as the <a href=\"https:\/\/www.arado.org\/\">Arab Administrative Development Organization<\/a>, the Egyptian Islamic Finance Association, and Abu Dhabi Islamic Bank hold a conference on fintech\u2019s role in developing the Islamic banking industry, according to a <a href=\"https:\/\/www.facebook.com\/arado.official\/posts\/1801585680187430?_rdc=2&_rdr\">statement<\/a>.<\/p>\n<p><strong>It\u2019s the final day of the <\/strong><strong><a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum<\/a><\/strong> at the Cairo Marriott Hotel.<\/p>\n<p><strong>PSA- Get into (almost) all museums for free today:<\/strong> The Tourism Ministry is celebrating World Tourism Day today by waiving entry fees to almost all museums. The National Museum of Egyptian Civilization and cultural museums aren\u2019t participating.<\/p>\n<hr class=\"grey-line\">\n<p><strong>SIGN OF THE TIMES #1- The UAE is bidding farewell to covid measures: <\/strong>The UAE is relaxing mandatory mask requirements in most public spaces and will now only require people to wear them in medical facilities, mosques and public transport, state news agency <a href=\"https:\/\/www.wam.ae\/en\/details\/1395303087064\">WAM<\/a> said yesterday. This comes following 2.5 years of mandatory mask requirements in almost all indoor public spaces.<\/p>\n<p><strong>Canada is also ditching the last of its covid measures for travelers<\/strong>, including vaccination mandates and the requirement to mask on planes and trains. There will be no more pre- or on-arrival testing and travelers will no longer have to use the ArriveCAN app, <a href=\"https:\/\/www.cbc.ca\/news\/politics\/arrivecan-border-covid-end-1.6595710\">CBC<\/a> and the <a href=\"https:\/\/www.theglobeandmail.com\/business\/article-ottawa-to-lift-remaining-covid-19-border-restrictions-oct-1\/\">Globe and Mail<\/a> report.<\/p>\n<p><strong>SIGN OF THE TIMES #2- Apple has begun manufacturing the iPhone14 in India<\/strong>, accelerating its timeline to gradually move production out of China as the company looks to eliminate geopolitical risks \u2014 including US sanctions and covid-19 lockdowns \u2014 from its production process, the company said in an emailed statement yesterday. The move is a shift from Apple\u2019s typical production cycle, which sees its production partners including Foxconn begin to produce the device in India several months after production begins in China. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-26\/apple-begins-making-iphone-14-in-india-three-weeks-after-launch?sref=mmeFTDW1\">Bloomberg<\/a> and <a href=\"https:\/\/www.cnbc.com\/2022\/09\/26\/apple-starts-manufacturing-the-iphone-14-in-india.html\">CNBC<\/a> have the story.<\/p>\n<hr class=\"grey-line\">\n<p><strong>THE BIG STORIES ABROAD-<\/strong><\/p>\n<p><strong>It\u2019s a mixed picture in the global front pages this morning:<\/strong> The international business press are still digesting the madness in the markets yesterday (more on this in this morning\u2019s Planet Finance, below), the <a href=\"https:\/\/www.nytimes.com\/2022\/09\/26\/us\/politics\/white-house-student-loan-forgiveness.html\">New York Times<\/a> is leading with the Biden administration\u2019s plan to forgive student loans, while the <a href=\"https:\/\/apnews.com\/article\/storms-hurricanes-florida-cuba-evacuations-5ca1bc4f27ff637e94f0d6cfd906755e?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_01\">Associated Press<\/a> has the latest on Hurricane Ian. The <a href=\"https:\/\/www.ft.com\/content\/ef425da7-0f94-484a-9f0c-40991be70ccc\">Financial Times<\/a>, meanwhile, notes that growth in China is about to fall behind the rest of Asia for the first time since 1990.<\/p>\n<p><strong>SOMEWHERE, BRUCE WILLIS IS SMILING- Nasa has slammed a small spacecraft into <\/strong><strong>an asteroid for the first time<\/strong> in what Canada\u2019s CBC is calling \u201c<a href=\"https:\/\/www.cbc.ca\/news\/science\/asteroid-spacecraft-nasa-dart-1.6596692\">an unprecedented dress rehearsal for the day a killer rock menaces Earth<\/a>.\u201d The test aimed to push the asteroid off course to see whether we could one day do the same if a space rock were about to do to us what one did to the dinosaurs. A mission control official later told reporters that \u201cas far as we can tell, our first planetary defense test was a success. I think Earthlings should sleep better.\u201d The story is getting ink everywhere from the <a href=\"https:\/\/apnews.com\/article\/nasa-dart-asteroid-updates-b6cfccd90a0450c3cce6048af61a1c01\">Associated Press<\/a> to <a href=\"https:\/\/apnews.com\/article\/nasa-dart-asteroid-updates-b6cfccd90a0450c3cce6048af61a1c01\">CNN<\/a>, the <a href=\"https:\/\/www.bbc.com\/news\/science-environment-63039191\">BBC<\/a> and the <a href=\"https:\/\/www.nytimes.com\/live\/2022\/09\/26\/science\/nasa-dart-asteroid-mission\">New York Times<\/a>.<\/p>\n<p><strong>A LOT CLOSER TO HOME- The government of Kuwait is shaking up the bureaucracy <\/strong><strong>ahead of Thursday\u2019s parliamentary elections<\/strong>, which some pundits \u2014 including <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-25\/officials-quit-kuwait-s-137-billion-pension-fund-they-revamped?cmpid=BBD092622_MIDEAST&utm_medium=email&utm_source=newsletter&utm_term=220926&utm_campaign=middleeast&sref=mmeFTDW1\">Bloomberg<\/a> \u2014 are suggesting could be the country\u2019s \u201cmost democratic ever.\u201d<\/p>\n<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<\/p><\/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    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>MARKET WATCH-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>OECD slashes global growth outlook for 2023: <\/strong>The global economy is in for an \u201cextended period of subdued growth\u201d as the fallout from the war in Ukraine threatens to tip the world\u2019s major economies into recession, the Organisation for Economic Cooperation and Development (OECD) said yesterday. In its latest <a href=\"https:\/\/www.oecd-ilibrary.org\/sites\/ae8c39ec-en\/index.html?itemId=\/content\/publication\/ae8c39ec-en\">economic outlook<\/a>, the organization cut its 2023 global growth outlook to 2.2% from its 2.8% forecast in June and warned that the global economy would suffer USD 2.8 tn in losses on the back of the war.<\/p>\n<p><strong>The outlook for Europe is particularly gloomy<\/strong>, with economic growth in the eurozone expected to slow to 0.3% in 2023, down from its earlier projection of 1.6% growth (indicating a strong possibility of the continent falling into recession) for at least part of the year.<\/p>\n<p><strong>Germany might be the first domino to fall:<\/strong> A gauge of business sentiment in Germany out yesterday suggested that the economy is heading into recession. The Munich-based Ifo Institute\u2019s latest <a href=\"https:\/\/ent.news\/2022\/9\/ku-2022-09-pm-geschaeftsklima-EN.pdf\">business climate index (pdf)<\/a> saw business sentiment plunge in September ahead of the looming energy crunch this winter. The OECD also sees Germany\u2019s economy contracting 0.7% next year, down from a <a href=\"https:\/\/www.oecd.org\/newsroom\/oecd-economic-outlook-reveals-heavy-global-price-of-russia-s-war-against-ukraine.htm#:~:text=The%20OECD's%2520latest%2520Economic%2520Outlook,previous%2520Economic%2520Outlook%2520last%2520December.\">June estimate<\/a> for 1.7% growth.<\/p>\n<p><strong>MEANWHILE- Droughts in the US, Europe, and South America leading to <\/strong><strong>smaller-than-expected harvests are tightening grain supplies worldwide<\/strong>, <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/droughts-ukraine-war-push-global-grain-stocks-toward-worrying-decade-low-2022-09-26\/\">Reuters<\/a> reports, citing data from the International Grains Council. The resumption of shipments from Ukraine through a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1933af3-aebe-45a8-88cc-f95f09cc11fd\">UN-brokered agreement with Russia<\/a> is providing some measure of relief, but the country\u2019s corn harvest is expected to yield 56-68% less than 2021 levels. Several countries, particularly in Europe and South America, suffered serious heatwaves and droughts earlier this summer.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/www.events.fintechrobos.com\/\">Arab Pensions and Social Ins. Conference<\/a><\/strong><strong> kicks off tomorrow <\/strong>in Sharm El Sheikh, bringing together pension and investment leaders to exchange expertise and experiences on reforming and developing pension systems in the Arab region, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0cGkB8rQtXb3cFhoekF6YG25bENEzregYAituAyqDVRmmG2Zk1p1VdqoGRaGrfXBwl\">cabinet statement.<\/a> Finance Minister Mohamed Maait will be attending the two-day gathering.<\/p>\n<p><strong>The UN World Food Program and the International Cooperation Ministry are hosting a <\/strong><strong>two-day conference on food security <\/strong>at the St. Regis Cairo Hotel on Wednesday and Thursday, according to a <a href=\"https:\/\/ent.news\/2022\/9\/United-Nations-World-Food-Program-and-the-Ministry-of-International-Cooperation-confrence.pdf\">press release (pdf)<\/a>. The conference will mainly focus on the digitization of the agricultural sector, financial inclusion and social protection.<\/p>\n<p><strong>Women entrepreneurs: Are you looking for funding? <\/strong>The <a href=\"https:\/\/invest-for-jobs.com\/\">Facility<\/a><a href=\"https:\/\/invest-for-jobs.com\/\">Investing for Employment<\/a> is looking to write co-financing tickets in the EUR 1-10 mn range for new projects at businesses that \u201ccontribute to sustainable job creation.\u201d Its focus is on women entrepreneurs and women-led businesses, according to a <a href=\"https:\/\/ent.news\/2022\/9\/Press-Release-Pre-Announcement-WiB.pdf\">press release (pdf)<\/a>. Entrants can apply starting 14 November.<\/p>\n<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>\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n<p><strong>In today\u2019s issu<\/strong><strong>e:<\/strong> We take a look at how industrial players and resort towns are turning to solar energy amid a challenging economic climate.<\/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\/apple\/\">Apple<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/currencies\/\">currencies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/germany\/\">Germany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oecd\/\">OECD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/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=\"549690\" 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=\"549690\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/549690\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549690\" class=\"content-area-description single-story post-549690 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='www.somabaygolf.com'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/Somabaygolf1600px.png?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>Somabay Golf Open Tournament 6th &ndash; 8th of October:<\/strong> The Somabay Golf Open in Partnership with the Cascades Golf Resort Spa and Thalasso is just around the corner. This event has been a permanent fixture of the Egyptian Golf Calendar for over 20 years and is a great weekend of friendly competition that brings together players from across Egypt and the Region. The event features a practice round and two days of competition, a lavish welcome reception, and gala dinner. Room rates start from EGP 6,250 per person. For booking inquiries, contact +20 (0)100 340 0300 or reservation@thecascadeshotel.com<\/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=\"549691\" 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=\"549691\">\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\">POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/it-hasnt-been-a-great-year-but-wow-are-you-an-optimistic-lot\/\">\r\n                            It hasn\u2019t been a great year \u2014 but wow, are you an optimistic lot                        <\/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\/27\/it-hasnt-been-a-great-year-but-wow-are-you-an-optimistic-lot\/\" 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\/27\/it-hasnt-been-a-great-year-but-wow-are-you-an-optimistic-lot\/')\">\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\/27\/it-hasnt-been-a-great-year-but-wow-are-you-an-optimistic-lot\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=It hasn\u2019t been a great year \u2014 but wow, are you an optimistic lot&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/it-hasnt-been-a-great-year-but-wow-are-you-an-optimistic-lot\/\">\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\/27\/it-hasnt-been-a-great-year-but-wow-are-you-an-optimistic-lot\/&title=It hasn\u2019t been a great year \u2014 but wow, are you an optimistic lot\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=It+hasn%E2%80%99t+been+a+great+year+%E2%80%94+but+wow%2C+are+you+an+optimistic+lot+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F27%2Fit-hasnt-been-a-great-year-but-wow-are-you-an-optimistic-lot%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\/27\/it-hasnt-been-a-great-year-but-wow-are-you-an-optimistic-lot\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/391.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549692\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/it-hasnt-been-a-great-year-but-wow-are-you-an-optimistic-lot\/391-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/391.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"391.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/391.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/391.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549691\" class=\"content-area-description single-story post-549691 post type-post status-publish format-standard has-post-thumbnail hentry category-poll tag-central-bank-of-egypt tag-economy tag-enterprise-poll tag-enterpriseam tag-inflation tag-investment-watch tag-ipo-watch tag-ma-watch tag-poll tag-reader-survey 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>Did you miss the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd84427a-c81c-42e3-9a7b-a8ca9d01efdc\">results of our Enterprise Fall 2022 Reader Survey<\/a><\/strong><strong> in <\/strong><strong>yesterday\u2019s EnterprisePM?<\/strong> Nine months into a year that has weighed on global and domestic economic conditions, thanks in large part to the outbreak of war in Ukraine, the vast majority of you (70%) agree that 2022 hasn\u2019t lived up to <a href=\"https:\/\/enterprise.press\/2022\/01\/23\/enterprise-2022-reader-poll-results\/\">your hopes<\/a> that it would be a good year for the business community. Since the start of the year, we\u2019ve seen investors punch out of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">emerging markets<\/a>, inflation spiral, the EGP slide more than 20% against the greenback, and the imposition of import restrictions that are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45ae6db2-da22-4fb6-9b28-1017310e9890\">weighing heavily on businesses<\/a>.<\/p>\n<p><strong>The ongoing FX crunch is weighing heavily on many of you<\/strong>, with 22% of respondents citing access to foreign currency as the biggest problem facing their business today and some 66% agreeing that your business is presently affected or constrained by poor access to FX. Foreign currency is a more commonly cited problem than inflation and red tape or regulations, which tied for the second-biggest problem for businesses.<\/p>\n<p><strong>It\u2019s also factoring into your budgeting plans:<\/strong> Survey respondents are, on average, <strong>budgeting for the EGP to settle at 22.12 against the USD next year<\/strong>. Some 85% of those surveyed are expecting the EGP to fall against the greenback from where it stands today, with 64% budgeting for the currency to fall to 21-24.<\/p>\n<p><strong>What\u2019s your view on the M&A and IPO outlook? Do you think the government in sync with the needs of business? <\/strong>Check out the full rundown of the survey results in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd84427a-c81c-42e3-9a7b-a8ca9d01efdc\">yesterday\u2019s edition of EnterprisePM<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-poll\/\">Enterprise Poll<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/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\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/poll\/\">POLL<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/reader-survey\/\">Reader Survey<\/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=\"549693\" 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=\"549693\">\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\">FINANCIAL SERVICES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/efg-hermes-gb-capital-rebrand-tokio-marine-egypt-family-takaful-as-kaf\/\">\r\n                            EFG Hermes + GB Capital rebrand Tokio Marine Egypt Family Takaful as Kaf                        <\/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\/27\/efg-hermes-gb-capital-rebrand-tokio-marine-egypt-family-takaful-as-kaf\/\" 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\/27\/efg-hermes-gb-capital-rebrand-tokio-marine-egypt-family-takaful-as-kaf\/')\">\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\/27\/efg-hermes-gb-capital-rebrand-tokio-marine-egypt-family-takaful-as-kaf\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=EFG Hermes + GB Capital rebrand Tokio Marine Egypt Family Takaful as Kaf&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/efg-hermes-gb-capital-rebrand-tokio-marine-egypt-family-takaful-as-kaf\/\">\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\/27\/efg-hermes-gb-capital-rebrand-tokio-marine-egypt-family-takaful-as-kaf\/&title=EFG Hermes + GB Capital rebrand Tokio Marine Egypt Family Takaful as Kaf\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=EFG+Hermes+%2B+GB+Capital+rebrand+Tokio+Marine+Egypt+Family+Takaful+as+Kaf+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F27%2Fefg-hermes-gb-capital-rebrand-tokio-marine-egypt-family-takaful-as-kaf%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\/27\/efg-hermes-gb-capital-rebrand-tokio-marine-egypt-family-takaful-as-kaf\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/392.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549694\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/efg-hermes-gb-capital-rebrand-tokio-marine-egypt-family-takaful-as-kaf\/392-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/392.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"392.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/392.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/392.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549693\" class=\"content-area-description single-story post-549693 post type-post status-publish format-standard has-post-thumbnail hentry category-financial-services tag-efg-hermes tag-enterpriseam tag-financial-services tag-gb-capital tag-insurance tag-kaf tag-tokio-marine wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>Tokio Marine Egypt Family Takaful becomes Kaf: <\/strong>EFG Hermes and GB Capital have rebranded life ins. company Tokio Marine Egypt Family Takaful as <a href=\"https:\/\/www.kaf.com.eg\/\">Kaf<\/a> following their acquisition of a majority stake in 2020, according to a <a href=\"https:\/\/ent.news\/2022\/9\/Kaf-Brand-Launch-and-2-Million-Customers-English-26-September-2022.pdf\">statement (pdf)<\/a>.<\/p>\n<p><strong>Refresher: <\/strong>EFG Hermes\u2019 NBFS arm, EFG Finance, and GB Capital <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60d58859-f1ab-4cfa-bea2-4fc22f930f28\">acquired a 75% stake<\/a> in the Japanese company\u2019s Egyptian subsidiary in August 2020 for EGP 84.75 mn. They each hold 37.5% of the company while Tokio Marine Egypt\u2019s Japanese parent owns the remaining 25%. The acquisition brought new management, with Sohail Ali being appointed CEO.<\/p>\n<p><strong>About Kaf: <\/strong>Kaf offers life, savings and health ins. services. The company says it differentiates itself from its competitors by \u201cemphasizing ins. as a social good and providing clients with transparent, easy-to-understand, tech-enabled ins. solutions.\u201d The company has seen its customer base jump from 100k at acquisition to c. 2 mn today.<\/p>\n<p><strong>What they said: <\/strong>\u201cIns. is an important tool for economic development, and we are currently reaping the fruits of reforms in Egypt that foster financial inclusion \u2026 Plugging the ins. gap will provide protection for the low-income segment from falling into poverty in the event of misfortune,\u201d Ali 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\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-services\/\">financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gb-capital\/\">GB Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/insurance\/\">insurance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kaf\/\">Kaf<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tokio-marine\/\">Tokio Marine<\/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=\"549695\" 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=\"549695\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/elsewedy-electric-secures-egp-2-bn-in-islamic-financing\/\">\r\n                            Elsewedy Electric secures EGP 2 bn in Islamic financing                        <\/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\/27\/elsewedy-electric-secures-egp-2-bn-in-islamic-financing\/\" 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\/27\/elsewedy-electric-secures-egp-2-bn-in-islamic-financing\/')\">\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\/27\/elsewedy-electric-secures-egp-2-bn-in-islamic-financing\/\">\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=Elsewedy Electric secures EGP 2 bn in Islamic financing&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/elsewedy-electric-secures-egp-2-bn-in-islamic-financing\/\">\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\/27\/elsewedy-electric-secures-egp-2-bn-in-islamic-financing\/&title=Elsewedy Electric secures EGP 2 bn in Islamic financing\">\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=Elsewedy+Electric+secures+EGP+2+bn+in+Islamic+financing+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F27%2Felsewedy-electric-secures-egp-2-bn-in-islamic-financing%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\/27\/elsewedy-electric-secures-egp-2-bn-in-islamic-financing\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549695\" class=\"content-area-description single-story post-549695 post type-post status-publish format-standard hentry category-debt-watch tag-abu-dhabi-islamic-bank tag-adi-capital tag-debt-watch tag-elsewedy-electric tag-enterpriseam tag-islamic-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a> <strong>Elsewedy Electric has secured EGP 2 bn in Islamic financing<\/strong> from a banking consortium led by Abu Dhabi Islamic Bank (ADIB), according to a <a href=\"https:\/\/ent.news\/2022\/9\/ELsewedy-ADI-Capital.pdf\">statement (pdf)<\/a>. The financing will help the company and its subsidiaries expand activities, the statement read.<\/p>\n<p><strong>Who else is involved? <\/strong>Al Baraka Bank, Al Ahli Bank of Kuwait, Industrial Development Bank, MidBank \u2014- which is <a href=\"https:\/\/ent.news\/2022\/9\/MIDBANK-AR-PR.pdf\">contributing EGP 300<\/a><a href=\"https:\/\/ent.news\/2022\/9\/MIDBANK-AR-PR.pdf\">mn (pdf)<\/a> \u2014- Agricultural Bank of Egypt and Egyptian Arab Land Bank all took part in the facility. The funding has a 36-month repayment period at an 8% interest rate, Al Baraka Bank said in <a href=\"https:\/\/ent.news\/2022\/9\/eL-Sweedy-Syndication.pdf\">a statement (pdf)<\/a>.<\/p>\n<p><strong>Advisors- <\/strong>ADIB\u2019s investment banking arm ADI Capital acted as the sole financial advisor, escrow agent and promoter for the transaction, while Sarie Eldin & Partners was counsel for the lenders.<\/p>\n<p><strong>What they said:<\/strong> \u201cThis financing will support the group\u2019s plans for expansion and growth during the coming period, facilitate workflow and importing raw materials,\u201d Elsewedy CEO Ahmed El Sewedy 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\/abu-dhabi-islamic-bank\/\">Abu Dhabi Islamic Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adi-capital\/\">ADI Capital<\/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\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/islamic-finance\/\">Islamic finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549696\" 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=\"549696\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/549696\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549696\" class=\"content-area-description single-story post-549696 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:\/\/b2gcop27.moharrampartners.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/MP-COP27-Meeting-Enterprise-Web-Size.png?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=\"549697\" 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=\"549697\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/b2b-e-commerce-marketplace-mazaya-to-launch-in-nigeria-following-usd-5-mn-pre-seed-round\/\">\r\n                            B2B e-commerce marketplace Mazaya to launch in Nigeria following USD 5 mn pre-seed round                        <\/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\/27\/b2b-e-commerce-marketplace-mazaya-to-launch-in-nigeria-following-usd-5-mn-pre-seed-round\/\" 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\/27\/b2b-e-commerce-marketplace-mazaya-to-launch-in-nigeria-following-usd-5-mn-pre-seed-round\/')\">\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\/27\/b2b-e-commerce-marketplace-mazaya-to-launch-in-nigeria-following-usd-5-mn-pre-seed-round\/\">\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=B2B e-commerce marketplace Mazaya to launch in Nigeria following USD 5 mn pre-seed round&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/b2b-e-commerce-marketplace-mazaya-to-launch-in-nigeria-following-usd-5-mn-pre-seed-round\/\">\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\/27\/b2b-e-commerce-marketplace-mazaya-to-launch-in-nigeria-following-usd-5-mn-pre-seed-round\/&title=B2B e-commerce marketplace Mazaya to launch in Nigeria following USD 5 mn pre-seed round\">\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=B2B+e-commerce+marketplace+Mazaya+to+launch+in+Nigeria+following+USD+5+mn+pre-seed+round+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F27%2Fb2b-e-commerce-marketplace-mazaya-to-launch-in-nigeria-following-usd-5-mn-pre-seed-round%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\/27\/b2b-e-commerce-marketplace-mazaya-to-launch-in-nigeria-following-usd-5-mn-pre-seed-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/393.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549698\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/b2b-e-commerce-marketplace-mazaya-to-launch-in-nigeria-following-usd-5-mn-pre-seed-round\/393-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/393.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"393.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/393.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/393.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549697\" class=\"content-area-description single-story post-549697 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-e-commerce tag-enterpriseam tag-mazaya 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-05\"><\/a> <strong>B2B e-commerce marketplace <\/strong><strong>Mazaya <\/strong><strong>(not to be confused with the perfume and <\/strong><strong>makeup store) closed a USD 5 mn pre-seed round<\/strong> led by Raya Trade and Distribution, it said in a <a href=\"https:\/\/ent.news\/2022\/9\/Mazaya-Pre-Seed.pdf\">statement (pdf)<\/a> yesterday.<\/p>\n<p><strong>About Mazaya:<\/strong> Founded in December 2021 by Amir Aboul Fotouh (<a href=\"https:\/\/www.linkedin.com\/in\/amir-aboul-fotouh-77038a82\/\">LinkedIn<\/a>), who was previously commercial planning senior manager at Raya, Mazaya\u2019s app allows merchants and retailers of electronic goods and home appliances to purchase stock, and offers e-payment, POS and BNPL financing facilities. Since launching, more than 6k retailers have used the company\u2019s platform to make some 30k orders.<\/p>\n<p><strong>Where the money\u2019s going:<\/strong> The funding will be used to finance the company\u2019s planned expansion to Nigeria by the end of the year and to expand its operations in Egypt, according to the statement.<\/p>\n<p><strong>Adjusting to the current climate:<\/strong> \u201cThe company began selling small electronic goods and then we expanded to consumer electronics and small domestic appliances. The reason we expanded our product range past phones and tablets is because several consumer electronics, like TVs are manufactured here in Egypt, so they are easier to supply than products that are strictly imported,\u201d Aboul Fotouh told Enterprise. Egypt has been working on localizing the electronics manufacturing industry through its Egypt Makes Electronics Initiative, which we looked at in <a href=\"https:\/\/enterprise.press\/industries\/where-we-stand-on-egypts-plans-to-localize-electronics-manufacturing\/\">this week\u2019s edition of Inside Industry<\/a>.<\/p>\n<p><strong>ALSO FROM PLANET STARTUP-<\/strong><\/p>\n<p><strong>Paymob merchants will be able to access UAE fintech Tabby\u2019s buy-now pay-later (BNPL<\/strong><strong>) <\/strong><strong>financing services<\/strong> under a new partnership between the two companies announced in <a href=\"https:\/\/ent.news\/2022\/9\/Press-Release-Tabby-Paymob-partner-to-power-growth-for-retailers-in-Egypt.pdf\">a joint statement (pdf)<\/a>. The agreement will give Tabby access to more than 120k merchants, according to the statement. This comes less than a month after the Emirati company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44a4f4a0-2d83-4d36-a16b-3b56e14c0f00\">officially launched<\/a> in Egypt following a USD 275 mn funding round.<\/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\/mazaya\/\">Mazaya<\/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=\"549699\" 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=\"549699\">\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\">Tourism<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/pickalbatros-is-opening-three-new-red-sea-hotels-by-february\/\">\r\n                            Pickalbatros is opening three new Red Sea hotels by February                        <\/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\/27\/pickalbatros-is-opening-three-new-red-sea-hotels-by-february\/\" 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\/27\/pickalbatros-is-opening-three-new-red-sea-hotels-by-february\/')\">\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\/27\/pickalbatros-is-opening-three-new-red-sea-hotels-by-february\/\">\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=Pickalbatros is opening three new Red Sea hotels by February&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/pickalbatros-is-opening-three-new-red-sea-hotels-by-february\/\">\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\/27\/pickalbatros-is-opening-three-new-red-sea-hotels-by-february\/&title=Pickalbatros is opening three new Red Sea hotels by February\">\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=Pickalbatros+is+opening+three+new+Red+Sea+hotels+by+February+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F27%2Fpickalbatros-is-opening-three-new-red-sea-hotels-by-february%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\/27\/pickalbatros-is-opening-three-new-red-sea-hotels-by-february\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/394.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549700\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/pickalbatros-is-opening-three-new-red-sea-hotels-by-february\/394-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/394.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"394.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/394.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/394.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549699\" class=\"content-area-description single-story post-549699 post type-post status-publish format-standard has-post-thumbnail hentry category-tourism tag-enterpriseam tag-hospitality tag-hurghada tag-pickalbatros tag-red-sea tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Pickalbatros<\/strong><strong> Hotels will open three new hotels in Hurghada and Marsa Alam by <\/strong><strong>next February<\/strong>, <a href=\"https:\/\/bit.ly\/3LLSaq4\">Al Mal<\/a> quotes Pickalbatros Group Chairman Kamel Abou Ali as saying. Although Abou Ali did not disclose the total investment value for the projects, he did say that the cost per room is USD 80-120k. By our math, that suggests the group is spending somewhere between USD 229-344 mn on the hotels.<\/p>\n<p><strong>In detail:<\/strong> The hotels include a 318-room property, which the company is reportedly expecting to become operational in the next few days, and a 1,500-room hotel and entertainment facility that will open its doors next month, both of which are in Hurghada. The third 1k-room hotel in Marsa Alam will be up and running in February 2023, according to Abou Ali. The company is separately mulling another four or five hotels, he said, without disclosing further details.<\/p>\n<p><strong>Where the money\u2019s coming from:<\/strong> The first Hurghada hotel is partially self-financed, with the remainder of the cost coming from a portion of a EGP 800 mn loan the company secured last year from the National Bank of Egypt and Banque Misr, two sources with knowledge of the matter told Enterprise. The sources declined to disclose details on the funding for the remaining two hotels.<\/p>\n<p><strong>Separately:<\/strong> The remainder of the EGP 800 mn loan, along with a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e911346e-e701-4215-ba6a-be8191b0b460\">USD 23 mn loan<\/a> the company secured from South African fund manager Vantage Capital last year, went towards working capital and to finance the acquisition and renovation of hotels from <a href=\"https:\/\/www.balbaagroup.com\/contact.html\">Balbaa<\/a> Group in Sharm El Sheikh and Marsa Alam, our sources told us. Pickalbatros had separately been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/510fb761-11b7-4c5a-8cdb-6b1b17a33727\">looking to secure a USD 40 mn convertible loan<\/a> from Vantage Capital, but these talks have since fallen through, our sources confirmed.<\/p>\n<p><strong>About <\/strong><strong>Pickalbatros<\/strong><strong>:<\/strong> The Egypt-based regional hospitality <a href=\"https:\/\/pickalbatros.com\/\">company<\/a> owns a total of 26 hotels with 14k rooms in Egypt and three properties with 1k rooms in Morocco.<\/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\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hurghada\/\">Hurghada<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pickalbatros\/\">Pickalbatros<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/red-sea\/\">Red Sea<\/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=\"549701\" 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=\"549701\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/549701\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549701\" class=\"content-area-description single-story post-549701 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 decoding=\"async\" data-recalc-dims=\"1\" 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=\"549702\" 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=\"549702\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/new-hsbc-saudi-boss-al-ahly-football-company-appoints-new-board\/\">\r\n                            New HSBC Saudi boss + Al Ahly Football Company appoints new board                        <\/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\/27\/new-hsbc-saudi-boss-al-ahly-football-company-appoints-new-board\/\" 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\/27\/new-hsbc-saudi-boss-al-ahly-football-company-appoints-new-board\/')\">\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\/27\/new-hsbc-saudi-boss-al-ahly-football-company-appoints-new-board\/\">\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=New HSBC Saudi boss + Al Ahly Football Company appoints new board&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/new-hsbc-saudi-boss-al-ahly-football-company-appoints-new-board\/\">\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\/27\/new-hsbc-saudi-boss-al-ahly-football-company-appoints-new-board\/&title=New HSBC Saudi boss + Al Ahly Football Company appoints new board\">\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=New+HSBC+Saudi+boss+%2B+Al+Ahly+Football+Company+appoints+new+board+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F27%2Fnew-hsbc-saudi-boss-al-ahly-football-company-appoints-new-board%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\/27\/new-hsbc-saudi-boss-al-ahly-football-company-appoints-new-board\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549702\" class=\"content-area-description single-story post-549702 post type-post status-publish format-standard hentry category-moves tag-al-ahly tag-banking tag-enterpriseam tag-hsbc tag-moves tag-saudi-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>HSBC Saudi Arabia has a new boss: <\/strong>HSBC has appointed Faris AlGhannam (<a href=\"https:\/\/www.linkedin.com\/in\/faris-alghannam-25943198\/\">LinkedIn<\/a>) as CEO of its Saudi unit effective Saturday, according to a statement picked up by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-26\/hsbc-saudi-arabia-promotes-faris-alghannam-to-ceo-role?srnd=premium-africa#:~:text=Alghannam%2C%20a%20Saudi%20national%20and,Saudi%20Arabia%20since%20April%202019.\">Bloomberg<\/a>. AlGhannam, a Saudi national, has been working with the bank for over a decade and currently serves as HSBC Saudi Arabia\u2019s deputy CEO. He succeeds Rajiv Shukla (<a href=\"https:\/\/www.linkedin.com\/in\/rajiv-shukla-9a3377b0\/\">LinkedIn<\/a>) who has been promoted to senior managing director and adviser to the regional CEO.<\/p>\n<p><strong>Al Ahly Football Company welcomes new management: <\/strong>Al Ahly Football Company\u2019s general assembly has appointed Adli El Kiei as its new chairman, it said in <a href=\"https:\/\/bit.ly\/3LK27V0\">a statement<\/a>. El Kiei replaces Yassin Mansour, who <a href=\"https:\/\/www.alahlyegypt.com\/en\/news\/article\/35236\">resigned<\/a> with the rest of the board over the summer. Shareholders also selected two new board members, former Microsoft general manager Khaled Abdel Kader and Ahmed Awad, who once sat at Egyptian Football Association\u2019s (EFA) Fifa-appointed board.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly\/\">Al Ahly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/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=\"549703\" 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=\"549703\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/549703\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549703\" class=\"content-area-description single-story post-549703 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_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=\"549704\" 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=\"549704\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/last-nights-talk-shows-fuel-prices-will-likely-rise-again-next-month-the-latest-on-the-health-ins-system\/\">\r\n                            Last Night\u2019s Talk Shows: Fuel prices will likely rise again next month + the latest on the health ins. system                        <\/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\/27\/last-nights-talk-shows-fuel-prices-will-likely-rise-again-next-month-the-latest-on-the-health-ins-system\/\" 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\/27\/last-nights-talk-shows-fuel-prices-will-likely-rise-again-next-month-the-latest-on-the-health-ins-system\/')\">\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\/27\/last-nights-talk-shows-fuel-prices-will-likely-rise-again-next-month-the-latest-on-the-health-ins-system\/\">\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=Last Night\u2019s Talk Shows: Fuel prices will likely rise again next month + the latest on the health ins. system&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/last-nights-talk-shows-fuel-prices-will-likely-rise-again-next-month-the-latest-on-the-health-ins-system\/\">\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\/27\/last-nights-talk-shows-fuel-prices-will-likely-rise-again-next-month-the-latest-on-the-health-ins-system\/&title=Last Night\u2019s Talk Shows: Fuel prices will likely rise again next month + the latest on the health ins. system\">\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=Last+Night%E2%80%99s+Talk+Shows%3A+Fuel+prices+will+likely+rise+again+next+month+%2B+the+latest+on+the+health+ins.+system+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F27%2Flast-nights-talk-shows-fuel-prices-will-likely-rise-again-next-month-the-latest-on-the-health-ins-system%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\/27\/last-nights-talk-shows-fuel-prices-will-likely-rise-again-next-month-the-latest-on-the-health-ins-system\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549704\" class=\"content-area-description single-story post-549704 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-fuel tag-healthcare tag-last-nights-talk-shows tag-nasser-medical-institute tag-sports tag-universal-healthcare-scheme 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-10\"><\/a> <strong>Expect fuel prices to rise as early as next week:<\/strong> That\u2019s according to the former deputy chief of the Egyptian General Petroleum Corporation, Medhat Youssef, who told Al Hadath Al Youm that the government will likely hike prices for the final quarter in response to rising prices (<a href=\"https:\/\/www.youtube.com\/watch?v=4f6D6hLdZvE\">watch, runtime: 3:52<\/a>). \u201cAccording to the automatic pricing of petroleum products based on the USD exchange rate and the global oil prices there must be an increase [in fuel prices],\u201d he said.<\/p>\n<p><strong>Remember:<\/strong> Fuel prices have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59629508-f337-48ec-b80c-092a43eecb30\">risen by 23-28%<\/a> over the past 18 months. The government has hiked prices every quarter since 2Q 2021 in response to international oil prices, which surged earlier this year on the back of Russia\u2019s invasion of Ukraine.<\/p>\n<p><strong>But Enterprise, haven\u2019t oil prices fallen recently?<\/strong> Oil prices have indeed fallen back significantly in recent weeks as fears of recession have grown. Both Brent and US crude are now trading at their lowest levels since the beginning of the year, erasing all of the gains fuelled by the war in Ukraine, and then some.<\/p>\n<p><strong>The government will soon open parts of its <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d7765dd-c14e-4c7f-83b2-dd9427aee032\">universal health ins. scheme<\/a><\/strong><strong> to the private <\/strong><strong>sector<\/strong>, Health Minister Khaled Abdel Ghaffar told Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=O732TNLPMI0\">watch, runtime: 3:31<\/a>). The state will eventually expand its ins. offering to include intensive care, MRI and CT scans which will be impossible to achieve without the help of the private sector, he said.<\/p>\n<p><strong>Sticking with healthcare:<\/strong> The Nasser Medical Institute will house the largest center for organ transplants in the MENA region in cooperation with an international partner. This comes as part of plans to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b6770047-3fed-4132-a7a4-6b6f913ec321\">renovate the facility<\/a>. Meanwhile a presidential directive announced yesterday will see the construction of logistical facilities for storing medicines and medical supplies. Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=BzyID9zyAnA\">watch, runtime: 3:38<\/a>), Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=F7TFXIeZlZM\">watch, runtime: 3:53<\/a>) and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=-QJU-_qnJoM\">watch, runtime: 4:55<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=I7RsBgPxYL4\">3:33<\/a>) covered the news.<\/p>\n<p><strong>Egyptians continue to dominate the world of squash: <\/strong>Egyptian players cleaned up at the Egyptian Squash Open with Ali Farag and Hania El Hammamy, winning the men and women\u2019s finals. The results shuffled the <a href=\"https:\/\/thesquashsite.com\/rankings\">world<\/a><a href=\"https:\/\/thesquashsite.com\/rankings\">squash rankings<\/a>: There are six Egyptian women in the world top 10 and five Egyptian men in the top ten on the guys\u2019 side of the rankings. Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=uCiiH5qnN-4\">watch, runtime: 3:30<\/a>) covered the news.<\/p>\n<p><strong>Another 36 pre-trial detainees received a presidential pardon yesterday<\/strong>, Tarek El Kholy, a member of the Presidential Pardons Committee tells Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=nApEWnvSxqQ\">watch, runtime: 6:39<\/a>). Al Hadath Al Youm also had the story (<a href=\"https:\/\/www.youtube.com\/watch?v=EfgstxeOnms\">watch, runtime: 1:44<\/a>).<\/p>\n<hr class=\"grey-line\">\n<p><strong>CORRECTION-<\/strong> In yesterday\u2019s talk shows rundown, we incorrectly summarized Finance Ministry advisor Mona Nasser\u2019s comments on how the Finance Ministry sees the problems importers are currently facing. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5ce3cb4-2b6d-4cc5-bd58-856a1181a228\">The entry has since been updated on our web edition<\/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\/fuel\/\">fuel<\/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\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nasser-medical-institute\/\">Nasser Medical Institute<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/universal-healthcare-scheme\/\">universal healthcare scheme<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    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alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" 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   \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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/youssef-al-qaradawi-dies-aged-96\/\">\r\n                            Youssef Al Qaradawi dies aged 96                        <\/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\/27\/youssef-al-qaradawi-dies-aged-96\/\" 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\/27\/youssef-al-qaradawi-dies-aged-96\/')\">\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\/27\/youssef-al-qaradawi-dies-aged-96\/\">\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=Youssef Al Qaradawi dies aged 96&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/youssef-al-qaradawi-dies-aged-96\/\">\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\/27\/youssef-al-qaradawi-dies-aged-96\/&title=Youssef Al Qaradawi dies aged 96\">\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=Youssef+Al+Qaradawi+dies+aged+96+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F27%2Fyoussef-al-qaradawi-dies-aged-96%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\/27\/youssef-al-qaradawi-dies-aged-96\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549706\" class=\"content-area-description single-story post-549706 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-economy tag-enterpriseam tag-sudan tag-youssef-al-qaradawi wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Dominating the conversation on Egypt in the foreign press this morning:<\/strong> Egyptian cleric Youssef Al Qaradawi, widely regarded as the Muslim Brotehrhood\u2019s spiritual leader, has died aged 96 in Qatar, where he had been living in exile. (<a href=\"https:\/\/www.reuters.com\/world\/middle-east\/influential-muslim-cleric-qaradawi-dies-twitter-2022-09-26\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/middle-east-religion-dubai-united-arab-emirates-obituaries-7f7180bf4dc7dc6e9ee15d853071371b\">Associated Press<\/a> | <a href=\"https:\/\/www.bbc.co.uk\/news\/world-middle-east-63036052\">BBC<\/a> | <a href=\"https:\/\/english.alarabiya.net\/News\/middle-east\/2022\/09\/26\/Muslim-Brotherhood-spiritual-leader-Yusuf-al-Qaradawi-dies-Twitter\">Al Arabiya<\/a>)<\/p>\n<p><strong>Exodus to Egypt: <\/strong>As Sudan\u2019s economic situation deteriorates, young Sudanese are fleeing to Egypt in search of work and financial stability for their families, <a href=\"https:\/\/www.reuters.com\/world\/africa\/sudanese-head-north-egypt-seeking-brighter-future-2022-09-26\/\">Reuters<\/a> reports.<\/p>\n<p><strong>An Egyptian mansion makes headlines after going on the market:<\/strong> A six-bedroom, nine-bathroom villa overlooking the pyramids of Giza is up for grabs for USD 7.2 mn, the <a href=\"https:\/\/nypost.com\/2022\/09\/26\/mansion-with-rare-view-of-the-pyramids-of-giza-just-listed\/\">New York Post<\/a> reports. Got a spare EGP 141 mn? Check out the listing <a href=\"https:\/\/www.sothebysrealty.com\/eng\/sales\/detail\/180-l-86422-3rm5q3\/magnificent-pyramid-view-mansion-other-egypt-eg\">here<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/youssef-al-qaradawi\/\">Youssef Al Qaradawi<\/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=\"549707\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549708\" 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=\"549708\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/cira-to-launch-dental-training-program-flynas-to-launch-3x-weekly-flights-between-sohag-and-ksa\/\">\r\n                            CIRA to launch dental training program + Flynas to launch 3x weekly flights between Sohag and KSA                        <\/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\/27\/cira-to-launch-dental-training-program-flynas-to-launch-3x-weekly-flights-between-sohag-and-ksa\/\" 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\/27\/cira-to-launch-dental-training-program-flynas-to-launch-3x-weekly-flights-between-sohag-and-ksa\/')\">\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\/27\/cira-to-launch-dental-training-program-flynas-to-launch-3x-weekly-flights-between-sohag-and-ksa\/\">\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=CIRA to launch dental training program + Flynas to launch 3x weekly flights between Sohag and KSA&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/cira-to-launch-dental-training-program-flynas-to-launch-3x-weekly-flights-between-sohag-and-ksa\/\">\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\/27\/cira-to-launch-dental-training-program-flynas-to-launch-3x-weekly-flights-between-sohag-and-ksa\/&title=CIRA to launch dental training program + Flynas to launch 3x weekly flights between Sohag and KSA\">\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=CIRA+to+launch+dental+training+program+%2B+Flynas+to+launch+3x+weekly+flights+between+Sohag+and+KSA+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F27%2Fcira-to-launch-dental-training-program-flynas-to-launch-3x-weekly-flights-between-sohag-and-ksa%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\/27\/cira-to-launch-dental-training-program-flynas-to-launch-3x-weekly-flights-between-sohag-and-ksa\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549708\" class=\"content-area-description single-story post-549708 post type-post status-publish format-standard hentry category-also-on-our-radar tag-abu-qir-fertilizers tag-also-on-our-radar tag-cira-education tag-dividends tag-education tag-enterpriseam tag-evs tag-innovate-egypt tag-ride-hailing tag-saudi-arabia tag-travel tag-uber wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>CIRA\u2019s <strong>Cairo Saxony University <\/strong>inked an agreement with the <strong>International <\/strong><strong>Dental Institute<\/strong> to roll out a dental assistant program at the university. (<a href=\"https:\/\/ent.news\/2022\/9\/CSU_IDI-Partnership_PRL.pdf\">Statement, pdf<\/a>)<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>Saudi low-cost carrier <strong><a href=\"https:\/\/www.flynas.com\/en\">Flynas<\/a><\/strong> will resume direct flights from <strong>Riyadh <\/strong>and <strong>Jeddah<\/strong> to <strong>Sohag <\/strong>starting 30 October. The airline will operate three flights a week for each route. (<a href=\"https:\/\/ent.news\/2022\/9\/flynas-Resumes-Direct-Flights-to-Sohag-from-Riyadh-and-Jeddah-EN.pdf\">Statement, pdf<\/a>) <\/li>\n<li><strong>Innovate Egypt <\/strong>is set to invest EGP 150 mn to locally produce <strong>EVs<\/strong>, including electric tuk-tuks, in partnership with the Arab Organization for Industrialization. (<a href=\"https:\/\/bit.ly\/3DS7hMP\">Al Mal<\/a>) <\/li>\n<li><strong>Uber <\/strong>has introduced a <strong>safety feature <\/strong>as part of its latest update that can help riders verify whether they got into the right car, and can help track any anomalies, such as a collision or a protracted route in the trip. (<a href=\"https:\/\/ent.news\/2022\/9\/Press-Release-Uber-launches-major-app-update-to-help-ensure-riders-stay-safe.pdf\">Press release, pdf<\/a>)<\/li>\n<li><strong>Abu Qir Fertilizers<\/strong> will pay out <strong>dividends <\/strong>of <strong>EGP 3 a share<\/strong> for FY 2021-2022 over two batches in October and December. (<a href=\"https:\/\/ent.news\/2022\/9\/282717_1.pdf\">Disclosure, 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\/abu-qir-fertilizers\/\">Abu Qir Fertilizers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dividends\/\">Dividends<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/innovate-egypt\/\">Innovate Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ride-hailing\/\">ride-hailing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/travel\/\">travel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uber\/\">Uber<\/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=\"549709\" 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=\"549709\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/\">\r\n                            Everything must go                        <\/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\/27\/everything-must-go\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The S&amp;P is down almost 8% this month and 23.3% YTD.<\/li>\n<li><strong>As did global stocks:<\/strong> The MSCI All World Index fell 2% and is now at its lowest level since November 2020.<\/li>\n<li><strong>Commodities crumble:<\/strong> Energy and precious metals fell yesterday, with Brent falling 2.6% to its lowest level since 11 January and gold declining 1.3% to lows not seen since April 2020.<\/li>\n<li><strong>The first bear market for global bonds in 76 years:<\/strong> That\u2019s according to <a href=\"https:\/\/www.marketwatch.com\/story\/global-bonds-are-in-first-bear-market-in-76-years-based-on-two-centuries-of-data-says-deutsche-bank-11664210332\">Deutsche<\/a><a href=\"https:\/\/www.marketwatch.com\/story\/global-bonds-are-in-first-bear-market-in-76-years-based-on-two-centuries-of-data-says-deutsche-bank-11664210332\">Bank<\/a> research published on a day when the sell-off in US, European and UK bonds continued unabated.<\/li>\n<\/ul><p><strong>To say that UK assets are being hammered is an understatement:<\/strong> The GBP flash-crashed more than 4% to hit a record low against the USD in the early hours of trading yesterday while UK bond prices collapsed, with yields on five-years surging more than 100 bps in just two trading sessions. The market was reacting to a new program of tax cuts by the new Truss administration, which UBS Global Wealth Management\u2019s chief economist <a href=\"https:\/\/uk.movies.yahoo.com\/investors-see-tory-party-doomsday-102428668.html\">likened<\/a> to a \u201cdoomsday cult.\u201d<\/p><p><strong>Over in Asia, China moved to <\/strong><strong><a href=\"http:\/\/www.pbc.gov.cn\/en\/3688110\/3688172\/4437084\/4667063\/index.html\">defend its currency<\/a><\/strong><strong> from the USD<\/strong> by making it more expensive for investors to speculate against the CNY. The currency has lost 3.7% against the USD this month alone. This comes a few days after the Bank of Japan <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-22\/kuroda-s-boj-holds-ground-with-ultralow-rates-pushing-yen-to-145?sref=mmeFTDW1\">intervened<\/a> to support the JPY \u2014 down 24% against the USD this year \u2014 for the first time in 24 years. Analysts are now <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-25\/financial-crisis-redux-looms-in-asia-as-major-currencies-crack?srnd=premium-europe&amp;sref=mmeFTDW1\">warning<\/a> of an Asian financial crisis if the USD continues to appreciate against the Chinese and Japanese currencies.<\/p><p><strong>Falling oil prices have helped push Saudi stocks into a bear market:<\/strong> The benchmark Saudi index closed 2.3% in the red yesterday, leaving it down more than 21% from its recent peak in May.<\/p><p><strong>One risk asset that remained unscathed (and it\u2019s not often we say this):<\/strong> BTC, which held steady above USD 19k and was up almost 2% on the day.<\/p><p><strong>Central banks have no intention of easing the speed of rate hikes:<\/strong> Federal Reserve officials have doubled down on aggressive rate hikes, ECB President Christine Lagarde yesterday <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-26\/lagarde-says-ecb-rates-to-be-lifted-at-next-several-meetings?sref=mmeFTDW1\">vowed to raise rates<\/a> for the next \u201cseveral meetings,\u201d while the market expects the Bank of England to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-26\/uk-rout-to-push-boe-to-full-point-hike-bloomberg-economics-says?sref=mmeFTDW1\">hike by 100 bps<\/a>, possibly in an emergency meeting, in response to the current turmoil.<\/p><p><strong>ALSO WORTH NOTING: <\/strong><strong>Porsche IPO covered multiple times: <\/strong>Porsche is set to price its shares at the higher end of the EUR 76.50-82.50 range, after it saw major demand for its 911 mn share sale \u2014 representing 12.5% of the company, according to the <a href=\"https:\/\/www.ft.com\/content\/7e59d4a6-0c01-49b8-9cad-62da3b50fb14\">Financial Times<\/a>. The company is expected to raise some EUR 9.4 bn from the sale, valuing the car maker at as much as EUR 75.2 bn and making it Germany\u2019s second-largest IPO and Europe\u2019s third-biggest ever. The company is set to make its market debut on Thursday.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,828<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: -17.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.45<\/p>\n<\/td>\n<td>\n<p>Sell 19.56<\/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 19.48<\/p>\n<\/td>\n<td>\n<p>Sell 19.54<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>10,909<\/p>\n<\/td>\n<td>\n<p>-2.3% (YTD: -3.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,801<\/p>\n<\/td>\n<td>\n<p>-2.2% (YTD: +15.5%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,349<\/p>\n<\/td>\n<td>\n<p>-1.8% (YTD: +4.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,655<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: -23.3%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,021<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: -4.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,343<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: -22.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 83.93<\/p>\n<\/td>\n<td>\n<p>-2.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.90<\/p>\n<\/td>\n<td>\n<p>+1.1%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,633.40<\/p>\n<\/td>\n<td>\n<p>-1.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 19,104<\/p>\n<\/td>\n<td>\n<p>+1.9% (YTD: -58.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.7% at yesterday\u2019s close<\/strong> on turnover of EGP 948.50 mn (0.3% below the 90-day average). Local investors were net buyers. The index is down 17.8% YTD.<\/p><p><strong>In the green: <\/strong>Egypt Kuwait Holding-EGP (+4.2%), Ezz Steel (+2.8%) and Sidi Kerir Petrochemicals (+2.1%).<\/p><p><strong>In the red: <\/strong>Eastern Company (-3.2%), e-Finance (-2.1%) and CIB (-2.0%).<\/p><p><strong>It\u2019s a mixed picture in Asia this morning:<\/strong> Shares in China, Hong Kong and South Korea are in the red while the Nikkei and the ASX are marginally in the green. European and US markets could see early gains at the opening bell later today.<\/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\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/currencies\/\">currencies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n           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href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uk\/\">UK<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"549710\">\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\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday 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\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">11<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/another-option-for-companies-wanting-to-transition-to-solar-purchase-power-agreements\/\">\r\n                            Another option for companies wanting to transition to solar: Purchase power agreements<\/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\/goinggreens\/another-option-for-companies-wanting-to-transition-to-solar-purchase-power-agreements\/\" 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href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/another-option-for-companies-wanting-to-transition-to-solar-purchase-power-agreements\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/395.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"549711\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/another-option-for-companies-wanting-to-transition-to-solar-purchase-power-agreements\/395-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/395.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"395.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/395.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/395.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-549710\" class=\"content-area-description post-549710 goinggreen type-goinggreen status-publish has-post-thumbnail hentry tag-energy tag-enterprise-going-green tag-enterpriseam tag-karm-solar tag-renewables tag-solarizegypt 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-08\"><\/a> <strong>PPAs could be key for companies looking to make the switch to solar:<\/strong> Despite the advantages, the high upfront costs of solar make transitioning to greener energy a tough sell for companies at the best of times. And in the current economic climate, where margins are coming under pressure from higher inflation and a weakening currency, it\u2019s even tougher. A potential option for larger companies are purchase power agreements (PPA), which provide access to solar-generated electricity without the need to shell out mns of EGP to construct a solar facility.<\/p>\n<p><strong>How does a PPA work?<\/strong> PPAs are long-term energy contracts where the buyer agrees to purchase power generated from solar or wind farms owned and operated by the energy supplier. Clients will commit to purchasing power over a long time period \u2014 sometimes as long as 30 years \u2014 at a competitive rate lower than what they\u2019d pay for electricity through the national grid.<\/p>\n<p><strong>El Gouna used a PPA to switch to solar in 2020: <\/strong>The town has been receiving power through a PPA they signed with <a href=\"https:\/\/www.solarizegypt.com\/\">SolarizEgypt<\/a> in 2020 to buy electricity from a 7.2 MW solar plant, which supplies 16% of the town\u2019s energy needs. \u201cWe have saved between EGP 2 and 3 mn per year so far with our current capacity,\u201d El Gouna CEO Mohamed Amer tells Enterprise. \u201cIt's a low barrier to entry because you can take it as a service. It saves cost, it\u2019s seamless, easy to install, and easy to operate.\u201d El Gouna plans to double capacity with a second station by the end of the year, and aims to eventually source 100% of its electricity from renewables.<\/p>\n<p><strong>Several hotels in Marsa Alam have cut reliance on expensive and polluting diesel <\/strong><strong>generators:<\/strong> KarmSolar set up a PPA with the owners of several hotels in Marsa Alam for a solar facility that is currently operating at a capacity of 3.5 MW. The resorts are currently receiving 25-30% of their electricity needs from the plant, and are in the process of applying for a new concession to expand solar generation.<\/p>\n<p><strong>Multilateral lenders are helping to make this possible:<\/strong> SolarizEgypt received around EGP 290 mn in green financing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a126b87-87d6-4738-b310-d102466730b8\">from the Green Economy Financing Facility (GEFF) last year<\/a>, which it then used to implement eight solar projects that produce a combined 47 MW of power, including for El Gouna, Coca Cola Egypt, and Arabian Cement.<\/p>\n<p><strong>Some larger companies are taking the DIY approach: <\/strong>Industrial engineering group <a href=\"https:\/\/tredcoei.com\/\">Tredco<\/a> chose to take out a concessional loan and build its own solar facility. The company \u2014 which manufactures products including home appliances, automotive parts, and electric scooters \u2014 paid EGP 3.5 mm to install panels on the roof of one of its factories. \u201cWe contracted <a href=\"https:\/\/www.cairo-solar.com\/\">Cairo Solar<\/a> in 2020 to set up a 330 KW solar station on top of our home appliances factory and it powers 50% of the factory\u2019s electricity needs,\u201d Chairman Sherif El Sayad says. The company is now saving around EGP 500k in electricity bills per year, according to El Sayad, and after paying off the loan in the next five years it\u2019ll be generating power at no cost for the lifetime of the station \u2014 around 20-25 years.<\/p>\n<p><strong>But tough economic conditions have stalled the company\u2019s plans:<\/strong> Tredco has been forced to delay plans to expand its use of solar due to soaring prices, according to El Sayad, who says that prices have doubled since it installed its first station. This has caused the company to postpone its plans to source 100% of its electricity from solar by three years to 2028, he says.<\/p>\n<p><strong>Solar has fallen down the priority list for businesses dealing with inflation + goods <\/strong><strong>shortages:<\/strong> \u201cWhen you\u2019re facing years of economic hits like the devaluation of the EGP or a pandemic, solar energy becomes a secondary concern. If you\u2019re barely able to import your own inventory, why would you be thinking about investing in solar?\u201d Cairo Solar Managing Director and Solar Energy Development Association (SEDA) spokesperson Hatem Tawfik says.<\/p>\n<p><strong>The tough economic climate has pushed producers to offer more competitive and cost <\/strong><strong>effective plans<\/strong>, KarmSolar CEO Ahmed Zahran says. \u201cNobody cares about the planet and sustainability really. People care about what affects their pocket and we\u2019re pragmatic about that,\u201d he says.<\/p>\n<p><strong>COP27 is good for business: <\/strong>\u201cCorporations have ESG targets and a lot of companies want to issue declarations and pledges, so we\u2019ve seen our pipeline triple or quadruple,\u201d SolarizEgypt founder and managing director, Yaseen Abdel Ghaffar, tells us. \u201cWe had a 300 MW pipeline a year ago, and right now we\u2019re sitting on a pipeline that is north of 1.2 GW.\u201d<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Sharm El Sheikh will be getting <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c8bd7f0-3ca9-4263-af05-2deabd820641\">waste management services<\/a><\/strong> from Emirati waste management company <a href=\"https:\/\/www.beeahgroup.com\/ar\/\">Bee'ah<\/a> and local firm<a href=\"https:\/\/g-planet.co\/v2\/\">Green Planet for Sustainable Environmental Solutions<\/a>.<\/li>\n<li><strong>Alexandria will be getting a <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/c9a41f76-e2fd-4d26-abbc-9a5424b7a9bc\">new waste system<\/a><\/strong> from Arab Contractors affiliate Nahdet Misr for Environmental Services.<\/li>\n<li><strong>Foreign Minister Sameh Shoukry <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/ef91305c-5971-4609-ba17-8a685b7d688d\">discussed<\/a><\/strong><strong> food security, climate<\/strong> and the Grand Ethiopian Renaissance Dam (GERD) at the UN General Assembly.<\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/karm-solar\/\">Karm Solar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/solarizegypt\/\">SolarizEgypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"549712\" 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\/27\/549712\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549712\" class=\"content-area-description single-story post-549712 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: Meeting of the <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>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&ndash;27 September (Monday-Tuesday): The <a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum (AWIEF)<\/a> at the Cairo Marriott Hotel.<\/p>\n<p>27-28 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>27-29 September (Tuesday-Thursday): The <a href=\"https:\/\/ent.news\/2022\/9\/C-S-Pre-Event-Press-Release-18Sept22-EN-FINAL.pdf\">14th edition of Creative Industry Summit<\/a>, Cairo Business Park, New Cairo.<\/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>28-29 September (Thursday-Friday): <a href=\"https:\/\/ent.news\/2022\/9\/United-Nations-World-Food-Program-and-the-Ministry-of-International-Cooperation-confrence.pdf\">The first edition of the World Food Security Conference<\/a> in Cairo.<\/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: 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): House of Representatives reconvenes after summer recess.<\/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>18 October (Tuesday): The <a href=\"https:\/\/www.almasdar.com\/120322\">Egyptian-Swedish business forum<\/a>, Stockholm, Sweden.<\/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>23-27 February (Thursday-Monday): The eighth annual <a href=\"https:\/\/www.bwe21.com\/2023-conference\/\">Business Women of Egypt\u2019s Women for Success conference<\/a>.<\/p>\n<p><strong>MARCH 2023<\/strong><\/p>\n<p>March: 4Q2022 earnings season.<\/p>\n<p>23 March (Wednesday) \u2014 First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.<\/p>\n<p><strong>APRIL 2023<\/strong><\/p>\n<p>17 April (Monday): Sham El Nessim.<\/p>\n<p>22 April (Saturday): Eid El Fitr (TBC).<\/p>\n<p>25 April (Tuesday): Sinai Liberation Day.<\/p>\n<p>27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/p>\n<p>Late April &ndash; 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1 May (Monday): Labor Day.<\/p>\n<p>4 May (Thursday) National holiday in observance of Labor Day (TBC).<\/p>\n<p>22-26 May (Monday-Friday): Egypt <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>JUNE 2023<\/strong><\/p>\n<p>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>4Q 2022: Saudi Jamjoom Pharma to <a href=\"https:\/\/bit.ly\/3R7SGzP\">inaugurate its EGP 1 bn pharma factory<\/a> in El Obour.<\/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":549688,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-549687","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"5030ad37-1031-4282-97d6-4c08bffa263e","teaser":"","photo_url":"https:\/\/ent.news\/2022\/9\/41.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>The EGP nears record low against USD \u2014 but gains on the EUR and GBP - 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\/the-egp-nears-record-low-against-usd-but-gains-on-the-eur-and-gbp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The EGP nears record low against USD \u2014 but gains on the EUR and GBP\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/the-egp-nears-record-low-against-usd-but-gains-on-the-eur-and-gbp\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:44:25+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/41.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\/the-egp-nears-record-low-against-usd-but-gains-on-the-eur-and-gbp\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/the-egp-nears-record-low-against-usd-but-gains-on-the-eur-and-gbp\/\",\"name\":\"The EGP nears record low against USD \u2014 but gains on the EUR and GBP - 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