{"id":549804,"date":"2022-10-02T04:12:39","date_gmt":"2022-10-02T04:12:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=549804"},"modified":"2025-12-15T22:47:05","modified_gmt":"2025-12-15T22:47:05","slug":"the-house-of-representatives-has-a-long-to-do-list-this-session","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/the-house-of-representatives-has-a-long-to-do-list-this-session\/","title":{"rendered":"The House of Representatives has a long to-do list this session"},"content":{"rendered":"<section id=\"549806\" 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=\"549806\">\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\/10\/02\/this-morning-fresh-starts-abound-with-a-new-month-a-new-quarter-a-new-academic-year-a-new-legislative-session\/\">\r\n                            THIS MORNING: Fresh starts abound with a new month, a new quarter, a new academic year, + a new legislative session                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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<\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549806\" class=\"content-area-description single-story post-549806 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-austria tag-e-receipts tag-education tag-energy tag-enterpriseam tag-house-of-representatives tag-imf tag-legislation tag-tax tag-water tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, friends, and welcome to 4Q 2022. <\/strong>We have a blockbuster issue for you this morning, so let\u2019s jump straight in:<\/p><p><strong>THE BIG STORY here at home this morning- The House is back in session, and they plan <\/strong><strong>to keep us all busy. <\/strong>MPs are back from summer vacation, having kickstarted the new legislative session yesterday. We have a preview in this morning\u2019s news well of what\u2019s going to keep us all on our toes for the next nine months<\/p><p><strong>Already passed:<\/strong> Lawmakers yesterday extended for another six months exceptional security measures in parts of the Sinai peninsula that have been in effect since 2013.<\/p><p><strong>PSA #1- Your commute is about to get a lot worse:<\/strong> Public schools and universities began the 2022-2023 academic year on Saturday. Y\u2019all will want to leave the house a little earlier this morning than you have been.<\/p><p><strong>PSA #2- Winter retail hours are in effect:<\/strong> Shops will now close an hour earlier at 10pm (11pm on Thursdays, Fridays and national holidays) after winter trading hours came into effect on Friday. Cafes and restaurants will close midnight rather than 1am. The government first introduced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e3019f4c-6803-4c38-a95f-5dfdeaf7a35b\">seasonal retail opening hours<\/a> in 2020.<\/p><p><strong>PSA #3- All businesses in Sharm El Sheikh will be required to issue e-receipts for B2C <\/strong><strong>transactions as of 1 November<\/strong>, the Tax Authority <a href=\"https:\/\/www.facebook.com\/tax.egypt\/posts\/pfbid0tVGLTe2agZL12MH3D2RdFqQYncNWFyjCeN3z61mHZCSWB99fp1sGzAYPYsU3Qj5Fl\">said<\/a> Friday. The pilot for the system was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a7a6e9c1-fff0-4b8c-b982-280ab0ccdade\">launched<\/a> in April for some 100 businesses. All B2B and B2C invoices across the country are expected to be fully automated by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18d53df7-c601-478e-8d52-5674b63b988f\">December<\/a>.<\/p><p><strong>IMAGE OF THE DAY- Ever wonder what bores the tunnels through which the Metro <\/strong><strong>glides? <\/strong><a href=\"https:\/\/ent.news\/2022\/10\/Hassan_Allam_boring_machine_780px.jpg\">Tap or click here<\/a> to check out Hassan Allam Holding\u2019s 6.7-m Mixshield tunneling boring machine. Built by Herrenknecht, the machine is being deployed on Cairo Metro\u2019s fourth line.<\/p><hr class=\"grey-line\"><p><strong>UPCOMING NEWS TRIGGERS- Here are some data points and news triggers<\/strong> to be on the lookout for in this month of pumpkin spice and all things nice:<\/p><ul>\n<li><strong>PMI:<\/strong> We\u2019ll know how Egypt\u2019s private sector fared in September when S&amp;P Global drops its latest PMI release this <strong>Tuesday, 4 October<\/strong>. The downturn in activity looked to be easing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03f3644f-a7a1-4421-be66-e82e6ea593ce\">in August<\/a> when businesses told the survey that demand and output were rising on the back of slowing inflation.<\/li>\n<li><strong>Foreign reserves:<\/strong> The Central Bank of Egypt (CBE) should be out with September\u2019s foreign reserves figures <strong>later this week<\/strong>. Reserves <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3791e7af-601b-4e47-b99e-96c80bf417ac\">remained flat<\/a> at around USD 33.1 bn in August, having fallen 20% since March due to headwinds caused by the war in Ukraine and tightening financial conditions.<\/li>\n<li><strong>Inflation to notch new highs?<\/strong> Analysts are expecting inflation to have continued rising in September due to the weakening EGP after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/87690684-aec3-44e4-94d0-51c47f28e208\">reaching highs<\/a> not seen since November 2018 in August. We\u2019ll find out when Capmas and the CBE release the figures next week.<\/li>\n<\/ul><p><strong>Expect another downbeat forecast for the global economy<\/strong> when the IMF releases its latest World Economic Outlook on Wednesday ahead of the <strong>IMF and World Bank <\/strong><strong><a href=\"https:\/\/www.worldbank.org\/en\/meetings\/splash\">annual meetings<\/a><\/strong> next week (10-16 October). Expect to hear more from the IMF\u2019s Kristalina Georgieva, the World Bank\u2019s David Malpass, and co this week in the lead-up to the release.<\/p><p><strong>The Central Bank of Egypt does NOT meet in October <\/strong>to review interest rates. The next monetary policy committee meeting is slated for 3 November.<\/p><p> <strong>Eight Austrian water companies are here this week:<\/strong> Headed by Austria\u2019s ambassador to Egypt and the VP of the Austrian Chamber of Commerce, a delegation will meet with government officials and local business leaders on 3-5 October to discuss investment in Egypt\u2019s water, wastewater and desalination projects, the Austrian embassy in Cairo <a href=\"https:\/\/ent.news\/2022\/10\/Press-Release-Austrian-Delegation-Water-Sector-03-05-02-2022_FINAL.pdf\">said (pdf)<\/a> over the weekend.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>The UK economy only narrowly avoided a \u2018Lehman moment\u2019 in the wake of British <\/strong><strong>PM\u2019s disastrous \u2018fiscal event\u2019: <\/strong>Still among the biggest stories in the financial press is the fallout of the chaos unleashed in markets by new British PM Liz Truss and her ostensible numbers man, Kwasi Kwarteng, last week. Market watchers told the <a href=\"https:\/\/www.ft.com\/content\/756e81d1-b2a6-4580-9054-206386353c4e\">Financial Times<\/a> that the country\u2019s bond markets came perilously close to collapse before the Bank of England stepped in with an emergency bond-buying program on Wednesday. Markets reacted with panic after Truss and Kwarteng plunged them into uncertainty by announcing an unbudgeted cut to the top tax rate at the same time as expanded government spending, in a move that was denounced across the political spectrum and overseas \u2014 including by the IMF.<\/p><p><strong>Bye bye, Bolsanaro? <\/strong>Polls suggest former Brazilian president and veteran of the left Luiz Inacio Lula da Silva \u2014 known as Lula \u2014 could storm to a first-round victory in the country\u2019s elections today. A comeback for Lula and his Workers\u2019 Party would upend the Brazilian political scene, which in recent years has been dominated by the right-wing populism of incumbent President Jair Bolsanaro, <a href=\"https:\/\/www.reuters.com\/world\/americas\/front-runner-lula-close-outright-win-brazil-election-2022-10-01\/\">Reuters<\/a> reports. If no clear victor emerges among the 11 presidential candidates today, voting will go to a second round run-off between the top two contenders at the end of the month.<\/p><p><strong>ICYMI- Russia annexes Ukrainian land + Kyiv makes bid for Nato membership:<\/strong> Russian President Vladimir Putin on Friday signed treaties to formally annex four provinces in Ukraine following a series of referendums denounced by Western nations as illegal and staged, according to <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-moscow-referendums-dad270d8dccf8873ba7fe7758c387933\">the Associated Press<\/a>. Kyiv formally applied for fast-tracked Nato membership in response to the seizure of its territory, a move which is yet to gain vocal support by the military alliance or its members, <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-moscow-referendums-dad270d8dccf8873ba7fe7758c387933\">Politico<\/a> reports.<\/p><p><strong>THE BIG ENERGY STORY of the morning-<\/strong><\/p><p><strong>Italy is the latest victim of Russia\u2019s energy politics <\/strong>after state-owned Gazprom suspended gas supplies to Italy citing a \u201cregulatory issue in Austria,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-01\/gazprom-won-t-deliver-any-russian-gas-to-italy-on-saturday-eni?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> wrote. Italy sourced about three-quarters of its imported gas from Russia last year and is now scrambling, like most European nations, to lock in new supplies.<\/p><p><strong>All of north Africa wants to get in on the game. <\/strong>Algeria is the latest to look to sell to Europe, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-29\/algeria-to-get-higher-gas-price-in-new-deals-with-italy-spain?sref=mmeFTDW1\">Bloomberg<\/a> reports. Algeria will up exports to Italy by almost 20% to 25.2 bn cubic meters, becoming its biggest supplier by providing 35% of its imports, Eni CEO Claudio Descalzi said last week, according to <a href=\"https:\/\/www.reuters.com\/business\/energy\/energy-crisis-sires-new-european-order-strong-italy-ailing-germany-2022-09-30\/\">Reuters<\/a>.<\/p><p><strong>Egypt, Qatar and others will begin shipping more LNG to Italy<\/strong> from spring 2023, Descalzi said, without providing further details. Eni is planning to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2feeb570-3a21-41d9-bcd5-9189eaf03144\">work with Egypt<\/a> and others to boost its LNG export capacity, but the challenge appears to be Italy\u2019s capacity to process new volumes on receipt, suggesting it may have to look at floating storage and regasification units (<a href=\"https:\/\/www.marineinsight.com\/types-of-ships\/what-is-floating-storage-regasification-unit-fsru\/\">FSRUs<\/a>), which were part of the landscape here during our pre-Zohr natural gas crisis.<\/p><p><strong>SIGNS OF THE TIMES-<\/strong><\/p><ul>\n<li><strong>Mobile networks in Europe could go down this winter:<\/strong> Figures in the telecoms industry are warning that blackouts or electricity rationing could disrupt mobile networks across Europe this winter as the continent faces a historic energy crunch. (<a href=\"https:\/\/www.reuters.com\/business\/media-telecom\/exclusive-europe-braces-mobile-network-blackouts-sources-2022-09-29\/\">Reuters<\/a>)<\/li>\n<li><s>Facebook<\/s><strong> Meta is slashing its budget for the first time since the company\u2019s <\/strong><strong>founding in 2004<\/strong> as its share price tanks (-60% YTD) and revenue growth slows amid rising competition. (<a href=\"https:\/\/www.cnbc.com\/2022\/09\/30\/facebook-scrambles-to-escape-death-spiral-as-users-flee-sales-drop.html\">CNBC<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-29\/meta-announces-hiring-freeze-warns-employees-of-restructuring?sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>Spare a thought for <\/strong><strong><a href=\"https:\/\/mobile.twitter.com\/FungersTakingLs\/status\/1574504129413668873?cxt=HHwWkoCzsbzK4dkrAAAA\">Logan Paul<\/a><\/strong><strong>:<\/strong> NFT trading volumes are down 97% since peaking earlier this year. Data from Dune Analytics picked up by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-28\/nft-volumes-tumble-97-from-2022-highs-as-frenzy-fades-chart?srnd=premium-asia&amp;sref=mmeFTDW1\">Bloomberg<\/a> shows that volumes in September fell to just USD 466 mn, down from a record high of USD 17 bn.<\/li>\n<\/ul><p class=\"web-image\"><a href=\"https:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p><p><strong>In today\u2019s issue: <\/strong>We take a look at how B2B e-commerce players are handling pressure on margins from inflation as well as the global VC funding squeeze, whether by reallocating investment or revisiting their business models.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/austria\/\">Austria<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/e-receipts\/\">E-receipts<\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/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=\"549807\" 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=\"549807\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/549807\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549807\" class=\"content-area-description single-story post-549807 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 data-recalc-dims=\"1\" decoding=\"async\" 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 \u2013 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 <a href=\"mailto:reservation@thecascadeshotel.com\">reservation@thecascadeshotel.com<\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549808\" 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=\"549808\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/look-on-my-works-ye-mighty-and-despair\/\">\r\n                            Look on my works, ye Mighty, and despair                        <\/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\/10\/02\/look-on-my-works-ye-mighty-and-despair\/\" 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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Yesterday and today see MPs in procedural sessions before they get down to business tomorrow on a host of long-delayed bills and amendments.<\/p>\n<p><strong>We have a full rundown on bills now before them (below), but we\u2019d also like to know: Will MPs give Hassan Abdalla a full term? <\/strong>The former AAIB boss did us all a solid when he agreed to serve as governor of the central bank after his predecessor stepped down. Hassan is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc358ff9-00be-4503-bee9-00159279bfb6\">currently acting governor<\/a>, because the House needs to sign off on any appointment to a full, four-year term.<\/p>\n<p><strong>BUSINESS + FINANCE <\/strong><\/p>\n<p><strong>UNIFIED INS. ACT-<\/strong> The 217-article draft bill has been more than four years in the making and would give the Financial Regulatory Authority (FRA) broad new powers to regulate the sector, make ins. compulsory for SMEs and freelancers, and set up new economic courts to mediate disputes.<\/p>\n<p><strong>Status:<\/strong> The Senate <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cea77833-386b-467f-8909-3d305087d7d6\">approved the bill<\/a> in April and the House of Representatives is expected to give its final vote sometime this legislative session.<\/p>\n<p><strong>COMPETITION ACT-<\/strong> Amendments to the existing law, which have been up in the air since <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3582805e-b867-4076-9e5e-bff71e01f886\">last year<\/a>, would among other things give the Egyptian Competition Authority (ECA) more power to regulate M&A.<\/p>\n<p><strong>Status:<\/strong> Parliament discussed the amendments extensively with members of the business and legal communities during the last legislative session, but failed to reach common ground on a handful of contentious articles. <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e0b0c98-0fbd-4f3f-9806-5107df6c4796\">Tap or click here for our full rundown of the business community\u2019s concerns<\/a><\/strong> about the proposed changes to how M&A are regulated.<\/p>\n<p><strong>LABOR ACT-<\/strong> The law would, if enacted, extend both maternity leave and notice periods, cap working hours, and change minimum raise increments. If passed, it would replace the Labor Act of 2003. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ae083a4f-781c-443d-ad37-ab705d0103ee\">Tap or click here<\/a> for our explainer on <strong>what the law would mean for your business<\/strong>.<\/p>\n<p><strong>Status:<\/strong> The Senate had approved the bill back in February, after which it referred it back to the House for a final vote. Parliament <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31f52943-90a2-48c4-ba32-e6da31479040\">kicked the final vote<\/a> on the legislation to the this new legislative session.<\/p>\n<p><strong>ALSO IN THE PIPELINE-<\/strong> A government-drafted bill that would establish a council for <strong>vehicle manufacturing<\/strong> and a fund to manage the financing of a <strong>local electric vehicle assembly industry<\/strong>. This is likely part of government plans to develop the local automotive industry with a focus on EVs, which saw it <a href=\"https:\/\/enterprise.press\/industries\/%f0%9f%8f%ad-inside-industry\/\">unveil the outline of its automotive strategy<\/a> earlier this year.<\/p>\n<p><strong>TAXATION<\/strong><\/p>\n<p><strong>INCOME TAX ACT-<\/strong> The Finance Ministry had drafted several amendments to the Income Tax Act, including raising the ceiling for income tax exemptions to EGP 15k per year from a previous EGP 9k. Raising the ceiling was part of the wide-ranging EGP 130 bn stimulus package rolled out in tandem with the Central Bank of Egypt\u2019s surprise decision to raise interest rates and allow the EGP to slip against the greenback <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b55986a-5bf0-4548-a969-7607bcf4f50e\">this March<\/a>. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/359a0c63-8938-4f83-9667-882e1622ed88\">tax treatment of investment funds<\/a> is also part of the act.<\/p>\n<p><strong>Status:<\/strong> The amendments were referred to the House of Representatives after the Madbouly cabinet approved them <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df14ec3f-be5b-457a-b6e9-99b5b2de561c\">in April<\/a>.<\/p>\n<p><strong>DEVELOPMENT + INFRASTRUCTURE<\/strong><\/p>\n<p><strong>UNIFIED BUILDING CODE-<\/strong> Fresh amendments to the Unified Building Code \u2014 which has already been amended multiple times since it was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d52c3c53-266c-4b3d-995e-96fd1e4988e2\">passed in March 2020<\/a> \u2014 are designed to crack down on unlicensed construction. The new amendments would widen the scope for property owners in violation of the building code to pay <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df579b70-61ca-4571-b98a-c08d3b1263d0\">\u201creconciliation fees\u201d<\/a> to the government to legalize their buildings \u2014 as long as the buildings are not a risk to the public.<\/p>\n<p><strong>Status:<\/strong> Prime Minister Moustafa Madbouly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c89c74ec-d167-4c0b-9b8a-0d39452a1da3\">in May<\/a> discussed the new amendments with other senior officials. The amendments were shipped to the House after they were finalized at cabinet level.<\/p>\n<p><strong>ENVIRONMENT ACT-<\/strong> The government drafted amendments to the 1994 Environment Act, which it passed along to the House of Representatives right before it adjourned for summer recess in July. The proposed amendments would, if passed, give the Environmental Affairs Authority new powers.<\/p>\n<p><strong>Status:<\/strong> These amendments are still in the early days of their legislative life cycle, but could be fast-tracked ahead of COP27.<\/p>\n<p><strong>SOCIAL + POLITICAL<\/strong><\/p>\n<p><strong>LOCAL ADMINISTRATION ACT-<\/strong> The long-stalled act \u2014 which has been facing delays since <a href=\"https:\/\/enterprise.press\/stories\/2016\/10\/18\/house-passes-law-to-crack-down-on-illegal-migration-traffickers\/\">at least 2016<\/a> \u2014 aims to decentralize local councils and organize district elections. Government-appointed officials have been running local affairs since a court dissolved municipal councils in 2011, which is when the last municipal elections were held.<\/p>\n<p><strong>Status:<\/strong> Parliament was holding public consultations on the act way back in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b7db68f2-75dc-46be-a8d9-fabe504e6052\">February 2020<\/a>, after the House\u2019s Support Egypt coalition rejected the draft as it stood in <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/23\/egypts-parliament-postpones-discussion-of-local-administration-act-8921\/\">December 2019<\/a>. It appears the bill fell by the wayside with the onset of the pandemic, but is expected to gain fresh importance since it will be part of the agenda of the upcoming <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/618da10f-a3ed-44b3-92e6-b25ee5ff7eae\">national dialogue<\/a>.<\/p>\n<p><strong>CHILD MARRIAGE BAN-<\/strong> The first legislation of its kind would prohibit marriage of anyone under the age of 18 and require marriage officiants to notify prosecutors of any common-law marriage \u2014 also known in Arabic as orfi marriage \u2014 that involves a child. Those who marry or are involved in the marriage of a child under 18 will face at least one year in jail and a fine of EGP 50k-200k. Family courts could remove guardianship of children in cases where family members are convicted.<\/p>\n<p><strong>Status:<\/strong> Cabinet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eccde1cb-797f-4fee-9e88-bd935e6205f8\">approved the draft bill in April<\/a>, after which it was shipped to the House of Representatives for discussion. Prime Minister Moustafa Madbouly has previously said he wants to see the bill get top priority in the House during the 2022-2023 session.<\/p>\n<p><strong>SCHOOL ADMISSION INTERVIEW BAN-<\/strong> A bill drafted by Rep. Fatma Selim aims to outlaw admissions interviews at private and international schools. These interviews, Selim has argued, discriminate against students from lower-income families. If passed, the bill would subject schools that reject incoming students on the grounds of religion, social class, gender, or race to an EGP 2 mn fine and a five-year prison sentence.<\/p>\n<p><strong>PERSONAL STATUS ACT-:<\/strong> The law regulates issues of marriage, divorce, child custody, guardianship, alimony, polygamy, inheritance and other family-related matters largely derived from Sharia. The draft amendments would grant emergency alimony to divorced women and their children, outlaw child marriage, impose penalties on men who remarry without informing their first wife, and regulate the \u201cmarriage list\u201d \u2014 colloquially known as the Qaema \u2014 in which the husband acknowledges that he is liable to return household items his wife purchased in the event of divorce.<\/p>\n<p><strong>Status:<\/strong> President Abdel Fattah El Sisi in May <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5db5498c-df01-4a29-9126-7b2ab44aac42\">urged the government<\/a>, lawmakers and Al Azhar to draft balanced and fair legislation as soon as possible \u2014 and later ordered a committee be set up to draft a new version. Controversial amendments to a previous bill, which critics argued would curb women\u2019s rights and legal protections, were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91cf3226-5bd2-467e-bf88-05b55aad3330\">shelved by the House last year<\/a> after backlash.<\/p>\n<p><strong>WATCH THIS SPACE- The national dialogue could also bring up a handful of political bills<\/strong>, including potential amendments to the 1956 law on exercising political rights, the 2014 law on House of Representatives elections, and the Political Parties Act of 1977.<\/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\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549810\" 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=\"549810\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/is-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector\/\">\r\n                            Is Israel about to acquire a piece of Egypt\u2019s oil and gas sector?                        <\/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\/10\/02\/is-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector\/\" 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\/10\/02\/is-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector\/')\">\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\/10\/02\/is-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector\/\">\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=Is Israel about to acquire a piece of Egypt\u2019s oil and gas sector?&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/is-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector\/\">\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\/10\/02\/is-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector\/&title=Is Israel about to acquire a piece of Egypt\u2019s oil and gas sector?\">\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=Is+Israel+about+to+acquire+a+piece+of+Egypt%E2%80%99s+oil+and+gas+sector%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F02%2Fis-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector%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\/10\/02\/is-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/93.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549811\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/is-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector\/93-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/93.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"93.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/93.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/93.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549810\" class=\"content-area-description single-story post-549810 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-alexandria-medical-services tag-capricorn-energy tag-egytrans tag-energy tag-enterpriseam tag-israel tag-leviathan tag-ma-watch tag-newmed tag-oil-and-gas tag-tullow-oil wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a><strong> Israel\u2019s NewMed could acquire Egypt oil + gas assets via Capricorn merger:<\/strong> Capricorn Energy has abandoned <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91191b64-74c4-49d6-80dd-3260bd490ab2\">contested plans<\/a> to merge with Tullow Oil in favor of an all-share tie-up with Israel\u2019s NewMed, according to <a href=\"https:\/\/ent.news\/2022\/10\/capricorn-newmed-combination-290922-1.pdf\">a joint statement (pdf)<\/a> out Thursday. Under the proposed terms, shareholders of NewMed \u2014 formerly Delek Drilling, well-known partner in Egypt \u2014 would acquire almost 90% of the new company, receiving 2.337344 Capricorn shares for each existing share and paying out a USD 620 mn special dividend to Capricorn shareholders.<\/p>\n<p><strong>This would hand NewMed control of Capricorn\u2019s assets in Egypt<\/strong>, paving the way for closer energy ties between Israel and Egypt and creating what the companies described as a \u201cMENA gas and energy champion.\u201d<\/p>\n<p><strong>WHY THIS IS GOOD FOR US-<\/strong> Egypt and Israel <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613a0e7e-2a74-4d1b-8b28-0c9660944559\">signed<\/a> a landmark gas export agreement in June to ramp up exports to the European Union as it looks to phase out reliance on Russian fossil fuels. The agreement allows Israel to send more gas to Egypt\u2019s LNG facilities for export to Europe.<\/p>\n<p><strong>Bigger production targets:<\/strong> The new group plans to raise its production to over 200k barrels of oil equivalent (boe) per day by 2030, up from 115k boe today, company CEO Yossi Abu said during a conference call, according to <a href=\"https:\/\/www.reuters.com\/markets\/deals\/capricorn-energy-drops-tullow-merger-plan-favour-israels-newmed-2022-09-29\/\">Reuters<\/a>. NewMed is considering further developing its Leviathan gas field in a step that could further boost export volumes across the Mediterranean, he said, noting that one option to export more gas to Europe is via a new pipeline linking Israeli fields to Egypt\u2019s LNG terminals.<\/p>\n<p><strong>What\u2019s next:<\/strong> The merger is set to close in the first quarter of next year. The new firm would be listed under NewMed Energy on the London Stock Exchange (LSE) and would also pursue a Tel Aviv listing, according to the statement.<\/p>\n<p><strong>The bid trumps Tullow\u2019s original offer:<\/strong> The takeover bid \u2014 including the special dividend payout \u2014 would value Capricorn shares at a 13% premium to their last closing price. It\u2019s also a 29% premium to Tullow Oil\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8243aacf-0536-4e50-9b1f-5d1e88971933\">original bid<\/a>, which was criticized by stakeholders for undervaluing the company. NewMed\u2019s bid values the company at USD 338 mn, according to the statement.<\/p>\n<p><strong>Capricorn\u2019s operations here have faced hurdles lately:<\/strong> The company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/afee3b7b-c98b-4f75-8136-25d4acdf071c\">recently lowered its full-year production forecasts<\/a> in Egypt due to \u201clogistics and commissioning delays,\u201d citing issues with bringing two rigs online. The company now expects to produce 33k-36k barrels of oil equivalent per day this year, down from its previous 37k-43k boe\/d estimate.<\/p>\n<p><strong>BACKGROUND- <\/strong>Capricorn \u2014 formerly Cairn \u2014 has had a presence in Egypt ever since it acquired Shell\u2019s oil and gas assets in the Western Desert with partner Cheiron last year, under an agreement worth up to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/666f0d42-c196-4ee2-84dd-f279ba153a89\">USD 926 mn<\/a>.<\/p>\n<p><strong>OTHER M&A NEWS- <\/strong><\/p>\n<p><strong>Egytrans is looking at acquiring a transport company<\/strong>, it said in an <a href=\"https:\/\/ent.news\/2022\/10\/282872_1.pdf\">EGX disclosure<\/a><a href=\"https:\/\/ent.news\/2022\/10\/282872_1.pdf\">(pdf)<\/a> last week, without disclosing which companies it\u2019s considering. The company also denied what it said were rumors among traders about a potential acquisition of its shares at a share price of EGP 4.50, saying that it is not aware of any potential takeover bids targeting the firm.<\/p>\n<p><strong>Alex Medical is officially under new ownership: <\/strong>The Tawasol-LimeVest consortium received a 70.2% stake in Alex Medical (10.9 mn shares) for EGP 535.4 mn on Thursday, after its mandatory tender offer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5eac3944-7434-4343-a811-6dea71baf587\">closed last week<\/a>, according to an <a href=\"https:\/\/ent.news\/2022\/10\/Alex-medical-29-9-22.jpg\">EGX bulletin<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alexandria-medical-services\/\">Alexandria Medical Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capricorn-energy\/\">Capricorn Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egytrans\/\">EgyTrans<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/leviathan\/\">Leviathan<\/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\/newmed\/\">NewMed<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tullow-oil\/\">Tullow Oil<\/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=\"549812\" 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=\"549812\">\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\/10\/02\/record-egp-20-bn-issuance-tops-wave-of-securitizations-bringing-ytd-total-to-2x-last-year\/\">\r\n                            Record EGP 20 bn issuance tops wave of securitizations, bringing YTD total to &gt;2x last year                        <\/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\/10\/02\/record-egp-20-bn-issuance-tops-wave-of-securitizations-bringing-ytd-total-to-2x-last-year\/\" 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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A blockbuster EGP 20 bn issuance by the New Urban Communities Authority\u2019s (NUCA) Al Taamir headed up a string of securitizations last week, as an already hot market gets hotter.<\/p>\n<p><strong>Last week\u2019s issuances more than double the total <\/strong><strong>value of<\/strong><strong> securitized bonds brought to market so far this year to some EGP 42 bn<\/strong>, according to data tracked by Enterprise. That dwarfs the<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d63bde8a-8f94-4b1b-9508-527c3143b1c3\">EGP 15.8 bn<\/a> taken to market during the whole of 2021.<\/p>\n<p><strong>FIRST UP- NUCA closes biggest ever securitized bond issuance: <\/strong>Al Taamir \u2014 a special purpose vehicle owned by the government\u2019s New Urban Communities Authority \u2014 closed its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d63bde8a-8f94-4b1b-9508-527c3143b1c3\">EGP 20 bn securitized bond<\/a> issuance after the Financial Regulatory Authority (FRA) <a href=\"https:\/\/ent.news\/2022\/10\/FRA-approves-securitized-bonds.pdf\">approved (pdf)<\/a> the move, according to Amwal El Ghad.<\/p>\n<p><strong>NUCA broke its own record for the market\u2019s largest securitization: <\/strong>The authority closed an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08f62d78-a688-47cb-9ad1-4ab4ad1bcb06\">EGP 10 bn issuance<\/a> in 2020. The proceeds were earmarked to finance the development of new urban areas including the new administrative capital and New Alamein.<\/p>\n<p><strong>Advisors- <\/strong>Dreny & Partners acted as legal counsel to NUCA on the issuance.<\/p>\n<hr class=\"grey-line\">\n<p><strong>PLUS- EFG Hermes Corp-Solutions closed an EGP 2.0 bn securitized bond issuance <\/strong><strong>on <\/strong><strong>Thursday<\/strong>, EFG Hermes\u2019 investment banking division said in <a href=\"https:\/\/ent.news\/2022\/9\/EFG-Hermes-x-Corp-Solutions-Securitization-PRL-English.docx.pdf\">a statement (pdf)<\/a>. This is the second securitization issuance for the leasing and factoring player, which executed a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21504d18-3879-4c04-8bae-6aa46fd4c18c\">EGP 790 mn bond<\/a> sale in December.<\/p>\n<p><strong>Advisors: <\/strong>EFG Hermes was the sole financial advisor, transaction manager, bookrunner, underwriter, and arranger on the issuance. Dreny & Partners acted as legal advisor and KPMG audited the issuance.<\/p>\n<hr class=\"grey-line\">\n<p><strong>AND- <\/strong><strong>Tamweel Mortgage Finance closed an EGP 1.6 bn issuance, <\/strong>financial advisor CI Capital said in a <a href=\"https:\/\/ent.news\/2022\/10\/PRL-CI-DCM-Issuances-EN-V2.pdf\">statement<\/a><a href=\"https:\/\/ent.news\/2022\/10\/PRL-CI-DCM-Issuances-EN-V2.pdf\">(pdf)<\/a>. The issuance marks the second tranche of Tamweel\u2019s debut <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d020f72f-fbba-4704-b15c-dc0b39c90755\">EGP 3 bn<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d020f72f-fbba-4704-b15c-dc0b39c90755\">securitized bond program<\/a>, the FRA said.<\/p>\n<p><strong>Advisors- <\/strong>CI Capital acted as financial advisor, issuance manager, and lead arranger for the issuance.<\/p>\n<hr class=\"grey-line\">\n<p><strong>LAST, BUT NOT LEAST- GlobalCorp issued EGP 1.3 bn in securitized bonds<\/strong> \u2014 the second tranche of its EGP 5 bn securitized bond program, the non-bank lender said in a <a href=\"https:\/\/ent.news\/2022\/10\/EN-GlobalCorp2ndSecuritization_SF.pdf\">press release (pdf)<\/a>. The group in December issued the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d020f72f-fbba-4704-b15c-dc0b39c90755\">first EGP 985 mn tranche of the program<\/a>, which is set to wrap next year.<\/p>\n<p><strong>Advisors-<\/strong> CI Capital acted as financial advisor, issuance manager, and lead arranger. CIB also acted as financial advisor, while Dreny & Partners were legal counsel and KPMG were auditors.<\/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\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/el-taamir-securitization\/\">El Taamir Securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/globalcorp\/\">GlobalCorp<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tamweel-mortgage-finance\/\">Tamweel Mortgage 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=\"549814\" 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=\"549814\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/in-a-market-first-tci-sanmar-issues-bonds-to-restructure-15-of-its-debt\/\">\r\n                            In a market first, TCI Sanmar issues bonds to restructure 15% of its debt                        <\/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\/10\/02\/in-a-market-first-tci-sanmar-issues-bonds-to-restructure-15-of-its-debt\/\" 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\/10\/02\/in-a-market-first-tci-sanmar-issues-bonds-to-restructure-15-of-its-debt\/')\">\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\/10\/02\/in-a-market-first-tci-sanmar-issues-bonds-to-restructure-15-of-its-debt\/\">\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=In a market first, TCI Sanmar issues bonds to restructure 15% of its debt&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/in-a-market-first-tci-sanmar-issues-bonds-to-restructure-15-of-its-debt\/\">\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\/10\/02\/in-a-market-first-tci-sanmar-issues-bonds-to-restructure-15-of-its-debt\/&title=In a market first, TCI Sanmar issues bonds to restructure 15% of its debt\">\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=In+a+market+first%2C+TCI+Sanmar+issues+bonds+to+restructure+15%25+of+its+debt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F02%2Fin-a-market-first-tci-sanmar-issues-bonds-to-restructure-15-of-its-debt%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\/10\/02\/in-a-market-first-tci-sanmar-issues-bonds-to-restructure-15-of-its-debt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/99.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549815\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/in-a-market-first-tci-sanmar-issues-bonds-to-restructure-15-of-its-debt\/99-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/99.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"99.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/99.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/99.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549814\" class=\"content-area-description single-story post-549814 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-bonds tag-debt-watch tag-enterpriseam tag-india-in-egypt tag-manufacturing tag-matouk-bassiouny-hennawy 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>TCI Sanmar issued bonds worth USD 117.7 mn in a private placement with <\/strong><strong>nine <\/strong><strong>foreign banks<\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/10\/Press-Release-MBH-advises-TCI-Sanmar-on-Egypts-first-Bonds-Issuance-via-Debt-Conversion-September-2022-1.pdf\">statement (pdf)<\/a> from its legal counsel on the transaction, Matouk Bassiouny & Hennawy. The industrial chemicals maker issued the bonds by converting 15% of its debt into non-convertible debentures (NCDs), marking the first time debt has been converted to bonds and issued on the local market, the law firm said in its press release. Matouk Bassiouny Associate Lawyer Shery Soliman declined to name the banks involved when we asked yesterday.<\/p>\n<p><strong>Non-convertible debentures? <\/strong><a href=\"https:\/\/www.investopedia.com\/terms\/d\/debenture.asp\">Debentures<\/a> are long-term debt instruments that aren\u2019t backed by any form of collateral. The \u201cnon-convertible\u201d part means that TCI Sanmar\u2019s bonds can\u2019t be converted into equity shares. \u201cIssuing non-convertible bonds will allow the company a period of time with low interest to repay its debt.\u201d<\/p>\n<p><strong>Advisors: <\/strong>Arab African International Bank (AAIB) acted as the onshore security agent and subscription receiving bank on the transaction, while White & Case was the legal counsel to the banks.<\/p>\n<p><strong>About TCI Sanmar: <\/strong>The Indian industrial chemicals manufacturer has invested some USD 1.5 bn into local factories for polyvinyl chloride (PVC), caustic soda, calcium chloride and green ethylene, making it India\u2019s largest investor in the country, according to its <a href=\"http:\/\/sanmargroup.com\/tci.php\">website<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bonds\/\">Bonds<\/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\/india-in-egypt\/\">India in Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/matouk-bassiouny-hennawy\/\">Matouk Bassiouny &amp; Hennawy<\/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=\"549816\" 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=\"549816\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/549816\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549816\" class=\"content-area-description single-story post-549816 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.moharrampartners.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/MP-Startup-Enterprise-Web-Size.png?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549817\" 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=\"549817\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/car-sales-fell-once-again-in-august\/\">\r\n                            Car sales fell once again in August                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/car-sales-fell-once-again-in-august\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/car-sales-fell-once-again-in-august\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/car-sales-fell-once-again-in-august\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Car sales fell once again in August&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/car-sales-fell-once-again-in-august\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/car-sales-fell-once-again-in-august\/&title=Car sales fell once again in August\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Car+sales+fell+once+again+in+August+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F02%2Fcar-sales-fell-once-again-in-august%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/car-sales-fell-once-again-in-august\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549817\" class=\"content-area-description single-story post-549817 post type-post status-publish format-standard hentry category-automotive tag-amic tag-automotive tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Auto sales were down by more than half in August compared with the same month a year <\/strong><strong>before <\/strong>as the market continues to struggle with barriers to import. Passenger car sales dropped nearly 53% y-o-y last month to just 8.7k vehicles, according to figures provided by the Automotive Information Council (AMIC).<\/p>\n<p><strong>Buses and trucks were no exception: <\/strong>Around 1k buses were sold in August \u2014 down more than 47% y-o-y. Truck sales saw a near 14% y-o-y drop to around 3.7k units. Total vehicle sales dropped 45% y-o-y to 13.4k units.<\/p>\n<p><strong>ICYMI- It\u2019s been tough terrain for the auto sector. <\/strong>Passenger vehicle sales also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b486e11-dc50-48d9-b375-bfe5816f3f05\">halved y-o-y in July<\/a>, extending months of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b486e11-dc50-48d9-b375-bfe5816f3f05\">steep declines<\/a>. The market has been hit by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">rules<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/14ddd079-0875-4a96-81ca-c94fa0e38f6b\">requiring importers to get letters of credit (L\/Cs)<\/a> that limited imports to a handful of essential goods, leaving new cars and car parts stranded at ports and pushing a number of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3242bc1d-f416-47a6-a914-3ce472eb1c9f\">global car manufacturers<\/a> to suspend sales here.<\/p>\n<p><strong>The sector is hoping its luck will soon turn: <\/strong>The blockbuster economic conference we\u2019re expecting at some point this month could include <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17e5731c-72f6-4b07-a0f9-c85fe1927d44\">steps to resolve import challenges<\/a>, President Abdel Fattah El Sisi said last week. Meanwhile, the government\u2019s automotive committee held its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/356d0c3f-33bf-4b21-9d07-b14283bebeb3\">first meeting<\/a> last week, suggesting we could soon get more details on the <a href=\"https:\/\/enterprise.press\/industries\/%f0%9f%8f%ad-inside-industry\/\">automotive strategy<\/a> that aims to increase local assembly and reduce the sector\u2019s reliance on imported parts and cars.<\/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\/amic\/\">AMIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/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=\"549818\" 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=\"549818\">\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\">RETAIL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/btech-opens-store-143-says-it-will-do-10-more-before-years-end\/\">\r\n                            BTECH opens store #143, says it will do 10 more before year\u2019s end                        <\/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\/10\/02\/btech-opens-store-143-says-it-will-do-10-more-before-years-end\/\" 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 <a href=\"https:\/\/ent.news\/2022\/10\/B.TECH_Sidi_Gaber_PRL_En.pdf\">opening (pdf)<\/a> gives the retailer, <a href=\"https:\/\/enterprise.press\/stories\/2016\/07\/24\/dpi-acquires-a-third-of-b-tech-for-usd-35-mn\/\">backed<\/a> by UK-based private equity firm <a href=\"https:\/\/www.dpi-llp.com\/our-business\/\">DPI<\/a>, 15 stores in Alexandria and another five across the North Coast.<\/p>\n<p><strong>\u201cWe have 10 more stores to open before the end of the year,\u201d <\/strong>CEO Mahmoud Khattab told us yesterday. \u201cWhatever the macroeconomic headwinds, we\u2019re opening a new store every 10 days \u2014 and creating new jobs as we do so. The current challenges will end, and we need to be ready to capture the upside when it does.\u201d<\/p>\n<p><strong>This is the seventeenth store BTECH has opened in partnership with the Holding Company for Tourism and Hotels<\/strong>, turning a shop owned by the state institution into a modern retail outlet. \u201cWe have invested more than EGP 180 mn alongside the Holding Company since we started working with them more than six years ago,\u201d Khattab said. \u201cIt\u2019s a great example of public-private cooperation.\u201d<\/p>\n<p><strong>The new Alex megastore includes BTECH\u2019s first in-store zone solely for its B2B line of business. <\/strong>\u201cWe\u2019re well known for our consumer facing business, but business-to-business is increasingly important to us,\u201d Khattab said, adding that the store will also have a hands-on after sales service area to help shoppers set up or troubleshoot purchases. BTECH figures the new store will see footfall in the range of 35k shoppers per month.<\/p>\n<p><em>CORRECTION- An earlier version of this story incorrectly said this is the sixteenth store BTECH has opened with the Holding Company for Tourism and Hotels.<\/em><\/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\/b-tech\/\">B.TECH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/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=\"549819\" 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=\"549819\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/ekh-announces-usd-20-mn-share-buyback-efg-hermes-tops-the-brokerage-league-table-in-september\/\">\r\n                            EKH announces USD 20 mn share buyback + EFG Hermes tops the brokerage league table in September                        <\/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\/10\/02\/ekh-announces-usd-20-mn-share-buyback-efg-hermes-tops-the-brokerage-league-table-in-september\/\" 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\/10\/02\/ekh-announces-usd-20-mn-share-buyback-efg-hermes-tops-the-brokerage-league-table-in-september\/')\">\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\/10\/02\/ekh-announces-usd-20-mn-share-buyback-efg-hermes-tops-the-brokerage-league-table-in-september\/\">\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=EKH announces USD 20 mn share buyback + EFG Hermes tops the brokerage league table in September&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/ekh-announces-usd-20-mn-share-buyback-efg-hermes-tops-the-brokerage-league-table-in-september\/\">\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\/10\/02\/ekh-announces-usd-20-mn-share-buyback-efg-hermes-tops-the-brokerage-league-table-in-september\/&title=EKH announces USD 20 mn share buyback + EFG Hermes tops the brokerage league table in September\">\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=EKH+announces+USD+20+mn+share+buyback+%2B+EFG+Hermes+tops+the+brokerage+league+table+in+September+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F02%2Fekh-announces-usd-20-mn-share-buyback-efg-hermes-tops-the-brokerage-league-table-in-september%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\/10\/02\/ekh-announces-usd-20-mn-share-buyback-efg-hermes-tops-the-brokerage-league-table-in-september\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/110.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549820\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/ekh-announces-usd-20-mn-share-buyback-efg-hermes-tops-the-brokerage-league-table-in-september\/110-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/110.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"110.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/110.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/110.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549819\" class=\"content-area-description single-story post-549819 post type-post status-publish format-standard has-post-thumbnail hentry category-capital-markets tag-capital-markets tag-efg-hermes tag-egx tag-egyptian-kuwait-holding tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Egyptian Kuwait Holding (EKH) will spend USD 20 mn buying back around 1.5% of <\/strong><strong>the company<\/strong> (16.9 mn shares) over the next year in a bid to buoy its share price, the company said in disclosures to the EGX (<a href=\"https:\/\/ent.news\/2022\/10\/282863_1.pdf\">here, pdf<\/a> and <a href=\"https:\/\/ent.news\/2022\/10\/282863_2.pdf\">here, pdf<\/a>) on Wednesday. The company\u2019s share price rose 3.0% on Thursday.<\/p>\n<p><strong>Arresting the decline:<\/strong> The company\u2019s share price has fallen almost 18% since March, despite reporting two consecutive quarters of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4e740352-5c6a-4b63-a1b8-3480f62caa15\">record earnings<\/a> during the first half of the year on the back of rising fertilizer prices. Its net income rose 60% y-o-y to USD 72.4 mn during 2Q 2022, while revenues rose 53% y-o-y to USD 284.8 mn.<\/p>\n<p><strong>It\u2019s not the only one looking to prop up its share price: <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4fba9c8d-942d-43ab-b73d-0ecb00e9df6c\">Edita<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/23131ce3-403e-4cc5-9537-9b43d590a5a3\">e-Finance<\/a> are among several companies to have announced buyback programs in recent weeks. Inflationary pressure, rising interest rates in western economies, and global market volatility have all contributed to a risk-off from emerging markets. The benchmark index <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ecae4630-3a1a-4c33-86bd-a4a28695feb6\">fell to its lowest level since November 2016<\/a> earlier this year, and is currently down nearly 18% YTD.<\/p>\n<p><strong>Advisors: <\/strong>Al Ahly Pharos will execute the buyback program.<\/p>\n<p><strong>ALSO IN CAPITAL MARKETS- EFG Hermes once again topped the EGX\u2019s <\/strong><strong>brokerage league table in September<\/strong>, with a market share of 20.4%, according to figures from<a href=\"https:\/\/ent.news\/2022\/10\/Periodicals-Monthly-Ranking-of-Brokerage-Firms-Ar-2.pdf\">the EGX (pdf)<\/a>. Rounding out the top five were CI Capital (6.4%), Mubasher (4.5%), Pioneers Securities (4.0%), and Prime Securities (3.3%).<\/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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-kuwait-holding\/\">Egyptian Kuwait Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549821\" 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=\"549821\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/qalaa-holdings-reports-first-quarter-in-black-since-2018-in-2q-2022\/\">\r\n                            Qalaa Holdings reports first quarter in black since 2018 in 2Q 2022                        <\/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\/10\/02\/qalaa-holdings-reports-first-quarter-in-black-since-2018-in-2q-2022\/\" 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\/10\/02\/qalaa-holdings-reports-first-quarter-in-black-since-2018-in-2q-2022\/')\">\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\/10\/02\/qalaa-holdings-reports-first-quarter-in-black-since-2018-in-2q-2022\/\">\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=Qalaa Holdings reports first quarter in black since 2018 in 2Q 2022&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/qalaa-holdings-reports-first-quarter-in-black-since-2018-in-2q-2022\/\">\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\/10\/02\/qalaa-holdings-reports-first-quarter-in-black-since-2018-in-2q-2022\/&title=Qalaa Holdings reports first quarter in black since 2018 in 2Q 2022\">\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=Qalaa+Holdings+reports+first+quarter+in+black+since+2018+in+2Q+2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F02%2Fqalaa-holdings-reports-first-quarter-in-black-since-2018-in-2q-2022%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\/10\/02\/qalaa-holdings-reports-first-quarter-in-black-since-2018-in-2q-2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/102.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549822\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/qalaa-holdings-reports-first-quarter-in-black-since-2018-in-2q-2022\/102-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/102.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"102.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/102.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/102.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549821\" class=\"content-area-description single-story post-549821 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings tag-earnings-watch tag-egyptian-refining-company tag-enterpriseam tag-qalaa-holdings tag-taqa-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Qalaa Holdings returned to the black <\/strong><strong>for the first quarter since 2018 <\/strong><strong>in 2Q 2022<\/strong> on the back of record revenues driven by improved refining margins at the Egyptian Refining Company (ERC). The company generated a net income of EGP 361.6 mn during the April-June quarter, compared to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a498cdac-7f57-4031-af6e-0af3de6323bf\">EGP 401.5 mn<\/a> in losses last year, after revenues soared to almost EGP 27 bn, up 165% on 2Q 2021, according to its <a href=\"https:\/\/ent.news\/2022\/9\/%D8%AA%D9%82%D8%B1%D9%8A%D8%B1-%D9%86%D8%AA%D8%A7%D9%8A%D9%94%D8%AC-%D8%A7%D9%86%D8%AC%D9%84%D9%8A%D8%B2%D9%89-%D8%A7%D9%84%D9%82%D9%84%D8%B9%D8%A9-29-09-2022.pdf\">earnings release (pdf<\/a><a href=\"https:\/\/ent.news\/2022\/9\/%D8%AA%D9%82%D8%B1%D9%8A%D8%B1-%D9%86%D8%AA%D8%A7%D9%8A%D9%94%D8%AC-%D8%A7%D9%86%D8%AC%D9%84%D9%8A%D8%B2%D9%89-%D8%A7%D9%84%D9%82%D9%84%D8%B9%D8%A9-29-09-2022.pdf\">)<\/a>.<\/p>\n<p><strong>In detail: <\/strong>ERC\u2019s revenues tripled y-o-y to EGP 21.5 bn, driven by improvement in refined petroleum product prices and an increasing gross refining margin, contributing c. 80% to total revenues. Operations experienced no slowdowns or shutdowns during the quarter. Qalaa subsidiary TAQA Arabia\u2019s revenues rose 13% y-o-y to EGP 2.5 bn, driven by a strong performance at TAQA Petroleum, higher power distribution volumes at TAQA Power, and volume growth at TAQA Gas.<\/p>\n<p><strong>Looking ahead: <\/strong>\u201cQalaa\u2019s results are vulnerable to FX changes owing to Qalaa\u2019s sizable USD-denominated debt,\u201d said co-founder and managing director Hisham El Khazindar. \u201cConsequently, any further depreciation in the [EGP] may impact the group\u2019s results.\u201d The company\u2019s debt restructuring efforts are progressing and remain a priority, he said, noting that ERC is in negotiations with its lenders for a full debt restructuring.<\/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\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-refining-company\/\">Egyptian Refining Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qalaa-holdings\/\">Qalaa Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taqa-arabia\/\">TAQA 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=\"549823\" 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=\"549823\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/549823\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549823\" class=\"content-area-description single-story post-549823 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_ART_1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549824\" 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=\"549824\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/last-nights-talk-shows-one-born-every-19-seconds\/\">\r\n                            Last Night\u2019s Talk Shows: One born every 19 seconds                        <\/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\/10\/02\/last-nights-talk-shows-one-born-every-19-seconds\/\" 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\/10\/02\/last-nights-talk-shows-one-born-every-19-seconds\/')\">\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\/10\/02\/last-nights-talk-shows-one-born-every-19-seconds\/\">\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: One born every 19 seconds&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/last-nights-talk-shows-one-born-every-19-seconds\/\">\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\/10\/02\/last-nights-talk-shows-one-born-every-19-seconds\/&title=Last Night\u2019s Talk Shows: One born every 19 seconds\">\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+One+born+every+19+seconds+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F02%2Flast-nights-talk-shows-one-born-every-19-seconds%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\/10\/02\/last-nights-talk-shows-one-born-every-19-seconds\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549824\" class=\"content-area-description single-story post-549824 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-capmas tag-education tag-enterpriseam tag-last-nights-talk-shows 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>There are now 104 mn of us \u2014 which got the talking heads going: <\/strong>The country\u2019s population surpassed 104 mn yesterday, according to <a href=\"https:\/\/ent.news\/2022\/10\/Population-increase-104-mn-Capmas.pdf\">Capmas figures (pdf)<\/a>. We passed the 103-mn mark in February, meaning that in the interim, one baby was born on average every 19 seconds, the national statistics agency pointed out.<\/p>\n<p><strong>The country has succeeded in bringing the birth rate down<\/strong> from 3.5 children per woman on average to 2.8 children per woman \u2014 and we\u2019re aiming to get it down to 1.6 children per woman, \u201clike in developed countries,\u201d Hussein Abdel Aziz, advisor to the head of Capmas, told Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=ELgJXaIUhVY\">watch, runtime: 8:53<\/a>). El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=t7VgRfXg7hs\">watch, runtime: 1:33<\/a>) and Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=TQLElmOomuU\">watch, runtime: 2:59<\/a>) also had the story.<\/p>\n<p><strong>New year, new unis:<\/strong> The new academic year marks the kickoff of operations at 12 new national universities, including 10 tech universities and two private universities, Higher Education Minister Mohamed Ashour told Kelma Akhira (<a href=\"https:\/\/www.google.com\/url?q=https:\/\/www.youtube.com\/watch?v%3D0p-V0c3pMV4&sa=D&source=docs&ust=1664682002572439&usg=AOvVaw26NR54CYSjz7Gc-C9YT4mi\">watch, runtime: 5:36<\/a>). Masaa DMC also covered the start of the 2022\/2023 academic year (<a href=\"https:\/\/www.youtube.com\/watch?v=06aUV4X8__Q\">watch, runtime: 4:12<\/a>).<\/p>\n<p><strong>Thin fino, thick fino: <\/strong>Since the lapse of government controls on the price of unsubsidized bread that were brought in for three months starting in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/14d38998-c17f-4e56-b6e5-ddb78d1e04f9\">March<\/a>, it\u2019s up to each bakery to determine the price and weight of its fino bread loaves, Attia Hamad, head of the bakeries division at the Cairo Chamber of Commerce, told El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=OefGYzZ3c7s\">watch, runtime: 18:04<\/a>). That said, Attia\u2019s idea of a reasonable fino ranges between EGP 0.50-0.75 per 40-gram loaf, he added.<\/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\/capmas\/\">CAPMAS<\/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\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549825\" 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=\"549825\">\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\/10\/02\/surprising-no-one-us-stocks-close-3q-in-the-red-a-sparkling-debut-for-salik\/\">\r\n                            Surprising no one, US stocks close 3Q in the red + A sparkling debut for Salik                        <\/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\/10\/02\/surprising-no-one-us-stocks-close-3q-in-the-red-a-sparkling-debut-for-salik\/\" 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 500 had its worst month since March 2020 in September (-9.3%), while the Nasdaq is now at its lowest level since July 2020 after losing another 1.5% on Friday and 10.5% during the month. Meanwhile, the Dow Jones closed below 29k for the first time since November 2020 after falling 1.7% on Friday, leaving it 8.8% in the red for September.<\/p><p><strong>Salik shares pop in first day of trading:<\/strong> Dubai\u2019s toll gate operator Salik\u2019s share price rose as much as 20% in its trading debut last week, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-29\/dubai-s-salik-soars-in-trading-debut-after-huge-ipo-order-book?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> reports, after pulling in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82b555f0-b8b4-47c8-95c3-2d08973ea93c\">over USD 50 bn<\/a> of orders during subscription. Initially priced at AED 2.00 per share, Salik shares rose to a high of AED 2.40 at the market open last Thursday before closing at AED 2.22. The offering was Dubai\u2019s third IPO of the year.<\/p><p><strong>Advisors:<\/strong> Our friends at <a href=\"https:\/\/ent.news\/2022\/10\/Salik-IPO-PRL-English.pdf\">EFG Hermes (pdf)<\/a> and HSBC were joint bookrunners alongside Citigroup, while Emirates NBD, Goldman Sachs and Merrill Lynch were global coordinators.<\/p><p><strong>Porsche shares closed flat on their first day of trading<\/strong> on Thursday, completing their blockbuster EUR 75 bn listing in Frankfurt. Shares rose as much as 2.9% but fell back to close at the listing price of EUR 82.50 amid a 1.7% decline in the benchmark DAX index. The listing was Germany\u2019s second-largest IPO; shares closed on Friday essentially unchanged at EUR 82.52, according to market data. (<a href=\"https:\/\/www.reuters.com\/markets\/europe\/porsche-debut-amid-market-tumult-historic-ipo-2022-09-28\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-29\/porsche-set-for-bold-trading-debut-after-pricing-at-top-end?sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/11d7258d-9344-4aa3-94a0-e729a10d6c79\">FT<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/09\/29\/porsche-shares-rise-in-frankfurt-market-debut.html\">CNBC<\/a>)<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,827<\/p>\n<\/td>\n<td>\n<p>+1.3% (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 19.51<\/p>\n<\/td>\n<td>\n<p>Sell 19.59<\/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<\/strong> <strong>CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.53<\/p>\n<\/td>\n<td>\n<p>Sell 19.59<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,405<\/p>\n<\/td>\n<td>\n<p>+2.1% (YTD: +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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,751<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: +14.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,339<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +4.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,586<\/p>\n<\/td>\n<td>\n<p>-1.5% (YTD: -24.8%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,894<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -6.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,318<\/p>\n<\/td>\n<td>\n<p>+1.2% (YTD: -22.8%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 85.14<\/p>\n<\/td>\n<td>\n<p>-2.3%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.77<\/p>\n<\/td>\n<td>\n<p>-1.6%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,672.00<\/p>\n<\/td>\n<td>\n<p>+0.2%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 19,310.25<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -58.2%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 1.3% at Thursday\u2019s close<\/strong> on turnover of EGP 1.19 bn (20.5% above the 90-day average). Local investors were net buyers. The index is down 17.8% YTD.<\/p><p><strong>In the green: <\/strong>Qalaa Holdings (+6.1%), Eastern Company (+2.8%) and Telecom Egypt (+2.4%).<\/p><p><strong>In the red: <\/strong>Juhayna (-1.4%), EFG Hermes (-1.1%) and Credit Agricole (-0.5%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/germany\/\">Germany<\/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\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/porsche\/\">Porsche<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/salik\/\">Salik<\/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 whats-next vertical-section wide-section wp-block-group issue-section\" id=\"549826\">\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\/27716.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27488.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Sunday 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\/whatsnext\/\">\r\n                            Read What's Next                        <\/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\/whatsnext\/why-asset-light-b2b-e-commerce-players-are-in-a-stronger-position-than-asset-heavy-competitors-as-vc-funding-dries-up\/\">         \r\n                            Why \u201casset light\u201d B2B e-commerce players are in a stronger position than \u201casset heavy\u201d competitors as VC funding dries up<\/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\/whatsnext\/why-asset-light-b2b-e-commerce-players-are-in-a-stronger-position-than-asset-heavy-competitors-as-vc-funding-dries-up\/\" 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 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href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/why-asset-light-b2b-e-commerce-players-are-in-a-stronger-position-than-asset-heavy-competitors-as-vc-funding-dries-up\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/105.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=\"549827\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/why-asset-light-b2b-e-commerce-players-are-in-a-stronger-position-than-asset-heavy-competitors-as-vc-funding-dries-up\/105-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/105.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"105.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/105.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/105.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-549826\" class=\"content-area-description post-549826 whatsnext type-whatsnext status-publish has-post-thumbnail hentry tag-brimore tag-cartona tag-e-commerce tag-enterprise-whats-next tag-enterpriseam tag-fatura tag-maxab tag-venture-capital 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>How are B2B e-commerce players handling working capital pressures + the VC <\/strong><strong>funding squeeze?<\/strong> For a large number of startups that rely mostly on VC funding for growth, the global <a href=\"https:\/\/enterprise.press\/whatsnext\/\">VC funding squeeze<\/a> (which has also landed locally) has been a harsh wake-up call. Tougher economic conditions further added to the pressures on startups\u2019 working capital, with some B2B e-commerce startups \u2014 particularly those with hefty infrastructure investments \u2014 having to revisit their business models and plan for more sustainable growth amid market disruptions.<\/p>\n<p><strong>IN CONTEXT- <\/strong>News over the past weeks of startups struggling to pay their dues and implementing cost-cutting measures amid market headwinds have put the B2B commerce sector \u2014 and the startup scene at large \u2014 in the limelight. After <strong><a href=\"https:\/\/www.linkedin.com\/company\/capiter\">Capiter<\/a><\/strong>\u2019s high-profile <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/899989a6-5cfd-4d45-8b01-8a0bdeb5cbb1\">meltdown<\/a>, social commerce startup <strong><a href=\"https:\/\/join.brimore.com\/\">Brimore<\/a><\/strong> issued a <a href=\"https:\/\/ent.news\/2022\/9\/Brimore-AR-pr.pdf\">statement (pdf)<\/a> saying that it would restructure and cut costs in a bid to reach profitability. Brimore says it will tweak its business model, but stopped short of getting into what that means.<\/p>\n<p><strong>Some are just reallocating investments:<\/strong> In a different vein, <strong><a href=\"https:\/\/www.maxab.io\/\">MaxAB<\/a><\/strong> \u2014 which has just launched its embedded finance product \u2014 is doubling down on international expansion to leverage more resilient markets like Morocco, where it already operates, and Saudi Arabia, which it plans to enter at the beginning of next year, CEO and co-founder Belal El Megharbel told Enterprise. Its expansions in Egypt are also focused outside of the Greater Cairo area, where the startup sees underserved areas as more attractive and less competitive than central cities, and most of its investments are going towards fintech products and tech. <strong><a href=\"https:\/\/faturab2b.com\/\">Fatura<\/a><\/strong> is similarly looking at expanding its BNPL product, but will focus on scaling up existing verticals rather than tapping new ones, CEO Hossam Ali told us.<\/p>\n<p><strong>Behind the shift?<\/strong> The market has been dominated by two different models: One that is asset-heavy \u2014 in that the startup owns fleets, warehousing and other infrastructure \u2014 and one that is asset-light, with the role of the digital marketplace and its services acting as the core of the business. Asset-heavy companies include Capiter, MaxAB and Brimore, while Fatura, <strong><a href=\"https:\/\/cartona.com\/\">Cartona<\/a><\/strong> and MNT-Halan\u2019s <strong><a href=\"https:\/\/talabeyah.com\/\">Talabeyah<\/a><\/strong> are some of the big names in the asset-light end of the pool.<\/p>\n<p><strong>The problem: Asset-heavy startups need (a lot of) capital to expand: <\/strong>These startups \u201chave to pay a lot of CAPEX in building infrastructure, while also needing a lot of working capital to buy inventory,\u201d CEO of the Cairo Angels Syndicate Fund (CASF), Aly El Shalakany, tells us. The fact that there are a lot of players in the market also drives them to expand at a faster rate, burning more liquidity in the process. \u201cThey require a huge amount of cash until they are able to become dominant in the market\u201d and then hit the black, he explains.<\/p>\n<p><strong>\u2026which explains why funding rounds in the sector have varied widely in size.<\/strong> Asset-heavy startups like Capiter, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e159f8b4-f7ca-4e2a-bad4-b9c90de5eaf2\">raised USD 33 mn<\/a> from regional and global investors, and Brimore, which raised <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01cad9c8-f5db-4b8d-9200-9e5e0cc981be\">USD 25 mn in series A funding<\/a>, have raised mega rounds in recent years. MaxAB has raised USD 40 mn in its series A round, following a <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/26\/egyptian-e-commerce-startup-maxab-raises-usd-6-2-mn-in-seed-investment\/\">record USD 6.2 mn seed round<\/a> in 2019. On the other hand, startups with lighter CAPEX costs raised a fraction of those amounts, with Fatura getting a total of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d774251a-3d0b-40f3-a391-13b164407f5c\">USD 4 mn<\/a> before it was acquired by EFG Hermes\u2019 Tanmeyah, and Cartona raising a larger <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df005115-4fbf-478b-b874-0786fc7698b5\">USD 12 mn<\/a> in its series A round.<\/p>\n<p><strong>FOMO? <\/strong>Talabeyah, a platform launched in 2020 and promising next-day delivery and inventory management solutions for merchants, struggled to raise funds at its initial stages. \u201cWe were driven to have positive economics and a clear path towards breaking even, but investors were saying we weren\u2019t moving as fast as the competition,\u201d Talabeyah CEO Karim Nassef told us. Over at MaxAB: \u201cWe were very focused from the beginning on achieving the right metrics, which to us are not revenues and sales, but profitability and operational efficiency, and building scalable technologies and strong foundations with suppliers,\u201d El Megharbel said, adding that investors did \u201cpush\u201d for more growth.<\/p>\n<p><strong>But some investors were looking for the outliers\u2026<\/strong> Talabeyah <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/deb3012e-5206-4449-adde-e78c5b5dc6a6\">was acquired<\/a> by MNT-Halan in June \u2014 part of what made Talabeyah attractive was steady and sustained growth. \u201cTalabeyah\u2019s business model was fundamentally strong,\u201d MNT-Halan Vice President of Investments Andre Valavanis tells us, explaining that the reason they acquired them was that \u201cthe founders have a growth mindset while focusing on positive unit economics.\u201d<\/p>\n<p><strong>\u2026and the asset-light models, which some found carried less risk: <\/strong>Fatura was also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3cf8519e-72cd-4735-9d88-9b55d0ab5dfa\">acquired<\/a> in June by EFG Hermes\u2019 Tanmeyah. \u201cFor us, the benefits of being asset-light outweighed the risks and the additional margins of the asset-heavy model,\u201d El Shalakany, who was an early investor in Fatura, said.<\/p>\n<p><strong>These challenges are not sector-specific, and could impact others on Planet Startup: <\/strong>\u201cThe mindset of heavily subsidizing and burning cash is flawed, and this was exposed with the global correction,\u201d Valavanis said. Adds El Shalakany: \u201cIf you keep heavily subsidizing the customer below margin cost, your goal is to eventually dominate the market before doing what you want with the customer,\u201d saying that there\u2019s a lot of \u201cunhealthy competition\u201d in markets like FMCG and food delivery. \u201cThe reality is that this is not going to happen, especially in these sectors, where the loyalty of the customer lies with the price, not necessarily with the company.\u201d<\/p>\n<p><strong>NEXT WEEK: Let's talk <\/strong><strong>financials<\/strong><strong>. <\/strong>We will look at how B2B commerce startups can amend their financial models to make up for the lack of VC appetite, and about potential financing options they can resort to at this time and age.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top stories on future trends for the week:<\/strong><\/p>\n<ul>\n<li><strong>Is Saudi fintech Sanad Cash moving in on Capiter?<\/strong> Saudi fintech platform Sanad Cash reportedly wants to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a1c55aa-5b59-4087-b320-7427588c5eb1\">acquire 60%<\/a> of crisis-stricken B2B e-commerce startup Capiter.<\/li>\n<li><strong>Proptech startup <\/strong><strong>Partment<\/strong> <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/722ec29f-fba2-4802-9e40-751975d5d32e\">secured USD 1.5 mn<\/a><\/strong><strong> in a pre-seed round<\/strong> led by Nclude Fintech Innovation Fund and Plus Venture Capital and with the participation of a group of angel investors.<\/li>\n<li><strong>B2B e-commerce marketplace Mazaya <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/20fbcb85-3894-4b5d-9909-3a0bad8db391\">closed<\/a><\/strong> <strong>a USD 5 mn pre-seed round<\/strong> led by Raya Trade and Distribution.<\/li>\n<li><strong>Kashat<\/strong><strong>, the region\u2019s first provider of nano-loans, <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62adf26b-8c9e-4581-bc01-dfd00bdf033d\">has landed funding<\/a><\/strong> from both Plug & Play and Launch Africa as part of its ongoing fundraising drive.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/brimore\/\">Brimore<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cartona\/\">Cartona<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/fatura\/\">Fatura<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/maxab\/\">MaxAB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"549828\" 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\/10\/02\/549828\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549828\" class=\"content-area-description single-story post-549828 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>27 September-27 October (Tuesday-Thursday): The Egyptian Museum the Manial Palace Museum host a book fair.<\/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>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>23-25 &ZeroWidthSpace;&ZeroWidthSpace;October (Sunday-Tuesday): Egypt economic conference, Cairo, Egypt.<\/p>\n<p>24 October (Monday): <a href=\"https:\/\/fci.nl\/en\/event\/empowering-sustainable-trade-flows-factoring-facilitation-egyptian-trade-difficult-times?language_content_entity=en#register\">Empowering Sustainable Trade Flows with Factoring<\/a> conference, St. Regis Cairo.<\/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>30 October \u2013 1 November (Sunday \u2013 Tuesday): <a href=\"https:\/\/www.egypt-energy.com\/en\/home.html\">Egypt Energy<\/a>, Egypt International Exhibition Centre (EIEC) in 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>9 November (Wednesday): Finance Ministry to host \u201c<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid029A7ytdAhcMYQsLo8xQ6Ne5FuvWWDty9yYj66v4LMifKZ611tqzps8jkcw4P7fLMhl\">Finance Day<\/a>\u201d at COP27.<\/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 \u2013 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1 May (Monday): Labor Day.<\/p>\n<p>4 May (Thursday) National holiday in observance of Labor Day (TBC).<\/p>\n<p>22-26 May (Monday-Friday): Egypt <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>JUNE 2023<\/strong><\/p>\n<p>19-21 June (Monday-Wednesday) Egypt Infrastructure and Water Expo <a href=\"https:\/\/ent.news\/2022\/9\/Announcement__EGYPT_INFRASTRUCTURE_AND_WATER_EXPO_LAUNCHES_JUNE_2023.pdf\">debuts<\/a> at the Egypt International Exhibition Center.<\/p>\n<p>28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).<\/p>\n<p>30 June (Friday): June 30 Revolution Day.<\/p>\n<p><strong>JULY 2023<\/strong><\/p>\n<p>18 July (Tuesday): Islamic New Year.<\/p>\n<p>20 July (Thursday): National holiday in observance of Islamic New Year (TBC).<\/p>\n<p>23 July (Sunday): Revolution Day.<\/p>\n<p>27 July (Thursday): National holiday in observance of Revolution Day.<\/p>\n<p>Late July-14 August: 2Q2023 earnings season.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p>26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p>28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>6 October (Friday): Armed Forces Day.<\/p>\n<p>Late October-14 November: 3Q2023 earnings season.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>2H 2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H 2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H 2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q 2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>3Q 2022: Swvl to close <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">acquisition of<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Urbvan<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Mobility<\/a>.<\/p>\n<p>4Q 2022: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.<\/p>\n<p>4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.<\/p>\n<p>4Q2022: Raya Holding subsidiary Aman and Qalaa Holdings\u2019 Taqa Arabia to launch their fintech company.<\/p>\n<p>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\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":549805,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-549804","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"ab1e8a19-033f-4f46-ace1-7c8481ca2b83","teaser":"","photo_url":"https:\/\/ent.news\/2022\/10\/1.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 House of Representatives has a long to-do list this session - 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-house-of-representatives-has-a-long-to-do-list-this-session\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The House of Representatives has a long to-do list this session\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/the-house-of-representatives-has-a-long-to-do-list-this-session\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:47:05+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/1.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-house-of-representatives-has-a-long-to-do-list-this-session\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/the-house-of-representatives-has-a-long-to-do-list-this-session\/\",\"name\":\"The House of Representatives has a long to-do list this session - 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