{"id":549905,"date":"2022-10-05T04:05:16","date_gmt":"2022-10-05T04:05:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=549905"},"modified":"2025-12-15T22:49:27","modified_gmt":"2025-12-15T22:49:27","slug":"waiting-and-waiting-for-devaluation-and-for-an-imf-package","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/","title":{"rendered":"Waiting and waiting \u2014 for devaluation and for an IMF package\u2026"},"content":{"rendered":"<section id=\"549907\" 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=\"549907\">\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\/05\/this-morning-just-a-few-short-hours-until-the-long-weekend\/\">\r\n                            THIS MORNING: Just a few short hours until the long weekend                        <\/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\/05\/this-morning-just-a-few-short-hours-until-the-long-weekend\/\" 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\/05\/this-morning-just-a-few-short-hours-until-the-long-weekend\/')\">\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\/05\/this-morning-just-a-few-short-hours-until-the-long-weekend\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: Just a few short hours until the long weekend&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/this-morning-just-a-few-short-hours-until-the-long-weekend\/\">\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\/05\/this-morning-just-a-few-short-hours-until-the-long-weekend\/&title=THIS MORNING: Just a few short hours until the long weekend\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+Just+a+few+short+hours+until+the+long+weekend+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F05%2Fthis-morning-just-a-few-short-hours-until-the-long-weekend%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\/05\/this-morning-just-a-few-short-hours-until-the-long-weekend\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549907\" class=\"content-area-description single-story post-549907 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-cop27 tag-egp tag-elon-musk tag-enterpriseam tag-evs tag-twitter 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, wonderful people. <\/strong>We\u2019ve got a steady stream of news this morning to see us into the long weekend.<\/p><p><strong>Say \u201clong weekend\u201d once more \u2014 you won\u2019t be hearing that phrase again until 2023. <\/strong>Banks and the stock market will be off tomorrow in observance of Armed Forces Day \u2014 the final long weekend of the year \u2014 according to the Central Bank of Egypt and the <a href=\"https:\/\/ent.news\/2022\/10\/Capture.jpg\">EGX<\/a>. Cabinet had already <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/42afc6e6-ba82-4e38-8de7-35d8c5b96a7e\">announced<\/a> the holiday for both public and private sector workers. For those who usually work Saturdays, this coming Saturday, 8 October, is also an official holiday to mark the Prophet Muhammad\u2019s birthday.<\/p><p><strong>Your next day off will be 1 January<\/strong> (falling on a Sunday and traditionally a holiday for banks) and then Coptic Christmas (January 7, which falls on a Saturday in 2023).<\/p><p><strong>EnterprisePM will be out as usual this afternoon <\/strong>and readers of Enterprise Climate will have their morning read in their inboxes tomorrow. Both our AM and PM editions in Egypt are off tomorrow \u2014 we\u2019ll be back in your inboxes at the usual time on Sunday morning.<\/p><hr class=\"grey-line\"><p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>THE BIG STORY HERE AT HOME? It\u2019s all about the EGP<\/strong>, and it seems we\u2019re going to have to keep holding our breath a little bit longer to see how it plays out.<\/p><p><strong>FOR STARTERS- MPs have <\/strong><strong>summoned senior cabinet ministers to discuss the import and FX crisis. <\/strong>The finance, planning, and trade and industry ministers will appear before the House Industry Committee next week to discuss the pileup of goods at ports and the availability of FX, committee head Moataz Mahmoud tells <a href=\"https:\/\/bit.ly\/3SMMyyw\">Al Mal<\/a>. President Abdel Fattah El Sisi has in recent days urged the government and the central bank to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17e5731c-72f6-4b07-a0f9-c85fe1927d44\">normalize the situation<\/a> by November. The president also said yesterday in a televised address that he\u2019s confident we\u2019ll make it through this bottleneck (we have more on that in Last Night\u2019s Talk Shows, below).<\/p><p><strong>The news came as the EGP continued its slow slide against the USD yesterday<\/strong>, easing four piasters against the greenback to 19.7084. The EGP has been marking fresh record lows against the US currency in recent days, after it last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d3c44150-1713-434a-aa89-bba2fe24273b\">breached the record<\/a> 19.5605 low set five years ago on the back of the historic 2016 float.<\/p><p><strong>The EGP has lost around a quarter of its value this year<\/strong> <strong>against the greenback <\/strong>thanks to a toxic mix of domestic economic pressures, the global economic fallout from Russia\u2019s war in Ukraine, and the strengthening of the USD against just about every major global currency. The central bank went for a snap 15.9% devaluation in March, with the rest of the slide happening in gentle (but steady) increments since then.<\/p><p><strong>Where will it settle? <\/strong>Enterprise readers see the EGP dropping to 22.12 \u2014 the figure they\u2019re using (on average) for their 2023 budgets, according to our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd84427a-c81c-42e3-9a7b-a8ca9d01efdc\">fall reader survey<\/a>. Goldman Sachs sees the EGP settling in the 22-24 band, while BNP Paribas is forecasting the currency to fall to 22-23 by the end of the year. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-04\/-drip-drip-drip-devaluation-in-egypt-fuels-calls-for-big-move?utm_source=pocket_mylist&amp;sref=mmeFTDW1\">Bloomberg<\/a>, which has been leading the charge for a weaker pound, is now saying that <strong>some market watchers are calling for an end to the \u201cdrip, drip, drip\u201d devaluation<\/strong> in favor of a more sudden move. Bloomberg Economics thinks a rate of EGP 24.60 to the greenback would \u201cbring Egypt\u2019s trade deficit to a reasonable level.\u201d<\/p><p><strong>ENTER THE IMF: <\/strong>Speculation about how much Hassan Abdalla\u2019s central bank will allow the currency to slide is mounting after <strong>the IMF signaled that it is working on a \u201csizeable\u201d assistance package<\/strong> for Egypt that could get approval \u201cwithin days or weeks.\u201d<\/p><p><strong>The IMF executive board would have to approve the facility <\/strong>\u2014 and Egypt does not currently appear on the institution\u2019s <a href=\"https:\/\/www.imf.org\/en\/About\/executive-board\/EBC-Scheduled\">public calendar<\/a> ahead of the IMF and World Bank annual meetings set to take place next week. So, yeah: We\u2019re going to have to keep holding our collective breath for a little while longer, folks.<\/p><p><strong>*** <\/strong><br> <strong><a href=\"https:\/\/www.surveymonkey.com\/r\/9VF6H6Y\">Take our EV survey:<\/a><\/strong> Are you an ex-petrolhead shopping around for your first electric vehicle? EV-curious and wondering what all the fuss is about? Or are you not ready to say goodbye to that sweet smell of benzene as you wait at the gas station?<\/p><p><strong>We want to hear from you:<\/strong> We\u2019re taking the pulse on how the nation feels about Egypt\u2019s nascent EV transition. Take a few minutes to fill out <a href=\"https:\/\/www.surveymonkey.com\/r\/9VF6H6Y\">our short survey<\/a>. We\u2019ll be back with the results in a couple of weeks.<br> <strong>***<\/strong><\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>The world is bracing for a significant oil cut when <\/strong><strong>OPEC+ meets today.<\/strong> The cartel of oil producers is expected to slash daily production by more than 1 mn barrels in a bid to bring up prices, which have sagged after spending March through July comfortably above the USD 100 \/ barrel barrier. <a href=\"https:\/\/fortune.com\/2022\/10\/04\/opec-saudi-us-friends-allies-oil-politics-russia-ukraine-war-energy-international-khanna-sonnenfeld-tian\/\">Public figures in the US<\/a> are positioning the Saudi led move as playing into Vladimir Putin\u2019s hands. The <a href=\"https:\/\/www.ft.com\/content\/476d8174-1ad5-4dbe-8092-37853b2a7673\">Financial Times<\/a> notes the move could anger the US.<\/p><p><strong>The hometown angle: Policymakers here have penciled oil in at about USD 80 <\/strong>per barrel in the 2022-2023 state budget. Brent crude was at about USD 85 last week \u2014 and is hovering just under USD 92 this morning. There\u2019s no word yet on when the Oil Ministry\u2019s petroleum products pricing committee will next meet to set prices at the pumps here in Egypt\/<\/p><p><strong>Austrian water companies continue investment talks in Egypt:<\/strong> Eight Austrian water companies <a href=\"https:\/\/ent.news\/2022\/10\/Press-Release-Austrian-Delegation-Water-Sector-03-05-02-2022_FINAL.pdf\">are in Egypt (pdf)<\/a> to meet with government officials and local business leaders to discuss investment in Egypt\u2019s water, wastewater and desalination projects.<\/p><p><strong>The Nobel Prize laureate(s) for chemistry will be <\/strong><strong><a href=\"https:\/\/www.nobelprize.org\/prizes\/about\/prize-announcement-dates\/\">announced today<\/a><\/strong> at in Stockholm. The Nobel Prize in Physics was awarded yesterday to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49f010c1-b026-4404-8c69-69e10bb7f714\">Alain Aspect, John Clauser and Anton Zeilinger<\/a> for their work on quantum-information science.<\/p><p><strong>NEXT WEEK-<\/strong><\/p><p><strong>IMF + WB annual meetings:<\/strong> The IMF and World Bank annual meetings will take place in Washington, DC, on 10-16 October.<\/p><p><strong>COUNTDOWN TO COP (33 days to go)-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>The British Embassy in Egypt launched its Climate Finance Accelerator (CFA) program <\/strong><strong>yesterday. <\/strong>The GBP 10.8 mn, four-year technical assistance program will build a pipeline of bankable low-carbon projects and give them access to financing. Piloted in Colombia, Mexico and Peru, the CFA is now looking to expand in Egypt, Nigeria, Pakistan, South Africa and Turkey. The program \u2014 which is looking to select 8-12 projects \u2014 is currently accepting proposals for projects seeking USD 1 mn in funding. <a href=\"https:\/\/lnkd.in\/dkTXMEdr\">You can apply here through 16 October<\/a>.<\/p><p><strong>Who is involved?<\/strong> The program is funded by International Climate Finance (ICF) through the UK government\u2019s Department for Business, Energy and Industrial Strategy. It is being delivered locally by PricewaterhouseCoopers UK, and implemented by Genesis Analytics and Acumen Consulting Egypt.<\/p><p><strong>Egypt\u2019s FRA and UK\u2019s FDS Africa also signed an MoU on environmental ins. at the <\/strong><strong>ceremony: <\/strong>Egypt\u2019s Financial Regulatory Authority and the UK\u2019s Financial Sector Deepening Africa signed an MoU to explore ins. products for issues pertinent to the environment. More on all of this in the embassy\u2019s <a href=\"https:\/\/ent.news\/2022\/10\/UK_CFA_launch_english.pdf\">press release (pdf)<\/a> on the event, out overnight.<\/p><p><strong>Enterprise Climate attended yesterday\u2019s launch \u2014 and sat down with UK Ambassador to <\/strong><strong>Egypt Gareth Bayley<\/strong>, where they talked about King Charles II not attending COP27 in person and how newly-appointed UK Prime Minister Liz Truss will tackle climate development financing for Egypt.<\/p><p><strong>^^ We\u2019ll have the full story in tomorrow\u2019s edition of Enterprise Climate. <\/strong><\/p><p><strong>African countries will lobby for a shared energy position at COP27<\/strong>, highlighting the importance of fossil fuels for economies and securing access to electricity in the short term, <a href=\"https:\/\/www.reuters.com\/article\/idUSL8N31203H\">Reuters<\/a>reported. While the use of fossil fuels may be a viable option for some countries, it is not a one-size-fits-all solution, African Union Commissioner for Infrastructure and Energy Amani Abouzeid said, according to the newswire.<\/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- Elon Musk may be buying Twitter after all in a bid to head off <\/strong><strong>a costly lawsuit. <\/strong>With just two weeks to go before Musk and Twitter were set to tangle in court, the Tesla and Space X boss sent a letter to Twitter on Monday night saying he was in for the original USD 44 bn transaction \u2014 contingent on debt financing coming into place and the court agreeing to scrap the trial. Musk <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1577428272056389633\">tweeted yesterday<\/a> that \u201cbuying Twitter is an accelerant to creating X, the everything app.\u201d<\/p><p><strong>Need to go deeper? <\/strong>Check out coverage in the <a href=\"https:\/\/www.ft.com\/content\/62c7f674-19ef-45b5-a324-027f443fbde3\">Financial Times<\/a> | <a href=\"https:\/\/www.wsj.com\/livecoverage\/twitter-musk-deal\">Wall Street Journal<\/a> | <a href=\"https:\/\/www.reuters.com\/markets\/europe\/musk-said-go-ahead-with-5420-share-twitter-deal-bloomberg-reporter-2022-10-04\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-04\/musk-proposes-to-proceed-with-twitter-deal-at-54-20-a-share\">Bloomberg<\/a>. Or get into the nitty-gritty with Casey Newton\u2019s <a href=\"https:\/\/www.platformer.news\/p\/elon-flips-the-script\">Platformer<\/a>.<\/p><p><strong>The story that we\u2019re more interested in: <\/strong><a href=\"https:\/\/www.ft.com\/content\/e9e8c879-5536-4fbc-8ec2-f2a274b823b4\">China\u2019s property crash: \u201ca slow-motion financial<\/a><a href=\"https:\/\/www.ft.com\/content\/e9e8c879-5536-4fbc-8ec2-f2a274b823b4\">crisis.\u201d<\/a> It\u2019s the first in a series from the FT that says the \u201cimpact of falling house prices is spreading to local government finances and the broader economy.\u201d<\/p><p><strong>MEANWHILE- Bridgewater founder (and <\/strong><strong><a href=\"https:\/\/www.principles.com\/\">Principles<\/a><\/strong><strong> author) Ray Dalio has handed over <\/strong><strong>control of his firm<\/strong>, stepping down as co-head of investment at the asset manager, which has USD 150 bn in assets under management. The move caps a yearslong succession process. The <a href=\"https:\/\/www.wsj.com\/articles\/bridgewater-founder-ray-dalio-hands-over-control-of-firm-11664902335?mod=hp_lead_pos13\">WSJ<\/a> has more.<\/p><p><strong>AND IT\u2019S OFFICIAL- Apple will bid farewell to its beloved Lightning port. <\/strong>The European Commission has <a href=\"https:\/\/twitter.com\/eu_commission\/status\/1577275792391868416?s=46&amp;t=nk1sBkWcS5b01y1XWgd2rA\">passed a law<\/a> requiring all new electronics sold in the EU to be equipped with a USB-C charging port by 2024 \u2014 including mobile phones, tablets, cameras, games consoles, headphones, and speakers. Laptop-makers have until 2026 to comply with the decision<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>UPCOMING NEWS TRIGGERS-<\/strong> Here are some data points and news triggers to be on the lookout for in this month:<\/p><ul>\n<li><strong>Foreign reserves:<\/strong> The Central Bank of Egypt (CBE) should be out with September\u2019s foreign reserves figures later this week. Reserves remained flat 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 reaching highs 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>Fuel prices to rise this month?<\/strong> We\u2019re expecting the government to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d105a5e1-bbde-4d04-b84c-b2b24a38ccf8\">hike fuel prices<\/a> for the seventh consecutive quarter when the fuel pricing committee meets this month. Fuel prices have risen by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59629508-f337-48ec-b80c-092a43eecb30\">as much as 28%<\/a> over the past 18 months in response to heightened international oil prices, which surged earlier this year on the back of Russia\u2019s invasion of Ukraine.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>Renewables and diesel fuel could contribute more to our electricity generation as natgas is directed for export to help generate hard currency.<\/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\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elon-musk\/\">Elon Musk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/twitter\/\">Twitter<\/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=\"549908\" 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=\"549908\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/549908\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549908\" class=\"content-area-description single-story post-549908 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 6-8 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=\"549909\" 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=\"549909\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/pmi-is-flat-month-on-month-with-private-sector-still-in-contraction-territory\/\">\r\n                            PMI is flat month on month, with private sector still in contraction territory                        <\/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\/05\/pmi-is-flat-month-on-month-with-private-sector-still-in-contraction-territory\/\" 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\/05\/pmi-is-flat-month-on-month-with-private-sector-still-in-contraction-territory\/')\">\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\/05\/pmi-is-flat-month-on-month-with-private-sector-still-in-contraction-territory\/\">\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=PMI is flat month on month, with private sector still in contraction territory&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/pmi-is-flat-month-on-month-with-private-sector-still-in-contraction-territory\/\">\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\/05\/pmi-is-flat-month-on-month-with-private-sector-still-in-contraction-territory\/&title=PMI is flat month on month, with private sector still in contraction territory\">\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=PMI+is+flat+month+on+month%2C+with+private+sector+still+in+contraction+territory+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F05%2Fpmi-is-flat-month-on-month-with-private-sector-still-in-contraction-territory%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\/05\/pmi-is-flat-month-on-month-with-private-sector-still-in-contraction-territory\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/136.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549910\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/pmi-is-flat-month-on-month-with-private-sector-still-in-contraction-territory\/136-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/136.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"136.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/136.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/136.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549909\" class=\"content-area-description single-story post-549909 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-inflation tag-pmi tag-saudi-arabia 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>Activity in Egypt\u2019s non-oil private sector contracted at the same pace in <\/strong><strong>September<\/strong> as it did in August, according to S&P Global\u2019s latest <a href=\"https:\/\/ent.news\/2022\/10\/Egypt_PMI_Sept22_EN.pdf\">purchasing managers\u2019 index (pdf)<\/a>. The PMI index <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03f3644f-a7a1-4421-be66-e82e6ea593ce\">was flat<\/a> month-on-month at 47.6, remaining below the 50.0 threshold that separates growth from contraction for the twenty-second consecutive month. September\u2019s contraction was attributed primarily to sustained inflationary pressures, weaker consumer demand, and the implications of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34592f12-233d-4901-ae0a-b210c9ca855e\">energy rationing measures<\/a> enforced by the government.<\/p>\n<p><strong>Inflationary pressures are still affecting costs:<\/strong> Imports \u2014 which have slowed due to restrictions imposed by the Central Bank of Egypt earlier this year, and become more expensive on the back of a weakening EGP \u2014 drove up input costs, forcing businesses to increase price tags, according to S&P Global. This led to weak consumer demand, resulting in a sustained decline in output. The output sub-index declined for the thirteenth month in a row and new orders fell to their lowest level in seven months.<\/p>\n<p><strong>Global macro conditions and the war in Ukraine continue to weigh heavily: <\/strong>\u201cRussia's war on Ukraine led to sharp uplifts in energy costs and the introduction of energy rationing policies. At the same time, unfavorable EGP-USD exchange rate movements added to already steep price pressures,\" S&P Global Economist Shreeya Patel said.<\/p>\n<p><strong>ON THE UPSIDE- More people are snagging jobs \u2014 and optimism is rising:<\/strong> Hiring rates rose marginally for the third consecutive month. Confidence in future growth improved from August\u2019s historically low forecast in future business activity conditions. This echoes the results of our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd84427a-c81c-42e3-9a7b-a8ca9d01efdc\">Fall 2022 Readers Survey<\/a>, which showed almost half of respondents anticipating that 2023 will bring better conditions for the business community.<\/p>\n<p><strong>FROM THE REGION-<\/strong><\/p>\n<p><strong>Saudi Arabia\u2019s non-oil private sector activity expansion slowed in September <\/strong>with the <a href=\"https:\/\/ent.news\/2022\/10\/Saudi-pmi-September-2022.pdf\">PMI<\/a><a href=\"https:\/\/ent.news\/2022\/10\/Saudi-pmi-September-2022.pdf\">(pdf)<\/a> dropping to 56.6 from 57.7 in August, despite a strong pickup in output and new orders. Purchasing activity increased with higher client appetite but dipped lower than August\u2018s figure. Headcounts increased marginally, growing at their slowest pace in six months.<\/p>\n<p><strong>September PMI data for the UAE<\/strong> will be released at 6:15am CLT today. <a href=\"https:\/\/www.pmi.spglobal.com\/Public\/Release\/PressReleases?language=en\">You\u2019ll find it here<\/a> when it\u2019s out.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549911\" 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=\"549911\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/\">\r\n                            Algebra Ventures nets USD 100 mn first close on second fund                        <\/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\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/\" 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\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/')\">\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\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/\">\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=Algebra Ventures nets USD 100 mn first close on second fund&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/\">\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\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/&title=Algebra Ventures nets USD 100 mn first close on second fund\">\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=Algebra+Ventures+nets+USD+100+mn+first+close+on+second+fund+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F05%2Falgebra-ventures-nets-usd-100-mn-first-close-on-second-fund%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\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/138.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549912\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/138-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/138.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"138.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/138.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/138.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549911\" class=\"content-area-description single-story post-549911 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-algebra-ventures tag-enterpriseam tag-startup-watch tag-startups 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-05\"><\/a><strong> Venture capital firm Algebra Ventures\u2019 second fund has reached a USD 100 <\/strong><strong>mn first close, <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b05a266-cfd0-4843-a495-2434a6187cd1\">surpassing the USD 90 mn<\/a><\/strong><strong> initially targeted<\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/10\/Algebra-1st-close-announcement-EN.pdf\">company<\/a><a href=\"https:\/\/ent.news\/2022\/10\/Algebra-1st-close-announcement-EN.pdf\">statement<\/a><a href=\"https:\/\/ent.news\/2022\/10\/Algebra-1st-close-announcement-EN.pdf\">(pdf)<\/a>. The VC outfit plans to invest USD 15 mn in startups by the end of this year and to reach final close on the fund by the end of 1Q 2023, the statement reads.<\/p>\n<p><strong>Who\u2019s in for the first close?<\/strong> The Egypt-dedicated fund was backed by international limited partners including the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8721ee5c-5e3d-42d6-aca7-715dd16fe73d\">IFC, EBRD<\/a>, and EAEF (all of them LPs in Alegbra\u2019s first fund) as well as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d0720fae-135b-4938-ab41-b56e06889279\">FMO<\/a>, <a href=\"https:\/\/www.bii.co.uk\/en\/\">BII<\/a>, <a href=\"http:\/\/www.msmeda.org.eg\/\">MSMEDA<\/a>, <a href=\"https:\/\/english.dggf.nl\/\">DGGF<\/a> and regional family offices, which were all first time investors in Algebra.<\/p>\n<p><strong>Wait, Enterprise \u2014 you told us that there\u2019s a slowdown in fundraising for venture and that VCs are going to have a tough year. <\/strong>Yep. They will. The exception: Folks like the gang at Algebra who are targeting LPs that include development finance institutions and Gulf family offices. DFIs, particularly those in Europe, have a clear mandate to invest in our part of the world \u2014 that hasn\u2019t changed despite turmoil on the continent and in the UK. And the Gulf has an additional <a href=\"https:\/\/www.ft.com\/content\/94825404-e0a2-4a18-ab8d-2bc61fc7c1ab\">USD 1.3 tn in excess liquidity sloshing<\/a> around over the next four years thanks to high oil prices, meaning they\u2019re going to be allocating to a wide range of assets for the foreseeable future.<\/p>\n<p><strong>So where\u2019s Algebra investing? <\/strong>Algebra\u2019s managing partners told <a href=\"https:\/\/techcrunch.com\/2022\/10\/03\/algebra-ventures-hits-first-close-of-second-fund-at-100m\/\">TechCrunch<\/a> that they hope to back 31 startups pursuing early-stage investment opportunities in sectors like fintech, agritech, edutech, logistics, e-commerce and healthcare. Ticket sizes for investments will range between USD 500k to USD 3 mn, Managing Partner Karim Hussein <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b05a266-cfd0-4843-a495-2434a6187cd1\">told us<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b05a266-cfd0-4843-a495-2434a6187cd1\">last year<\/a>. The second fund has already backed Sylndr, a used-car retailer that raised <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97582a59-a677-4db8-af25-a7fa3735a4d8\">USD 12.6 mn in a pre-seed round<\/a> in May, as well as three other startups. While the fund is focused on Egypt, it will also explore investment opportunities in East and West Africa.<\/p>\n<p><strong>Refresher:<\/strong> Founded in 2016, Algebra backed some 21 startups with its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b05a266-cfd0-4843-a495-2434a6187cd1\">inaugural USD 54 mn fund<\/a> as of last year, including bold-faced names such as Halan, Brimore, Trella, Khazna, Yodawy, Mozare3 and Shift EV. The VC firm\u2019s six most established companies were valued at more than USD 350 mn in 2021.<\/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\/algebra-ventures\/\">Algebra Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549913\" 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=\"549913\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/solutions-by-stc-now-owns-88-2-of-giza-systems\/\">\r\n                            Solutions by STC now owns 88.2% of Giza Systems                        <\/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\/05\/solutions-by-stc-now-owns-88-2-of-giza-systems\/\" 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\/05\/solutions-by-stc-now-owns-88-2-of-giza-systems\/')\">\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\/05\/solutions-by-stc-now-owns-88-2-of-giza-systems\/\">\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=Solutions by STC now owns 88.2% of Giza Systems&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/solutions-by-stc-now-owns-88-2-of-giza-systems\/\">\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\/05\/solutions-by-stc-now-owns-88-2-of-giza-systems\/&title=Solutions by STC now owns 88.2% of Giza Systems\">\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=Solutions+by+STC+now+owns+88.2%25+of+Giza+Systems+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F05%2Fsolutions-by-stc-now-owns-88-2-of-giza-systems%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\/05\/solutions-by-stc-now-owns-88-2-of-giza-systems\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/141.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549914\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/solutions-by-stc-now-owns-88-2-of-giza-systems\/141-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/141.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"141.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/141.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/141.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549913\" class=\"content-area-description single-story post-549913 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-b-investments tag-bpe-partners tag-cit tag-enterpriseam tag-giza-systems tag-ma-watch tag-saudi-arabia tag-saudi-telecom-company wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Solutions by STC has completed the acquisition of 88.2% of Giza Systems<\/strong>, it announced in <a href=\"https:\/\/ent.news\/2022\/10\/Press-Release-Giza-Systems-Acquistion-En.pdf\">a statement (pdf)<\/a> yesterday. The company didn\u2019t disclose the final value of the transaction, but said Giza Systems has an enterprise value of USD 158 mn, almost 10% above the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c5a4fe4-2cf0-4bf2-bc7c-54571f540c99\">initial valuation<\/a> back in April. In <a href=\"https:\/\/ent.news\/2022\/10\/BINV_Giza_Systems_Press_Release_English.pdf\">a separate statement (pdf)<\/a>, major shareholder B Investments said it sold its 44.7% stake at an equity valuation of USD 119 mn.<\/p>\n<p><strong>The selling shareholders:<\/strong> Solutions by STC was on course to take an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/47c3ee87-0c02-4dfb-ba4c-1d3c529a1de9\">89.5% stake in Giza Systems<\/a> from SPV Inergia Technologies, in which B Investments is the majority shareholder. Inergia holds a 65.7% stake in Giza Systems (including B Investments\u2019 stake). It\u2019s not known who the other sellers are.<\/p>\n<p><strong>What they said: <\/strong>\u201cWe made this strategic decision to acquire Giza Systems in order to accelerate our growth and consolidate our position as the leader in the telecommunications and information technology market at a regional level. Giza Systems will remain independent and we will work together in order to diversify our offering to our clients within Saudi Arabia and beyond,\" CEO of Solutions by STC Omar Al Nomani said.<\/p>\n<p><strong>More of this, please: <\/strong>\u201cWe are glad to have led one of the few management buyout transactions in Egypt,\u201d added BPE Partners CEO Mostafa El-Anwar. B Investments is a unit of BPE Partners which El-Anwar said \u201csupported management in growing and transforming the business through a series of value-added strategies.\u201d<\/p>\n<p><strong>About Giza Systems: <\/strong>Giza Systems is present in 15 countries and has an annual turnover north of EGP 5 bn (USD 254 mn).<\/p>\n<p><strong>ADVISORS-<\/strong> SNB Capital was Solutions by STC\u2019s financial advisor and Matouk Bassiouny & Hennawy and Freshfields acted as counsel. White & Case was international and local legal counsel on the sell side.<\/p>\n<p><strong>STC WANTS TO MAKE SAUDI A REGIONAL DATA HUB-<\/strong><\/p>\n<p><strong>The Saudi telecom giant plans to spend about USD 1 bn to transform Saudi Arabia into a<\/strong> <strong>regional data hub<\/strong> and is considering a stake sale in its Center3 business to finance the plans, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-04\/stc-to-spend-1-billion-to-make-saudi-arabia-regional-data-hub?sref=mmeFTDW1\">Bloomberg<\/a> reports. KSA would invest the funds on building data centers and submarine data cables in order to host more media, gaming and corporate data, Center3 chairman Mohammed Alabbadi tells the business newswire. The firm has had talks with potential investors and is analyzing whether to pursue a direct equity share or an IPO, Alabbadi says.<\/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-investments\/\">B Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bpe-partners\/\">BPE Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/giza-systems\/\">Giza Systems<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-telecom-company\/\">Saudi Telecom Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549915\" 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=\"549915\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/cbe-move-to-raise-up-reserve-requirements-logical-says-hsbc-egypt-ceo\/\">\r\n                            CBE move to raise up reserve requirements \u201clogical,\u201d says HSBC Egypt CEO                        <\/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\/05\/cbe-move-to-raise-up-reserve-requirements-logical-says-hsbc-egypt-ceo\/\" 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\/05\/cbe-move-to-raise-up-reserve-requirements-logical-says-hsbc-egypt-ceo\/')\">\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\/05\/cbe-move-to-raise-up-reserve-requirements-logical-says-hsbc-egypt-ceo\/\">\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=CBE move to raise up reserve requirements \u201clogical,\u201d says HSBC Egypt CEO&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/cbe-move-to-raise-up-reserve-requirements-logical-says-hsbc-egypt-ceo\/\">\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\/05\/cbe-move-to-raise-up-reserve-requirements-logical-says-hsbc-egypt-ceo\/&title=CBE move to raise up reserve requirements \u201clogical,\u201d says HSBC Egypt CEO\">\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=CBE+move+to+raise+up+reserve+requirements+%E2%80%9Clogical%2C%E2%80%9D+says+HSBC+Egypt+CEO+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F05%2Fcbe-move-to-raise-up-reserve-requirements-logical-says-hsbc-egypt-ceo%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\/05\/cbe-move-to-raise-up-reserve-requirements-logical-says-hsbc-egypt-ceo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/142.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549916\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/cbe-move-to-raise-up-reserve-requirements-logical-says-hsbc-egypt-ceo\/142-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/142.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"142.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/142.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/142.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549915\" class=\"content-area-description single-story post-549915 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-banking tag-central-bank-of-egypt tag-enterpriseam tag-hsbc wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>The Central Bank of Egypt\u2019s decision to <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8cbe8656-38d2-4f13-864a-26e3fccc24fa\">increase the reserve ratio<\/a><\/strong><strong> to 18% was <\/strong><strong>\u201clogical\u201d given current global economic conditions<\/strong>, HSBC Egypt CEO and Deputy Chair Todd Wilcox told CNBC Arabia (<a href=\"https:\/\/bit.ly\/3SUcpV3\">watch, runtime 2:34<\/a>). Wilcox said the decision would have a \u201cminimal effect\u201d on HSBC\u2019s bottom line in the short term, but expects it to lead to growth in the long term.<\/p>\n<p><strong>Refresher: <\/strong>The central bank last month bumped up its reserve requirement for all banks to 18% from 14%, which it said would \u201ccomplement the tightening stance that the CBE is maintaining.\u201d The reserve ratio regulates how much capital commercial banks are required to hold in their reserves. By raising the ratio, the central bank is aiming to restrict lending, tighten financial conditions, and support the currency \u2014 all without raising the cost of borrowing for the government or the private sector.<\/p>\n<p><strong>HSBC wants to get more involved in SME lending:<\/strong> SMEs account for some 20% of the bank\u2019s total financing portfolio, Wilcox said, adding that HSBC is looking to expand in the Egyptian market, particularly in the SMEs sector, with a focus on companies in import and export, technology, green energy, sustainability, and women-led businesses.<\/p>\n<p><strong>**Read more about what our friends at HSBC have in store for SMEs<\/strong> in our recent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bffd6755-e638-45e7-9313-394854795cd0\">Coffee With interview with Wilcox<\/a>.<\/p>\n<p><strong>ALSO FROM THE CBE- <\/strong><strong>Banks now have until 14 September 2023 to comply with <\/strong><strong>the new capital requirements<\/strong> required by the 2020 Banking Act after the central bank agreed to extend the deadline by another year, according to a decree published in the Official Gazette. This is the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d63d760d-474b-4d7b-afe2-3f0e66fcc7b2\">second year-long extension<\/a> the CBE has granted banks. The central bank has not publicly commented on the reasons for the extension.<\/p>\n<p><strong>The requirements:<\/strong> Under the legislation, banks have to have <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/22\/commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments\/\">at least EGP 5 bn<\/a> in liquid assets, a tenfold hike from previous minimim. Foreign lenders\u2019 minimum capital was raised threefold to USD 150mn, while forex bureaus\u2019 increased fivefold to EGP 25 mn.<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/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=\"549917\" 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=\"549917\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/549917\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549917\" class=\"content-area-description single-story post-549917 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=\"549918\" 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=\"549918\">\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\">Kudos<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/microsofts-mirna-arif-recognized-at-women-in-tech-global-movement-awards\/\">\r\n                            Microsoft\u2019s Mirna Arif recognized at Women in Tech Global Movement awards                        <\/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\/05\/microsofts-mirna-arif-recognized-at-women-in-tech-global-movement-awards\/\" 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\/05\/microsofts-mirna-arif-recognized-at-women-in-tech-global-movement-awards\/')\">\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\/05\/microsofts-mirna-arif-recognized-at-women-in-tech-global-movement-awards\/\">\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=Microsoft\u2019s Mirna Arif recognized at Women in Tech Global Movement awards&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/microsofts-mirna-arif-recognized-at-women-in-tech-global-movement-awards\/\">\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\/05\/microsofts-mirna-arif-recognized-at-women-in-tech-global-movement-awards\/&title=Microsoft\u2019s Mirna Arif recognized at Women in Tech Global Movement awards\">\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=Microsoft%E2%80%99s+Mirna+Arif+recognized+at+Women+in+Tech+Global+Movement+awards+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F05%2Fmicrosofts-mirna-arif-recognized-at-women-in-tech-global-movement-awards%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\/05\/microsofts-mirna-arif-recognized-at-women-in-tech-global-movement-awards\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549918\" class=\"content-area-description single-story post-549918 post type-post status-publish format-standard hentry category-kudos tag-awards tag-enterpriseam tag-kudos tag-microsoft tag-mirna-aref wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Microsoft Egypt <\/strong>General Manager <strong>Mirna Arif<\/strong> (<a href=\"https:\/\/eg.linkedin.com\/in\/mirnaarif\">LinkedIn<\/a>) landed a global leadership award at nonprofit <a href=\"https:\/\/women-in-tech.org\/\">Women in Tech\u2019s<\/a> MENA awards, according to <a href=\"https:\/\/ent.news\/2022\/10\/Microsoft-Egypt-GM-Wins-Global-Leadership-Award-2-Oct_EN.pdf\">a<\/a><a href=\"https:\/\/ent.news\/2022\/10\/Microsoft-Egypt-GM-Wins-Global-Leadership-Award-2-Oct_EN.pdf\">statement (pdf)<\/a>.<\/p>\n<p>Egypt\u2019s <strong>Yasmin Halawa <\/strong><a href=\"https:\/\/www.instagram.com\/p\/CjOEbb4pvQM\/?hl=en\">earned first place<\/a> in her age category at <strong><a href=\"https:\/\/www.ironman.com\/im-barcelona\">Ironman<\/a><\/strong><strong><a href=\"https:\/\/www.ironman.com\/im-barcelona\">Barcelona<\/a><\/strong>, allowing her to qualify for the 2023 World Championship in Kona, Hawaii. Ironman Barcelona is one of the biggest triathlon events in the world.<\/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\/awards\/\">awards<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kudos\/\">KUDOS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/microsoft\/\">microsoft<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mirna-aref\/\">Mirna Aref<\/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=\"549919\" 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=\"549919\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/549919\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549919\" class=\"content-area-description single-story post-549919 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=\"549920\" 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=\"549920\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/last-nights-talk-shows-el-sisis-speech-in-celebration-of-armed-forces-day\/\">\r\n                            Last Night\u2019s Talk Shows: El Sisi\u2019s speech in celebration of Armed Forces Day                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/last-nights-talk-shows-el-sisis-speech-in-celebration-of-armed-forces-day\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/last-nights-talk-shows-el-sisis-speech-in-celebration-of-armed-forces-day\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/last-nights-talk-shows-el-sisis-speech-in-celebration-of-armed-forces-day\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Last Night\u2019s Talk Shows: El Sisi\u2019s speech in celebration of Armed Forces Day&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/last-nights-talk-shows-el-sisis-speech-in-celebration-of-armed-forces-day\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/last-nights-talk-shows-el-sisis-speech-in-celebration-of-armed-forces-day\/&title=Last Night\u2019s Talk Shows: El Sisi\u2019s speech in celebration of Armed Forces Day\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows%3A+El+Sisi%E2%80%99s+speech+in+celebration+of+Armed+Forces+Day+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F05%2Flast-nights-talk-shows-el-sisis-speech-in-celebration-of-armed-forces-day%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/last-nights-talk-shows-el-sisis-speech-in-celebration-of-armed-forces-day\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549920\" class=\"content-area-description single-story post-549920 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-education-ministry 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><strong>It was a slow night on the airwaves: <\/strong>With some of our go-to talking heads off for the night, top billing went to President Abdel Fattah El Sisi\u2019s speech in celebration of Armed Forces Day on 6 October. Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=o8LhKsiFBU4\">watch, runtime: 3:57<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=vE5lhJj51Nc\">watch, runtime: 5:00<\/a>) both covered El Sisi\u2019s speech.<\/p>\n<p><strong>The president struck a reassuring note on the economy:<\/strong> \u201cWe will by the grace of God sail through these difficult circumstances,\u201d El Sisi said, in an apparent reference to the economic woes facing the country \u2014 from high inflation to a weakening EGP and a shortage of FX for imports \u2014 as a result of global headwinds spurred by war in Ukraine.<\/p>\n<p><strong>Also worth noting:<\/strong><\/p>\n<ul>\n<li><strong>School safety: <\/strong>Following <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3faf922d-9d2d-4720-b7f7-8bb7a01ecc5d\">two<\/a> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/72b4c622-4bc7-4d32-9f52-2fdc3cd6ff06\">tragic accidents<\/a>, the Education Ministry has issued a decision to shut down any school building whose structural integrity is compromised in a way that could pose a danger to students or staff. Masaa DMC had the story (<a href=\"https:\/\/www.youtube.com\/watch?v=mKWtiQyPcpQ\">watch, runtime: 11:02<\/a>).<\/li>\n<li><strong>How have import issues impacted our clothing sector? <\/strong>Mohamed El Sallab, deputy chair of the House Industry Committee, explains to Hadrat El Mowaten (<a href=\"https:\/\/www.youtube.com\/watch?v=n8g0jNm3YC0\">watch, runtime: 4:56<\/a>).<\/li>\n<li><strong>Bringing the Rosetta stone home: <\/strong>Zahi Hawass will soon share an online petition to bring the stone back to Egypt from the UK, he said in a phone call to Hadrat El Mowaten (<a href=\"https:\/\/www.youtube.com\/watch?v=P7BfQp525KA\">watch, runtime: 5:19<\/a>).<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education-ministry\/\">Education Ministry<\/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=\"549921\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" data-label-slide-of=\"Slide %%d of %%d\">\r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-bg37pja\" data-v=\"4\" data-block-id=\"bg37pja\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-bg37pja-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-bg37pja-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240923.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-ovjrshw\" data-v=\"4\" data-block-id=\"ovjrshw\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-ovjrshw-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-ovjrshw-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240924.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27487.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Live More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-5cypjil\" data-v=\"4\" data-block-id=\"5cypjil\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-5cypjil-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-5cypjil-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-wgh4f66\" data-v=\"4\" data-block-id=\"wgh4f66\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-wgh4f66-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-wgh4f66-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549922\" 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=\"549922\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/egypt-in-the-news-activists-are-unhappy-that-coke-is-helping-sponsor-cop27\/\">\r\n                            Egypt in the News: Activists are unhappy that Coke is helping sponsor COP27                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/egypt-in-the-news-activists-are-unhappy-that-coke-is-helping-sponsor-cop27\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/egypt-in-the-news-activists-are-unhappy-that-coke-is-helping-sponsor-cop27\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/egypt-in-the-news-activists-are-unhappy-that-coke-is-helping-sponsor-cop27\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt in the News: Activists are unhappy that Coke is helping sponsor COP27&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/egypt-in-the-news-activists-are-unhappy-that-coke-is-helping-sponsor-cop27\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/egypt-in-the-news-activists-are-unhappy-that-coke-is-helping-sponsor-cop27\/&title=Egypt in the News: Activists are unhappy that Coke is helping sponsor COP27\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News%3A+Activists+are+unhappy+that+Coke+is+helping+sponsor+COP27+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F05%2Fegypt-in-the-news-activists-are-unhappy-that-coke-is-helping-sponsor-cop27%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/egypt-in-the-news-activists-are-unhappy-that-coke-is-helping-sponsor-cop27\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549922\" class=\"content-area-description single-story post-549922 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-archaeology tag-coca-cola tag-cop27 tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It often feels to us like folks in the business community are damned when they do, <\/strong><strong>damned when they don\u2019t: <\/strong>Egypt is taking fire this morning for taking <a href=\"https:\/\/ent.news\/2022\/10\/CocaCola_COP27_PRL-ENGLISH.pdf\">Coca-Cola on as a sponsor (pdf)<\/a> of COP27 \u2014 a move the activist set is calling \u201cgreenwashing.\u201d Per the <a href=\"https:\/\/www.theguardian.com\/environment\/2022\/oct\/04\/cop27-climate-summit-sponsorship-polluter-coca-cola-condemned-as-greenwash\">Guardian<\/a>: \u201cOver four years, we\u2019ve found Cola Cola to be the world\u2019s top plastic polluter in our annual brand audits \u2026 It\u2019s astounding that a company so tied to the fossil fuel industry is allowed to sponsor such a vital climate meeting,\u201d the newspaper quotes an activist from <a href=\"https:\/\/www.breakfreefromplastic.org\/\">Break Free From Plastic<\/a> as saying.<\/p>\n<p><strong>We get it. <\/strong>Plastic absolutely sucks. And while you\u2019re at it: Added sugar in drinks is horrible for human health. But if businesses can\u2019t be part of the conversation, how do we move the discussion forward in the absence of national legislation to, say, ban plastic bottles by 20xx? And how happy would the activist set be if big businesses were not kicking in money to help make COP a reality? Don\u2019t like plastic bottles? Push like hell to tax (or regulate) the things out of existence.<\/p>\n<p><strong>Elsewhere, police seized 54 ancient artifacts in Assiut <\/strong>and arrested four people suspected of smuggling them, <a href=\"https:\/\/english.news.cn\/20221004\/430bdb240cc14b61b798d03089964627\/c.html\">Xinhua<\/a> reports.<\/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\/archaeology\/\">archaeology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/coca-cola\/\">Coca-Cola<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/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=\"549923\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549924\" 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=\"549924\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/one-step-closer-to-harsher-penalties-for-building-on-farmland-world-bank-gives-us-tub-tubs-on-governance\/\">\r\n                            One step closer to harsher penalties for building on farmland + World Bank gives us tub-tubs on governance                        <\/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\/05\/one-step-closer-to-harsher-penalties-for-building-on-farmland-world-bank-gives-us-tub-tubs-on-governance\/\" 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\/05\/one-step-closer-to-harsher-penalties-for-building-on-farmland-world-bank-gives-us-tub-tubs-on-governance\/')\">\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\/05\/one-step-closer-to-harsher-penalties-for-building-on-farmland-world-bank-gives-us-tub-tubs-on-governance\/\">\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=One step closer to harsher penalties for building on farmland + World Bank gives us tub-tubs on governance&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/one-step-closer-to-harsher-penalties-for-building-on-farmland-world-bank-gives-us-tub-tubs-on-governance\/\">\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\/05\/one-step-closer-to-harsher-penalties-for-building-on-farmland-world-bank-gives-us-tub-tubs-on-governance\/&title=One step closer to harsher penalties for building on farmland + World Bank gives us tub-tubs on governance\">\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=One+step+closer+to+harsher+penalties+for+building+on+farmland+%2B+World+Bank+gives+us+tub-tubs+on+governance+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F05%2Fone-step-closer-to-harsher-penalties-for-building-on-farmland-world-bank-gives-us-tub-tubs-on-governance%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\/05\/one-step-closer-to-harsher-penalties-for-building-on-farmland-world-bank-gives-us-tub-tubs-on-governance\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549924\" class=\"content-area-description single-story post-549924 post type-post status-publish format-standard hentry category-also-on-our-radar tag-agriculture tag-alborg-scan tag-also-on-our-radar tag-construction tag-enterpriseam tag-governance tag-legislation-watch tag-sovereign-funds tag-world-bank 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_408146\"\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\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Illegally building on agricultural land could soon cost you up to EGP 10 mn and up <\/strong><strong>to five years in prison: <\/strong>The House\u2019s Legislative and Constitutional Affairs Committee approved amendments to the Agriculture Act introducing harsher penalties for illegally building on agricultural land, after cabinet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c1695ea8-c915-49ae-b9f8-c0e2fa17a928\">greenlit the amendments<\/a> earlier this year. Parliament will discuss the amendments when MPs reconvene on 16 October.<\/p><p><strong>The World Bank is giving us improved marks on governance: <\/strong>Egypt improved on five out of six sub-indicators in the World Bank\u2019s latest global governance rankings. Our overall score in the Worldwide Governance Aggregate Indicators (WGIs) jumped to 27.5 from 25.6 in 2020, according to the <a href=\"https:\/\/databank.worldbank.org\/reports.aspx?Report_Name=WGI-Table&amp;Id=ceea4d8b#\">World Bank figures<\/a>. The WGI measures political stability, rule of law, control of corruption, government effectiveness (the only metric where we didn\u2019t see an improvement), voice and accountability, and regulatory quality. The Planning Ministry picked up the <a href=\"https:\/\/mped.gov.eg\/singlenews?id=2450&amp;lang=en\">news<\/a>.<\/p><p><strong>Methodology: <\/strong>The WGIs are <a href=\"https:\/\/info.worldbank.org\/governance\/wgi\/\">based on more than 30 data<\/a> sources produced by survey institutes, think tanks, NGOs, international organizations, and private sector firms. They have been covering over 200 nations since 1996. You can check out Egypt\u2019s rankings over the past two decades <a href=\"https:\/\/info.worldbank.org\/governance\/wgi\/Home\/Reports\">here<\/a>.<\/p><p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p><ul>\n<li><strong>Alborg<\/strong> <strong>Scan<\/strong> opened a <strong>new EGP 50 mn branch<\/strong> in Maadi and has three more branches in the pipeline worth a combined EGP 200 mn. (<a href=\"https:\/\/bit.ly\/3SydEte\">Statement, pdf<\/a>)<\/li>\n<li><strong>An Egyptian-Portuguese investment forum in Lisbon <\/strong>sees 80 companies looking at opportunities in Egypt\u2019s textiles, construction, and pharma sectors. (<a href=\"https:\/\/bit.ly\/3EfLizD\">Statement<\/a>)<\/li>\n<li>The <strong>National Fund of Greece<\/strong> has become a member of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1ef12a5-a15a-4485-b9fb-d911968971b0\">\u201ccollaborative<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1ef12a5-a15a-4485-b9fb-d911968971b0\">network\u201d<\/a> of <strong>European, Middle East, and North Africa (EMENA) sovereign funds<\/strong>, joining the Egyptian, Maltese, French, and Spanish sovereign funds. (<a href=\"https:\/\/ent.news\/2022\/10\/EMENA_Press-Release.pdf\">Statement, pdf<\/a>)<\/li>\n<\/ul>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alborg-scan\/\">Alborg Scan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/governance\/\">governance<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-funds\/\">sovereign funds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/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=\"549925\" 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=\"549925\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/is-china-positioning-itself-to-snap-up-oil-reserves-when-it-lifts-its-covid-zero-policy\/\">\r\n                            Is China positioning itself to snap up oil reserves when it lifts its covid-zero policy?                        <\/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\/05\/is-china-positioning-itself-to-snap-up-oil-reserves-when-it-lifts-its-covid-zero-policy\/\" 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\/05\/is-china-positioning-itself-to-snap-up-oil-reserves-when-it-lifts-its-covid-zero-policy\/')\">\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\/05\/is-china-positioning-itself-to-snap-up-oil-reserves-when-it-lifts-its-covid-zero-policy\/\">\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 China positioning itself to snap up oil reserves when it lifts its covid-zero policy?&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/is-china-positioning-itself-to-snap-up-oil-reserves-when-it-lifts-its-covid-zero-policy\/\">\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\/05\/is-china-positioning-itself-to-snap-up-oil-reserves-when-it-lifts-its-covid-zero-policy\/&title=Is China positioning itself to snap up oil reserves when it lifts its covid-zero policy?\">\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+China+positioning+itself+to+snap+up+oil+reserves+when+it+lifts+its+covid-zero+policy%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F05%2Fis-china-positioning-itself-to-snap-up-oil-reserves-when-it-lifts-its-covid-zero-policy%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\/05\/is-china-positioning-itself-to-snap-up-oil-reserves-when-it-lifts-its-covid-zero-policy\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549925\" class=\"content-area-description single-story post-549925 post type-post status-publish format-standard hentry category-planet-finance tag-china tag-enterpriseam tag-planet-finance 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_408150\"\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\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Could snap up remaining global oil reserves?<\/strong> The CEO of Saudi Aramco has warned that China will likely snap up spare oil capacity when it lifts its covid-zero strategy, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-04\/aramco-says-global-oil-spare-buffers-to-slump-when-china-reopens?sref=mmeFTDW1\">Bloomberg<\/a> reports. Crude oil prices dropped below USD 90 a barrel partly due to China\u2019s strict covid restrictions suppressing demand. Analysts say there\u2019s only about 2 mn barrels a day of capacity that could be brought online quickly in the event of a supply shutdown. The warning reiterates Aramco and Saudi Arabian officials' call for more investment in exploration projects off the back of this year\u2019s spike in oil and natural gas prices.<\/p><p><strong>The speculation comes as the G7 group of industrialized nations is imposing caps on Russian oil imports rather than a complete ban<\/strong> in a bid to curb economic damage while limiting the Kremlin\u2019s financial ability to fund its invasion of Ukraine, <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/us-treasury-seeks-three-phased-russian-fuel-price-cap-2022-10-04\/\">Reuters<\/a> reports.<\/p><p><strong>Is the price cap good news for emerging markets?<\/strong> The US Treasury says the price cap is expected to save emerging markets around USD 160 bn annually on oil imports, the <a href=\"https:\/\/www.ft.com\/content\/5f102e4e-e92b-482c-adb9-86d66c919673\">Financial Times<\/a> reports, citing a yet to be released study by the US Treasury Department. The price cap would stabilize global energy prices and help ease the impact being felt by emerging markets, according to a Treasury official.<\/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>9,924<\/p>\n<\/td>\n<td>\n<p>+2.5% (YTD: -17.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.60<\/p>\n<\/td>\n<td>\n<p>Sell 19.71<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.63<\/p>\n<\/td>\n<td>\n<p>Sell 19.69<\/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>11,780<\/p>\n<\/td>\n<td>\n<p>+1.5% (YTD: +4.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,909<\/p>\n<\/td>\n<td>\n<p>+1.5% (YTD: +16.7%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,379<\/p>\n<\/td>\n<td>\n<p>+1.8% (YTD: +5.7%)<\/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>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,791<\/p>\n<\/td>\n<td>\n<p>+3.1% (YTD: -20.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,086<\/p>\n<\/td>\n<td>\n<p>+2.6% (YTD: -4.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,484<\/p>\n<\/td>\n<td>\n<p>+4.3% (YTD: -18.9%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 91.87<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.80<\/p>\n<\/td>\n<td>\n<p>-0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,733.60<\/p>\n<\/td>\n<td>\n<p>+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 20,202<\/p>\n<\/td>\n<td>\n<p>+2.8% (YTD: -56.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 2.6% at yesterday\u2019s close<\/strong> on turnover of EGP 1.1 bn (12.8% above the 90-day average). Foreign investors were net sellers. The index is down 17.0% YTD.<\/p><p><strong>In the green: <\/strong>Mopco (+5.4%), Fawry (+4.9%) and Heliopolis Housing (+3.9%).<\/p><p><strong>In the red: <\/strong>Ibnsina Pharma (-0.9%), and CIRA (-0.7%).<\/p><p><strong>Asian markets are largely up in early trading this morning<\/strong> and futures suggest European indices will open in the green across the board as equities ride a burst of October optimism. Things look less rosy across the pond, with the three major Wall Street indices set to open in the red later today.<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"549926\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">10<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/renewables-and-diesel-could-step-in-for-natgas-as-export-drive-ramps-up\/\"> \r\n                            Renewables and diesel could step in for natgas as export drive ramps 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\/hardhats\/renewables-and-diesel-could-step-in-for-natgas-as-export-drive-ramps-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 href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/hardhats\/renewables-and-diesel-could-step-in-for-natgas-as-export-drive-ramps-up\/')\">\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\/hardhats\/renewables-and-diesel-could-step-in-for-natgas-as-export-drive-ramps-up\/\">\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=Renewables and diesel could step in for natgas as export drive ramps up&url=https:\/\/enterpriseam.com\/egypt\/hardhats\/renewables-and-diesel-could-step-in-for-natgas-as-export-drive-ramps-up\/\">\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\/hardhats\/renewables-and-diesel-could-step-in-for-natgas-as-export-drive-ramps-up\/&title=Renewables and diesel could step in for natgas as export drive ramps up\">\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=Renewables+and+diesel+could+step+in+for+natgas+as+export+drive+ramps+up+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fhardhats%2Frenewables-and-diesel-could-step-in-for-natgas-as-export-drive-ramps-up%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>                    <\/div>\r\n    \r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/renewables-and-diesel-could-step-in-for-natgas-as-export-drive-ramps-up\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/144.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=\"549927\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/renewables-and-diesel-could-step-in-for-natgas-as-export-drive-ramps-up\/144-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/144.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"144.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/144.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/144.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-549926\" class=\"content-area-description post-549926 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-electricity tag-electricity-rationing tag-enterprise-hardhat tag-enterpriseam tag-fuel tag-interconnection-grids tag-oil-and-gas 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>Could the government rely more on renewables and diesel fuel for our electricity <\/strong><strong>generation to shunt more natural gas into the export pipeline?<\/strong> Egypt is looking to take advantage of skyrocketing energy prices in Europe by redirecting some of the country\u2019s natural gas supplies for export through an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8825220-3a11-4b4f-85d0-10a069902e3a\">electricity rationing strategy<\/a>. The strategy is meant to alleviate the burden on state coffers, particularly with rising global commodity prices and a weakening local currency, by providing us with more FX income from natgas exports. To make this happen, natural gas will be partially diverted away from domestic consumption, offering more room for different sources of fuel to satisfy our local energy needs.<\/p>\n<p><strong>There\u2019s no clear date for the end of the rationing strategy<\/strong>, but there are already positive indicators that the move is bearing fruit, Electricity Ministry spokesman Ayman Hamza tells us. Egypt was able to export two additional shipments of natural gas since implementing the strategy, Prime Minister Moustafa Madbouly <a href=\"https:\/\/bit.ly\/3R66wml\">said last month<\/a>, without specifying the value or amount of gas sold.<\/p>\n<p><strong>REFRESHER- How much natgas does Egypt have?<\/strong> Egypt produced some 73.4 bn cubic meters (bcm) in FY 2021-2022 \u2014 thanks in large part to the Zohr field, which yielded 28 bcm, the Raven gas field in Alexandria (8.7 bcm), and the Nile Delta Nooros field (4.6 bcm), according to <a href=\"https:\/\/www.gomhuriaonline.com\/Gomhuria\/1064808.html\">government figures<\/a>. Our natural gas output has been at a surplus for some time now, with production in FY 2020-2021 coming in at 66.2 bcm, leaving a 3.3 bcm surplus after satisfying domestic consumption needs. The previous fiscal year also yielded a 3.5 bcm surplus, with 63.2 bcm of gas produced, according to cabinet figures.<\/p>\n<p><strong>The surplus is a solid source of FX income:<\/strong> Egypt\u2019s LNG exports hit USD 8 bn in FY 2021-2022: Egypt\u2019s liquefied natural gas (LNG) exports reached USD 8 bn last year, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/07ec2719-fb5c-4f99-9a3b-7cdfb2932928\">cabinet said recently<\/a>. These figures are cause for optimism that we could export more, just as long as domestic consumption is curbed, industry sources tell Enterprise.<\/p>\n<p><strong>We\u2019re also exporting electricity, but the financials are just better for natgas exports: <\/strong>In recent years the country has seen an influx of requests from neighboring countries looking to purchase our surplus electricity capacity through interconnection grids. Sudan, for example,<a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=29032021&id=79a19c99-2142-4be6-89ec-555bd1866316\">has already requested<\/a> that we up the electric capacity flowing through our shared grid from 75 mw to 300 MW, according to Hamza. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3abc79b1-c6ff-451c-8381-41b95085e383\">Jordan<\/a> and Libya have also requested we increase electric capacity flowing through our interconnection lines. That\u2019s not to mention our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0cf0fa3-ab69-4d53-abb1-ad0d6187e7fe\">USD 4 bn agreement<\/a> with Greece and Cyprus to supply Europe with electricity via a new subsea electric cable. Though talks are still ongoing and no start has yet been set, allowing renewable energy to feed the country\u2019s electric grid is a good step towards exporting more electricity, Hamza said.<\/p>\n<p><strong>How much does it cost to use natural gas for electricity?<\/strong> Natural gas is now being supplied to power plants at USD 3.25 per MMBtu, with the Electricity Ministry paying for USD 3 while the Finance Ministry pays for the remaining USD 0.25. When it comes to diesel fuel the Electricity Ministry pays a flat EGP 2.5k per ton, even though current diesel prices are about EGP 4.2k for fuel and about EGP 5k for industrial use.<\/p>\n<p><strong>So, what\u2019s the plan for our electricity generation?<\/strong> The Electricity Ministry by late last year had brought the use of natural gas in electricity generation to some 98.2%, according to an Egypt Electric Company report seen by Enterprise. Currently, the government is looking to add some 4.8 GW to our energy capacity over the coming five years, in addition to the some 4.8 GW it expects to bring online once the Dabaa nuclear facility is functional. The five-year plan is looking to bring total capacity to some 70 GW.<\/p>\n<p><strong>Renewable energy is already going to contribute more to our energy mix:<\/strong> Egypt has great potential to expand renewable energy production with the natural resources at our disposal, New and Renewable Energy Authority head Mohamed El Khayat tells us. We currently have a total of some 1.4 GW of wind capacity annually. Power generated from the Karimat solar\/thermal station came at 140 MW last year. Private sector operators from the Benban Solar Park generated some 1.5 GW of electricity last year while the Kom Ombo solar facility is capable of generating some 26 MW of power. There\u2019s also some 217.2 MW of electric capacity contained in facilities not connected into the national grid and backup generators around the country. The government is looking to have renewable energy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/46eb0c0b-2e62-47e0-8423-05c5359f3275\">account for 42%<\/a> of our energy mix by 2030.<\/p>\n<p><strong>So could diesel fuel, even if it isn't exactly the most efficient: <\/strong>Positioning natural gas as a means of securing foreign currency has already seen more diesel being used to power electric facilities as a substitute, sources tell us. This shift is not without its downsides: Electricity produced using natural gas is about 1.4x more efficient than using diesel fuel, former deputy chief of the Egyptian General Petroleum Corporation Medhat Youssef tells us. But the upside seems to be worth it: Exporting natural gas will yield somewhere between USD 70-80 for every 1 mn units of liquefied gas, he says.<\/p>\n<p><strong>Green + renewable energy sources are the future: <\/strong>The country is now producing over 7 GW of wind, solar and hydroelectric power every year and is expected to reach some 10k mw next year. There\u2019s already loads of demand from foreign companies looking to invest in renewable energy in Egypt, El Khayat tells us. Green hydrogen is also picking up pace in Egypt, with more than 15 MoUs for green hydrogen plants <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ab5ebab-55a1-4a68-97a3-0f02e5b4e147\">already signed<\/a> over the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eee36486-1f7c-4403-bb96-7b6160f927d3\">past few months<\/a>, signaling that the fuel source could soon become a significant part of our energy mix moving forward.<\/p>\n<p><strong>Where does all this leave our plan to run cars on natgas?<\/strong> Despite all these changes, <a href=\"https:\/\/enterprise.press\/hardhats\/feasible-plan-convert-vehicles-natgas-gasoline-national-scale\/\">the government\u2019s plan<\/a> to have most of the country\u2019s cars running on natural gas is still underway, initiative spokesman Tariq Awad tells us. Global supply chain disruptions from the pandemic and the war in Ukraine have really reduced the volume of new contracts and the production of new vehicles globally \u2014 not to mention create new challenges for domestic importers, he explained. So far, some 22.5k natgas-powered cars have been delivered since the start of the initiative in 2020, he said.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li>Kuwait\u2019s <strong>Agility Logistics<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52ea5f83-cb74-4845-a77e-85ebe8e68da6\">plans to invest<\/a> <strong>USD 60 mn<\/strong> to set up and operate <strong>two <\/strong><strong>customs and logistics services hubs<\/strong> in Ain Sokhna and East Port Said.<\/li>\n<li>The <strong>World Bank<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3909daf-3c48-4041-939d-1a361defdb86\">has approved<\/a> a <strong>USD 400 mn financing agreement<\/strong> to boost the performance of the country\u2019s <strong>transport and logistics sectors<\/strong> and support a shift towards <strong>low-carbon rail<\/strong>.<\/li>\n<li>The <strong>Supply Ministry<\/strong> is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9b43f0c-9bb4-414c-880b-3430277612d2\">launching tenders<\/a> for <strong>four logistics and retail hubs<\/strong>, along with <strong>three cooking-oil complexes<\/strong> worth a combined <strong>USD 321 mn<\/strong>.<\/li>\n<li>The <strong>Local Development Ministry<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/28129b51-819f-455d-be64-85bfd87a6438\">has launched<\/a> a tender for the construction of <strong>four <\/strong><strong>solid waste recycling and treatment facilities<\/strong> in <strong>Dakahlia <\/strong>and <strong>Kafr El Sheikh governorates<\/strong>.<\/li>\n<li>The <strong>General Authority for Land and Dry Ports<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de8fdcad-8155-4cce-a145-6c7c75d378a0\">will receive technical proposals<\/a> from companies interested in managing and operating the <strong>Damietta Dry Port<\/strong> this month.<\/li>\n<li>Japanese subway operator <strong>Tokyo Metro<\/strong> has \u201c<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de8fdcad-8155-4cce-a145-6c7c75d378a0\">expressed a strong interest<\/a>\u201d in managing and operating the <strong>Cairo Metro Line 4<\/strong> in partnership with <strong>Mitsubishi<\/strong>.<\/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\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity-rationing\/\">electricity rationing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fuel\/\">fuel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interconnection-grids\/\">interconnection grids<\/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                    <\/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=\"549928\" 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\/05\/549928\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549928\" class=\"content-area-description single-story post-549928 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>SEPTEMBER<\/strong><\/p>\n<p>27 September-27 October (Tuesday-Thursday): The Egyptian Museum and 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>3-4 October (Monday-Tuesday): Pre-COP27 Climate Summit, Kinshasa, Congo.<\/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: Egyptian Automotive Summit.<\/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\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":549906,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-549905","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"439b7575-384f-45e4-9aed-1f59ff9bcf29","teaser":"","photo_url":"https:\/\/ent.news\/2022\/10\/8.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>Waiting and waiting \u2014 for devaluation and for an IMF package\u2026 - 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\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Waiting and waiting \u2014 for devaluation and for an IMF package\u2026\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:49:27+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\/8.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\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/\",\"name\":\"Waiting and waiting \u2014 for devaluation and for an IMF package\u2026 - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/8.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2022-10-05T04:05:16+00:00\",\"dateModified\":\"2025-12-15T22:49:27+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/8.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/8.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Issues\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/AMarchives\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Waiting and waiting \u2014 for devaluation and for an IMF package\u2026\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Waiting and waiting \u2014 for devaluation and for an IMF package\u2026 - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/","og_locale":"en_US","og_type":"article","og_title":"Waiting and waiting \u2014 for devaluation and for an IMF package\u2026","og_url":"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/","og_site_name":"EnterpriseAM Egypt","article_modified_time":"2025-12-15T22:49:27+00:00","twitter_card":"summary_large_image","twitter_image":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/8.jpg?fit=%2C&ssl=1","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/","url":"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/","name":"Waiting and waiting \u2014 for devaluation and for an IMF package\u2026 - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/8.jpg?fit=%2C&ssl=1","datePublished":"2022-10-05T04:05:16+00:00","dateModified":"2025-12-15T22:49:27+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/8.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/8.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/waiting-and-waiting-for-devaluation-and-for-an-imf-package\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"Issues","item":"https:\/\/enterpriseam.com\/egypt\/AMarchives\/"},{"@type":"ListItem","position":3,"name":"Waiting and waiting \u2014 for devaluation and for an IMF package\u2026"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}}]}},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/issue"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549905\/revisions"}],"predecessor-version":[{"id":549938,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549905\/revisions\/549938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/549906"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}