{"id":550046,"date":"2022-10-12T03:50:02","date_gmt":"2022-10-12T03:50:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=550046"},"modified":"2025-12-15T22:52:44","modified_gmt":"2025-12-15T22:52:44","slug":"imf-sees-contraction-in-over-a-third-of-global-economies-next-year","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/","title":{"rendered":"IMF sees contraction in over a third of global economies next year"},"content":{"rendered":"<section id=\"550048\" 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=\"550048\">\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\/12\/this-morning-the-imfs-crystal-ball-is-dark-and-stormy\/\">\r\n                            THIS MORNING: The IMF\u2019s crystal ball is dark and stormy                        <\/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\/12\/this-morning-the-imfs-crystal-ball-is-dark-and-stormy\/\" 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\/12\/this-morning-the-imfs-crystal-ball-is-dark-and-stormy\/')\">\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\/12\/this-morning-the-imfs-crystal-ball-is-dark-and-stormy\/\">\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: The IMF\u2019s crystal ball is dark and stormy&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/this-morning-the-imfs-crystal-ball-is-dark-and-stormy\/\">\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\/12\/this-morning-the-imfs-crystal-ball-is-dark-and-stormy\/&title=THIS MORNING: The IMF\u2019s crystal ball is dark and stormy\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+The+IMF%E2%80%99s+crystal+ball+is+dark+and+stormy+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F12%2Fthis-morning-the-imfs-crystal-ball-is-dark-and-stormy%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\/12\/this-morning-the-imfs-crystal-ball-is-dark-and-stormy\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550048\" class=\"content-area-description single-story post-550048 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-cop27 tag-economy tag-egp tag-enterpriseam tag-gdp tag-imf tag-what-were-tracking-today 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_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, lovely people, and happy almost-Thursday. <\/strong><\/p><p><strong>All eyes remain fixed on Washington DC this morning <\/strong>as the IMF and World Bank annual meetings continue.<\/p><p><strong>On the home front, it\u2019s a good day on Planet Startup<\/strong> as two pharma companies snag funding rounds and the Nclude fintech fund gets a boost from Mastercard.<\/p><p><strong>THE BIG STORY AT HOME AND ABROAD are one and the same today: Everybody\u2019s gazing into the IMF\u2019s crystal ball <\/strong>after the Fund released its latest global growth projections \u2014 and it ain\u2019t looking too sunny. IMF economists are warning that countries will have to walk a very thin line between over- and under-tightening if they want to curb inflation without also causing growth to stagnate. The Fund is predicting contractions in a third of the world\u2019s economies next year \u2014 and while we\u2019re still set to register strong growth here in Egypt, the picture isn\u2019t looking quite as bright as it did a few months ago. We have the full rundown in this morning\u2019s Economy section, below.<\/p><p><strong>The IMF executive board has still not released its public meeting schedule. <\/strong>The body would have to approve any new assistance program for Egypt. Senior Egyptian officials and members of the banking community are all in DC for the meetings.<\/p><p><strong>MEANWHILE- The EGP continued its slow slide against the greenback<\/strong>, easing nearly 2 piasters yesterday to hit a new low of 19.7268 against the greenback. The EGP has lost around a quarter of its value against the greenback this year, including the snap 15.9% devaluation in March.<\/p><p><strong>The question on everybody\u2019s lips: How much further will the EGP slide <\/strong>before an IMF loan package is announced.<\/p><p><strong>COUNTDOWN TO COP- 26 days to go <\/strong>until the Sharm El Sheikh climate summit, ladies and gentlemen.<\/p><p><strong>***<\/strong><\/p><p><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.<\/p><p>***<\/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>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>Bread reform committee should get House approval on Sunday:<\/strong> The House will approve Supply Minister Ali El Moselhy\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fdba61a4-ba13-4035-a2a7-51511a9b61a0\">proposal to form an ad hoc committee<\/a> to look into possible changes to the country\u2019s massive bread subsidy program during its session on Sunday, 16 October, head of the House agriculture committee Hesham El Hossary told reporters yesterday.<\/p><p><strong>The EGX is looking to drum up interest in listed companies on a roadshow <\/strong><strong>to Dubai and Abu Dhabi later this month<\/strong>, an EGX source told Enterprise. The bourse has tapped Al Ahly Pharos to help manage the roadshow, with EGX boss Rami El Dokany set to meet with as many as 100 regional and international financial institutions, the source said.<\/p><p><strong>We\u2019re celebrating 50 years of ties with the UAE <\/strong>in a three-day event in Cairo from 26-28 October, under the slogan \u201cUAE and Egypt \u2026 One Heart,\u201d according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LXkrA1yvJmfVxBuUF9fA94GeAoPkbWA44cRRaWhJEzcu69p5eGocBaQXqeH6AmaEl\">statement<\/a>. The event will highlight the economic and investment ties the two countries have built over the decades, as well as cultural links.<\/p><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>Smart Green Governorates shortlist coming next month:<\/strong> Egypt\u2019s Smart Green Governorates initiative will announce the full shortlist of 60 projects for the initiative at a conference early next month, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02tKfAXQPTdUdcqG6MKFQj72EGjJ5DApAja45Ls7hfcHRnzmQQqhnsFUbJvp8kNTMhl\">cabinet statement<\/a>. The initiative\u2019s technical committee is currently in the process of whittling down the shortlist from 162 projects to 60 (10 projects from each of the six categories), which will be presented to a national jury to select the final 18 projects. These will be showcased to investors at COP27.<\/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>We take a closer look at how cement and brick makers are set to respond to recent natural gas price hikes.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/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=\"550049\" 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=\"550049\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/550049\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550049\" class=\"content-area-description single-story post-550049 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:\/\/oceanman-openwater.com\/oceanman-somabay-egypt\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/rsz_viusal_ads_somabay-enterprise_01.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>Oceanman African and Middle East championships at Somabay:<\/strong> Somabay will be hosting the first ever Oceanman African and Middle East Championships on 14-15 October, 2022. More than 750 participants between 7-70 years old from different countries will come together for the passion of open water swimming. Register now for all five races with different distances and qualifications. To find out more, visit <a href=\"https:\/\/oceanman-openwater.com\/oceanman-somabay-egypt\/\">https:\/\/oceanman-openwater.com\/oceanman-somabay-egypt\/<\/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=\"550050\" 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=\"550050\">\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\/12\/price-pressures-likely-to-trigger-recession-next-year-imf\/\">\r\n                            Price pressures likely to trigger recession next year -IMF                        <\/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\/12\/price-pressures-likely-to-trigger-recession-next-year-imf\/\" 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\/12\/price-pressures-likely-to-trigger-recession-next-year-imf\/')\">\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\/12\/price-pressures-likely-to-trigger-recession-next-year-imf\/\">\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=Price pressures likely to trigger recession next year -IMF&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/price-pressures-likely-to-trigger-recession-next-year-imf\/\">\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\/12\/price-pressures-likely-to-trigger-recession-next-year-imf\/&title=Price pressures likely to trigger recession next year -IMF\">\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=Price+pressures+likely+to+trigger+recession+next+year+-IMF+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F12%2Fprice-pressures-likely-to-trigger-recession-next-year-imf%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\/12\/price-pressures-likely-to-trigger-recession-next-year-imf\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/196.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"550051\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/price-pressures-likely-to-trigger-recession-next-year-imf\/196-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/196.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"196.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/196.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/196.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550050\" class=\"content-area-description single-story post-550050 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-imf wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>The IMF expects more than a third of the global economy to contract \u201cthis year or <\/strong><strong>next,\u201d <\/strong>it warns in its October <a href=\"https:\/\/ent.news\/2022\/10\/IMF-WEO-October2022.pdf\">World Economic Outlook (pdf)<\/a> released yesterday. The Fund maintained its global GDP forecast of 3.2% for this year but is less optimistic about next year, when it expects growth to slow to 2.7% \u2014 0.2 percentage points lower than in its last forecast in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43f314c5-e264-4aba-bf1f-140ac60b9f2f\">July<\/a>. The report was released as IMF and World Bank officials are gathered in Washington DC for their annual meetings this week.<\/p>\n<p><strong>\u201cIn short, the worst is yet to come, and for many people 2023 will feel like a recession,\u201d<\/strong> IMF Chief Economist Pierre-Olivier Gourinchas writes in the report. The world\u2019s three largest economies \u2014 the US, China, and the EU \u2014 will \u201ccontinue to stall\u201d in 2022 and 2023, he said.<\/p>\n<p><strong>What\u2019s behind the gloomy outlook? <\/strong>The report\u2019s title, \u201cCountering the Cost-of-Living Crisis,\u201d more or less sums it up. The Fund sees inflation as the biggest risk to global growth. But monetary tightening by central banks to bring prices back in line also poses a threat, leaving many economies caught between a rock and a hard place.<\/p>\n<p><strong>The rock: major price pressures. <\/strong>The IMF sees global inflation peaking at 8.8% later this year (up from a previously forecasted 6.6%). That breaks down to 7.2% this year in advanced economies (up 0.6 percentage points from July figures), and 9.9% in EMs and developing economies (up 0.8 percentage points). Price pressures should cool to 6.5% in 2023 and 4.1% the following year, according to the report.<\/p>\n<p><strong>The hard place: risky policy \u201cmiscalibration.\u201d <\/strong>The Fund says policymakers run the risk of \u201cmonetary, fiscal, or financial policy miscalibration\u201d as they work to restore price stability. Central banks need to engineer a \u201csoft landing,\u201d raising rates enough to bring inflation under control, but not so much that they trigger a harsh recession. For governments, it\u2019s key that fiscal policy works in line with monetary policy and doesn\u2019t trigger panic in the financial markets or aggravate inflationary pressures, Gourinchas told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-11\/imf-warns-worst-to-come-as-steps-to-slow-inflation-raise-risks?sref=mmeFTDW1\">Bloomberg TV,<\/a> referencing the recent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ee92ec79-abd6-4915-914a-af2dc1415707\">bond market chaos<\/a> unleashed by UK PM Liz Truss\u2019 mini-budget.<\/p>\n<p><strong>And there\u2019s further downside risk<\/strong><strong>:<\/strong> \u201cWe estimate that there is about a one in four probability that global growth next year could fall below the historically low level of 2%,\u201d Gourinchas <a href=\"https:\/\/www.imf.org\/en\/Blogs\/Articles\/2022\/10\/11\/policymakers-need-steady-hand-as-storm-clouds-gather-over-global-economy\">wrote<\/a> yesterday. Downside risks include policy \u201cmiscalibrations\u201d by major economies, more turmoil in financial markets on a strengthening USD, persistent inflationary pressures, and further escalation of the war in Ukraine.<\/p>\n<p><strong>EMs vulnerable on debt: <\/strong>The Fund notes that emerging markets are particularly vulnerable to debt distress as record debt carried over from the pandemic is compounded by repercussions of the war in Ukraine. EMs and developing economies with large external financing needs and USD-denominated debt may struggle to keep up with repayments amid energy and food price shocks, capital outflows, and a strengthening USD, the Fund said.<\/p>\n<p><strong>\u201cNow is the time for emerging market policymakers to batten down the hatches,\u201d<\/strong> the report says, suggesting those who haven\u2019t already now reach out to the IMF for emergency financing support to boost liquidity. The Fund also reiterated its call to G20 nations to engage in serious talks on debt restructuring for their developing counterparts to head off a potential wave of EM defaults.<\/p>\n<p><strong>THE EGYPT \/ REGIONAL OUTLOOK-<\/strong><\/p>\n<p><strong>The global turmoil is catching up with us: <\/strong>The IMF revised its FY 2022-2023 growth forecast for Egypt down a full 1.5 percentage points to 4.4%, having in July maintained its 5.9% forecast for the nation\u2019s growth while downgrading the global outlook.<\/p>\n<p><strong>Middle East + Central Asia continue to defy the downturn: <\/strong>The IMF revised upwards slightly from July its growth outlook for the Middle East and Central Asia, to 5.0% in 2022 and 3.6% in 2023, as rising oil prices bring benefits to the region\u2019s oil exporters.<\/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\/imf\/\">IMF<\/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=\"550052\" 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=\"550052\">\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\">Development finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/ebrd-signs-off-on-eur-40-mn-loan-for-rail-line-linking-ports\/\">\r\n                            EBRD signs off on EUR 40 mn loan for rail line linking ports                        <\/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\/12\/ebrd-signs-off-on-eur-40-mn-loan-for-rail-line-linking-ports\/\" 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\/12\/ebrd-signs-off-on-eur-40-mn-loan-for-rail-line-linking-ports\/')\">\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\/12\/ebrd-signs-off-on-eur-40-mn-loan-for-rail-line-linking-ports\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=EBRD signs off on EUR 40 mn loan for rail line linking ports&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/ebrd-signs-off-on-eur-40-mn-loan-for-rail-line-linking-ports\/\">\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\/12\/ebrd-signs-off-on-eur-40-mn-loan-for-rail-line-linking-ports\/&title=EBRD signs off on EUR 40 mn loan for rail line linking ports\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=EBRD+signs+off+on+EUR+40+mn+loan+for+rail+line+linking+ports+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F12%2Febrd-signs-off-on-eur-40-mn-loan-for-rail-line-linking-ports%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\/12\/ebrd-signs-off-on-eur-40-mn-loan-for-rail-line-linking-ports\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/197.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"550053\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/ebrd-signs-off-on-eur-40-mn-loan-for-rail-line-linking-ports\/197-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/197.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"197.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/197.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/197.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550052\" class=\"content-area-description single-story post-550052 post type-post status-publish format-standard has-post-thumbnail hentry category-development-finance tag-development-finance tag-enterpriseam tag-transport 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>We\u2019re getting EUR 40 mn from the EBRD for freight + passenger rail line:<\/strong> Egyptian National Railways (ENR) has secured a EUR 40 mn loan from the European Bank for Reconstruction and Development (EBRD) to partially finance work on the Robeiky-10th of Ramadan-Belbeis freight and passenger railway line, according to a <a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/53544.html\">project document<\/a>. The line will connect the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa60a3e8-235d-4b6d-b835-be5d22709a6f\">10th of Ramadan Dry Port<\/a> to the main rail network and eastern and northern ports in Egypt.<\/p>\n<p><strong>The breakdown:<\/strong> The loan will be used to partially finance the supply and installation of railway tracks and signaling and telecommunication systems. The remaining cost of the c. EUR 220 mn project is expected to be financed through a loan from another financial institution, while the government will self-fund the project's civil works, according to the statement.<\/p>\n<p><strong>The line will allow freight transport to bypass the Cairo railway junction<\/strong>, and will also serve commuter traffic between Robeiky, 10th Ramadan, and Belbeis. The line will \u201ccontribute to a modal shift of cargo and passenger transport from road to rail,\u201d the statement says, reducing greenhouse gas emissions.<\/p>\n<p><strong>There are other green freight railway solutions in the pipe<\/strong><strong>line:<\/strong> The World Bank approved a USD 400 mn financing agreement <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3909daf-3c48-4041-939d-1a361defdb86\">earlier this month<\/a> to help finance the construction of a low-carbon railway bypass between the Port of Alexandria and the newly-constructed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ab5eaaa-91d0-45f5-a884-103468011eaf\">Sixth of October dry port<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/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=\"550054\" 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=\"550054\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/550054\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550054\" class=\"content-area-description single-story post-550054 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/whatsnext.enterprise.press\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\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=\"550055\" 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=\"550055\">\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\">Fintech<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/mastercard-invests-in-fintech-fund-nclude\/\">\r\n                            Mastercard invests in fintech fund Nclude                        <\/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\/12\/mastercard-invests-in-fintech-fund-nclude\/\" 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\/12\/mastercard-invests-in-fintech-fund-nclude\/')\">\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\/12\/mastercard-invests-in-fintech-fund-nclude\/\">\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=Mastercard invests in fintech fund Nclude&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/mastercard-invests-in-fintech-fund-nclude\/\">\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\/12\/mastercard-invests-in-fintech-fund-nclude\/&title=Mastercard invests in fintech fund Nclude\">\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=Mastercard+invests+in+fintech+fund+Nclude+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F12%2Fmastercard-invests-in-fintech-fund-nclude%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\/12\/mastercard-invests-in-fintech-fund-nclude\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/198.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"550056\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/mastercard-invests-in-fintech-fund-nclude\/198-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/198.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"198.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/198.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/198.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550055\" class=\"content-area-description single-story post-550055 post type-post status-publish format-standard has-post-thumbnail hentry category-fintech tag-enterpriseam tag-fintech tag-mastercard tag-nclude 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>Fintech and fintech-enabled startups are up for a funding boost after Mastercard <\/strong><strong>closed a \u201cstrategic\u201d investment in fintech fund Nclude<\/strong>, according to a <a href=\"https:\/\/mstr.cd\/3rKzD4s\">press release<\/a>. The investment will see Mastercard and Nclude investing in \u201cpromising early-and-growth-stage fintech and fintech enabled companies\u201d to support digitization and financial inclusion in Egypt. An Nclude representative declined to disclose the investment size when asked by Enterprise.<\/p>\n<p><strong>The investments will cover sectors beyond pure fintech:<\/strong> \u201cOur investment thesis is not only focused on fintech but also on fintech-enabled companies. This means that the companies we invest in may be operating in other sectors like agriculture, healthcare, supply chain, education, and others,\u201d Nclude General Partner Basil Moftah told Enterprise. The companies Nclude targets have \u201cembedded finance solutions that drive their growth and help them deliver a holistic customer experience,\u201d Moftah said, pointing to agri-fintech business Mozare3 \u2014 which embeds financing for farmers \u2014 as an example.<\/p>\n<p><strong>About Nclude:<\/strong> The fund, which was launched <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51710abc-abe2-41fc-a5bf-465d12117001\">earlier this year<\/a> and reached a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/184d5e88-9b34-4a2c-90de-d7a24265656c\">USD 105 mn first close<\/a> last month, invests in early- and growth-stage fintech and fintech-enabled startups. The companies must be based or operating in Egypt or elsewhere in the Middle East and Africa, provided they have plans to expand to Egypt. The fund\u2019s ticket sizes range from USD 500k to USD 5 mn, Moftah said. The fund has already invested in local startups including payment platform Paymob, financial super app Khazna, home ownership platform <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/722ec29f-fba2-4802-9e40-751975d5d32e\">Partment<\/a>, and Mozare3.<\/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\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mastercard\/\">Mastercard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nclude\/\">Nclude<\/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=\"550057\" 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=\"550057\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/550057\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550057\" class=\"content-area-description single-story post-550057 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/b2gcop27.moharrampartners.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/MP-COP27-Meeting-Enterprise-Web-Size-1.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=\"550058\" 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=\"550058\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/vezeeta-raises-undisclosed-round-isupply-raises-usd-1-5-mn-pre-seed\/\">\r\n                            Vezeeta raises undisclosed round + i\u2019Supply raises USD 1.5 mn pre-seed                        <\/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\/12\/vezeeta-raises-undisclosed-round-isupply-raises-usd-1-5-mn-pre-seed\/\" 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\/12\/vezeeta-raises-undisclosed-round-isupply-raises-usd-1-5-mn-pre-seed\/')\">\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\/12\/vezeeta-raises-undisclosed-round-isupply-raises-usd-1-5-mn-pre-seed\/\">\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=Vezeeta raises undisclosed round + i\u2019Supply raises USD 1.5 mn pre-seed&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/vezeeta-raises-undisclosed-round-isupply-raises-usd-1-5-mn-pre-seed\/\">\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\/12\/vezeeta-raises-undisclosed-round-isupply-raises-usd-1-5-mn-pre-seed\/&title=Vezeeta raises undisclosed round + i\u2019Supply raises USD 1.5 mn pre-seed\">\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=Vezeeta+raises+undisclosed+round+%2B+i%E2%80%99Supply+raises+USD+1.5+mn+pre-seed+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F12%2Fvezeeta-raises-undisclosed-round-isupply-raises-usd-1-5-mn-pre-seed%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\/12\/vezeeta-raises-undisclosed-round-isupply-raises-usd-1-5-mn-pre-seed\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/201.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"550059\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/vezeeta-raises-undisclosed-round-isupply-raises-usd-1-5-mn-pre-seed\/201-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/201.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"201.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/201.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/201.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550058\" class=\"content-area-description single-story post-550058 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-disruptech tag-enterpriseam tag-gulf-capital tag-isupply tag-pharma tag-startup-watch tag-startups tag-vezeeta wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Pharma startups big and small got a shot in the arm yesterday, <\/strong>as Egypt-born Vezeeta and local newcomer i\u2019Supply both scored fresh funding rounds.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a><strong> Vezeeta closes undisclosed round:<\/strong> Digital healthcare platform Vezeeta has raised an undisclosed amount from existing investors Abu Dhabi-based <a href=\"https:\/\/www.gulfcapital.com\/\">Gulf Capital<\/a> and Swedish <a href=\"https:\/\/vnv.global\/\">VNV Global<\/a>, it said in a <a href=\"https:\/\/ent.news\/2022\/10\/Vezeeta-Announcement_ENG_11oct2022.pdf\">statement (pdf)<\/a>. This marks the company\u2019s first funding round after it turned profitable this year, the statement read.<\/p>\n<p><strong>\u201cImminent M&A in MEA:\u201d<\/strong> The money will help Vezeeta fund product expansion and start working towards potential acquisitions in the Middle East and Africa region, it said. The startup is in discussions over acquisitions here and in Saudi Arabia, an unnamed company official reportedly told <a href=\"https:\/\/www.thenationalnews.com\/business\/start-ups\/2022\/10\/11\/egyptian-healthcare-platform-vezeeta-raises-new-funding-to-fuel-expansion\/\">The National<\/a>.<\/p>\n<p><strong>About Vezeeta: <\/strong>Founded in 2012 by Amir Barsoum (<a href=\"https:\/\/www.linkedin.com\/in\/amirmbarsoum\/?originalSubdomain=ae\">LinkedIn<\/a>) and Ahmed Badr (<a href=\"https:\/\/www.linkedin.com\/in\/abadr\">LinkedIn<\/a>), Vezeeta connects patients with doctors, labs, and pharmacies, allowing them to book in-person or telehealth consultations and order lab tests and meds to their home. The Cairo-born company moved its HQ to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1c0683b-e4eb-4df0-b64f-ac65a2593b64\">Dubai a couple years back<\/a> and now operates in Egypt, the KSA, Jordan, Lebanon, Kenya, and Nigeria. Gulf Capital led the company\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e834fca-2d20-48c2-9133-2f2c99bd16b6\">USD 40 mn series D round<\/a> in February 2020, while VNV Global participated in its <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/20\/vezeeta-raises-usd-12-mn-in-series-c-led-by-saudi-telecoms-venture-capital-arm\/\">USD 12 mn series C<\/a> round in 2018. <strong>Enterprise <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a6a7170-eadd-4c22-a418-944d33582e1f\">sat down with<\/a><\/strong><strong> Barsoum and Chief Product Officer Mohamed El Mougi last year.<\/strong><\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Pharma startup <\/strong><strong>i\u2019S<\/strong><strong>upply has raised USD 1.5 mn in a pre-seed round<\/strong> led by Disruptech Ventures, according to a <a href=\"https:\/\/ent.news\/2022\/10\/iSupply-EN-pre-seed.pdf\">company<\/a><a href=\"https:\/\/ent.news\/2022\/10\/iSupply-EN-pre-seed.pdf\">press release (pdf)<\/a>.<\/p>\n<p><strong>Where the money is going:<\/strong> The funding will help i\u2019Supply expand across Egypt and onboard 60k pharmacies to its digital marketplace within the next year. The company has onboarded some 5k pharmacies in Greater Cairo, which accounts for nearly half of the market, and is looking to tap the rest of the country, CEO Ibrahim Emam told us. It has plans to expand to the Delta region by the end of 1Q 2023, and Upper Egypt and Alexandria in 2Q 2023. The startup hopes to hit the black within two years and is exploring potential expansion to other countries in the Middle East and Africa, Emam says.<\/p>\n<p><strong>About i\u2019Supply:<\/strong> Founded in late 2021, the company\u2019s tech-enabled sales, distribution, and procurement marketplace connects small to midsize pharmacies with wholesalers and pharma companies .<\/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\/disruptech\/\">Disruptech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gulf-capital\/\">Gulf Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/isupply\/\">i\u2019Supply<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pharma\/\">pharma<\/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\/vezeeta\/\">Vezeeta<\/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=\"550060\" 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=\"550060\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/550060\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550060\" class=\"content-area-description single-story post-550060 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_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=\"550061\" 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=\"550061\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/last-nights-talk-shows-on-all-things-economy\/\">\r\n                            Last Night\u2019s Talk Shows on all things economy                        <\/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\/12\/last-nights-talk-shows-on-all-things-economy\/\" 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\/12\/last-nights-talk-shows-on-all-things-economy\/')\">\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\/12\/last-nights-talk-shows-on-all-things-economy\/\">\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 on all things economy&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/last-nights-talk-shows-on-all-things-economy\/\">\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\/12\/last-nights-talk-shows-on-all-things-economy\/&title=Last Night\u2019s Talk Shows on all things economy\">\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+on+all+things+economy+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F12%2Flast-nights-talk-shows-on-all-things-economy%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\/12\/last-nights-talk-shows-on-all-things-economy\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550061\" class=\"content-area-description single-story post-550061 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-imf 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>Our talking heads put on their economist hats for the night<\/strong>, after the IMF released its revised World Economic Outlook report (see the full details in our Economy section, above). The pundits took us through what the outlook means for Egypt \u2014 and reassured us that it\u2019s not time to panic.<\/p>\n<p><strong>Nothing is set in stone: <\/strong>\u201cEgypt has exceeded the IMF\u2019s growth forecasts more than once,\u201d said Masaa DMC\u2019s Ramy Radwan (<a href=\"https:\/\/www.youtube.com\/watch?v=iblz0iOwudY\">watch, runtime: 4:10<\/a>).<\/p>\n<p><strong>Gov\u2019t is working overtime to ensure the wheels keep spinning: <\/strong>The state is working to develop various sectors to help push growth, Cairo University Economics Professor Hisham Ibrahim told Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=7lTfQ8SYbCo\">watch, runtime: 5:30<\/a>). National projects create jobs and boost productivity, while sectors like tourism are continuing to bounce back from the pandemic.<\/p>\n<p><strong>How big will the IMF lifeline be? <\/strong>Somewhere in the USD 5-7 bn range, House Budget and Planning Committee Chairman Fakhri El Fiqi speculated in a phone call with Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=qinH-2hTN3w\">watch, runtime: 4:43<\/a>). BNP Paribas sees the imminent emergency loan package from the IMF coming in at USD 3-5 bn.<\/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\/imf\/\">IMF<\/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=\"550062\" 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-lrvow83\" data-v=\"4\" data-block-id=\"lrvow83\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-lrvow83-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-lrvow83-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-xnz8ws7\" data-v=\"4\" data-block-id=\"xnz8ws7\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-xnz8ws7-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-xnz8ws7-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-gs4b5h7\" data-v=\"4\" data-block-id=\"gs4b5h7\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-gs4b5h7-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-gs4b5h7-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-unp4n6a\" data-v=\"4\" data-block-id=\"unp4n6a\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-unp4n6a-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-unp4n6a-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=\"550063\" 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=\"550063\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/egypt-in-the-news-a-new-face-to-the-rosetta-stone-exhibit-controversy\/\">\r\n                            Egypt in the News: A new face to the Rosetta Stone exhibit controversy                        <\/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\/12\/egypt-in-the-news-a-new-face-to-the-rosetta-stone-exhibit-controversy\/\" 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\/12\/egypt-in-the-news-a-new-face-to-the-rosetta-stone-exhibit-controversy\/')\">\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\/12\/egypt-in-the-news-a-new-face-to-the-rosetta-stone-exhibit-controversy\/\">\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: A new face to the Rosetta Stone exhibit controversy&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/egypt-in-the-news-a-new-face-to-the-rosetta-stone-exhibit-controversy\/\">\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\/12\/egypt-in-the-news-a-new-face-to-the-rosetta-stone-exhibit-controversy\/&title=Egypt in the News: A new face to the Rosetta Stone exhibit controversy\">\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+A+new+face+to+the+Rosetta+Stone+exhibit+controversy+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F12%2Fegypt-in-the-news-a-new-face-to-the-rosetta-stone-exhibit-controversy%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\/12\/egypt-in-the-news-a-new-face-to-the-rosetta-stone-exhibit-controversy\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550063\" class=\"content-area-description single-story post-550063 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-alaa-abdel-fattah tag-archaeology tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Activists say no to BP sponsoring ancient Egypt exhibit: <\/strong>Novelist Ahdaf Souief is among signatories to a letter criticizing BP\u2019s sponsorship of the British Museum\u2019s new exhibit on ancient Egypt, which features the Rosetta Stone, ahead of COP27, the <a href=\"https:\/\/www.theguardian.com\/culture\/2022\/oct\/11\/british-museum-urged-to-drop-bp-sponsor-deal-for-egypt-exhibition\">Guardian<\/a> reports. The campaigners also called for the release of jailed activist Alaa Abdel Fattah. The exhibit has already come under fire by campaigners hoping to get the Stone returned to Egypt.<\/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\/alaa-abdel-fattah\/\">Alaa Abdel Fattah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/archaeology\/\">archaeology<\/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=\"550064\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550065\" 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=\"550065\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/es-tech-business-is-coming-to-egypt-this-year\/\">\r\n                            e&#038;\u2019s tech business is coming to Egypt this year                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/es-tech-business-is-coming-to-egypt-this-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/es-tech-business-is-coming-to-egypt-this-year\/')\">\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\/12\/es-tech-business-is-coming-to-egypt-this-year\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=e&#038;\u2019s tech business is coming to Egypt this year&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/es-tech-business-is-coming-to-egypt-this-year\/\">\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\/12\/es-tech-business-is-coming-to-egypt-this-year\/&title=e&#038;\u2019s tech business is coming to Egypt this year\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=e%26%23038%3B%E2%80%99s+tech+business+is+coming+to+Egypt+this+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F12%2Fes-tech-business-is-coming-to-egypt-this-year%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\/12\/es-tech-business-is-coming-to-egypt-this-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550065\" class=\"content-area-description single-story post-550065 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-e-finance tag-e-enterprise tag-ebrd tag-enterpriseam tag-hayah-karima tag-kitchener-drian tag-world-cup 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>The tech arm of e&amp; wants in on our market:<\/strong> e&amp;\u2019s tech solutions arm <a href=\"https:\/\/eandenterprise.com\/en\/index.jsp\">e&amp; Enterprise<\/a> will enter the Egyptian market before the end of the year, CEO Salvador Anglada said at <a href=\"https:\/\/www.gitex.com\/\">Gitex Global<\/a> in Dubai, according to <a href=\"https:\/\/gulfnews.com\/business\/e-enterprise-to-enter-egypt-by-the-end-of-the-year-ceo-1.91196080\">Gulf News<\/a>. The company offers cloud, cybersecurity, IoT, and AI services and currently operates in the UAE and Saudi.<\/p><p><strong>Remember- <\/strong>The UAE\u2019s largest telecoms operator earlier this year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e961aac-f9bb-4708-87c4-68f87d583221\">rebranded itself as e&amp;<\/a> and split into telecoms provider Etisalat, consumer services branch e&amp; Life, M&amp;A arm e&amp; Capital, and e&amp; Enterprise.<\/p><p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p><ul>\n<li>The <strong>Senate <\/strong>yesterday gave <strong>final approval<\/strong> to the <strong><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/d8c44e38-2cea-4dc5-ba60-de5aac32a3fa\">auto industry bill<\/a><\/strong>, which will set policies for the automotive sector in general, including <strong>EVs<\/strong>, and a fund to provide incentives to the industry.<\/li>\n<\/ul><ul>\n<li>Egypt is arranging <strong>direct charter flights<\/strong> between Doha and Hurghada and Sharm El Sheikh during the upcoming <strong>World Cup<\/strong>. (<a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/10\/egypt-push-tourism-qatar-world-cup\">Al Monitor<\/a>)<\/li>\n<li> <strong>CI Asset Management<\/strong> plans to launch an <strong>investment fund in precious metals <\/strong>early next year. (<a href=\"https:\/\/www.alborsaanews.com\/2022\/10\/11\/1585177\">Al Borsa<\/a>)<\/li>\n<li>The government\u2019s <strong>Decent Life initiative<\/strong> will work to raise awareness of <strong>environmental issues <\/strong>among beneficiaries in partnership with the <strong>Environment Ministry<\/strong>. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02848Vf9rBLhicFf2m9qSMJdLFC9wvpBqY6VZJC2kuLwqFuBHTH7UuyG8RPTxf87Psl\">Statement<\/a>)<\/li>\n<li>EGX-listed fintech operator <strong>e-Finance<\/strong> is sponsoring the <strong>Egyptian Handball <\/strong><strong>Federation<\/strong>. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Qfh3aXWpBY4T9qX7kZojdwiiRh7SMLovGJCcPbkH3pdQkGNb3bhGfAfB4CsWvAi4l\">Statement<\/a>)<\/li>\n<li>The<strong> EBRD <\/strong>has launched<strong> four tenders<\/strong> for contractors to work on the <strong><a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/28\/ebrd-to-lend-egypt-eur-210-mn-for-kitchener-drain-depollution-project\/\">Kitchener<\/a><\/strong><strong><a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/28\/ebrd-to-lend-egypt-eur-210-mn-for-kitchener-drain-depollution-project\/\">Drain depollution project<\/a><\/strong>, with deadlines from 17-30 November. (<a href=\"https:\/\/ecepp.ebrd.com\/delta\/viewNotice.html?displayNoticeId=23256695\">Tender 1<\/a> | <a href=\"https:\/\/ecepp.ebrd.com\/delta\/viewNotice.html?displayNoticeId=23256742\">2<\/a> | <a href=\"https:\/\/ecepp.ebrd.com\/delta\/viewNotice.html?displayNoticeId=23256828\">3<\/a> | <a href=\"https:\/\/ecepp.ebrd.com\/delta\/viewNotice.html?displayNoticeId=23256783\">4<\/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\/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\/e-finance\/\">e-finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/e-enterprise\/\">e&amp; Enterprise<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hayah-karima\/\">Hayah Karima<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kitchener-drian\/\">Kitchener Drian<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-cup\/\">World Cup<\/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=\"550066\" 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=\"550066\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/its-groundhog-day-for-the-elon-musk-twitter-saga\/\">\r\n                            It\u2019s groundhog day for the Elon Musk \/ Twitter saga                        <\/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\/12\/its-groundhog-day-for-the-elon-musk-twitter-saga\/\" 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\/12\/its-groundhog-day-for-the-elon-musk-twitter-saga\/')\">\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\/12\/its-groundhog-day-for-the-elon-musk-twitter-saga\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=It\u2019s groundhog day for the Elon Musk \/ Twitter saga&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/its-groundhog-day-for-the-elon-musk-twitter-saga\/\">\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\/12\/its-groundhog-day-for-the-elon-musk-twitter-saga\/&title=It\u2019s groundhog day for the Elon Musk \/ Twitter saga\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=It%E2%80%99s+groundhog+day+for+the+Elon+Musk+%2F+Twitter+saga+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F12%2Fits-groundhog-day-for-the-elon-musk-twitter-saga%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\/12\/its-groundhog-day-for-the-elon-musk-twitter-saga\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550066\" class=\"content-area-description single-story post-550066 post type-post status-publish format-standard hentry category-planet-finance tag-boe tag-bonds tag-elon-musk tag-enterpriseam tag-financial-markets tag-ipo-watch tag-nasdaq tag-nissan tag-planet-finance tag-twitter 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>Elon Musk gets sued over Twitter buyout, again:<\/strong> A Twitter investor has accused the world\u2019s wealthiest bn\u2019aire of manipulating the platform\u2019s stock price by flip-flopping on his acquisition and making public accusations against the company, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-11\/musk-sued-by-twitter-investor-over-fraudulent-buyout-flip-flop?srnd=premium-middle-east&amp;leadSource=uverify%20wall\">Bloomberg<\/a> reports. The buyout ordeal sunk Twitter\u2019s stock price, harming investors while strengthening Musk's negotiating position, according to the securities class-action complaint, which accuses Musk of fraudulent and illegal conduct resulting in a potential 25% reduction (USD 11 bn) in the buyout price. Musk has already been sued at various stages of the Twitter buyout process.<\/p><p><strong>Elon\u2019s lenders are also scrambling:<\/strong> Banks signed on to help finance the USD 44 bn buyout of Twitter are also looking to minimize their losses on the transaction, <a href=\"https:\/\/www.reuters.com\/markets\/europe\/musks-banks-may-have-way-cut-losses-twitter-deal-2022-10-11\/\">Reuters<\/a> reports, citing six debt capital market bankers and investors.<\/p><p><strong>ALSO IN PLANET FINANCE- <\/strong><\/p><ul>\n<li><strong>The Bank of England (BoE) has widened its emergency bond-buying <\/strong><strong>program <\/strong>but warned fund managers that they\u2019re on their own after Friday amid a government-induced crisis in the gilts markets.. (<a href=\"https:\/\/www.bankofengland.co.uk\/news\/2022\/october\/boe-widens-gilt-purchase-operations-to-include-index-linked-gilts\">Statement<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/business-63211743\">BBC<\/a>)<\/li>\n<li><strong>Saudi eyecare group Magrabi is reportedly considering an IPO of its <\/strong><strong>hospitals unit<\/strong> on the Tadawul by next year, with the listing potentially raising USD 200 mn. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-11\/saudi-eyecare-group-magrabi-said-to-weigh-ipo-of-hospitals-unit?srnd=premium-middle-east&amp;leadSource=uverify%20wall\">Bloomberg<\/a>)<\/li>\n<li><strong>Nissan Motor exited Russia with a USD 687 mn loss<\/strong>, selling its business to Russian-owned NAMI for EUR 1. It will retain the right to buy back the business within six years under the terms of the agreement. (<a href=\"https:\/\/www.nissan-global.com\/EN\/IR\/TSE\/2022\/ASSETS\/PDF\/20221011_Russian_market_exit_e.pdf\">Statement<\/a>)<\/li>\n<li><strong>The Nasdaq fell into its second bear market of the year yesterday <\/strong>after dipping 1.1%.The tech-heavy US index has seen a<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/25e33da2-e8f4-44e6-8ce4-737419fa6fce\">bad few days<\/a> on the back of new US export restrictions on semiconductor chips. (<a href=\"https:\/\/www.wsj.com\/articles\/global-stocks-markets-dow-update-10-11-2022-11665484293?mod=hp_lead_pos1\">Wall Street Journal<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,867<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -17.4%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.62<\/p>\n<\/td>\n<td>\n<p>Sell 19.73<\/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 19.65<\/p>\n<\/td>\n<td>\n<p>Sell 19.71<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,514<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +2.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,754<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: +14.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,320<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: +3.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,589<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: -24.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,885<\/p>\n<\/td>\n<td>\n<p>-1.1% (YTD: -6.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,340<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: -22.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 94.29<\/p>\n<\/td>\n<td>\n<p>-2.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.61<\/p>\n<\/td>\n<td>\n<p>+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,672.40<\/p>\n<\/td>\n<td>\n<p>-0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 19,023<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -58.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.8% at yesterday\u2019s close<\/strong> on turnover of EGP 821.63 mn (15.6% below the 90-day average). Local investors were net buyers. The index is down 17.4% YTD.<\/p><p><strong>In the green: <\/strong>Orascom Construction (+2.4%), Sidi Kerir Petrochemicals (+1.9%) and CIRA (+0.3%).<\/p><p><strong>In the red: <\/strong>Ezz Steel (-3.7%), Qalaa Holdings (-3.1%) and Fawry (-2.8%).<\/p><p><strong>Asian markets a<\/strong><strong>re down across the board in early trading this morning<\/strong> and futures suggest traders will be greeted by a matching wall of red when European markets open. Things are looking brighter for Wall Street, with all three major US indices set top open in the green later on in the day.<\/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\/boe\/\">BoE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elon-musk\/\">Elon Musk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nasdaq\/\">Nasdaq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nissan\/\">Nissan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/twitter\/\">Twitter<\/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=\"550067\" 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=\"550067\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/foreign-ministry-issues-warning-to-egyptians-in-ukraine-amid-russian-escalation\/\">\r\n                            Foreign Ministry issues warning to Egyptians in Ukraine amid Russian escalation                        <\/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\/12\/foreign-ministry-issues-warning-to-egyptians-in-ukraine-amid-russian-escalation\/\" 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\/12\/foreign-ministry-issues-warning-to-egyptians-in-ukraine-amid-russian-escalation\/')\">\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\/12\/foreign-ministry-issues-warning-to-egyptians-in-ukraine-amid-russian-escalation\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Foreign Ministry issues warning to Egyptians in Ukraine amid Russian escalation&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/foreign-ministry-issues-warning-to-egyptians-in-ukraine-amid-russian-escalation\/\">\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\/12\/foreign-ministry-issues-warning-to-egyptians-in-ukraine-amid-russian-escalation\/&title=Foreign Ministry issues warning to Egyptians in Ukraine amid Russian escalation\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Foreign+Ministry+issues+warning+to+Egyptians+in+Ukraine+amid+Russian+escalation+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F12%2Fforeign-ministry-issues-warning-to-egyptians-in-ukraine-amid-russian-escalation%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\/12\/foreign-ministry-issues-warning-to-egyptians-in-ukraine-amid-russian-escalation\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550067\" class=\"content-area-description single-story post-550067 post type-post status-publish format-standard hentry category-diplomacy tag-diplomacy tag-enterpriseam tag-foreign-ministry tag-ukraine wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Foreign Ministry tells Egyptians still in Ukraine to come home as Russia ramps up <\/strong><strong>strikes: <\/strong>The Foreign Ministry called on any Egyptians still residing in Ukraine to make plans to return and advised citizens against traveling to the country, according to a <a href=\"https:\/\/m.facebook.com\/story.php?story_fbid=pfbid02tCzq3WdQgPPShCrzFgfFHoYMVvSAS86cuN935xhM5P43cKEaFeGXQD3tN4LkyDdRl&id=100068995666430\">statement<\/a>. Russia this week launched the most intensive strikes against Ukrainian cities since the war began in February.<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-ministry\/\">Foreign Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550068\" 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=\"550068\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/mediterranean-powers-are-drawing-new-maritime-maps-and-divvying-up-the-oil-gas\/\">\r\n                            Mediterranean powers are drawing new maritime maps and divvying up the oil + gas                        <\/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\/12\/mediterranean-powers-are-drawing-new-maritime-maps-and-divvying-up-the-oil-gas\/\" 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\/12\/mediterranean-powers-are-drawing-new-maritime-maps-and-divvying-up-the-oil-gas\/')\">\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\/12\/mediterranean-powers-are-drawing-new-maritime-maps-and-divvying-up-the-oil-gas\/\">\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=Mediterranean powers are drawing new maritime maps and divvying up the oil + gas&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/mediterranean-powers-are-drawing-new-maritime-maps-and-divvying-up-the-oil-gas\/\">\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\/12\/mediterranean-powers-are-drawing-new-maritime-maps-and-divvying-up-the-oil-gas\/&title=Mediterranean powers are drawing new maritime maps and divvying up the oil + gas\">\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=Mediterranean+powers+are+drawing+new+maritime+maps+and+divvying+up+the+oil+%2B+gas+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F12%2Fmediterranean-powers-are-drawing-new-maritime-maps-and-divvying-up-the-oil-gas%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\/12\/mediterranean-powers-are-drawing-new-maritime-maps-and-divvying-up-the-oil-gas\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550068\" class=\"content-area-description single-story post-550068 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-enterpriseam tag-israel tag-lebanon tag-libya tag-oil-and-gas tag-russia tag-saudi-arabia tag-turkey tag-uae tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Israel and Lebanon have agreed on a \u201chistoric\u201d maritime border demarcation <\/strong><strong>agreement<\/strong>, which will have implications for natural gas reserves, <a href=\"https:\/\/apnews.com\/article\/middle-east-business-israel-lebanon-economy-a9b25a78e40e516bc9cbffe48f48b993\">AP<\/a> reports US President Joe Biden as saying yesterday. The US-brokered agreement is expected to pave the way for both countries to exploit natural gas resources in a previously disputed area of the Mediterranean, potentially helping alleviate Lebanon\u2019s economic woes. The final form of the agreement needs official sign-off from both countries\u2019 governments.<\/p>\n<p><strong>Turkey is planning oil and natural gas exploration in Libyan waters<\/strong>, President Recep Tayyip Erdogan said, after Ankara inked a controversial maritime borders agreement with the Libyan national unity government, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-11\/erdogan-says-turkey-to-explore-for-oil-and-gas-in-libyan-waters?leadSource=uverify%20wall\">Bloomberg<\/a> reports. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c521e91f-3fbe-4029-a4e9-08febbf1e1ff\">Egypt<\/a>, Greece, the EU, and Libya\u2019s rival administration <a href=\"https:\/\/www.eeas.europa.eu\/eeas\/libyaturkey-statement-spokesperson-reported-agreement-hydrocarbons_en\">last week<\/a> rejected the pact, saying it violated existing international law and that the Tripoli government doesn\u2019t have the authority to enter such agreements after Libya\u2019s election process stalled in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a65a8b2c-5691-404f-b1d9-9ce68045741e\">December<\/a>.<\/p>\n<p><strong>Also worth knowing this morning:<\/strong><\/p>\n<ul>\n<li><strong>The UAE can help pave the way for a resolution in the Russia-Ukraine war<\/strong>, President Vladimir Putin said yesterday during his meeting with UAE President Sheikh Mohammed bin Zayed Al Nahyan in Moscow. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-11\/putin-hails-uae-mediation-role-in-search-for-end-to-russia-s-war?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>The Biden administration said it plans to punish Saudi Arabia <\/strong>after OPEC+ made its biggest production cut since 2020 in efforts to support dropping oil prices. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-11\/outraged-biden-team-vows-consequences-for-saudis-over-opec-cut?srnd=premium-europe\">Bloomberg<\/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\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lebanon\/\">Lebanon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"550069\">\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\">11<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/with-a-rising-cost-of-natural-gas-how-will-egypts-cement-and-brick-producers-react\/\"> \r\n                            With a rising cost of natural gas, how will Egypt\u2019s cement and brick producers react?<\/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\/with-a-rising-cost-of-natural-gas-how-will-egypts-cement-and-brick-producers-react\/\" 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\/with-a-rising-cost-of-natural-gas-how-will-egypts-cement-and-brick-producers-react\/')\">\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\/with-a-rising-cost-of-natural-gas-how-will-egypts-cement-and-brick-producers-react\/\">\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=With a rising cost of natural gas, how will Egypt\u2019s cement and brick producers react?&url=https:\/\/enterpriseam.com\/egypt\/hardhats\/with-a-rising-cost-of-natural-gas-how-will-egypts-cement-and-brick-producers-react\/\">\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\/with-a-rising-cost-of-natural-gas-how-will-egypts-cement-and-brick-producers-react\/&title=With a rising cost of natural gas, how will Egypt\u2019s cement and brick producers react?\">\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=With+a+rising+cost+of+natural+gas%2C+how+will+Egypt%E2%80%99s+cement+and+brick+producers+react%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fhardhats%2Fwith-a-rising-cost-of-natural-gas-how-will-egypts-cement-and-brick-producers-react%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\/with-a-rising-cost-of-natural-gas-how-will-egypts-cement-and-brick-producers-react\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/202.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=\"550070\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/with-a-rising-cost-of-natural-gas-how-will-egypts-cement-and-brick-producers-react\/202-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/202.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"202.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/202.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/202.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-550069\" class=\"content-area-description post-550069 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-cement tag-construction tag-energy tag-enterprise-hardhat tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>What higher natgas bills mean for cement + brick producers in Egypt:<\/strong> A new government decree issued <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4903a111-23fe-4cba-9559-31f2a580457a\">earlier this week<\/a> enforced price increases on natural gas supplied to cement producers and brick kilns, in a move that will likely limit their use of gas. The move essentially makes it impossible for cement producers to start heavily depending on natural gas instead of other energy alternatives. But because natural gas already accounts for only 10-20% of cement producers\u2019 energy mix \u2014 and only half of the sector has access to gas infrastructure \u2014 it\u2019s unlikely that retail cement prices will rise significantly, industry players told Enterprise. Brick kilns, on the other hand, have their hands tied since natural gas is a bigger portion of their energy mix.<\/p>\n<p><strong>REFRESHER- <\/strong>Natural gas will now be sold to cement manufacturers at USD 12.00 \/mmBtu, from USD 5.75 \/ mmBtu. Brick kilns will be charged EGP 110.00 \/ mmBtu, up from EGP 73.00 \/ mmBtu, according to the Official Gazette.<\/p>\n<p><strong>The rationale behind raising natgas prices:<\/strong> The government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8825220-3a11-4b4f-85d0-10a069902e3a\">has been moving<\/a> to redirect some of Egypt\u2019s natural gas supply away from domestic consumption and earmark it for export, in a bid to bring in more FX revenues. This strategy, coupled with higher global gas prices, likely pushed the government to raise natural gas prices for cement and brick producers, Liquid Petroleum Gas Investors Association Chairperson Mohamed Saad Eldin told Enterprise.<\/p>\n<p><strong>Cement producers say it\u2019s going to have a \u201climited\u201d impact on production costs<\/strong>, since most cement factories rely primarily on coal as an energy source. The only cement plant that relies heavily on gas (30-40% of its energy mix) is military-owned Al Arish Cement, the head of the Federation of Egyptian Chambers of Commerce\u2019s building materials division, Ahmed El Zeiny, told Enterprise. However, Al Arish\u2019s retail prices are already among the cheapest, so they\u2019re unlikely to surpass the market average even with an increase, El Zeiny explained.<\/p>\n<p><strong>Others say it won\u2019t have an effect at all:<\/strong> EGX-listed cement producers Misr Cement Qena, Sinai Cement, and Egypt Beni Suef Cement will not be affected by the price hike, since they don\u2019t use natural gas to operate their production lines, according to three separate disclosures (pdfs \u2014 <a href=\"https:\/\/ent.news\/2022\/10\/%D8%A7%D8%B3%D9%85%D9%86%D8%AA-%D8%B3%D9%8A%D9%86%D8%A7%D8%A1-11-10-2022.pdf\">here<\/a>, <a href=\"https:\/\/ent.news\/2022\/10\/%D9%85%D8%B5%D8%B1-%D8%A8%D9%86%D9%89-%D8%B3%D9%88%D9%8A%D9%81-11-10-2022.pdf\">here<\/a> and <a href=\"https:\/\/ent.news\/2022\/10\/%D9%85%D8%B5%D8%B1-%D9%82%D9%86%D8%A7-11-10-2022.pdf\">here<\/a>).<\/p>\n<p><strong>How much do cement players typically rely on natgas for production?<\/strong> Since the 2012-2013 gas crisis, cement players have <a href=\"https:\/\/www.reuters.com\/article\/ozabs-uk-egypt-cement-coal-idAFKBN0IP0SK20141105\">limited<\/a><a href=\"https:\/\/www.reuters.com\/article\/ozabs-uk-egypt-cement-coal-idAFKBN0IP0SK20141105\">their use of natural gas<\/a>, Arabian Cement CEO and Managing Director Sergio Alcantarilla told Enterprise. Currently, cement plants with access to gas production use natural gas for an estimated 10-20% of their energy needs, head of the Federation of Egyptian Industries\u2019 cement division Ahmed Shireen Korayem told Enterprise. <a href=\"https:\/\/enterprise.press\/greeneconomys\/157028\/\">16 out of 18 of the cement producers in Egypt<\/a> use coal in at least one part of their production process. Energy costs amount to <a href=\"https:\/\/enterprise.press\/industries\/%f0%9f%8f%ad-inside-industry-2\/\">approximately 70% of the production cost<\/a>.<\/p>\n<p><strong>The energy mix is now unlikely to shift towards more natgas:<\/strong> The new price hikes are essentially prohibitive to any cement producers increasing their reliance on natural gas, Korayem told us.<\/p>\n<p><strong>But manufacturers need to direct more funds into creating more options:<\/strong> Cement manufacturers are expected to rely more heavily on coal, mazut, and solid and agricultural waste for energy production, said Korayem. However, the sector needs to invest in new or alternative energy sources, such as benefiting from the excess heat from kilns to generate energy and reduce emissions.<\/p>\n<p><strong>Still, don\u2019t blame the lagging green shift in cement on higher gas prices:<\/strong> \u201cThe blame for not working toward decarbonizing the cement production industry or transitioning to clean energy can\u2019t be pinned on gas price increases,\u201d said Alcantarilla. Investments in creating alternative energy sources actually makes the industry more profitable, which is important considering several players had previously been either just breaking even or consistently in the red, Alcantarilla noted. Although the production caps improved the sector\u2019s profitability, these levels are still not enough to unlock major capital expenditures, he said.<\/p>\n<p><strong>It\u2019s a slightly different story for clay brick factories:<\/strong> Brick prices, which currently range between EGP 900-1k per 1k bricks, are expected to go up since natural gas accounts for some 30-40% of their energy mix, head of the Federation of Egyptian Industries\u2019 Refractories and Bricks division Ali Singer told Enterprise. Singer added that the industry has been suffering for years: Since 2018, only 400 factories \u2014 out of more than 1k registered with the division \u2014 have been in business.<\/p>\n<p><strong>But again, the solution is to rely more on gas alternatives:<\/strong> Brick factories are expected to expand the use of mazut, biofuels, and fuels produced from recycled waste more in the coming period, Singer believes. Factories depend on imported mazut, which they struggle to finance in USD in addition to the environmental restrictions imposed on the industry, but they have no choice but to use more mazut, Singer said.<\/p>\n<p><strong>Will retail prices go up? The jury is out:<\/strong> \u201cIt is clear that an increase in the prices of any raw material will mean an increase in the production cost, and therefore the selling price should rise as well,\u201d Alcantarilla told Enterprise. Korayem disagrees, pointing out that pricing is mainly determined by market supply and demand. With cement production caps in place until next July, under an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2e27cbd3-7611-4e73-933a-e78c7a5292dc\">August<\/a> decision from the Egyptian Competition Authority, supply dynamics will likely keep prices steady. This suggests that the real estate and construction market won\u2019t see a significant knock-on effect. Clay brick prices likely won\u2019t have an impact on real estate and construction either because there is a continuous decline in demand for clay bricks in the market due to the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec8c2b4f-f425-443e-ad0a-82c4e82b1578\">suspension of building permits<\/a>, El Zeiny said.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>UAE-based<\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3564fecc-ba24-4f50-9625-638c4ec6afb6\">G42 and Benya Technologies<\/a><\/strong><strong> will develop AI and other digital infrastructure including data centers<\/strong>, telecom towers, and cloud technology in Egypt, as part of an equity-based partnership.<\/li>\n<li><strong>Trial operations have begun on a stretch of the new <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/108bfec2-5d9e-424c-bb07-1e91c7d675da\">Cairo Metro Line 3<\/a><\/strong>, running from Attaba to KitKat, that is set to open during COP27.<\/li>\n<li><strong>Belgium\u2019s DEME has been awarded a <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/108bfec2-5d9e-424c-bb07-1e91c7d675da\">dredging contract<\/a><\/strong><strong> as part of the development of Abu Qir Port<\/strong>. The dredging work will serve the set up of new islands and a marina for yachts in Alexandria.<\/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\/cement\/\">cement<\/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\/energy\/\">energy<\/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=\"550071\" 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\/12\/550071\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550071\" class=\"content-area-description single-story post-550071 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>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>10-13 October (Monday-Thursday): <a href=\"https:\/\/www.emro.who.int\/about-who\/rc69\/index.html\">The WHO Regional Committee for the Eastern Mediterranean<\/a>, WHO Regional Office, Cairo, Egypt.<\/p>\n<p>10-14 October (Monday-Friday): Gitex Global, Dubai International Convention and Exhibition Center, 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 \u200b\u200bOctober (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>26-28 October (Wednesday-Friday): Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LXkrA1yvJmfVxBuUF9fA94GeAoPkbWA44cRRaWhJEzcu69p5eGocBaQXqeH6AmaEl\">celebrates 50 years of ties<\/a> with the UAE.<\/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-1 November (Sunday-Tuesday): <a href=\"https:\/\/www.egypt-energy.com\/en\/home.html\">Egypt Energy<\/a>, Egypt International Exhibition Center (EIEC), 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>27 - 28 November (Thursday-Friday): The first edition of the <a href=\"https:\/\/twitter.com\/Extranewstv\/status\/1579478836366176256\">Egypt Media Forum<\/a>.<\/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>30 January-1 February (Monday-Wednesday): CI Capital\u2019s Annual MENA Investor Conference 2023, Cairo, Egypt.<\/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): First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.<\/p>\n<p><strong>APRIL 2023<\/strong><\/p>\n<p>17 April (Monday): Sham El Nessim.<\/p>\n<p>22 April (Saturday): Eid El Fitr (TBC).<\/p>\n<p>25 April (Tuesday): Sinai Liberation Day.<\/p>\n<p>27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/p>\n<p>Late April &ndash; 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1 May (Monday): Labor Day.<\/p>\n<p>4 May (Thursday) National holiday in observance of Labor Day (TBC).<\/p>\n<p>22-26 May (Monday-Friday): Egypt <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>JUNE 2023<\/strong><\/p>\n<p>19-21 June (Monday-Wednesday) Egypt Infrastructure and Water Expo <a href=\"https:\/\/ent.news\/2022\/9\/Announcement__EGYPT_INFRASTRUCTURE_AND_WATER_EXPO_LAUNCHES_JUNE_2023.pdf\">debuts<\/a> at the Egypt International Exhibition Center.<\/p>\n<p>28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).<\/p>\n<p>30 June (Friday): June 30 Revolution Day.<\/p>\n<p><strong>JULY 2023<\/strong><\/p>\n<p>18 July (Tuesday): Islamic New Year.<\/p>\n<p>20 July (Thursday): National holiday in observance of Islamic New Year (TBC).<\/p>\n<p>23 July (Sunday): Revolution Day.<\/p>\n<p>27 July (Thursday): National holiday in observance of Revolution Day.<\/p>\n<p>Late July-14 August: 2Q2023 earnings season.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p>26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p>28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>6 October (Friday): Armed Forces Day.<\/p>\n<p>Late October-14 November: 3Q2023 earnings season.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>2H 2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H 2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H 2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q 2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>3Q 2022: Swvl to close <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">acquisition of<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Urbvan<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Mobility<\/a>.<\/p>\n<p>4Q 2022: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.<\/p>\n<p>4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.<\/p>\n<p>4Q2022: Raya Holding subsidiary Aman and Qalaa Holdings\u2019 Taqa Arabia to launch their fintech company.<\/p>\n<p>4Q 2022: Saudi Jamjoom Pharma to <a href=\"https:\/\/bit.ly\/3R7SGzP\">inaugurate its EGP 1 bn pharma factory<\/a> in El Obour.<\/p>\n<p>End of 2022: Decent Life first phase scheduled for completion.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p>2023: Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\">will host<\/a> the Asian Infrastructure Investment Bank\u2019s Annual Meeting of the Board of Governors in 2023.<\/p>\n<p>1Q 2023: Adnoc Distribution\u2019s acquisition of 50% of TotalEnergies Egypt to close.<\/p>\n\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":550047,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-550046","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"c66abb20-1194-4320-9d9d-07ff1f990f6e","teaser":"","photo_url":"https:\/\/ent.news\/2022\/10\/18.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>IMF sees contraction in over a third of global economies next year - 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\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF sees contraction in over a third of global economies next year\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:52:44+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\/18.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\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/\",\"name\":\"IMF sees contraction in over a third of global economies next year - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/18.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2022-10-12T03:50:02+00:00\",\"dateModified\":\"2025-12-15T22:52:44+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/18.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/18.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/#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\":\"IMF sees contraction in over a third of global economies next year\"}]},{\"@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":"IMF sees contraction in over a third of global economies next year - 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\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/","og_locale":"en_US","og_type":"article","og_title":"IMF sees contraction in over a third of global economies next year","og_url":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/","og_site_name":"EnterpriseAM Egypt","article_modified_time":"2025-12-15T22:52:44+00:00","twitter_card":"summary_large_image","twitter_image":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/18.jpg?fit=%2C&ssl=1","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/","url":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/","name":"IMF sees contraction in over a third of global economies next year - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/18.jpg?fit=%2C&ssl=1","datePublished":"2022-10-12T03:50:02+00:00","dateModified":"2025-12-15T22:52:44+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/18.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/18.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-sees-contraction-in-over-a-third-of-global-economies-next-year\/#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":"IMF sees contraction in over a third of global economies next year"}]},{"@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\/550046","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\/550046\/revisions"}],"predecessor-version":[{"id":550081,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/550046\/revisions\/550081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/550047"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=550046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=550046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=550046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}