{"id":550123,"date":"2022-10-16T03:53:04","date_gmt":"2022-10-16T03:53:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=550123"},"modified":"2025-12-15T22:54:30","modified_gmt":"2025-12-15T22:54:30","slug":"imf-world-bank-annual-meetings-end-with-egypt-loan-talks-still-ongoing","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-world-bank-annual-meetings-end-with-egypt-loan-talks-still-ongoing\/","title":{"rendered":"IMF \/ World Bank annual meetings end with Egypt loan talks still ongoing"},"content":{"rendered":"<section id=\"550125\" 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=\"550125\">\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\/16\/this-morning-no-imf-loan-agreement-out-of-dc-is-it-raining-yet\/\">\r\n                            THIS MORNING: No IMF loan agreement out of DC + Is it raining yet?                        <\/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\/16\/this-morning-no-imf-loan-agreement-out-of-dc-is-it-raining-yet\/\" 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\/16\/this-morning-no-imf-loan-agreement-out-of-dc-is-it-raining-yet\/')\">\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\/16\/this-morning-no-imf-loan-agreement-out-of-dc-is-it-raining-yet\/\">\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: No IMF loan agreement out of DC + Is it raining yet?&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/this-morning-no-imf-loan-agreement-out-of-dc-is-it-raining-yet\/\">\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\/16\/this-morning-no-imf-loan-agreement-out-of-dc-is-it-raining-yet\/&title=THIS MORNING: No IMF loan agreement out of DC + Is it raining yet?\">\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+No+IMF+loan+agreement+out+of+DC+%2B+Is+it+raining+yet%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F16%2Fthis-morning-no-imf-loan-agreement-out-of-dc-is-it-raining-yet%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\/16\/this-morning-no-imf-loan-agreement-out-of-dc-is-it-raining-yet\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550125\" class=\"content-area-description single-story post-550125 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-china tag-cop27 tag-economy tag-enterpriseam tag-financial-markets tag-fuel tag-house-of-representatives tag-imf tag-state-budget tag-uk tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Good morning, friends.<\/strong> We hope you had a wonderful weekend.<\/p>\n<p><strong>THE BIG STORY here at home<\/strong> <strong>is the Neverending Story that is the talks between <\/strong><strong>Egypt and the IMF on a new assistance package. <\/strong>Today marks the last day of the IMF \/ World Bank meetings \u2014 and officials yesterday dashed our hopes of any big breakthrough.<\/p>\n<p><strong>A meeting between IMF and Egyptian officials yesterday ended with the two sides only <\/strong><strong>saying they expect to <\/strong><strong>reach an agreement on the long-awaited package \u201cvery soon.\u201d <\/strong>We have the full rundown in this morning\u2019s newswell, below.<\/p>\n<p><strong>SIGN OF THE TIMES #1- CIB the latest to raise USD CD rates: <\/strong>The country\u2019s largest private lender raised interest rates on three-year USD certificates of deposit to 5.25%, according to <a href=\"https:\/\/bit.ly\/3rYpyks\">Al Mal<\/a>. We saw <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ed3608d-9873-4120-a1cf-a1a4816f0199\">similar moves<\/a> last week by state-owned lenders Banque du Caire, National Bank of Egypt and Banque Misr. A number of banks are raising rates to pull in USD liquidity after recently imposing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d4e1310-8476-4983-bf26-83593b2f6167\">caps on the use of foreign exchange abroad and online<\/a>.<\/p>\n<p><strong>SIGN OF THE TIMES #2- \u201c<\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-15\/diesel-hits-chaos-mode-in-fresh-blow-for-global-economy\">Diesel hits chaos mode in fresh blow for global economy<\/a><\/strong><strong>,\u201d <\/strong>blares the headline at the top of Bloomberg\u2019s homepage this morning. Europe isn\u2019t ready for a ban on Russian imports that\u2019s less than four months away. French refineries are on strike. And the US has the lowest seasonal inventories since 1982. <strong>You may now thank Ahmed Heikal for the Egyptian Refining Company<\/strong>, which slashed our diesel imports by as much as 30-40%.<\/p>\n<p><strong>DATA POINT- Egypt registered a primary surplus of 0.11% of GDP in the first <\/strong><strong>quarter of the 2022-2023 fiscal year<\/strong>, according to a Finance Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0hMBnVMouEsWS1NG8yVXAiPFScyhtbEyH1hABTDnKnabnY7XgSZKaVNDkirk3pyUil\">statement<\/a>. Finance Minister Mohamed Maait shared the figure in separate meetings with staff at ratings agencies Moody\u2019s and S&P Global, according to a statement. Maait also said efforts to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a886313-09cc-4665-9709-e8677e591467\">digitize the tax system<\/a> had led to a 20% y-o-y increase in tax revenues in the July-September period. The Madbouly government is targeting a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a886313-09cc-4665-9709-e8677e591467\">primary surplus of 1.6%<\/a> for the year. <a href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-records-preliminary-first-quarter-surplus-011-gdp-2022-10-15\/\">Reuters<\/a> also took note of the news.<\/p>\n<p><strong>PSA- First rain of the fall? <\/strong>There\u2019s a slim chance (c. 40%) of light rain in parts of Greater Cairo this morning \u2014 and a much better possibility (c. 70%) that Alexandria and other parts of the northern coastline will see showers throughout the day today, according to the <a href=\"https:\/\/www.facebook.com\/photo?fbid=474175144741058&set=a.289008423257732xx\">national weather service<\/a>. Nighttime in Cairo will hit lows of 21\u00b0C this week, with daytime highs reaching 27-28\u00b0C.<\/p>\n<p><strong>HAPPENING THIS WEEK-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a><strong> The House is back in session <\/strong><strong>today<\/strong><strong> through Tuesday.<\/strong> On the agenda:<\/p>\n<p><strong>Bread reform committee should get House approval:<\/strong> The House could approve as early as today 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.<\/p>\n<p><strong>The House will also discuss amendments to the Agriculture Law today <\/strong>that would introduce harsher penalties for illegally building on agricultural land. Under the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c1695ea8-c915-49ae-b9f8-c0e2fa17a928\">amendments<\/a>, illegally building on agricultural land could cost up to EGP 10 mn and up to five years in prison. The House\u2019s Legislative and Constitutional Affairs Committee <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/25f170e7-ebe1-4d70-bb45-d8427ccb4ed9\">approved<\/a> the amendments earlier this month.<\/p>\n<p><strong>The auto bill that would regulate EV assembly <\/strong>(among other facets of the industry) is up for debate on Monday. \u201cAs it is a priority for the government, the bill could get a final approval in the House next week,\u201d head of the House Industrial Committee Moataz Mahmoud told us last week.<\/p>\n<p><strong>What auto bill?<\/strong> The bill would set up a new regulatory body to set policies to localize the auto industry, including electric vehicles. Enterprise Climate has a <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/d8c44e38-2cea-4dc5-ba60-de5aac32a3fa\">deep dive<\/a>.<\/p>\n<p><strong>Education Minister Reda Hegazy will answer <\/strong><strong>questions in the House <\/strong>at some point this week, including on a shortage of public schools and teachers, the national curriculum, and a rise in private school tuition fees. Hegazy is also set to be asked about the state of public school buildings after the death of a child in a Giza school when a staircase collapsed made national news.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>THE BIG STORY ABROAD over the weekend has been the slow-motion car crash that <\/strong><strong>continues to unfold in UK markets \/ politics. <\/strong>PM Liz Truss won\u2019t or can\u2019t let go of the steering wheel as the car veers ever further from the road. She has managed to let go of former chancellor Kwasi Kwarteng, who has been replaced by Jeremy Hunt. Hunt admitted that Truss had made \u201cmistakes\u201d and warned of \u201cdifficult decisions ahead.\u201d Brace for tax hikes, not tax cuts (<a href=\"https:\/\/www.bbc.co.uk\/sounds\/play\/p0d75zlz\">listen, runtime: 14:29<\/a>).<\/p>\n<p><strong>On Monday, the markets speak: <\/strong>The GBP fell against the USD and yields rose on Friday after Truss fired Kwarteng and said that parts of her disastrous mini-budget would be rolled back. Monday\u2019s open will indicate whether markets have more trust in Hunt. (<a href=\"https:\/\/www.reuters.com\/markets\/europe\/sterling-holds-gains-u-turn-hopes-2022-10-14\/\">Reuters<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/10\/14\/forex-markets-currencies-dollar-inflation-interest-rate-hikes-yen.html\">CNBC<\/a> | <a href=\"https:\/\/www.ft.com\/content\/63ac7dab-d8e4-412c-a910-c0013fdf7f3d\">FT<\/a>)<\/p>\n<p><strong>WATCH THIS SPACE #1- China\u2019s Communist party is expected this week to appoint Xi <\/strong><strong>Jinping to an unprecedented third term in office<\/strong>, making him \u201cChina\u2019s most powerful leader since Mao Zedong,\u201d the Western press writes. From the <a href=\"https:\/\/www.ft.com\/content\/2f5ae8b7-b42c-49e4-8d49-225cd2b6107c\">Financial Times<\/a> to the <a href=\"https:\/\/www.theguardian.com\/world\/2022\/oct\/15\/china-xi-jinping-communist-party-congress\">Guardian<\/a>, the <a href=\"https:\/\/www.nytimes.com\/2022\/10\/15\/world\/asia\/beijing-congress-security-covid.html\">New York Times<\/a>, <a href=\"https:\/\/www.bbc.com\/news\/world-asia-china-63226230\">BBC<\/a>, and the <a href=\"https:\/\/www.wsj.com\/articles\/china-congress-xi-jinping-us-11665753002\">Wall Street Journal<\/a>, Xi is everywhere this morning, with headlines including \u201cChina\u2019s everlasting emperor awaits his third term\u201d and \u201cXi Jinping is on the brink of total power.\u201d <strong>The party congress kicks off today.<\/strong><\/p>\n<p><strong>WATCH THIS SPACE #2- Apple is expected to launch new M2-powered iPad Pros \u201cwithin days,\u201d <\/strong><a href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2022-10-15\/when-is-apple-launching-the-m2-ipad-pro-and-m2-14-inch-and-16-inch-macbook-pro-l9a5t9rc\">Bloomberg\u2019<\/a>s Mark Gurman reports. Don\u2019t expect a new industrial design, he warns \u2014 and new Macs? Those probably aren\u2019t coming until November, he reports.<\/p>\n<p><strong>OTHER THINGS worth knowing about this morning: <\/strong><\/p>\n<ul>\n<li><strong>For the advertising nerds among us: Dan Wieden has died. <\/strong>The Wieden + Kennedy co-founder penned remarkable campaigns and came up with Nike\u2019s \u201cJust do it\u201d tagline. The <a href=\"https:\/\/www.nytimes.com\/2022\/10\/14\/business\/media\/dan-wieden-dead.html\">New York Times<\/a> and <a href=\"https:\/\/adage.com\/article\/agency-news\/wieden-kennedy-co-founder-dan-wieden-dies-77\/2437311\">AdAge<\/a> have obits and <a href=\"https:\/\/adage.com\/article\/agency-news\/nikes-phil-knight-dan-wieden-wiedenkennedy\/2439861\">Nike\u2019s Phil Knight remembers<\/a> the iconoclastic adman here.<\/li>\n<li><strong>Jamie Dimon thinks we can all look forward to plenty more volatility in markets <\/strong>for so long as the US Federal Reserve continues to boost rates and shrink its balance sheet. Last month\u2019s near-explosion of dozens of UK pension funds was just the beginning, <a href=\"https:\/\/www.cnbc.com\/2022\/10\/14\/jamie-dimon-says-expect-other-surprises-from-choppy-markets-after-uk-pensions-nearly-imploded.html\">the JPMorgan CEO suggests<\/a>.<\/li>\n<li><strong>Meta\u2019s metaverse product, Horizon Worlds, isn\u2019t getting much traction with users <\/strong>\u2014 or with the company\u2019s own staff (<a href=\"https:\/\/www.wsj.com\/articles\/meta-metaverse-horizon-worlds-zuckerberg-facebook-internal-documents-11665778961\">Wall Street Journal<\/a> | <a href=\"https:\/\/daringfireball.net\/linked\/2022\/10\/08\/facebook-horizon-sucks\">Daring Fireball<\/a>)<\/li>\n<\/ul>\n<p><strong>COUNTDOWN TO COP (21 days to go)- <\/strong><\/p>\n<p><strong>Cairo Water Week kicks off today and runs until Wednesday, 19 October. Some 18.5k <\/strong>attendees from 90 international and regional organizations are convening at the Nile Ritz Carlton in Cairo for the event, according to its <a href=\"https:\/\/www.cairowaterweek.eg\/\">website<\/a>. The focus of this year\u2019s edition is on preparations to discuss water resources at COP27. Catch the full agenda <a href=\"https:\/\/www.cairowaterweek.eg\/cww2022-agenda\/\">here.<\/a><\/p>\n<p><strong>Tomorrow sees the <\/strong><strong><a href=\"https:\/\/sdg.iisd.org\/events\/unece-regional-forum-on-climate-initiatives-to-finance-climate-action-and-the-sdgs\/\">fifth Egypt and UN-led regional climate finance roundtable<\/a><\/strong><strong> ahead of <\/strong><strong>COP27<\/strong>, in Geneva, Switzerland. Catch our recent <a href=\"https:\/\/enterprise.press\/greeneconomys\/climate-finance-roadshow-begins-ahead-cop27\/\">Going Green<\/a> story on how the roundtables aim to secure investment for climate projects in developing nations ahead of COP27<\/p>\n<p><strong>***<\/strong><\/p>\n<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>\n<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>\n<p>***<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The Madbouly government\u2019s economic conference <\/strong>takes place Sunday-Tuesday next week. We\u2019re hoping for more details in the coming days.<\/p>\n<p><strong>Egypt and the UAE will host a two-day conference marking 50 years of bilateral ties. <\/strong>The gathering will take place 26-28 October and is being produced in association with the two governments.<\/p>\n<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>\n<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>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p class='web-image' ><a href='https:\/\/whatsnext.enterprise.press\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> The global economic slowdown has caught up with Egypt, with VC funding across the board tightening amid fears of recession. Recently, local stakeholders have become a bit more worried about what comes next and how to position Egypt as an attractive startup market. We sat down with general partner at fintech fund Nclude Basil Moftah to break down what investors and startups can learn from the downturn and what Egypt\u2019s pitch to international VCs should look like going forward.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fuel\/\">fuel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-budget\/\">state budget<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uk\/\">UK<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550126\" 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=\"550126\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/550126\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550126\" class=\"content-area-description single-story post-550126 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.ticketsmarche.com\/tickets\/buy-tickets-2-cellos.html'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/2Cellos-Somabay1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>2CELLOS \u2014 LIVE AT SOMABAY: <\/strong>World-renowned and wildly popular cellist duo, 2CELLOS, are bringing the magic of music to Somabay on 18 November 2022. Get ready for an unforgettable night of captivating performances and electric energy. <a href=\"https:\/\/www.ticketsmarche.com\/tickets\/buy-tickets-2-cellos.html\">Book your ticket here<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550127\" 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=\"550127\">\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\/16\/agreement-on-imf-loan-coming-very-soon-following-dc-meeting\/\">\r\n                            Agreement on IMF loan coming \u201cvery soon\u201d following DC meeting                        <\/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\/16\/agreement-on-imf-loan-coming-very-soon-following-dc-meeting\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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IMF staff and top Egyptian officials \u201cagreed to finalize their work to reach a staff-level agreement very soon,\u201d Fund Communications Director Gerry Rice said in a <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/10\/15\/pr22354-statement-by-the-imf-spokesperson-on-egypt\">statement<\/a> following the meeting.<\/p>\n<p><strong>We\u2019ve been on the edge of our seats for a week now: <\/strong>Egyptian officials including members of Cabinet and Central Bank Governor Hassan Abdalla were in Washington, DC, last week attending the IMF \/ World Bank annual meetings. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ed3608d-9873-4120-a1cf-a1a4816f0199\">They had hinted<\/a> that the loan package could be announced any minute. Ahead of yesterday\u2019s meeting, IMF chief Kristalina Georgieva <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/10\/14\/tr101422-imfc-press-conference-transcript\">said<\/a> at a presser on Friday that the assistance package could be finalized \u201cwithin days,\u201d adding that all \u201cbig policy issues\u201d had been resolved, with only a few \u201csmaller, technical details\u201d yet to be ironed out.<\/p>\n<p><strong>Tunisia got its loan yesterday: <\/strong>The IMF and Tunisian authorities reached an agreement yesterday to extend a USD 1.9 bn loan to the country, according to a <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/10\/15\/pr22353-tunisia-imf-staff-reaches-staff-level-agreement-on-an-extended-fund-facility-with-Tunisia\">statement.<\/a> Georgieva said that the Fund would be holding separate meetings with Egypt and Tunisia on Saturday, saying she was confident that the IMF would \u201cback up\u201d both countries, according to <a href=\"https:\/\/www.reuters.com\/world\/georgieva-says-confident-that-imf-will-back-up-egypt-tunisia-2022-10-15\/\">Reuters<\/a>.<\/p>\n<p><strong>There are more than 20 other countries waiting their turn: <\/strong>Some 28 countries have applied for financial assistance including Egypt and Tunisia, Georgieva said, adding that the IMF still has some USD 700 bn in firepower at the ready to help struggling economies.<\/p>\n<p><strong>SO WHAT WENT DOWN YESTERDAY?<\/strong><\/p>\n<p><strong>The IMF says yesterday\u2019s discussions revolved around FX rate flexibility as well as fiscal <\/strong><strong>and <\/strong><strong>structural reform: <\/strong>\u201cIMF staff and the Egyptian authorities have held very productive in-person discussions on the margins of the IMF and World Bank annual meetings,\u201d Rice\u2019s statement reads. He said the two sides made \u201csubstantial progress\u201d on some key points, giving us a rare insight into the content of the negotiations. The statement highlights fiscal reforms (i.e., better budget management and bringing down the national debt) and structural reforms including upping private sector participation in the economy. Crucially, it also gives some detail on the IMF\u2019s desire that the country embrace a more flexible EGP exchange rate.<\/p>\n<p><strong>What the IMF had to say about FX rate flexibility: <\/strong>According to Rice, yesterday\u2019s meeting saw discussion of \u201cmonetary and exchange rate policies that would anchor inflation expectations, improve monetary policy transmission, improve the functioning of the foreign exchange market, and bolster Egypt\u2019s external resilience.\u201d He says such policies would allow the country to \u201cgradually and sustainably rebuild foreign reserves.\u201d<\/p>\n<p><strong>Expect a \u201ccomprehensive structural reform\u201d program <\/strong>to include not just upping the private sector\u2019s role in the economy, but measures designed to enhance competitiveness and accelerate our green energy transition, the statement suggests.<\/p>\n<p><strong>IT\u2019S ALL FX, ALL THE TIME<\/strong><\/p>\n<p><strong>The Fund is holding the line on exchange rate flexibility: <\/strong>Currency was a key talking point for Georgieva before officials headed into yesterday\u2019s talks. Asked why negotiations had dragged on for seven months and counting, Georgieva said \u201cit boils down to exchange rate policy in Egypt,\u201d saying that \u201cit has to be thoughtfully designed.\u201d<\/p>\n<p><strong>Georgieva also pointed to the changing of the guard at the Central Bank of Egypt (CBE) <\/strong>as a reason for the delay in talks, noting that the new governor needs to \u201cfeel comfortable with where we are headed with the policy.\u201d Hassan Abdalla <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc358ff9-00be-4503-bee9-00159279bfb6\">was appointed<\/a> to head up the central bank on 18 August, after the sudden exit of Tarek Amer.<\/p>\n<p><strong>Maait signaled on the airwaves Friday night that we\u2019ve gotten the message on FX: <\/strong>\u201cThe stable FX rate had negative impacts on Egypt\u2019s reserves and the economy as a whole, especially in light of the external global economic shocks,\u201d Finance Minister Mohamed Maait said during a phone-in with Amr Adib on El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=UvfBh3HRet4\">watch, runtime: 35:03<\/a>), explaining why the lender sees a flexible exchange rate as crucial for the Egyptian economy. Maait said the lender had no demands regarding \u201cthe budget, financial policies, and the subsidy program,\u201d and that it is only keen on exchange rate flexibility. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eaa81cae-e4e2-4c66-963d-b806c4ed812b\">Planning Minister Hala El Said<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ed3608d-9873-4120-a1cf-a1a4816f0199\">Maait<\/a> have both suggested that the government is in favor of a flexible FX rate for the EGP \u201cif necessary\u201d in recent weeks.<\/p>\n<p><strong>REMEMBER- The EGP has lost a little more than a quarter of its value against the <\/strong><strong>greenback this year. <\/strong>Pundits see the EGP <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7828f0c8-0f23-42d7-a57e-5210fb18233f\">settling<\/a> somewhere between 22-24 to the USD \u2014 and you, dear readers, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd84427a-c81c-42e3-9a7b-a8ca9d01efdc\">think<\/a> the EGP will settle at 22.12 on average.<\/p>\n<p><strong>MORE PACKAGE SIZE SPECULATION<\/strong><\/p>\n<p><strong>Both Georgieva and Maait remained tight-lipped about the size of the package<\/strong>, though Maait on Friday said the size would be determined in \u201ctwo or three days.\u201d <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/imf-chief-georgieva-says-big-policy-issues-resolved-talks-with-egypt-2022-10-14\/\">Reuters<\/a> quotes one source familiar with the matter as saying that the package is likely at the lower end of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d90b8258-1e39-4bfd-9e85-a6dfce6cc9d6\">USD 3-5 bn range<\/a> expected by some pundits.<\/p>\n<p><strong>The World Bank will mull over granting Egypt loans \u201cif it stays committed to the path of economic reform,\u201d<\/strong> <a href=\"https:\/\/twitter.com\/CNBCArabia\/status\/1580548163819036673\">CNBC Arabia<\/a> quotes World Bank chief David Malpass as saying, without disclosing details on the size or nature of the potential loans. The quote does not appear in the <a href=\"https:\/\/www.worldbank.org\/en\/news\/speech\/2022\/10\/11\/remarks-by-world-bank-group-president-david-malpass-to-the-g24-meeting-of-ministers-and-governors\">transcript of Malpass\u2019 remarks<\/a>.<\/p>\n<p><strong>ALSO FROM THE IMF + WORLD BA<\/strong><strong>NK MEETING-<\/strong><\/p>\n<p><strong>Fiscal reforms are important protection against exogenous shocks, says Azour:<\/strong> \u201cThis is where the importance of adapting the monetary policy, to shield the economy from those external shocks, maintain a fiscal discipline that is very much needed, while strengthening the social protection mechanisms through the various instruments,\u201d IMF director for the Middle East and North Africa Jihad Azour <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/10\/13\/tr101322-transcript-of-mcd-press-briefing?cid=em-COM-123-45522\">told reporters<\/a> after the presser, explaining what reforms the IMF has been expecting from Egypt. Azour also noted that Egypt\u2019s privatization program \u2014 along with other \u201cstructural reforms\u201d \u2014 will \u201callow Egypt to maintain a high level of growth and address some of the issues that were brought in by the current exogenous shock and crisis.\u201d<\/p>\n<p><strong>Fiscal support is also key for EMs to overcome rising food and energy prices, CBE <\/strong><strong>governor says:<\/strong> Hassan Abdalla <a href=\"https:\/\/ent.news\/2022\/10\/Hassan-Abdalla-Governor-of-the-Central-Bank-of-Egypt-Remarks-1.pdf\">noted (pdf)<\/a> the importance of the IMF and the World Bank\u2019s role in continuing to provide financial assistance, including to \u201cvulnerable middle-income countries,\u201d during a speech delivered at a plenary session he chaired at the gathering.<\/p>\n<p><strong>Abdalla\u2019s role as chair is notable and signals he is in very good standing with the IMF <\/strong><strong>and World Bank. <\/strong>Abdalla was chairman of a plenary session on Friday that featured World Bank boss David Malpass IMF chief Kristalina Georgieva. You can catch Abdalla\u2019s remarks here (<a href=\"https:\/\/www.youtube.com\/watch?v=xYggFon6bsA\">watch, runtime: 54:15<\/a>).<\/p>\n<p><strong>Abdalla noted the IMF and World Bank \u201chave a central role to play in supporting the <\/strong><strong>membership at this critical juncture<\/strong>,\u201d saying they need to \u201cguide countries\u2019 policy responses while being mindful of social and political economy considerations.\u201d Policymakers, he said, face a basket of challenges including \u201chigh food and energy prices and complicated tradeoffs in monetary policy.\u201d The Bretton Woods institutions need to be \u201cagile and generous,\u201d he added, noting that they have while they have acted rapidly since the start of the pandemic and the crises that have followed, \u201cthey need to continue to widen they support, including to vulnerable middle income countries\u201d such as Egypt.<\/p>\n<p><strong>BACKGROUND- <\/strong><strong>Talks for an IMF package have stretched on for months:<\/strong> Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">entered<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">talks with the IMF in March<\/a> as part of a bid to lock in financial support following the economic shocks caused by Russia\u2019s war in Ukraine, rising interest rates, and the global-risk off in financial markets.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/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\/fx-rate\/\">FX rate<\/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\/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=\"550129\" 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=\"550129\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/el-molla-calls-on-european-dfis-to-invest-in-eastmed-energy\/\">\r\n                            El Molla calls on European DFIs to invest in EastMed energy                        <\/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\/16\/el-molla-calls-on-european-dfis-to-invest-in-eastmed-energy\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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El Molla emphasized that he wasn\u2019t talking about commercial loans but \u201cconcessionary funds with easy access and relaxed terms.\u201d<\/p>\n<p><strong>The EIB and EBRD have <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c96030e0-a4d2-4c6b-8619-8fa4ad9192da\">axed loans<\/a><\/strong><strong> to oil and gas projects as part of climate change goals<\/strong> and now face pressure to reverse course given the cut-off of Russian natural gas to the continent.<\/p>\n<p><strong>El Molla\u2019s argument: Hydrocarbons are a key part of the green transition.<\/strong> \u201cIf you are not going to talk about hydrocarbons, how are we going to accelerate these projects?\u201d El Molla said. Gas development could go ahead in parallel with \u201cimportant efforts\u201d to create a \u201cgreen corridor\u201d that would see the Eastern Mediterranean region supply Europe with green hydrogen and electricity from renewables, he added.<\/p>\n<p><strong>But even with concessional funding, developing EastMed gas infrastructure is a long game<\/strong>, according to an article this weekend in <a href=\"https:\/\/www.economist.com\/middle-east-and-africa\/2022\/10\/13\/middle-eastern-countries-are-sitting-on-an-ocean-of-natural-gas\">The Economist<\/a>. Egypt\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e5a67ed-560c-46b2-ba58-cdeb9da9ad9d\">LNG facilities<\/a> \u2014 which process natural gas from Israel for re-export to Europe \u2014 can serve only 2% of the continent\u2019s energy demand when running at full capacity, it suggests. Local demand is also on the rise, cutting into the amount of gas that can be sent for export. \u201cExpanding capacity will take years,\u201d according to the newspaper.<\/p>\n<p><strong>Our LNG exports could hit USD 1 bn per month by January: <\/strong>That\u2019s the government\u2019s current target, Finance Minister Mohamed Maait said in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0hMBnVMouEsWS1NG8yVXAiPFScyhtbEyH1hABTDnKnabnY7XgSZKaVNDkirk3pyUil\">statement<\/a> over the weekend. LNG exports have averaged USD 600 mn per month in revenues during the last quarter of the 2021-2022 fiscal year, he said.<\/p>\n<p><strong>BACKGROUND: <\/strong>As Russia pulls its oil and gas from European markets amid the fallout from the Ukraine war, the Egyptian government has redoubled efforts to position the country as a regional energy hub serving the continent. Egypt is a founding member of the EMGF, which brings together countries in the region to coordinate energy policy and develop the region\u2019s gas reserves.The Oil Ministry has placed particular emphasis on building stronger ties with Israel, in June signing a<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613a0e7e-2a74-4d1b-8b28-0c9660944559\">nine-year agreement in June<\/a>with the country to increase gas exports to the EU through our LNG facilities.<\/p>\n<p><strong>ALSO IN EASTMED ENERGY- Cyprus and Greece have broken ground on the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cb41cd3c-8caa-4f64-8682-be3dbf55dd71\">EuroAsia Interconnector<\/a><\/strong><strong>, <\/strong>according to Reuters<strong>. <\/strong>The EU-funded subsea cable will have capacity to transmit an annual 2 GW of electricity generated by natural gas and renewables from Cyprus and Israel,. The 2 GW EuroAfrica Interconnector, which adds Egypt to the grid, is expected to start commissioning (an industry term for entering the final stages of pre-launch testing) this December.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-mediterranean\/\">Eastern Mediterranean<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/europe\/\">Europe<\/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\/tarek-el-molla\/\">Tarek El Molla<\/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=\"550131\" 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=\"550131\">\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\">GREEN ENERGY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/taqa-arabia-launches-20-mw-solar-plant-in-sharm-el-sheikh\/\">\r\n                            TAQA Arabia launches 20 MW solar plant in Sharm El Sheikh                        <\/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\/16\/taqa-arabia-launches-20-mw-solar-plant-in-sharm-el-sheikh\/\" 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\/16\/taqa-arabia-launches-20-mw-solar-plant-in-sharm-el-sheikh\/')\">\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\/16\/taqa-arabia-launches-20-mw-solar-plant-in-sharm-el-sheikh\/\">\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=TAQA Arabia launches 20 MW solar plant in Sharm El Sheikh&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/taqa-arabia-launches-20-mw-solar-plant-in-sharm-el-sheikh\/\">\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\/16\/taqa-arabia-launches-20-mw-solar-plant-in-sharm-el-sheikh\/&title=TAQA Arabia launches 20 MW solar plant in Sharm El Sheikh\">\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=TAQA+Arabia+launches+20+MW+solar+plant+in+Sharm+El+Sheikh+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F16%2Ftaqa-arabia-launches-20-mw-solar-plant-in-sharm-el-sheikh%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\/16\/taqa-arabia-launches-20-mw-solar-plant-in-sharm-el-sheikh\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/232.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"550132\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/taqa-arabia-launches-20-mw-solar-plant-in-sharm-el-sheikh\/232-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/232.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"232.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/232.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/232.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550131\" class=\"content-area-description single-story post-550131 post type-post status-publish format-standard has-post-thumbnail hentry category-green-energy tag-cop27 tag-enterpriseam tag-green-energy tag-qalaa-holdings tag-sharm-el-sheikh tag-taqa-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a><strong> Sharm\u2019s biggest solar plant goes live ahead of COP27:<\/strong> Qalaa Holdings subsidiary TAQA Arabia has launched the largest solar power plant to date in Sharm El Sheikh, according to a press release (<a href=\"https:\/\/ent.news\/2022\/10\/TAQA-Arabia-EN.pdf\">pdf<\/a>). Built at a cost of EGP 250 mn, the 20 MW project is set to slash carbon emissions by around 500k tons through its 25-year lifespan, the statement reads.<\/p>\n<p><strong>The project is set to supply 30% of the power load in Nabq,<\/strong> a popular tourist neighborhood, according to the statement.<\/p>\n<p><strong>Just in time for COP:<\/strong> \u201cThe whole project development until operation has been accomplished in an unprecedented record time, which did not exceed four months,\u201d TAQA Arabia CEO Pakinam Kafafi said. TAQA Arabia has also worked on EV charging and compressed natural gas (CNG) stations in South Sinai governorate, part of efforts to make Sharm the country\u2019s first \u201cgreen city\u201d ahead of the UN climate summit in November.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-energy\/\">green energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qalaa-holdings\/\">Qalaa Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sharm-el-sheikh\/\">Sharm El Sheikh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taqa-arabia\/\">TAQA Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550133\" 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=\"550133\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/550133\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550133\" class=\"content-area-description single-story post-550133 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\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=\"550134\" 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=\"550134\">\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\">Infrastructure<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/suez-canal-to-launch-bunkering-catering-services-in-the-new-year\/\">\r\n                            Suez Canal to launch bunkering, catering services in the new 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\/16\/suez-canal-to-launch-bunkering-catering-services-in-the-new-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\/16\/suez-canal-to-launch-bunkering-catering-services-in-the-new-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\/16\/suez-canal-to-launch-bunkering-catering-services-in-the-new-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=Suez Canal to launch bunkering, catering services in the new year&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/suez-canal-to-launch-bunkering-catering-services-in-the-new-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\/16\/suez-canal-to-launch-bunkering-catering-services-in-the-new-year\/&title=Suez Canal to launch bunkering, catering services in the new 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=Suez+Canal+to+launch+bunkering%2C+catering+services+in+the+new+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F16%2Fsuez-canal-to-launch-bunkering-catering-services-in-the-new-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\/16\/suez-canal-to-launch-bunkering-catering-services-in-the-new-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/233.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"550135\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/suez-canal-to-launch-bunkering-catering-services-in-the-new-year\/233-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/233.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"233.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/233.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/233.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550134\" class=\"content-area-description single-story post-550134 post type-post status-publish format-standard has-post-thumbnail hentry category-infrastructure tag-enterpriseam tag-infrastructure tag-logistics tag-suez-canal tag-suez-canal-economic-zone wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>The Suez Canal wants to be a one-stop ship shop come 2023: <\/strong>The Suez Canal Economic Zone (SCZone) will provide up new services to ships including bunkering and catering starting from the first quarter of next year, SCZone head Walid Gamal El Din told Enterprise, confirming a story first reported by state-run outlet <a href=\"https:\/\/www.alborsaanews.com\/2022\/10\/14\/1586578\">MENA<\/a>.<\/p>\n<p><strong>Bunkering firms are on probation: <\/strong>The<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b4cd083-cba9-4ff6-8c4d-372796ef6feb\">bunkering licenses<\/a> handed to <a href=\"https:\/\/www.coralenergy.co\/\">Coral Energy<\/a>, <a href=\"https:\/\/www.minervabunkering.com\/\">Minerva Bunkering<\/a>, and <a href=\"https:\/\/www.peninsula360.com\/\">Peninsula<\/a> companies in February will only last a year, Gamal El Din said. The authority will then review the firms\u2019 performance and see whether it needs to issue new licenses, he added. The three firms were awarded four licenses \u2014 two on the Red Sea and two on the Mediterranean \u2014 following a tender in February. The SCZone first <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4efd47f2-548c-4454-aaed-14c2016ce56e\">announced plans<\/a> to launch the new marine services back in January, as part of its 2020-2050 strategy.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/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=\"550136\" 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=\"550136\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/private-bakeries-can-get-state-flour-if-they-stick-to-state-bread-prices\/\">\r\n                            Private bakeries can get state flour if they stick to state bread prices                        <\/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\/16\/private-bakeries-can-get-state-flour-if-they-stick-to-state-bread-prices\/\" 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\/16\/private-bakeries-can-get-state-flour-if-they-stick-to-state-bread-prices\/')\">\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\/16\/private-bakeries-can-get-state-flour-if-they-stick-to-state-bread-prices\/\">\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=Private bakeries can get state flour if they stick to state bread prices&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/private-bakeries-can-get-state-flour-if-they-stick-to-state-bread-prices\/\">\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\/16\/private-bakeries-can-get-state-flour-if-they-stick-to-state-bread-prices\/&title=Private bakeries can get state flour if they stick to state bread prices\">\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=Private+bakeries+can+get+state+flour+if+they+stick+to+state+bread+prices+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F16%2Fprivate-bakeries-can-get-state-flour-if-they-stick-to-state-bread-prices%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\/16\/private-bakeries-can-get-state-flour-if-they-stick-to-state-bread-prices\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550136\" class=\"content-area-description single-story post-550136 post type-post status-publish format-standard hentry category-commodities tag-commodities tag-enterpriseam tag-foreign-exchange tag-gasc wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Private bakeries can now get their hands on state wheat: <\/strong>Bakeries will join the list of private sector players eligible to buy wheat from state grain buyer GASC at EGP 10k per ton, according to a Supply Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid06BgrcY8jwQDgMN2aobb4eVmpf4tQCDWGyreMhG5gQs4uThU3WD94dyWEUF852YtTl?__cft__[0]=AZVwrhrGpefkn1PT-DCxBtkyIKZWkvfdaGhLNHAG8cJhOZQv3W3qt901702jSFUO4igUO56fCAL1e8fh3pAklVJYUAE4o0PUBtG2wWLRnybKqFQ7lFgieYH4JV1JX2se8uF4i073U6zi_HIvre8qDnmEo-laB0pEQy8ueiHhikAlLLx7YYL_htOEeUD17Bqtq_nQ0IlSc_Mo-ioHerfURMcv&__tn__=%2CO%2CP-R\">st<\/a><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid06BgrcY8jwQDgMN2aobb4eVmpf4tQCDWGyreMhG5gQs4uThU3WD94dyWEUF852YtTl?__cft__[0]=AZVwrhrGpefkn1PT-DCxBtkyIKZWkvfdaGhLNHAG8cJhOZQv3W3qt901702jSFUO4igUO56fCAL1e8fh3pAklVJYUAE4o0PUBtG2wWLRnybKqFQ7lFgieYH4JV1JX2se8uF4i073U6zi_HIvre8qDnmEo-laB0pEQy8ueiHhikAlLLx7YYL_htOEeUD17Bqtq_nQ0IlSc_Mo-ioHerfURMcv&__tn__=%2CO%2CP-R\">atement<\/a>.<\/p>\n<p><strong>This is limited for now to<\/strong> <strong>bakeries in Greater Cairo, Alexandria and Menoufia<\/strong>, who can start putting in requests for wheat starting tomorrow for a period of one month. GASC will take 72 hours to respond to requests. The scheme will be rolled out to the remaining governorates, the ministry said, without specifying when.<\/p>\n<p><strong>Private bakeries will need to stick to the state\u2019s price list: <\/strong>Bakeries that source their wheat from GASC will have to adhere to ministry prices, which put the 40-gram fino loaf at EGP 0.75, the 60-gram loaf at EGP 1.00 and the unsubsidized 75-gram loaf of bread at EGP 1.00.<\/p>\n<p><strong>REMEMBER- <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16ac6c38-7486-4ea1-9a9f-24120500c7f9\">GASC last week started<\/a><\/strong><strong> selling wheat to private mills and flour to some private pasta makers<\/strong> for a month-long period, in a bid to bring down bread prices. There have been reports that some 700k tons of wheat destined for the private sector is stuck at ports amid the FX shortage.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gasc\/\">GASC<\/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=\"550137\" 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=\"550137\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/550137\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550137\" class=\"content-area-description single-story post-550137 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\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=\"550138\" 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=\"550138\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/last-nights-talk-shows-our-imminent-imf-agreement-hungry-chicks\/\">\r\n                            Last Night\u2019s Talk Shows: Our imminent IMF agreement + hungry chicks                        <\/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\/16\/last-nights-talk-shows-our-imminent-imf-agreement-hungry-chicks\/\" 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\/16\/last-nights-talk-shows-our-imminent-imf-agreement-hungry-chicks\/')\">\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\/16\/last-nights-talk-shows-our-imminent-imf-agreement-hungry-chicks\/\">\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: Our imminent IMF agreement + hungry chicks&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/last-nights-talk-shows-our-imminent-imf-agreement-hungry-chicks\/\">\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\/16\/last-nights-talk-shows-our-imminent-imf-agreement-hungry-chicks\/&title=Last Night\u2019s Talk Shows: Our imminent IMF agreement + hungry chicks\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows%3A+Our+imminent+IMF+agreement+%2B+hungry+chicks+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F16%2Flast-nights-talk-shows-our-imminent-imf-agreement-hungry-chicks%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\/16\/last-nights-talk-shows-our-imminent-imf-agreement-hungry-chicks\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550138\" class=\"content-area-description single-story post-550138 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-agriculture tag-commodities tag-enterpriseam tag-food tag-imf tag-last-nights-talk-shows tag-ukraine wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Last night\u2019s talk shows focused on the IMF package that\u2019s arriving \u201cvery soon:\u201d <\/strong>Deprived of a concrete announcement on our imminent IMF loan, the talking heads were forced to discuss it once again in hypothetical terms. A chicken feed crisis also had the pundits squawking.<\/p>\n<p><strong>Securing the IMF loan will attract foreign inflows:<\/strong> \u201cThe agreement is about more than just the money we\u2019re getting, it will serve as a testament of confidence which will translate to more investments into the country,\u201d House Budget and Planning Committee Chairman Fakhri El Fiqi told Hadrat El Mowaten (<a href=\"https:\/\/www.youtube.com\/watch?v=36pJRA21JJs\">watch, runtime: 11:41<\/a>). Kelma Akhira broke down the Fund\u2019s statement regarding our loan (<a href=\"https:\/\/www.youtube.com\/watch?v=H7sAZ5na5Hc\">watch, runtime: 9:29<\/a>). We have more on the story in our Economy section, above.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Too many chicks, not enough feed: <\/strong>Some USD 340 mn worth of corn and soybeans for chicken feed is stuck at ports waiting for letters of credit, former vice chairman of the Poultry Producers Union Mohamed El Shafei told El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=aUoqsTwDcQo\">watch, runtime: 11:23<\/a>). The lack of available food is forcing farmers to kill their chicks, he said.<\/p>\n<p><strong>The entire world is facing issues with corn and soybean supply<\/strong>, Agriculture Minister El Sayed El Quseir told Ala Mas\u2019ouletty (<a href=\"https:\/\/www.youtube.com\/watch?v=6n8Y_0lze6A\">watch, runtime: 10:46<\/a>). The state is doing its best to protect poultry producers and is trying to boost local corn production, he added. The government released some USD 35 mn worth of corn imports and USD 15 mn in soybean imports earlier this month, he said. El Shafei said that won\u2019t be enough to impact the market.<\/p>\n<p><strong>Also on the airwaves last night: <\/strong><\/p>\n<ul>\n<li><strong>Sawiris talks privatization: <\/strong>We need to strengthen the private sector and open the door to foreign investment, said b\u2019naire Naguib Sawiris. (<a href=\"https:\/\/www.youtube.com\/watch?v=fUz_GBfJMoM\">Hadrat El Mowaten | watch, runtime: 3:03<\/a>).<\/li>\n<li><strong>Egyptians in Ukraine: <\/strong>Some 2k Egyptians have fled Ukraine since the war broke out and there are 500 citizens still in the country, including a number of university students, said Foreign Ministry Spokesman Ahmed Abu Zeid. (<a href=\"https:\/\/www.youtube.com\/watch?v=Tc0Q1qH0lYw\">Al Hayah Al Youm | watch, runtime: 9:15<\/a>)<\/li>\n<li><strong>Cars for expat teens:<\/strong> Children above the age of 16 who don\u2019t have their own bank accounts can use their expat guardian\u2019s account to take advantage of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5cadb00-f078-4c70-8667-8d5fc50ad151\">tax breaks on new car imports<\/a>, Cabinet Spokesman Nader Saad said. (<a href=\"https:\/\/www.youtube.com\/watch?v=ND4NeQqY2hM\">Kelma Akhira watch | runtime: 3:32)<\/a><\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food\/\">food<\/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\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"550139\" 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 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        Egypt in the News: Nonstop COP + more on imports                        <\/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\/16\/egypt-in-the-news-nonstop-cop-more-on-imports\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The <a href=\"https:\/\/www.theguardian.com\/environment\/2022\/oct\/14\/cop27-egypt-host-climate-talks\">Guardian<\/a> has an interview with a Human Rights Watch official on the body\u2019s latest report on Egypt \u2014 and the British Museum is under pressure from the <a href=\"https:\/\/www.theartnewspaper.com\/2022\/10\/13\/protestors-at-british-museum-demand-release-of-british-writer-imprisoned-in-egypt\">Art Newspaper<\/a> and the <a href=\"https:\/\/www.museumsassociation.org\/museums-journal\/news\/2022\/10\/british-museum-urged-to-raise-human-rights-abuses-as-egypt-show-opens\/?utm_source=pocket_mylist\">Museums Association<\/a> to \u201craise human rights [concerns] as Egypt show opens.\u201d Meanwhile, the <a href=\"https:\/\/www.wsj.com\/articles\/egypts-answer-to-a-rising-dollar-puts-everyday-items-out-of-reach-11665754180\">Wall Street Journal<\/a> takes another look at import bottlenecks amid attempts to maintain our FX reserves.<\/p>\n<p><strong>Meanwhile:<\/strong><\/p>\n<ul>\n<li>Copelouzos Group\u2019s plan to lay a <strong>submarine cable to deliver 9.5 GW of wind and solar power to Europe<\/strong> from Egypt is getting ink from <a href=\"https:\/\/www.pv-magazine.com\/2022\/10\/12\/subsea-cable-to-bring-wind-solar-power-from-egypt-to-europe\/\">PV magazine<\/a>;<\/li>\n<li>Soliman, Hashish & Partners has penned a <strong>short brief on tech M&A<\/strong> for <a href=\"https:\/\/www.lexology.com\/library\/detail.aspx?g=47fc7b78-1ec1-4078-\">Lexology<\/a>.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/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=\"550141\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550142\" 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=\"550142\">\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\/16\/feeling-chipper-vw-wagers-on-chinese-tech-while-samsung-gets-a-hall-pass-on-us-restrictions\/\">\r\n                            Feeling chipper: VW wagers on Chinese tech while Samsung gets a hall pass on US restrictions                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/feeling-chipper-vw-wagers-on-chinese-tech-while-samsung-gets-a-hall-pass-on-us-restrictions\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The German carmaker, which earns around half its net income in China, will take a 60% stake in a JV with Chinese firm Horizon Robotics as it pushes into AI-assisted and driverless cars as a way to maintain its lucrative market share in the country. The move is \u201clikely to curry favor with the Chinese government,\u201d one Beijing-based consultant told the salmon-colored paper, at a time of heightened tensions between Beiijing and the US over new chip <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0c0af02-27d3-46ac-bf0f-1d33c7640e5d\">export restrictions<\/a> by the Biden administration.<\/p><p><strong>And Samsung gets a one-year exemption from <\/strong><strong>US chip restrictions<\/strong><strong>: <\/strong>The South Korean tech giant has reportedly been authorized to continue receiving the chip-making equipment needed to maintain its production lines in China, <a href=\"https:\/\/www.wsj.com\/articles\/samsung-gets-one-year-exemption-from-new-u-s-chip-restrictions-on-china-11665639994?mod=tech_lead_pos2\">the Wall Street Journal<\/a> reports.<\/p><p><strong>ALSO- Saudi IPOs roll on: <\/strong>Riyadh Cables is mulling a USD c.400 mn debut on Tadawul this year. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-12\/riyadh-cables-is-said-to-seek-about-400-million-from-saudi-ipo\">Bloomberg<\/a>)<\/p><p><strong>ALSO FROM PLANET FINANCE-<\/strong><\/p><ul>\n<li><strong>A Fox-News Corp merger on the table? <\/strong>Rupert Murdoch is looking into merging his media companies Fox Corporation and News Corp. (<a href=\"https:\/\/investors.newscorp.com\/news-releases\/news-release-details\/news-corp-forms-special-committee-begin-exploring-potential\">Statement<\/a>)<\/li>\n<li><strong>India\u2019s car-sharing platform Zoomcar is expected to debut on the Nasda<\/strong><strong>q <\/strong>via a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6ab3251-641a-4e2c-aa00-6b8486d10c68\">SPAC<\/a> transaction that could value the company at USD 456 mn. The company launched its <a href=\"https:\/\/bit.ly\/3CSEoiI\">Egypt branch<\/a> in October 2021. (<a href=\"https:\/\/bloom.bg\/3CximR5\">Bloomberg<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,854<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: -17.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.63<\/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>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>11,422<\/p>\n<\/td>\n<td>\n<p>-1.1% (YTD: +1.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,776<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: +15.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,377<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: +5.7%)<\/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>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,583<\/p>\n<\/td>\n<td>\n<p>-2.4% (YTD: -24.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,859<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: -7.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,382<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: -21.3%)<\/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 91.63<\/p>\n<\/td>\n<td>\n<p>-3.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.45<\/p>\n<\/td>\n<td>\n<p>-4.3%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,648.90<\/p>\n<\/td>\n<td>\n<p>-1.7%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 19,088<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -58.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.5% at Thursday\u2019s close<\/strong> on turnover of EGP 1.01 bn (2.9% above the 90-day average). Foreign investors were net sellers. The index is down 17.5% YTD.<\/p><p><strong>In the green: <\/strong>Cleopatra Hospitals (+4.4%), Elsewedy Electric (+3.4%) and Madinet Nasr Housing (+2.0%).<\/p><p><strong>In the red: <\/strong>GB Auto (-2.4%), Orascom Construction (-2.3%) and Rameda Pharma (-1.1%).<\/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\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fox-corporation\/\">Fox Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/news-corp\/\">News Corp<\/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\/trevor-milton\/\">Trevor Milton<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/volkswagen\/\">Volkswagen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zoomcar\/\">Zoomcar<\/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=\"550143\" 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=\"550143\">\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\/16\/weve-had-75-years-of-ties-with-india-egypt-votes-to-condemn-russian-annexations-at-unga\/\">\r\n                            We\u2019ve had 75 years of ties with India + Egypt votes to condemn Russian annexations at UNGA                        <\/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\/16\/weve-had-75-years-of-ties-with-india-egypt-votes-to-condemn-russian-annexations-at-unga\/\" 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\/16\/weve-had-75-years-of-ties-with-india-egypt-votes-to-condemn-russian-annexations-at-unga\/')\">\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\/16\/weve-had-75-years-of-ties-with-india-egypt-votes-to-condemn-russian-annexations-at-unga\/\">\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=We\u2019ve had 75 years of ties with India + Egypt votes to condemn Russian annexations at UNGA&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/weve-had-75-years-of-ties-with-india-egypt-votes-to-condemn-russian-annexations-at-unga\/\">\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\/16\/weve-had-75-years-of-ties-with-india-egypt-votes-to-condemn-russian-annexations-at-unga\/&title=We\u2019ve had 75 years of ties with India + Egypt votes to condemn Russian annexations at UNGA\">\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=We%E2%80%99ve+had+75+years+of+ties+with+India+%2B+Egypt+votes+to+condemn+Russian+annexations+at+UNGA+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F16%2Fweve-had-75-years-of-ties-with-india-egypt-votes-to-condemn-russian-annexations-at-unga%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\/16\/weve-had-75-years-of-ties-with-india-egypt-votes-to-condemn-russian-annexations-at-unga\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550143\" class=\"content-area-description single-story post-550143 post type-post status-publish format-standard hentry category-diplomacy tag-diplomacy tag-enterpriseam tag-foreign-ministry tag-india tag-russia-ukraine-conflict tag-sameh-shoukry tag-unga wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Foreign Minister Sameh Shoukry met his Indian counterpart Subrahmanyam <\/strong><strong>Jaishankar over the weekend<\/strong> to mark the 75th anniversary of diplomatic ties between Egypt and India (<a href=\"https:\/\/twitter.com\/MfaEgypt\/status\/1581232966923038721?s=20&t=rLs_DaRzZEEM8HaacnmQgg\">watch, runtime: 24:30<\/a>). The Indian foreign minister highlighted the tourism and pharma sectors as ripe for future cooperation.<\/p>\n<p><strong>Egypt backs UN resolution condemning Russia\u2019s Ukraine annexations:<\/strong> Egypt was among 143 countries that voted in favor of a UN General Assembly (UNGA) resolution last week condemning Russia for annexing several regions in Ukraine and demanding that Moscow reverse the move, the Foreign Ministry said in a <a href=\"https:\/\/www.facebook.com\/photo\/?fbid=421685806807938&set=pcb.421686186807900\">statement<\/a>. The statement reiterates Egypt\u2019s calls for Russian and Ukraine to reach a diplomatic solution to the conflict.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-ministry\/\">Foreign Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/india\/\">India<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/unga\/\">UNGA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull whats-next vertical-section wide-section wp-block-group issue-section\" id=\"550144\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\"\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27716.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27488.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Sunday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/\">\r\n                            Read What's Next                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">10<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/how-can-egypts-startupland-pitch-itself-to-global-investors-amidst-the-vc-slowdown\/\">         \r\n                            How can Egypt\u2019s StartupLand pitch itself to global investors amidst the VC slowdown?<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/how-can-egypts-startupland-pitch-itself-to-global-investors-amidst-the-vc-slowdown\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Recently, local stakeholders have become a bit more worried about what comes next and how to position Egypt as an attractive startup market.<\/p>\n<p><strong>We sat down <\/strong><strong>with <\/strong><strong>Basil Moftah, <\/strong><strong>general<\/strong><strong> partner at fintech fund Nclude<\/strong>, to break down what investors and startups can learn from the downturn and what Egypt\u2019s pitch to international VCs should be going forward. Since Egypt\u2019s StartupLand is still considered nascent and hasn\u2019t witnessed real downturns before, startups and investors alike are learning how to handle current market conditions. But on the upside, there still is untapped global VC funding that hasn\u2019t been deployed yet, of which local startups can later make use.<\/p>\n<p><strong>Edited excerpts from our conversation-<\/strong><\/p>\n<p><strong>Egypt has a very nascent startup scene that is still learning. <\/strong>VC investment finds its roots globally in the 1970s-1980s. Therefore, other markets outside of Egypt are more mature since they went through multiple cycles. This relative immaturity of the Egyptian market means that everyone is learning what works for this market, especially since the startup scene started taking off around 2011.<\/p>\n<p><strong>One problem is that the market is lacking in investor numbers\u2026<\/strong> There are very few active VC investors in Egypt, compared to the US. Back in 2020, the US recorded over 1.9k VC firms managing over 3.6k venture funds worth USD 548 bn in assets, according to the <a href=\"https:\/\/nvca.org\/pressreleases\/record-year-for-u-s-venture-capital-industry-despite-pandemic-and-economic-downturn\/\">National Venture Capital Association<\/a>. Today, the number of VC firms in Egypt stands at 51, according to <a href=\"https:\/\/magnitt.com\/en-eg\/investors\/venture-capital-vc\">Magnitt<\/a>. \u201cTo have a market, you need a significant number of competing players with different theses and philosophies about how they invest,\u201d Moftah says.<\/p>\n<p><strong>\u2026And depth: <\/strong>This is the first time the Egyptian market has faced a downturn, so stakeholders are still learning on how to handle it, Moftah tells us. \u201cEveryone is on a steep learning curve of triaging and understanding their portfolio,\u201d he adds. The VC model is based on making a number of small wagers across a large portfolio, expecting only a handful to be successful.<\/p>\n<p><strong>The big question investors are trying to answer now: Which companies to keep backing and which ones to let go of? <\/strong>A typical VC fund portfolio deploys an average of 15-20 investments per fund. Deciding which of them to let go of can be very complicated because the capital intensity of different business models varies, Moftah explains. Capital intensity refers to how much money it would take a company to achieve profitability. Hence, VCs have to decide whether to back businesses that require less capital but grow slowly, or businesses that require more capital but grow faster. That\u2019s an issue that local investors didn\u2019t have to handle until recently.<\/p>\n<p><strong>The result: <\/strong>\u201cThis means for Egypt that you have a compounded effect of less money available,\u201d Moftah tells us. Now, startups either have to achieve profitability much more quickly, meaning they have to be a lot smaller than what was the original plan for them, or they have to shut down.<\/p>\n<p><strong>For startups to properly handle this downturn, governance is key. <\/strong>Since the market started during a big upturn, there's been a lack of governance by boards and management teams amid chasing growth instead of profitability, Moftah says. Involving the startup\u2019s board may have seemed like a headache, but keeping members up to date helps create alignment when difficult decisions arise.<\/p>\n<p><strong>\u2026And having a plan B that doesn\u2019t rely on more VC investments is important. <\/strong>Founders need to have a plan for when they\u2019re unable to raise funds, Moftah says. This includes looking at what profitable products and services you have that would allow you to sustain the business for a longer period of time.<\/p>\n<p><strong>Long-term financial planning is also a must.<\/strong> Fundraising has always been a time-consuming process. \u201cThe typical investment round used to take 3-6 months to be completed \u2014 today, we\u2019re looking at 6-12 months,\u201d Moftah notes. Hence, startups should start the process as early as possible.<\/p>\n<p><strong>And if your startup is past its pre-series A investment round, regional and international investors are critical.<\/strong> \u201cThe biggest ticket size from a local investor that I have heard of is USD 5 mn,\u201d he states. There are a couple of outliers, but generally, local VCs can't put in much more than that. \u201cIf you're looking to raise USD 10 mn or more, you\u2019ll have to turn to regional and international investors,\u201d Moftah adds.<\/p>\n<p><strong>But bear in mind: <\/strong>Building relationships and trust with those investors takes more time today than in the past, based on the trifecta mentioned above, Moftah says.<\/p>\n<p><strong>Although global economic turbulence has cast a shadow on investing in Egyptian startups, there is a silver lining. <\/strong>Most international VC funds are USD-based. The devaluation of the EGP means that in some ways, the cost of operating from a USD perspective is getting less expensive in Egypt, he explains.<\/p>\n<p><strong>But it isn\u2019t all that rosy. <\/strong>At the same time, startup revenues are worth less because of the USD-EGP exchange rate.<\/p>\n<p><strong>So what should your startup pitch to international investors be? <\/strong>Startups that are expanding abroad pose a very attractive investment option. \u201cWhen you expand, the majority of your costs will be based in Egypt, yet you'll be generating revenues from multiple markets,\u201d Moftah says.<\/p>\n<p><strong>Egypt\u2019s pitch in general is still attractive given it is one of the largest emerging markets with a young, tech-savvy population.<\/strong> But founders need to be prepared to prove to international investors how they will continue to grow at a fast pace through diversifying products and markets, and properly managing the cost base, he adds.<\/p>\n<p><strong>Globally, the VC squeeze will persist for at least 12 months, but that doesn\u2019t mean that there isn\u2019t any money in the bank<\/strong>. \u201cThere's a lot of dry powder around the world that hasn\u2019t been invested yet,\u201d Moftah says. There\u2019s committed capital that VCs had previously raised, but not deployed yet, ranging between USD 200-600 bn globally, he suspects. Some of that will be deployed in Egypt.<\/p>\n<p><strong>And it won\u2019t just rain \u2014 it\u2019ll probably pour. <\/strong>\u201cDry powder usually comes a little bit like an avalanche,\u201d Moftah tells us. Once investors see favorable economic conditions, the money will be rapidly deployed. They will have to move quickly to invest within the fund\u2019s 3-5-year investment period. When this will happen is heavily debated at this point. Moftah suspects it could take at least 12 months.<\/p>\n<p><strong>But most of it will go to existing portfolio companies. <\/strong>Investors are going to dedicate a big portion of their funds to a few of their promising portfolio companies, Moftah explains. New investments will be met with much more scrutiny.<\/p>\n<p><strong>As a startup, use the downturn to learn how to tactically deploy your resources. <\/strong>\u201cWhen you have less money, you make better decisions,\u201d he tells us. Downturns are healthy because they force startups to focus on what matters as opposed to trying to be everything for everybody at the same time, he concludes.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top stories on future trends for the week:<\/strong><\/p>\n<ul>\n<li><strong>Telda bags USD 20 mn round:<\/strong> Digital banking app <a href=\"https:\/\/telda.app\/\">Telda<\/a> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/56691059-02a4-4e9a-b5e7-79e95405b172\">raised USD 20 mn<\/a> in a seed round led by long-time investor Global Founders Capital (GFC) to help it tap new markets and expand its product offering.<\/li>\n<li><strong>MEA fintech startup platform <\/strong><strong><a href=\"https:\/\/www.flapkap.com\/\">FlapKap<\/a><\/strong> <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/56691059-02a4-4e9a-b5e7-79e95405b172\">raised USD 3.6 mn<\/a><\/strong> in a seed round from follow-on investor A15 as well as Bolt by QED, Nclude, and Outliers.<\/li>\n<li><strong>Mastercard invests in fintech fund Nclude: <\/strong>Mastercard <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eb9c70d4-e9ab-429c-bf0b-ff9ca22fca6d\">closed an undisclosed strategic investment<\/a> in Nclude to invest in \u201cpromising early-and-growth-stage fintech and fintech enabled companies\u201d and support digitization and financial inclusion in Egypt.<\/li>\n<li><strong>Digital healthcare platform Vezeeta <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01a0be12-c313-4301-92b0-b185e783e331\">raised an undisclosed amount<\/a><\/strong> from existing investors Abu Dhabi-based Gulf Capital and Swedish VNV Global.<\/li>\n<li><strong>Pharma startup i\u2019Supply <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01a0be12-c313-4301-92b0-b185e783e331\">raised USD 1.5 mn<\/a><\/strong> <strong>in a pre-seed round<\/strong> led by Disruptech Ventures.<\/li>\n<li><strong>Capiter meltdown could end up in court:<\/strong> The two co-founders of B2B e-commerce startup Capiter <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c5e3f0d-4cdd-43d5-89e9-d9b3ad06978f\">have filed a lawsuit<\/a> with the public prosecutor\u2019s office against the company\u2019s board of directors over their recent firing.<\/li>\n<li><strong>Egypt-born B2B beauty startup Glamera <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8c11ceb6-4616-432d-ab38-f5f9f651e282\">secured a USD 1.3 mn<\/a><\/strong><strong> seed funding round<\/strong> led by Riyadh Angel Investors, with participation from Techstars Accelerator, Ithraa Capital, 100 Ventures, Silicon Valley Venture, Lucrative Ventures, and angel investors.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/basil-moftah\/\">Basil Moftah<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\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=\"550146\" 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\/16\/550146\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550146\" class=\"content-area-description single-story post-550146 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>10-16 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>15-16 October (Saturday-Sunday): Indian External Affairs Minister S Jaishankar visits Egypt.<\/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\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":550124,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-550123","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"8f9e87f1-9580-472e-8762-ad1b0ffc087b","teaser":"","photo_url":"https:\/\/ent.news\/2022\/10\/22.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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