{"id":550330,"date":"2022-10-24T03:54:17","date_gmt":"2022-10-24T03:54:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=550330"},"modified":"2025-12-15T22:59:10","modified_gmt":"2025-12-15T22:59:10","slug":"expect-more-on-state-ownership-and-industry-on-day-2-of-govts-economic-conference","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/expect-more-on-state-ownership-and-industry-on-day-2-of-govts-economic-conference\/","title":{"rendered":"Expect more on state ownership and industry on Day 2 of gov\u2019t\u2019s economic conference"},"content":{"rendered":"<section id=\"550332\" 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=\"550332\">\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\/24\/this-morning-its-day-2-of-the-egypt-economic-conference\/\">\r\n                            THIS MORNING: It\u2019s Day 2 of the Egypt Economic Conference                        <\/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\/24\/this-morning-its-day-2-of-the-egypt-economic-conference\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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a joint economic conference with the UAE; and the ongoing gas exporting countries forum.<\/p>\n<p><strong>Day one of the EEC was yesterday, and cabinet members set the table by reviewing the <\/strong><strong>government\u2019s achievements in recent years<\/strong>, including a much-needed program to build infrastructure (roads, bridges, logistics, power generation, natural gas \u2014 A+, we think); its handling of global crises including covid-19 (an A, in our view); and the fallout from Russia\u2019s war in Ukraine (class is still in session, but they squeaked out a C on the midterm).<\/p>\n<p><strong>Cabinet members speaking at the opening sessions <\/strong>highlighted policy priorities including curbing population growth (smart) and building an industrial base (absolutely necessary). There was comparatively little on how to drive export growth and \u2014 in the words of one of the smartest people we know, who was in the audience \u2014 \u201creally little sense of needing new policy ideas, of needing to do something different or to turn a new page.\u201d<\/p>\n<p><strong>We\u2019re more convinced than ever that our <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7\">five-point recipe for building a new Egyptian<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7\">economy based on exports and FDI<\/a><\/strong><strong> holds water. <\/strong>The feedback from so many of you in the community has been both rich and intense (we\u2019ll be talking more about that in the weeks and months to come)\u2026<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>\u2026and Mahmoud Mohieldin was on-point yesterday<\/strong><strong>, saying that while we <\/strong><strong>have an import <\/strong><strong>problem, we have an export crisis. <\/strong>Dr. Mahmoud is brilliant, and he also speaks from experience, having run a focused investment promotion campaign when he was in cabinet. The solution to our economic challenges, he suggested (<strong><a href=\"https:\/\/www.youtube.com\/watch?v=PGV2Kfbr2Ow\">watch, runtime: 25:59<\/a><\/strong>), is in growing our export base. \u201cIs our problem rising imports \u2014 or low exports? We have an import problem, but an export crisis,\u201d Dr. Mahmoud said, suggesting that our ratio of imports to GDP is low by global standards \u2014 and that most of what we import are goods necessary to support manufacturing, agriculture and services.<\/p>\n<p><strong>\u201cThe real problem is not high imports, but the low contribution of exports to GDP. <\/strong>Egypt\u2019s exports per capita are lower than almost any other country \u2014 we must take steps to grow exports,\u201d Dr. Mahmoud said.<\/p>\n<p><strong>Part of the solution is capturing a once-in-a-lifetime chance to integrate with global <\/strong><strong>supply chains<\/strong> \u2014 to make ourselves permanently part of the energy, manufacturing and services base serving Europe, the GCC and Africa.<\/p>\n<p><strong>HERE\u2019S THE PROBLEM-<\/strong><strong> We\u2019re taking careful steps in the right direction, but everyone <\/strong><strong>else in our neighborhood is running<\/strong><strong>. <\/strong>As Enterprise Climate reports this morning, <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/af478392-b4e6-45f5-912f-3d4445011463\">Saudi Arabia wants to become a global supply chain hub<\/a> with a special focus on renewable energy. It is also looking to <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/b45de912-e322-4b2a-bf2b-88d4e1060db4\">supply India with renewable energy<\/a>. And Morocco \u2014 which already ate our first-mover advantage in automotive assembly and has turned itself into an aerospace hub \u2014 is now hammering its position as the <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/b45de912-e322-4b2a-bf2b-88d4e1060db4\">top supplier of renewable energy to Europe<\/a>.<\/p>\n<p><strong>Friends, we need to get moving, and we need to be focused. <\/strong>It\u2019s time Egypt launched a private-sector-back investment promotion agency that can speak the language of CEOs around the world \u2014 and pitch them on how they _specifically_ can capitalize on our natural position as a global export hub.<\/p>\n<p><strong>TODAY IS DAY TWO of EEC 2022. <\/strong>Attendees will discuss:<\/p>\n<ul>\n<li>The state\u2019s policy document on where it will remain in the economy and where it plans to back off;<\/li>\n<li>How to boost FDI, especially for green projects;<\/li>\n<li>Sessions on \u201cpriority industries\u201d including renewable energy, electricity, EVs, waste-to-energy, desalination, and real estate.<\/li>\n<\/ul>\n<p><strong>Tomorrow is all about industry<\/strong>, including how to drive industrial investment, develop national industries, and address the financing gap for manufacturers, as well as solutions to recent import troubles, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02AgbPac44wE6EgyRXsQrororAcWuvVB5w99Fm4ogYtrUWu2LmZGRDU346YGirEBTql\">statement<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>MEANWHILE- Talks with the IMF on an assistance package are set to <\/strong><strong>continue \u201cthe first week of November\u201d in Cairo<\/strong>, according to remarks to journalists by a top fund official. Jihad Azour, the IMF\u2019s director for the Middle East and Central Asia, told reporters that the two sides agreed last week that \u201cI would visit Cairo to resume these negotiations until we reach a new loan agreement,\u201d according to the print edition of state-owned Al Akhbar.<\/p>\n<p><strong>Prime Minister Moustafa Madbouly <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0NrCgDjaJF7WJQMcRmZa5VXGKjXvv3MAxq1S4KhWjyBpX9fFBzmvNhzaXrLvc8gpJl\">said yesterday<\/a><\/strong><strong> that Egypt and the IMF are putting \u201cthe <\/strong><strong>final touches\u201d on the agreement.<\/strong> The PM made the remarks at the opening day of the Egypt Economic Conference 2022.<\/p>\n<p><strong>ALSO HAPPENING TODAY-<\/strong><\/p>\n<p><strong>Egypt is playing host to the annual <\/strong><strong><a href=\"https:\/\/www.gecf.org\/\">Gas Exporting Countries Forum<\/a><\/strong><strong> meetings:<\/strong> Ministers from the 19 member countries as well as eight observer nations are in Cairo until tomorrow for the <a href=\"https:\/\/www.gecf.org\/24th-ministerial-meeting.aspx\">annual meetings of the Gas Exporting Countries Forum<\/a>.<\/p>\n<p><strong>Why this matters:<\/strong> Egypt has been positioning itself for some years now as the premier energy hub in the Eastern Mediterranean, serving as a hub for natural gas and electricity exports to Europe, the Levant, GCC, Sudan and North Africa. Throw in the energy war between Russia and Europe and things look very interesting right now.<\/p>\n<p><strong>THIS WEEK-<\/strong><\/p>\n<p><strong>Egypt and the UAE will <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0gKn5z3nuZiF3rVVxhgVD5AaDXHkH4X4bj7L1b3cvYGKcbV5u98c99ivMradBERDgl\">host a gathering<\/a><\/strong><strong> marking 50 years of bilateral ties:<\/strong> The conference takes place Wednesday-Friday (26-28 October) and is being produced in association with the two governments. Day one is an economic forum featuring ministers, senior officials and business leaders from the two countries, while the following day will feature a cultural forum.<\/p>\n<p><strong>Davos in the Desert is this week: <\/strong>Saudi Arabia tomorrow kicks off this year\u2019s edition of the<a href=\"https:\/\/fii-institute.org\/press\/the-fii-institute-to-hold-its-biggest-ever-gathering-of-world-business-leaders-to-understand-the-new-global-order\/?v=fbe46383db39\"><\/a><a href=\"https:\/\/fii-institute.org\/press\/the-fii-institute-to-hold-its-biggest-ever-gathering-of-world-business-leaders-to-understand-the-new-global-order\/?v=fbe46383db39\">Future Investment Initiative (FII)<\/a>. The kingdom\u2019s annual conference seeks to drum up foreign direct investment for its Vision 2030 plan, which hopes to future-proof the oil-dependent economy by investing in new sectors including tourism and tech. The event will run from Tuesday through Thursday this week.<\/p>\n<p><strong>Wall Street bankers are attending, regardless of what Uncle Joe says: <\/strong>Top Wall Street execs have no plans to cancel their attendance at the summit, despite an escalating war of words between the US and Saudi leadership over recent OPEC+ supply cuts, <a href=\"https:\/\/www.reuters.com\/business\/saudi-forum-set-draw-us-business-leaders-despite-tensions-2022-10-23\/\">Reuters<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-23\/wall-street-is-heading-to-saudi-arabia-as-a-us-spat-over-oil-simmers?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> report.<\/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>COUNTDOWN TO COP (12 days to go)-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Foreign Minister Sameh Shoukry wants COP27 to focus on climate change <\/strong><strong>without getting bogged down in \u201cpolitical polarization,\u201d <\/strong>he said in an interview with state-run <a href=\"https:\/\/wam.ae\/en\/details\/1395303094001\">Emirates News Agency (WAM<\/a>). While the conference is being held during a time of \u201cstrong geopolitical and geo-economic tension,\u201d Shoukry hopes it will not impede tackling common global challenges like climate change as any backtracking on climate pledges would take the world to a \u201cpoint of no return.\u201d<\/p>\n<p><strong>A storm is brewing:<\/strong> Unfortunately, political polarization \u2014 or, as <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-23\/egypt-s-climate-summit-is-heading-for-a-geopolitical-hurricane?sref=mmeFTDW1&leadSource=uverify%20wall\">Bloomberg<\/a> describes it, a \u201cgeopolitical hurricane\u201d \u2014 looks like a dead certainty for the summit, as Western-Russian relations suffer their biggest crisis since the Cold War and US-China tensions rise. Europe is turning to coal and natural gas to mitigate an historic energy crisis triggered by its sanctions war with Moscow, threatening to undo some of the gains made at last year\u2019s COP26. Meanwhile, there\u2019s growing friction between the global haves and have-nots as poorer countries insist rich nations stump up the bulk of the money for the green transition in the developing world \u2014 a demand which they are yet to seriously entertain.<\/p>\n<p><strong>Sharm El Sheikh bids adieu to single-use plastic bags: <\/strong>The Red Sea resort town, playing host to COP27 in less than two weeks, is officially free of all single-use plastic bags, which have been swapped for more environmentally-friendly cloth bags, Environment Minister Yasmine Fouad <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0Lctx7JgwNdLxSF8Nh1F3j4KL4dX9ZZvogry75YQzQmvTaFGRUTFGv67YCkMV7Djil\">said<\/a> during a presser yesterday.<\/p>\n<hr class=\"grey-line\">\n<p><strong>MORNING MUST-READ<\/strong><\/p>\n<p><strong>Rare earth elements in Egypt: <\/strong>EnterprisePM\u2019s Inside Industry vertical took a deep dive yesterday into the <a href=\"https:\/\/enterprise.press\/industries\/profiling-the-egyptian-black-sand-companys-burullus-plant\/\">Hassan Allam-built black sands plant<\/a> in Burullus. Inaugurated by President Abdel Fattah El Sisi earlier this week, the EGP 4 bn project maks Egypt\u2019s foray into rare earth elements.<\/p>\n<p><strong>Why we care: <\/strong>Local black sand deposits are rich not only in a host of heavy minerals used in a wide variety of industries, but also in rare earth elements that are key to the production of everything from solar panels and EVs and to mobile phones. That\u2019s good news for our trade balance \u2014 it will save on exports and open up a new export avenue for the country. At present, <strong>China produces more than 90% of global rare earth output.<\/strong><\/p>\n<hr class=\"grey-line\">\n<p><strong>THE BIG STORY ABROAD- Former UK chancellor Rishi Sunak could today be named the <\/strong><strong>UK\u2019s latest prime minister <\/strong>after a comeback bid by Boris Johnson fell wide of the mark. Sunak will be named PM this afternoon if no other contenders can gather the required 100 signatures from Conservative MPs to stand against him. His only remaining public rival, Penny Mordaunt, had fewer than 30 signatures as of yesterday. A leadership race was triggered within the governing Conservative Party after former PM Liz Truss resigned over her disastrous mini-budget, which sent the UK financial markets haywire. (<a href=\"https:\/\/www.ft.com\/content\/4e3802c9-2486-4872-b577-305a2b5b9fb9\">FT<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-23\/boris-johnson-pulls-out-of-race-to-lead-uk-conservatives?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/10\/23\/uk-prime-minister-contest-drama\/\">Washington Post<\/a> | <a href=\"https:\/\/apnews.com\/article\/british-politics-boris-johnson-rishi-sunak-london-europe-e5a15fc45b3a2212f6f59a6c61439163?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_01\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/uk\/johnson-battling-win-support-fresh-pm-bid-2022-10-23\/\">Reuters<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/10\/23\/world\/europe\/uk-prime-minister-race-sunak-johnson.html\">NYT<\/a>)<\/p>\n<p><strong>AND- Rising inflation is driving a wave of strikes and protests across Europe<\/strong>: Growing dissatisfaction with the rising cost of living threatens to trigger political unrest, the <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-inflation-british-politics-government-and-economy-fb9ddb3506fc645d7bc331ce956e4b19\">Associated Press<\/a> reports. German pilots and British railway workers participated in strikes to demand higher pay. Protesters in Romania, France and the Czech Republic expressed outrage over the rising cost of living, called for pay rises that keep up with inflation, and voiced their concerns over the government's handling of the energy crisis.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>PSA- The LRT has extended its hours: <\/strong>The new <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89cb9259-bf42-42bc-acdb-354768318727\">light rail transit system (LRT)<\/a> has extended its operating hours to 7:30 AM - 9 PM, operator RATP Dev <a href=\"https:\/\/m.facebook.com\/story.php?story_fbid=pfbid02NouaH2BmUXmGYoBMJS1PCR3bR5LxYq6oZs1W8FpQpPjQAdHoEUEMx2ZTY47irRdEl&id=100070164852792\">said<\/a> yesterday.<\/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<hr class=\"grey-line\">\n<p><strong>CLARIFICATION-<\/strong> In <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b5fe81db-11c1-4885-b6f9-f8473ba459b3\">our story<\/a> on S&P Global Ratings\u2019 latest Egypt rating yesterday, we wrote that S&P Global Ratings had affirmed Egypt's credit ratings at BB. This referred to the agency's foreign and local-currency ratings, each of which were held at B.<\/p>\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> We delve into the topic of financial literacy and ask what needs to be done to boost the population\u2019s money smarts.<\/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\/climate\/\">Climate<\/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\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morocco\/\">Morocco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/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=\"550333\" 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=\"550333\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/550333\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550333\" class=\"content-area-description single-story post-550333 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\/10\/2cellos2_1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>2CELLOS \u2014 LIVE AT SOMABAY on 18 November, 2022:<\/strong> Mark your calendars \u2014 world-renowned and wildly popular cellist duo, 2CELLOS will be performing at Somabay on 18 November, 2022. Having racked up a bn-plus audio streams, countless sold-out concerts, and mns of fans across the globe in their 10 years together as 2CELLOS, the Croatian duo of Luka &Scaron;uli\u0107 and HAUSER will be visiting Egypt in their long-awaited 2022 Dedicated World Tour. Book your ticket now: <a href=\"https:\/\/www.ticketsmarche.com\/tickets\/buy-tickets-2-cellos.html\">https:\/\/www.ticketsmarche.com\/tickets\/buy-tickets-2-cellos.html<\/a>. Call us 16390.<\/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=\"550334\" 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=\"550334\">\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\/24\/a-packed-first-day-at-the-egypt-economic-conference-2022\/\">\r\n                            A packed first day at the Egypt Economic Conference 2022                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/a-packed-first-day-at-the-egypt-economic-conference-2022\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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President Abdel Fattah <strong>El Sisi<\/strong> and Prime Minister Moustafa <strong>Madbouly<\/strong> each took to the stage to open proceedings, before Planning Minister Hala <strong>El Said<\/strong>, Finance Minister Mohamed <strong>Maait<\/strong>, and CBE governor Hassan <strong>Abdalla<\/strong> led separate sessions on next steps for the country\u2019s fiscal and monetary policy.<\/p>\n<p><strong>Some of the most important points to note out of yesterday\u2019s sessions:<\/strong><\/p>\n<ul>\n<li>The CBE is looking at <strong> a new indicator for the value of the EGP <\/strong>that doesn\u2019t compare it directly with the USD, Abdalla said. The indicator would compare the EGP against a (presumably trade-weighted) basket of currencies and potentially also gold, he added.<\/li>\n<li>The <strong>letters of credit (L\/C) system for importers<\/strong> to get their goods released from ports will be scrapped \u201csoon,\u201d according to Madbouly.<\/li>\n<li><strong>Slashing red tape and boosting efficiency <\/strong>will be key to strengthening the private sector and boosting FDI, non-state actors at the conference stressed yesterday.<\/li>\n<\/ul>\n<p><strong>REMEMBER- The gathering sees government officials, experts, and economists come <\/strong><strong>together with the aim of creating a roadmap for the country\u2019s economic future. <\/strong>Yesterday was macro-focused. Today, delegates will discuss the state ownership policy document laying out plans to up the private sector\u2019s role in the economy, and ways to boost FDI. The third and final day, tomorrow, should address ways to stimulate industrial investment, develop national industries, and address the financing gap for manufacturers, as well as solutions to recent import troubles.<\/p>\n<p><strong>We\u2019ve got some big ideas of our own \u2014 and we\u2019d like you to join us:<\/strong> If you\u2019re attending the conference, consider plugging our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7\">five-step recipe for how to build a new Egyptian economy<\/a> that puts FDI and exports at the heart of everything we do.<\/p>\n<p><strong>ON THE EXCHANGE RATE- <\/strong><\/p>\n<p><strong>We\u2019re getting a new currency index: <\/strong>We need to stop measuring the EGP against the greenback to help people get used to the idea of a free-floating currency that is not pegged to the USD, CBE governor Hassan Abdalla said. The central bank will introduce its own EGP index, which will measure the EGP against certain currencies and potentially also gold, he said.<\/p>\n<p><strong>\u201cI don't know why people are always fixated on the USD [exchange rate],\u201d<\/strong> Abdalla said, noting that Egypt is neither an oil exporter nor a major trading partner of the US. Abdalla stopped short of explaining how the indicator will work. <a href=\"https:\/\/www.reuters.com\/markets\/currencies\/egypt-develop-new-currency-indicator-wean-people-off-us-dollar-2022-10-23\/\">Reuters<\/a> also has the story.<\/p>\n<p><strong>On hedging: <\/strong>The CBE is working to introduce currency hedging and has concluded futures contracts, Abdalla said.<\/p>\n<p><strong>Devaluation can be a good thing, Madbouly said:<\/strong> \u201cMany countries take measures to devalue their currency to become more competitive,\u201d Madbouly said, adding that a weak EGP does not necessarily point to a battered economy. \u201cThe value of the currency is not an issue; the real issue is curbing the impact of inflation,\u201d he added.<\/p>\n<p><strong>REMEMBER- The EGP has lost a little more than a quarter of its value against the greenback this year<\/strong>, including March\u2019s steep devaluation. That said, a big part of the decline has been a strong rally in the USD on the back of the US Federal Reserve\u2019s tightening cycle. The EGP has actually strengthened against the GBP, JPY and EUR as the three big currencies have lost ground against the greenback.<\/p>\n<p><strong>Exchange rate flexibility has been one of the IMF\u2019s key conditions for an assistance package, <\/strong>which officials have said could happen \u201cvery soon.\u201d Abdalla\u2019s statement comes on the heels of more signals from Finance Minister <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eaa81cae-e4e2-4c66-963d-b806c4ed812b\">Mohamed Maait<\/a> and Planning Minister <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eaa81cae-e4e2-4c66-963d-b806c4ed812b\">Hala El Said<\/a> that we have become more open to a flexible exchange rate policy.<\/p>\n<p><strong>ON IMPORTS-<\/strong><\/p>\n<p><strong>Are we going to say goodbye to<\/strong><strong> L\/Cs soon?<\/strong> The government is working to reverse the Central Bank of Egypt\u2019s (CBE) decision requiring importers to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">issue letters of credit<\/a> to buy goods \u201csoon,\u201d Prime Minister Moustafa Madbouly said during the conference (<a href=\"https:\/\/www.youtube.com\/watch?v=ejdtnavN45U\">watch, runtime: 2:34:07<\/a>). This comes weeks after President Abdel Fattah El Sisi said that import challenges facing manufacturers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17e5731c-72f6-4b07-a0f9-c85fe1927d44\">should be solved<\/a> within two months.<\/p>\n<p><strong>Stay tuned: <\/strong>According to the schedule, we should get more news on solutions to import troubles out of the conference tomorrow.<\/p>\n<p><strong>ON THE PRIVATE SECTOR\u2019S ROLE IN THE ECONOMY-<\/strong><\/p>\n<p><strong>Slashing red tape + improving coordination is key for a stronger private sector: <\/strong>Business leaders got the chance to suggest ways to strengthen the economy and help ensure its resilience to crises during a session led by El Said. Among the suggestions made were the importance of slashing red tape (we <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7#tldr-story-04\">couldn\u2019t agree more<\/a>), and establishing a coordinating body to help streamline processes across different ministries and authorities.<\/p>\n<p><strong>We also need to make use of our EGP 3 tn worth of unused resources and assets, <\/strong>MP Ghada Ali said during the session, adding that establishing a new, dedicated fund for these assets under the purview of the Sovereign Fund of Egypt (SFE) could help get the ball rolling.<\/p>\n<p><strong>Practical steps to boost investment: <\/strong>Former deputy prime minister Ziad Bahaa El Din laid out a handful of common-sense steps to increase confidence in our market among foreign investors, according to <a href=\"https:\/\/bit.ly\/3VR5rT4\">Al Mal<\/a>. They included:<\/p>\n<ul>\n<li>Respond to investors who have pending requests to push forward existing projects;<\/li>\n<li>Respect administrative decisions that have already been made to keep promises to investors;<\/li>\n<li>Implement the helpful legislation that has already been passed (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8be3d5b-ccf6-43d3-9d4b-912dc070cda4\">like the Bankruptcy Act<\/a>);<\/li>\n<li>Have the General Authority for Investments (Gafi) be the main point of contact for investors.<\/li>\n<\/ul>\n<p><strong>ON NATIONAL PROJEC<\/strong><strong>TS- <\/strong><\/p>\n<p><strong>El Sisi and Madbouly spoke at length about the returns on investments we\u2019ve reaped from several different national projects, <\/strong>including investments to expand natural gas production, improve roads and construct bridges, and in public transport.<\/p>\n<p><strong>National projects have cost the government more than EGP 7 tn so far<\/strong>, Madbouly said, adding that <strong>90% of those projects were implemented by the private sector<\/strong>. Meanwhile, construction of new cities has brought some EGP 10 tn into the Egyptian economy, President Abdel Fattah El Sisi said during his speech (<a href=\"https:\/\/www.youtube.com\/watch?v=7gbexhOoReg\">watch, runtime: 53:36<\/a>) at the conference.<\/p>\n<p><strong>\u201cWithout the Zohr natural gas field, Egypt would have been in the dark,\u201d<\/strong> El Sisi said, adding that we would have paid USD 2 bn on natural gas imports every month over the past few years. The 2018 discovery of the supergiant Zohr gas field \u2014 the Mediterranean\u2019s largest \u2014 and the investments made to bring it online faster allowed us to <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/30\/egypt-ends-natural-gas-imports\/\">pull the plug on gas imports<\/a>. Egypt now produces an average of 58.5 bn cubic meters of natural gas every year, Madbouly added.<\/p>\n<p><strong>ON DEBT- <\/strong><\/p>\n<p><strong>Our debt-to-GDP ratio<\/strong><strong> could reach 90% <\/strong><strong>this year,<\/strong> Madbouly said, adding that this does not affect the government\u2019s target to reduce it over the next five years. Some \u201c72.9% of our external debt is medium- or long-term, so we still have a while before the repayments are due,\u201d Madbouly said. The government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59023cb0-be71-414c-9041-8118c08c2965\">had been planning<\/a> to reduce the debt-to-GDP ratio to 84% for the current fiscal year.<\/p>\n<p> <strong>We\u2019re targeting a 72% debt-to-GDP ratio by FY2026-2027<\/strong>, and a primary surplus of 2.3%, up from 1.3% in FY 2021-2022, Maait said during the session he led on public debt and fiscal policies. The targeted debt-to-GDP ratio would be our lowest on record.<\/p>\n<p><strong>EXPECT GLOBAL ECONOMIC HEADWINDS IN \u201823-<\/strong><\/p>\n<p><strong>\u201cThe worst is yet to come\u201d <\/strong><strong>for the global economy<\/strong>, two high-profile thinkers said as the gathering got underway. Markets sage Mohamed El Erian, appearing in a video, emphasized the importance of economic resilience during global challenges and crises, as he pointed out how inflation, coupled with heightened interest rates and global supply chain issues, have impacted not just Egypt, but some of the most advanced economies in the world.<\/p>\n<p><strong>Center for Global Development President Masood Ahmed<\/strong> made a similar point, noting that next year will \u201cfeel like we\u2019re in a recession,\u201d while pointing out that emerging markets will face the brunt of the pressure. \u201cFinancial markets are going to be more reluctant, and they will be harder to access,\u201d Ahmed warns, adding that debt pressures are going to be felt by many EMs. \u201cThe shocks may be global, but the response will have to be primarily national economic policies,\u201d he said, pointing to the importance of how we manage the exchange rate as well as addressing \u201cunderlying fundamentals\u201d like private sector involvement in the economy and our approach to debt.<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/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\/hala-el-said\/\">Hala El Said<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-abdalla\/\">Hassan Abdalla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550336\" 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=\"550336\">\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\">GREEN ENERGY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/hassan-allam-latest-to-target-green-investment-in-morocco\/\">\r\n                            Hassan Allam latest to target green investment in Morocco                        <\/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\/24\/hassan-allam-latest-to-target-green-investment-in-morocco\/\" 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\/24\/hassan-allam-latest-to-target-green-investment-in-morocco\/')\">\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\/24\/hassan-allam-latest-to-target-green-investment-in-morocco\/\">\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=Hassan Allam latest to target green investment in Morocco&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/hassan-allam-latest-to-target-green-investment-in-morocco\/\">\n                    X                    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data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"311.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/311.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/311.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550336\" class=\"content-area-description single-story post-550336 post type-post status-publish format-standard has-post-thumbnail hentry category-green-energy tag-energy tag-enterpriseam tag-green-energy tag-hassan-allam-holding tag-investment-watch tag-morocco tag-orascom-investment-holding tag-renewables tag-water 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> Hassan Allam eyes renewables, desalination projects in Morocco: <\/strong>Our friends at Hassan Allam Holding are mulling investing in renewable energy and desalination projects in Morocco, and could deploy an initial USD 50-150 mn within the next year, CEO Amr Allam told <a href=\"https:\/\/www.asharqbusiness.com\/article\/43188\">Bloomberg Asharq<\/a> on the sidelines of the Africa Business Forum in Casablanca.<\/p>\n<p><strong>\u201cWe are ready to invest in Morocco<\/strong> and we have international partners ready to join us as investors,\u201d Allam said. \u201cThe funding is available and the experience is there.\u201d<\/p>\n<p><strong>Expect more details soon:<\/strong> Company representatives are planning another trip to the country to discuss potential investments with government officials, Allam said.<\/p>\n<p><strong>OIH is also interested: <\/strong>Orascom Investment Holding (OIH) is eyeing an initial <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6af83467-4f2a-4379-a7c8-5ae62622cdb3\">USD 100 mn investment<\/a> in renewable energy, EVs charging stations and agro-industrial sectors in the North African country, CEO Naguib Sawiris said on the sidelines of the forum earlier this week.<\/p>\n<p><strong>Moroccan renewables could one day feature heavily in Europe\u2019s energy mix:<\/strong> Morocco and the EU last week agreed to establish a \u201cgreen partnership\u201d that could boost the country\u2019s ambitions to become a renewable energy export hub to Europe (a goal it shares with Egypt). <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/88c06542-4dba-4ffb-b556-e58994dafeb0\">Enterprise Climate<\/a> has more.<\/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\/energy\/\">energy<\/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\/hassan-allam-holding\/\">Hassan Allam Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morocco\/\">Morocco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-investment-holding\/\">Orascom Investment Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/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=\"550338\" 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=\"550338\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/real-estate-player-seqoon-secures-usd-500k-in-pre-seed-round-b2b-services-marketplace-unlock-lands-first-round-of-funding\/\">\r\n                            Real estate player Seqoon secures USD 500k in pre-seed round + B2B services marketplace Unlock lands first round of funding                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/real-estate-player-seqoon-secures-usd-500k-in-pre-seed-round-b2b-services-marketplace-unlock-lands-first-round-of-funding\/\">\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=Real estate player Seqoon secures USD 500k in pre-seed round + B2B services marketplace Unlock lands first round of funding&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/real-estate-player-seqoon-secures-usd-500k-in-pre-seed-round-b2b-services-marketplace-unlock-lands-first-round-of-funding\/\">\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\/24\/real-estate-player-seqoon-secures-usd-500k-in-pre-seed-round-b2b-services-marketplace-unlock-lands-first-round-of-funding\/&title=Real estate player Seqoon secures USD 500k in pre-seed round + B2B services marketplace Unlock lands first round of funding\">\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=Real+estate+player+Seqoon+secures+USD+500k+in+pre-seed+round+%2B+B2B+services+marketplace+Unlock+lands+first+round+of+funding+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F24%2Freal-estate-player-seqoon-secures-usd-500k-in-pre-seed-round-b2b-services-marketplace-unlock-lands-first-round-of-funding%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\/24\/real-estate-player-seqoon-secures-usd-500k-in-pre-seed-round-b2b-services-marketplace-unlock-lands-first-round-of-funding\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/314.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"550339\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/real-estate-player-seqoon-secures-usd-500k-in-pre-seed-round-b2b-services-marketplace-unlock-lands-first-round-of-funding\/314-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/314.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"314.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/314.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/314.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550338\" class=\"content-area-description single-story post-550338 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-b2b tag-banque-misr tag-enterpriseam tag-investment-watch tag-real-estate tag-seqoon tag-startup-watch tag-startups tag-ui-investments tag-unlock wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Two local startups \u2014 one in real estate, the other in B2B services \u2014 announced six-figure funding rounds yesterday. <\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a><strong> Real estate startup <\/strong><strong><a href=\"https:\/\/www.seqoon.com\/\">Seqoon<\/a><\/strong><strong> has secured USD 500k in a pre-seed round<\/strong> led by Banque Misr through the lender\u2019s <a href=\"https:\/\/www.banquemisr.com\/en\/Home\/ABOUT-US\/News\/Press-Release-Signing-Ceremony\">fintech-focused pilot program<\/a>. A number of angel investors also participated, according to a <a href=\"https:\/\/ent.news\/2022\/10\/Seqoon-English-.pdf\">statement (pdf)<\/a>. Seqoon will use the capital to grow its team.<\/p>\n<p><strong>About Seqoon: <\/strong>Founded by Omar Eldessouky (<a href=\"https:\/\/eg.linkedin.com\/in\/omar-eldessouky-2b72801a9\">LinkedIn<\/a>) and Mohamed Elkhatieb (<a href=\"https:\/\/www.linkedin.com\/in\/mohamed-el-khatieb-6b19a6169\/?originalSubdomain=uk\">LinkedIn<\/a>) last year, the startup lets people go in with up to eight other parties to buy part of a vacation home. The company currently only operates in El Gouna with plans to expand into other Red Sea destinations and the North Coast next year.<\/p>\n<p><strong>Timeshare startups are getting some love lately: <\/strong>Last month proptech startup Partment <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/722ec29f-fba2-4802-9e40-751975d5d32e\">secured USD 1.5 mn<\/a> in a pre-seed round led by Nclude. Its online platform allows people to purchase shares in a second home with up to seven other people. The company allocates each owner a quota of days to use the property and handles the management and maintenance.<\/p>\n<p><strong>UNLOCK LANDS FIRST FUNDING-<\/strong><\/p>\n<p><strong>Egypt-based B2B services marketplace <\/strong><strong><a href=\"https:\/\/unlockassist.com\/\">Unlock<\/a><\/strong> <strong>closed <\/strong><strong>an undisclosed USD <\/strong><strong>six-figure investment in its first funding round<\/strong>, the company said in <a href=\"https:\/\/ent.news\/2022\/10\/UNLOCK-Press-Release-23-Oct-22-.pdf\">a statement (pdf)<\/a> yesterday. The angel investment round was led by Tarek Roushdy, head of local VC <a href=\"https:\/\/ui-investments.net\/\">UI Investments<\/a>, as well as other undisclosed angel investors.<\/p>\n<p><strong>What is Unlock?<\/strong> Launched in 2020 by Fady Younan (<a href=\"https:\/\/www.linkedin.com\/in\/fadyyounan\/\">LinkedIn<\/a>) and Mona El Kheshen (<a href=\"https:\/\/www.linkedin.com\/in\/monaelkheshen\/\">LinkedIn<\/a>), the company operates an AI-powered B2B marketplace connecting businesses with agencies offering professional services such as marketing, software development, accounting, and consultancy. Two hundred agencies are currently using the platform and have received service matching requests worth more than USD 3 mn from some 600 companies, El Kheshen tells Enterprise.<\/p>\n<p><strong>Where will the money go? <\/strong>The funds \u2014 which El Kheshen tells us came in at less than USD 500k \u2014 will be used to further develop the company\u2019s AI-matching, procurement, and payments tech and to expand Unlock\u2019s services to reach new companies.<\/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\/b2b\/\">B2B<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/seqoon\/\">Seqoon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ui-investments\/\">UI Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/unlock\/\">Unlock<\/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=\"550340\" 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=\"550340\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/550340\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550340\" class=\"content-area-description single-story post-550340 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=\"550341\" 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=\"550341\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/uae-investor-snaps-up-3-of-edita\/\">\r\n                            UAE investor snaps up 3% of Edita                        <\/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\/24\/uae-investor-snaps-up-3-of-edita\/\" 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\/24\/uae-investor-snaps-up-3-of-edita\/')\">\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\/24\/uae-investor-snaps-up-3-of-edita\/\">\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=UAE investor snaps up 3% of Edita&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/uae-investor-snaps-up-3-of-edita\/\">\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\/24\/uae-investor-snaps-up-3-of-edita\/&title=UAE investor snaps up 3% of Edita\">\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=UAE+investor+snaps+up+3%25+of+Edita+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F24%2Fuae-investor-snaps-up-3-of-edita%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\/24\/uae-investor-snaps-up-3-of-edita\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550341\" class=\"content-area-description single-story post-550341 post type-post status-publish format-standard hentry category-ma-watch tag-edita tag-egx tag-enterpriseam tag-ma-watch tag-rimco-investments tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Emirati investment firm Rimco Investments acquired a <\/strong><strong>3.0% stake in Edita<\/strong><strong> for <\/strong><strong>EGP <\/strong><strong>192 mn<\/strong> in a transaction Thursday, <a href=\"https:\/\/www.asharqbusiness.com\/article\/43096\">Bloomberg Asharq<\/a> reports, citing unnamed market participants. The Dubai-based company reportedly purchased 20 mn shares at EGP 9.60 per share. A representative from Edita declined to comment when asked by Enterprise yesterday.<\/p>\n<p><strong>The seller: <\/strong>One source told Asharq that UK-based investor Kingsway Capital was the selling shareholder. Al Ahly Pharos reportedly executed the transaction.<\/p>\n<p><strong>Who owns what:<\/strong> Kingsway would now hold 8.9% of the company, having owned 11.9% prior to the transaction according to a <a href=\"https:\/\/ent.news\/2022\/10\/Edita-283381_1.pdf\">disclosure (pdf)<\/a> earlier this month. Netherlands-based PE player Quantum Investment owns 42.7% while the remainder of the company is in freefloat.<\/p>\n<p><strong>Buybacks:<\/strong> This comes as Edita proceeds with a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0bf01cc0-b0dd-4dc9-b268-192e8a5687ba\">share repurchase program<\/a> that will see it buy back 4.8% of its shares by January.<\/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\/edita\/\">Edita<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rimco-investments\/\">Rimco Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550342\" 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=\"550342\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/fawry-appoints-new-chief-financial-officer\/\">\r\n                            Fawry appoints new chief financial officer                        <\/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\/24\/fawry-appoints-new-chief-financial-officer\/\" 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\/24\/fawry-appoints-new-chief-financial-officer\/')\">\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\/24\/fawry-appoints-new-chief-financial-officer\/\">\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=Fawry appoints new chief financial officer&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/fawry-appoints-new-chief-financial-officer\/\">\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\/24\/fawry-appoints-new-chief-financial-officer\/&title=Fawry appoints new chief financial officer\">\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=Fawry+appoints+new+chief+financial+officer+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F24%2Ffawry-appoints-new-chief-financial-officer%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\/24\/fawry-appoints-new-chief-financial-officer\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550342\" class=\"content-area-description single-story post-550342 post type-post status-publish format-standard hentry category-moves tag-abdelmeguid-afifi tag-enterpriseam tag-fawry tag-fintech tag-hesham-bahaa tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Fawry <\/strong>has appointed<strong> Hesham Bahaa <\/strong>(<a href=\"https:\/\/www.linkedin.com\/in\/hesham-bahaa-mba-cia-cfe-a819153b\/\">LinkedIn<\/a>) as <strong>chief financial officer<\/strong>, effective 1 November, it said in <a href=\"https:\/\/ent.news\/2022\/10\/Fawry-Statement-23-10-2022.pdf\">a statement (pdf)<\/a> yesterday. Bahaa previously served as Fawry\u2019s finance director after nearly two decades of experience in financial management in major corporations including Mobily, Orange Egypt, and TE Data. He succeeds <strong>AbdelMeguid Afifi<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/abdelmeguid-afifi-7b1b8921\/\">LinkedIn<\/a>) who has been with the company for more than a decade.<\/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\/abdelmeguid-afifi\/\">AbdelMeguid Afifi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fawry\/\">Fawry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hesham-bahaa\/\">Hesham Bahaa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550343\" 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=\"550343\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/550343\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550343\" class=\"content-area-description single-story post-550343 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_EXPERIENCES_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=\"550344\" 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=\"550344\">\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\/24\/last-nights-talk-shows-day-1-of-the-economic-conference\/\">\r\n                            Last Night\u2019s Talk Shows: Day 1 of the economic conference                        <\/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\/24\/last-nights-talk-shows-day-1-of-the-economic-conference\/\" 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\/24\/last-nights-talk-shows-day-1-of-the-economic-conference\/')\">\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\/24\/last-nights-talk-shows-day-1-of-the-economic-conference\/\">\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: Day 1 of the economic conference&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/last-nights-talk-shows-day-1-of-the-economic-conference\/\">\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\/24\/last-nights-talk-shows-day-1-of-the-economic-conference\/&title=Last Night\u2019s Talk Shows: Day 1 of the economic conference\">\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+Day+1+of+the+economic+conference+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F24%2Flast-nights-talk-shows-day-1-of-the-economic-conference%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\/24\/last-nights-talk-shows-day-1-of-the-economic-conference\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550344\" class=\"content-area-description single-story post-550344 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-economy tag-enterpriseam tag-last-nights-talk-shows tag-mohamed-eletreby tag-state-ownership-policy tag-tourism 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 were all about the first day of the economic conference. <\/strong>The Madbouly government\u2019s high-profile gathering has the talking heads focused on economic reform and upping private sector participation. We have full coverage of the first day of the three-day event in today\u2019s news well, above.<\/p>\n<p><strong>We\u2019ll finally get our hands on the long-awaited state ownership policy: <\/strong>Today should kick off with a session focused on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9cad4496-55ac-4ba8-841f-4aff2a56e5ee\">the state ownership policy<\/a>. This is the last chance to discuss the state\u2019s roadmap to restructure the economy in favor of the private sector. Tomorrow, the policy will be unveiled with the rest of the conference\u2019s outcomes, Cabinet Spokesperson Nader Saad told Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=oat5_v341ME\">watch, runtime: 4:06<\/a>).<\/p>\n<p><strong>Tourism needs to be a priority sector<\/strong>, Banque Misr chief Mohamed Eletreby told Al Hayah Al Youm on the sidelines of the conference (<a href=\"https:\/\/www.youtube.com\/watch?v=isl-QZeBycU\">watch, runtime: 7:53<\/a>). \u201cI believe that we can attract double the amount of tourists we are currently seeing. We are not lesser than Greece, which sees 35 mn tourists a year, or Turkey with 45 mn tourists,\u201d he said. Around <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37b4540a-9a64-4483-ab5c-d2cda507d0cc\">13 mn tourists<\/a> visited Egypt in 2019 and the government is hoping to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3564fecc-ba24-4f50-9625-638c4ec6afb6\">attract 30 mn tourists<\/a> a year.<\/p>\n<p><strong>More coverage:<\/strong> Investors Association Chairman Mohamed Khamis Shaaban praised the timing of the conference on Salet El Tahrir (<a href=\"https:\/\/www.youtube.com\/watch?v=iZkLRG0DCZg\">watch, runtime: 2:28<\/a>), which also held an interview on the day\u2019s events with Senate member Abdel Moneim Saeed (<a href=\"https:\/\/www.youtube.com\/watch?v=bMsLp-DzYy4\">watch, runtime: 11: 38<\/a>). Lamees El Hadidy\u2019s Kelma Akhira focused on comments yesterday from Center for Global Development President Masood Ahmed, who suggested national policy would determine how well Egypt rides out the global crisis (<a href=\"https:\/\/www.youtube.com\/watch?v=z3RpWwIINPo\">watch, runtime: 2:31<\/a> |<a href=\"https:\/\/www.youtube.com\/watch?v=VY4qxX8RcKg\">3:38<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/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\/mohamed-eletreby\/\">Mohamed Eletreby<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-ownership-policy\/\">state ownership policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550345\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, 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Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/contact-financial-eyes-push-into-african-markets-gcc\/\">\r\n                            Contact Financial eyes push into African markets, GCC                        <\/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\/24\/contact-financial-eyes-push-into-african-markets-gcc\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/x.com\/intent\/post?text=Contact Financial eyes push into African markets, GCC&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/contact-financial-eyes-push-into-african-markets-gcc\/\">\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\/24\/contact-financial-eyes-push-into-african-markets-gcc\/&title=Contact Financial eyes push into African markets, GCC\">\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=Contact+Financial+eyes+push+into+African+markets%2C+GCC+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F24%2Fcontact-financial-eyes-push-into-african-markets-gcc%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\/24\/contact-financial-eyes-push-into-african-markets-gcc\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550346\" class=\"content-area-description single-story post-550346 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-aviation tag-commodities tag-contact-financial tag-enterpriseam tag-financial-regulatory-authority tag-healthcare tag-insurance tag-non-banking-financial-services tag-renewable-energy tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Contact Financial Holding wants to expand in Africa, GCC: <\/strong>Contact is looking to step into new markets next year including Uganda, countries in the Horn of Africa, and the GCC next year, Contact CEO Said Zater was quoted as saying by <a href=\"https:\/\/www.alborsaanews.com\/2022\/10\/23\/1589006\">Al Borsa<\/a>. Contact launched operations in Kenya last year, through an EGP 80 mn joint venture with Mansour Group\u2019s Mantrac, which is the distributor of Caterpillar machinery in Egypt. The JV offers financial leasing for heavy and agricultural equipment, with plans to expand to consumer financing, according to Al Borsa.<\/p>\n<p><strong>Green financing products in the pipeline: <\/strong>Contact is looking to launch green financing to cover solar power plants and modern irrigation systems as soon as next month, Zater reportedly said.<\/p>\n<p><strong>MEANWHILE- <\/strong><strong>KarmSolar <\/strong>secured an EGP 47 mn loan from <strong>QNB AlAhli<\/strong> to fund its solar <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6469dcfd-dd91-4462-890d-512c7e36b1d2\">power purchase agreement (PPA)<\/a> <strong>battery storage system<\/strong> at<strong> Cairo 3A<\/strong>\u2019s Giza poultry farm. (<a href=\"https:\/\/ent.news\/2022\/10\/Press-Release-KarmSolar-Secures-47M-EGP-in-Funding-from-QNB-ALAHLI.pdf\">Statement, pdf<\/a>)<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Ibnsina Pharma<\/strong> signed an agreement to become the primary local distributor of global medical device company <strong><a href=\"https:\/\/www.omron-healthcare.com\/eu\">Omron Healthcare<\/a><\/strong>\u2019s products. (<a href=\"https:\/\/ent.news\/2022\/10\/Ibnsina-Omron-Combined-Release_EN.pdf\">Statement, pdf<\/a>)<\/li>\n<li><strong>Air Cairo<\/strong> will begin operating regular domestic flights from <strong>Sphinx International <\/strong><strong>Airport<\/strong> near the <strong>Giza pyramids<\/strong> from 1 November, the Civil Aviation Ministry\u2019s media office told us.<\/li>\n<li>The <strong>International Maritime Organization<\/strong> will open a regional office in <strong>Alexandria<\/strong>. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0qZEhcfpJiizh5vEumcHgN8ws3psc3ZWC6kHhCK3tSa6Bkb6y5Yywk3YeALeNKfBml\">Statement<\/a>)<\/li>\n<li>The government is<strong> extending the rice export ban<\/strong>. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0XxZRMmhk1wbTP4V4GC4fUXh4Mip9cNRmwngUbb3M5k8C1guX1H4SwUeBftxxHVKxl\">Statement<\/a>)<\/li>\n<li>The <strong>Musicians\u2019 Syndicate <\/strong>has released new conditions for licensing <strong>mahraganat singers<\/strong>, including that they must perform with a twelve-member accompanying band of syndicate member musicians and ensure their lyrics are in line with \u201cEgyptian values.\u201d (<a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/5\/33\/478331\/Arts--Culture\/Music\/-Egyptian-Musicians-Syndicate-sets-new-conditions-.aspx\">Ahram Online<\/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\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aviation\/\">aviation<\/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\/contact-financial\/\">Contact Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/insurance\/\">insurance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewable-energy\/\">renewable energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550347\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550348\" 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=\"550348\">\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\/24\/developing-world-debt-is-going-nowhere-and-thats-a-barrier-to-climate-goals\/\">\r\n                            Developing world debt is going nowhere \u2014 and that\u2019s a barrier to climate goals                        <\/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\/24\/developing-world-debt-is-going-nowhere-and-thats-a-barrier-to-climate-goals\/\" 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\/24\/developing-world-debt-is-going-nowhere-and-thats-a-barrier-to-climate-goals\/')\">\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\/24\/developing-world-debt-is-going-nowhere-and-thats-a-barrier-to-climate-goals\/\">\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=Developing world debt is going nowhere \u2014 and that\u2019s a barrier to climate goals&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/developing-world-debt-is-going-nowhere-and-thats-a-barrier-to-climate-goals\/\">\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\/24\/developing-world-debt-is-going-nowhere-and-thats-a-barrier-to-climate-goals\/&title=Developing world debt is going nowhere \u2014 and that\u2019s a barrier to climate goals\">\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=Developing+world+debt+is+going+nowhere+%E2%80%94+and+that%E2%80%99s+a+barrier+to+climate+goals+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F24%2Fdeveloping-world-debt-is-going-nowhere-and-thats-a-barrier-to-climate-goals%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\/24\/developing-world-debt-is-going-nowhere-and-thats-a-barrier-to-climate-goals\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550348\" class=\"content-area-description single-story post-550348 post type-post status-publish format-standard hentry category-planet-finance tag-china tag-debt tag-enterpriseam tag-financial-markets tag-g20 tag-japan tag-oil-and-gas tag-planet-finance tag-qatar tag-shell tag-south-korea wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Debt relief? What debt relief?<\/strong> Policymakers, investors and campaigners have been left disappointed by a lack of progress by the G20 to agree debt relief measures for poorer nations, <a href=\"https:\/\/www.reuters.com\/world\/china\/poor-nations-face-peril-over-elusive-g-20-debt-relief-push-2022-10-23\/\">Reuters<\/a> reports. Rich nations are yet to make headway on the G20 Common Framework proposed in the wake of the covid-19 pandemic two years ago as key creditors drag their heels. According to the World Bank, low-income nations face USD 35 bn in debt-service payments to creditors this year, with more than 40% of that debt due to China.<\/p><p><strong>No debt relief, no green transition:<\/strong> Highly indebted poor nations will struggle to gather the financial resources necessary to decarbonize their economies, making meaningful debt relief all the more important, according to <a href=\"https:\/\/www.thebanker.com\/Sustainability\/Debt-distressed-emerging-markets-will-struggle-with-green-transition-says-ex-World-Bank-official?ct=true\">The Banker<\/a>, which cites statements by former World Bank special envoy for climate change Rachel Kyte. \u201cIt is very difficult to talk about climate finance or financing a green transition if you are debt distressed,\u201d she said, adding that 60% of low-income countries and 30% of emerging markets are in debt distress.<\/p><p><strong>Are we a step closer to a regional green IPO? <\/strong>The Emirates Central Cooling Systems Corporation (<a href=\"https:\/\/www.empower.ae\/\">Empower<\/a>) borrowed USD 1.5 bn from <a href=\"https:\/\/emiratesnbd.com.eg\/egypt-en\/\">Emirates NBD Bank<\/a>, in part to fund a special dividend payment ahead of a potential IPO, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-21\/empower-said-to-borrow-1-5-billion-to-fund-pre-ipo-dividend\">Bloomberg<\/a> reports. Empower is looking to raise as much as USD 700 mn from the IPO <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-30\/empower-said-to-plan-up-to-700-million-dubai-ipo-in-november#xj4y7vzkg\">as early as next week<\/a>. We bring have more in <a href=\"https:\/\/climate.enterprise.press\/issues\/2022\/10\/24\/morocco-becomes-prime-spot-renewable-energy-investments\/#tldr-story-06\">this morning\u2019s edition<\/a><a href=\"https:\/\/climate.enterprise.press\/issues\/2022\/10\/24\/morocco-becomes-prime-spot-renewable-energy-investments\/#tldr-story-06\">of Enterprise Climate<\/a>.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,258<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: -14.2%)<\/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 (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.62<\/p>\n<\/td>\n<td>\n<p>Sell 19.73<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,007<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +6.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,114<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +19.2%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,399<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: +6.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,753<\/p>\n<\/td>\n<td>\n<p>+2.4% (YTD: -21.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,970<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: -5.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,477<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: -19.1%)<\/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>Brent cr<\/strong><strong>u<\/strong><strong>de<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 93.50<\/p>\n<\/td>\n<td>\n<p>+1.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.96<\/p>\n<\/td>\n<td>\n<p>-7.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,656.30<\/p>\n<\/td>\n<td>\n<p>+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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 19,602<\/p>\n<\/td>\n<td>\n<p>+2.1% (YTD: -57.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 976.9 mn (3.7% below the 90-day average). International investors were net sellers. The index is down 14.2% YTD.<\/p><p><strong>In the green: <\/strong>GB Auto (+2.0%), Fawry (+1.7%) and Alexandria Containers and Cargo Handling (+1.6%).<\/p><p><strong>In the red: <\/strong>Egypt Kuwait Holding-EGP (-3.7%), Telecom Egypt (-1.9%) and Cleopatra Hospitals (-1.8%).<\/p><p><strong>Asian markets are mostly up in early trading this morning<\/strong> and futures suggest the major European indices will also open in the green, with a similarly upbeat picture shaping up for Wall Street when it opens a little later on.<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/g20\/\">G20<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/japan\/\">Japan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shell\/\">Shell<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/south-korea\/\">South Korea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"550349\">\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\/27466.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\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a 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  <a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/how-egypt-is-faring-in-financial-literacy\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/317.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"550350\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/how-egypt-is-faring-in-financial-literacy\/317-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/317.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"317.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/317.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/317.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-550349\" class=\"content-area-description post-550349 blackboard type-blackboard status-publish has-post-thumbnail hentry tag-education tag-enterprise-blackboard tag-enterpriseam tag-financial-inclusion wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a><strong> Financial literacy in Egypt and the world is lagging:<\/strong> As financial markets become more advanced and developed \u2014 and with a wave of turbulence in global markets to boot \u2014 being financially savvy is gaining increasing importance. The concept of financial literacy is by no means a new one, but it appears to be slow on the uptake both here in Egypt and on a global scale, research shows. There are some attempts both within and beyond traditional educational institutions, but these remain limited in scope, our sources tell us.<\/p>\n<p><strong>First things first: <\/strong><a href=\"https:\/\/www.investopedia.com\/terms\/f\/financial-literacy.asp\">Financial literacy<\/a> is holding the necessary knowledge and skills to make big financial decisions, including managing your personal finances, budgeting, managing debt and tracking your spending. Think of it like this: Financial literacy is the core of your relationship with money, with it being a lifelong journey that is easier to walk through if you begin early. Being financially literate underpins achieving investment or saving-related goals, business management, or even setting up successful retirement plans.<\/p>\n<p><strong>Only 33% of the world\u2019s population are financially literate<\/strong>, according to Standard & Poor\u2019s 2014 <a href=\"https:\/\/gflec.org\/wp-content\/uploads\/2015\/11\/3313-Finlit_Report_FINAL-5.11.16.pdf?x59497\">Global Financial Literacy Survey (pdf)<\/a>, which surveyed over 150k people from 140 countries. The survey measures the concept of financial literacy using questions gauging the basic knowledge of four fundamental concepts related to financial decision-making, including their knowledge of interest rates, interest compounding, inflation and risk diversification.<\/p>\n<p><strong>In Egypt, the picture is only slightly worse:<\/strong> Around 27% of Egypt\u2019s population is financially literate (some 30% of our male population and 25% of women in the country) qualify as financially literate, according to the survey.<\/p>\n<p><strong>Financial illiteracy is clearly common \u2014 but there are also significant geographic and demographic-based disparities:<\/strong> The report notes that women, individuals from lower socioeconomic backgrounds, and those with lower levels of education tend to suffer gaps in financial knowledge. This trend holds up within developing and developed economies alike, the report says. But individuals surveyed in major advanced economies had a stronger grasp on financial concepts than those in major emerging economies, the report notes.<\/p>\n<p><strong>Integrating FinLit in education as early on as possible is critical to improve these statistics<\/strong>, May University in Cairo (MUC) finance and investment assistant lecturer Ramy El Galy told Enterprise. El Galy suggests that weaving in some basic money knowledge at the preparatory and secondary stages of schooling would be most effective, since these are formative stages for students\u2019 knowledge. \u201cThis would help students understand everything related to their finances and allow them to define their future course and best options in terms of studies and others in the future,\u201d he said.<\/p>\n<p><strong>So far, we\u2019re seeing some of that educational integration \u2014 but only at the university level.<\/strong> MUC business administration students study courses related to financial knowledge in their freshman year, such as accounting, finance and its fundamentals, including finance for institutions, individuals, and non-finance professionals. These courses provide them with theoretical financial knowledge and practical knowledge of its application in their personal lives. Students also take investment courses \u2014 including financial markets and institutions, as well as how to invest in the bourse \u2014 later on in their junior and senior years, once they\u2019ve declared their majors, El Galy told us.<\/p>\n<p><strong>There are other institutions outside the formal education system that are working on pushing FinLit education: <\/strong>Several institutions currently offer financial literacy courses in Egypt, most notably the Egyptian Banking Institute (EBI), the Central Bank of Egypt\u2019s training. The EBI offers financial literacy under its<a href=\"https:\/\/ebi.gov.eg\/%d8%a7%d9%84%d8%aa%d8%af%d8%b1%d9%8a%d8%a8-%d9%85%d9%86-%d8%a3%d8%ac%d9%84-%d8%a7%d9%84%d8%aa%d9%88%d8%b8%d9%8a%d9%81\/?lang=ar\">Training for Employment (TFE)<\/a>e-learning program. The program, offered in two versions for governmental and private universities, targets commerce, economics, and political science seniors, as well as fresh grads, according to the EBI\u2019s <a href=\"https:\/\/ebi.gov.eg\/%d8%a7%d9%84%d8%aa%d8%af%d8%b1%d9%8a%d8%a8-%d9%85%d9%86-%d8%a3%d8%ac%d9%84-%d8%a7%d9%84%d8%aa%d9%88%d8%b8%d9%8a%d9%81\/?lang=ar\">website<\/a>. The EBI\u2019s website also offers access to <a href=\"https:\/\/ebi.gov.eg\/financial-literacy\/?lang=ar\">FinLit e-learning<\/a>, including educational videos for adults and children. In 2012, the EBI launched the \u201c<a href=\"https:\/\/ebi.gov.eg\/social-responsibility\/?lang=ar\">Shaping the Future<\/a>\u201d initiative, which received <a href=\"https:\/\/ebi.gov.eg\/%d8%a7%d9%84%d8%ac%d9%88%d8%a7%d8%a6%d8%b2\/?lang=ar\">several awards<\/a> for spreading awareness on financial literacy, enhancing the ability to manage finance, and the understanding and utilization of various financial services to achieve financial inclusion. Also jumping on the bandwagon: The National Council for Women, which <a href=\"http:\/\/ncw.gov.eg\/News\/7510\/%D8%AE%D8%AA%D8%A7%D9%85-%D9%81%D8%B9%D8%A7%D9%84%D9%8A%D8%A7%D8%AA-%D8%AF%D9%88%D8%B1%D8%A9-%D8%AA%D8%AF%D8%B1%D9%8A%D8%A8-%D9%85%D8%AF%D8%B1%D8%A8%D9%8A%D9%86-TOT-%D8%AD%D9%88%D9%84-%D8%A8%D8%B1%D9%86%D8%A7%D9%85%D8%AC-%D8%A7%D9%84%D8%AA%D8%AB%D9%82%D9%8A%D9%81-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A\">joined forces<\/a> with the International Labor Organization (ILO) to provide a financial literacy program under the Decent Work for Women initiative in Egypt, Tunisia, and Morocco. The latest round of the program was held in August.<\/p>\n<p><strong>But even these options are limited:<\/strong> Only business administration students at MUC have access to these courses, he said. Other universities integrate financial literacy concepts in their finance management courses \u2014 but this is typically at the discretion of each professor. El Galy suggested it would be far more beneficial to expand them to the entire student body, regardless of their area of study, to ensure a wider reach. Meanwhile, the EBI\u2019s training is specifically geared towards preparing and qualifying students for the job market, rather than for a general understanding of financial concepts in daily life, he said.<\/p>\n<p><strong>There are, however, some options for independent learning when it comes to FinLit: <\/strong>The ILO\u2019s affiliated online learning platform offers an <a href=\"https:\/\/www.ilo.org\/empent\/areas\/social-finance\/WCMS_760103\/lang--en\/index.htm\">online training course<\/a> in English, French, and Arabic that aims to unlock financial literacy for participants to manage their personal finances better. It uses examples of women and men in their daily lives, and interactive activities, exercises and assignments to ensure that the provided material is informative and entertaining. It includes four modules and 15 sessions, with the modules including determining financial goals, managing funds wisely, using services by financial institutions efficiently and managing risks and ins.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top education stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Egypt Education Platform<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/282c2d10-3962-4fe7-9d62-eb7036227f7b\">is acquiring<\/a> a 51% stake in education platform <strong>Selah El Telmeez<\/strong>. The<strong> Sovereign Fund of Egypt<\/strong> is acquiring a 5% stake.<\/li>\n<li>The Madbouly government aims to finish<strong> developing all <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3078c7e6-eeae-48d6-acf3-163b6131cffa\">technical education<\/a><\/strong> curricula <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0Bq6o8c7GsH6eZVTjtyHF9XgbkDfuTqzvp2cey4LaqYSNFZR1xLJhc9G5oZHXupEGl\">by September 2024<\/a>. The Higher Education Ministry has so far developed 86 out of a total 125 curricula.<\/li>\n<li><strong>Tutoring centers could go legit: <\/strong>Private tutoring centers will have to get licensed by the Education Ministry, Education Minister Reda Hegazy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df0a870c-afca-4057-9b14-79bb0ddcc694\">told<\/a> MPs.<\/li>\n<li><strong>5-star schools?<\/strong> Private schools <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df0a870c-afca-4057-9b14-79bb0ddcc694\">will soon be classified<\/a> using the star system, like hotels, Hegazy told the House. The rating will measure the quality of education and will affect the price points set by certain schools.<\/li>\n<li><strong>Swiss education lands in Gouna:<\/strong> Naguib and Samih Sawiris last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/85bc75a7-e5d3-421f-98ba-0cec0e15da98\">inaugurated<\/a> the first building of the Uri-Schule El Gouna campus, the first Swiss school in MENA and Africa to be directly supervised by Swiss authorities.<\/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\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-inclusion\/\">financial inclusion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"550351\" 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\/24\/550351\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550351\" class=\"content-area-description single-story post-550351 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>23-25 \u200b\u200bOctober (Sunday-Tuesday): Egypt economic conference, Cairo, Egypt.<\/p>\n<p>23-25 \u200b\u200bOctober (Sunday-Tuesday): <a href=\"https:\/\/www.gecf.org\/\">Gas Exporting Countries Forum<\/a>, Cairo.<\/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>First week of November: IMF delegation to visit Egypt for negotiations on loan agreement.<\/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): <a href=\"https:\/\/www.greeninitiatives.gov.sa\/about-mgi\/\">Middle East Green Initiative<\/a>, 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>11-12 November (Friday-Saturday): <a href=\"https:\/\/www.greeninitiatives.gov.sa\/about-sgi\/\">Saudi Green Initiative<\/a>, Sharm El Sheikh.<\/p>\n<p>7-13 November (Monday-Sunday): 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":550331,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-550330","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"302dc985-94f8-4eb1-86a2-4ef3b760f44e","teaser":"","photo_url":"https:\/\/ent.news\/2022\/10\/35.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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