{"id":553515,"date":"2021-12-07T03:59:39","date_gmt":"2021-12-07T03:59:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=553515"},"modified":"2025-12-16T00:10:04","modified_gmt":"2025-12-16T00:10:04","slug":"the-aldar-adq-bid-for-upmarket-developer-sodic-is-going-through","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/the-aldar-adq-bid-for-upmarket-developer-sodic-is-going-through\/","title":{"rendered":"The Aldar \/ ADQ bid for upmarket developer SODIC is going through"},"content":{"rendered":"<section id=\"553517\" 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=\"553517\">\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\/2021\/12\/07\/this-morning-eye-on-inflation-ahead-of-central-bank-interest-rate-meeting-a-crazy-busy-news-day\/\">\r\n                            THIS MORNING: Eye on inflation ahead of central bank interest rate meeting + a crazy-busy news day                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>It\u2019s one heck of a busy news day today, wonderful people, so let\u2019s jump right in <\/strong>and get this show on the road:<\/p><p><strong>THE BIG STORY OF THE DAY- Aldar Properties and ADQ\u2019s mandatory tender offer for up <\/strong><strong>to 90% of upmarket real estate <\/strong><strong>developer SODIC is going through<\/strong> after blowing past the 51% minimum subscription threshold for the acquisition to go through. SODIC subscribers have until the end of trading today to respond to the MTO.<\/p><p><strong>A US-UAE consortium is going to turn our Temple of Bureaucracy into a multipurpose <\/strong><strong>attraction <\/strong>that will anchor the heart of Downtown Cairo. The good people at the Sovereign Fund of Egypt announced the partnership yesterday.<\/p><p><strong>And solid lobbying by industry participants seems to have put the state\u2019s sale of a new <\/strong><strong>tobacco license <\/strong>back on the front burner.<\/p><p>We have more on all three stories in today\u2019s news well, below.<\/p><p><strong>ALSO- It feels a lot like diplomats have taken a Hot Tub Time Machine to some twisted <\/strong><strong>alternate-reality version of 1984.<\/strong> Consider this:<\/p><ul>\n<li>Washington is (kinda-sorta) boycotting the Beijing Olympics;<\/li>\n<li>The UAE and Iran are edging toward restoring ties;<\/li>\n<li>And Amreeka is getting edgy as China looks to project power into the Atlantic Ocean for the first time.<\/li>\n<\/ul><p><strong>Oh, and Joe Biden is picking up the red phone to try to de-escalate with Vladimir Putin<\/strong> as old Cold War tensions flare. The FT wants you to know that \u201c<a href=\"https:\/\/www.ft.com\/content\/6d2655e2-7c7d-4bbc-91af-035b1a074fb1\">Western leaders are presenting a united front<\/a>\u201d as Biden is expected to threaten Putin with sanctions if Russia were to (further) invade Ukraine.<\/p><p><strong>MEANWHILE- Have we reached peak 2021?<\/strong> A story in Fortune magazine suggests as much: <a href=\"https:\/\/fortune.com\/2021\/12\/06\/artst-selling-nft-egg\/\">This artist is auctioning off one of her eggs through an NFT<\/a>. The creep factor is strong in this one.<\/p><p><strong>Your daily reminder that technical analysis = the reading of sheep\u2019s entrails<\/strong>, <a href=\"https:\/\/twitter.com\/mcclellanosc\/status\/1467694849377800195\">from a<\/a><a href=\"https:\/\/twitter.com\/mcclellanosc\/status\/1467694849377800195\">technical analysis guy with a sense of ha-ha<\/a>.<\/p><p><strong>PSA- We could be in for some gnarly weather<\/strong>, with wind and possibly rain sweeping Alexandria today and the capital city tomorrow. Our favourite weather app and the national weather service are both on the same page here. Check out Last Night\u2019s Talk Shows (below) for more.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>The two-day <\/strong><strong><a href=\"https:\/\/northafricatradefinance.com\/\">North Africa Trade Finance Summit<\/a><\/strong><strong> starts today<\/strong>, bringing together business leaders, people from the financial industry, logistics experts and policymakers to discuss trade finance.<\/p><p><strong>THIS WEEK- <\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Inflation figures for November will be released this Thursday, 9 December.<\/strong> Urban inflation slipped slightly to 6.3% in October from 6.6% the month before, which was the highest reading since January 2020. The dip resulted from a serious slowdown in non-food inflation, though food and beverage prices continued to accelerate.<\/p><p><strong>Renaissance Capital expects the trend to continue<\/strong>, writing in a research note yesterday that it is forecasting inflation <strong>to fall to 5.8% by the end of the year.<\/strong> Food price inflation, which has been rising for much of this year climbing to 11.6% y-o-y in October, will have started to abate in November, according to RenCap, which is penciling a 2022 year-end inflation rate of 5.2%.<\/p><p><strong>That puts the focus squarely on the CBE\u2019s final policy meeting of the year<\/strong>, which will take place on 16 December. Policymakers have held off lowering interest rates further this year and will continue to remain reluctant to do so next week in the face of Egypt\u2019s current account deficit, RenCap says. The current account deficit <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/677e0719-a936-451b-bd5b-cdb8e758d77e\">widened by<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/677e0719-a936-451b-bd5b-cdb8e758d77e\">almost two thirds<\/a><sup><\/sup> during FY 2020-2021 to USD 18.4 bn due to falling tourism revenues and rising imports. RenCap is expecting it to narrow to 4.0% of GDP during the current FY from 4.8% in 2020-2021.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong><a href=\"https:\/\/www.gfhsegypt.com\/\">Global Forum for Higher Education and Scientific Research<\/a><\/strong><strong> runs tomorrow through to <\/strong><strong>Friday<\/strong> at the St. Regis Al Masa Convention Center.<\/p><p><strong><a href=\"https:\/\/www.woodshowglobal.com\/cairo\">The Cairo Woodshow<\/a><\/strong><strong> kicks off on Thursday<\/strong> at the Cairo International Convention Center<\/p><p><strong>Booster shot registration:<\/strong> The Health Ministry will begin allowing senior citizens with chronic medical conditions, as well as all medical staff, to register for a booster covid-19 vaccine as of next Sunday, 12 December.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p><strong>In today\u2019s issue: <\/strong>With plenty of natural attractions across the country, ecotourism has been picking up in Egypt, particularly as the government has incorporated ecotourism into its broader tourism revival strategy. Today, we look at the state of the country\u2019s ecotourism industry and what\u2019s being done to support and encourage sustainable travel.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aldar-properties\/\">Aldar Properties<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renaissance-capital\/\">Renaissance Capital<\/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=\"553518\" 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=\"553518\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/553518\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553518\" class=\"content-area-description single-story post-553518 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:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Soma-Oceanman1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553519\" 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=\"553519\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/sodic-is-officially-getting-emirati-owners\/\">\r\n                            SODIC is officially getting Emirati owners                        <\/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\/2021\/12\/07\/sodic-is-officially-getting-emirati-owners\/\" 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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Aldar and ADQ are looking to acquire up to 90% of SODIC, meaning shareholders in the upmarket real estate developer can still sell shares equivalent to as much as 12.7% of the company before today\u2019s closing bell.<\/p>\n<p><strong>It\u2019s still unclear whether a group that is presently SODIC\u2019s largest shareholder is among the sellers.<\/strong> A consortium of Act Financial, Hassan Allam Properties and Concrete Plus Engineering together make up SODIC\u2019s single-largest shareholder with a 15% stake in the company. A top exec at one of the companies declined to comment.<\/p>\n<p><strong>The terms of the sale:<\/strong> The Emirati consortium \u2014 which is 70% owned by Al Dar and 30% owned by ADQ \u2014 is paying EGP 20 per share in an all-cash transaction, valuing SODIC at around EGP 7.1 bn (USD 452 mn). The company\u2019s board <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e71a47a3-9951-410b-a043-d76406df25a9\">called on shareholders<\/a> last month to accept the offer despite it being priced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e71a47a3-9951-410b-a043-d76406df25a9\">almost 20% below<\/a> the EGP 23.42 share the upmarket developer\u2019s financial advisor BDO had suggested in its fair value study.<\/p>\n<p><strong>SODIC\u2019s shares closed at EGP 19.75 each yesterday<\/strong>, rising from EGP 19.60 last week but remaining flat during yesterday\u2019s trading, according to market data. The company\u2019s shares have traded as low as EGP 14.02 and as high as EGP 19.89 in the past 52 weeks, according to Reuters data, meaning the MTO is at a premium to SODIC\u2019s average share price in the past year.<\/p>\n<p><strong>Just what the nation\u2019s real estate industry needs? <\/strong>Aldar is a proven, well-capitalized player in the UAE\u2019s hyper-competitive real estate market and will bring to the Egyptian industry a set of skills and operating playbook that we expect will see many participants up their games. <strong>The transaction is also great news for foreign direct investment<\/strong>, underscoring to would-be strategics that it\u2019s possible to efficiently enter a key industry here.<\/p>\n<p><strong>Background:<\/strong> The consortium had presented its takeover offer back in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248e5d41-7c58-42ed-abe9-f67d9ac74995\">September<\/a>, when it initially tabled EGP 18-19 per share, which would have valued SODIC at EGP 6.6 bn. The Financial Regulatory Authority approved the bid <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0a12ab5-51fd-4f47-a266-6e199dafba68\">last month<\/a>, kicking off the 10-day subscription window from 24 November.<\/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\/act-financial\/\">Act Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aldar-properties\/\">Aldar Properties<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/concrete-plus-engineering\/\">Concrete Plus Engineering<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-allam-properties\/\">Hassan Allam Properties<\/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\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/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=\"553521\" 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=\"553521\">\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\">Real estate<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/us-consortium-gets-egp-3-5-bn-mogamma-revamp-contract\/\">\r\n                            US consortium gets EGP 3.5 bn Mogamma revamp contract                        <\/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\/2021\/12\/07\/us-consortium-gets-egp-3-5-bn-mogamma-revamp-contract\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The consortium had put forth the best technical and financial offer in the tender to revamp the Mogamma, and has prior experience with renovating historic buildings in the US and Europe, cabinet said. (Global Ventures is of zero relation to the <a href=\"https:\/\/www.global.vc\/\">high-profile venture capital outfit<\/a> of the same name.)<\/p>\n<p><strong>The group will develop and manage the complex that was previously the physical home and literal embodiment of Egypt\u2019s state bureaucracy.<\/strong> The contract sets up a partnership between the consortium and the SFE and will see the consortium manage the development of the complex and operate it once complete, <a href=\"https:\/\/ent.news\/2021\/12\/Tahrir-PRL_EN-Final.docx.pdf\">the group said<\/a><a href=\"https:\/\/ent.news\/2021\/12\/Tahrir-PRL_EN-Final.docx.pdf\">(pdf)<\/a>. The iconic downtown Cairo building is set to be transformed into a multi-purpose attraction with an apartment hotel as well as commercial and office spaces.<\/p>\n<p><strong>Where\u2019s the financing coming from? <\/strong>The announcement was silent on how the Global Ventures-Oxford-Otaiba group plans to finance what it said will be an investment \u201cin excess of USD 200 mn\u201d in the project.<\/p>\n<p><strong>The process is expected to wrap within 24 months of the development work actually beginning<\/strong>, Planning Minister Hala El Said told Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=jvFGrN85GQc\">watch, runtime: 19:44<\/a>), confirming the timeline <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08d65721-144d-499e-8b3c-b99a6f339002\">previously laid out<\/a> by SFE CEO Ayman Soliman.<\/p>\n<p><strong>Weren\u2019t we about to choose Arab partners for the gig?<\/strong> The government had been looking at four shortlisted bids submitted by consortiums of local and Arab companies as of September, Planning Minister Hala El Said had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/93b0334c-09b1-4c2f-8410-fef370fdff6e\">said at the time<\/a>. Since then, the decision \u2014 which was initially meant to be announced that month \u2014 was delayed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8dd649c9-e58e-43fe-a127-ae11a22ac9fa\">a handful of times<\/a>.<\/p>\n<p><strong>Advisors:<\/strong> Alliance Law Firm acted provided legal advice to the US consortium while Adsero - Ragy Soliman & Partners acted as counsel to the SFE. Colliers International conducted the market study to help advise the decision.<\/p>\n<p><strong>ALSO COMING UP- The redevelopment of Mubarak HQ: <\/strong>Five different consortiums want to get involved in the redevelopment of the site of the former <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/255f8c85-d83f-4617-b492-7eca81943f56\">National Democratic Party headquarters<\/a>, which will likely become home to a hotel, commercial, and residential project overlooking the Nile, Soliman said at the signing ceremony yesterday, according to <a href=\"https:\/\/bit.ly\/2ZYYjvV\">Bloomberg Asharq<\/a>. The tender for the project will be issued \u201cwithin weeks,\u201d likely after the end of the winter holiday season, El Said told El Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=KmRpq6LfP-U\">watch, runtime: 1:31<\/a>). The SFE also plans to launch a tender to repurpose the Interior Ministry building in downtown, which could be used as a campus for an unspecified French postgraduate university, alongside a startup incubator, according to the minister.<\/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\/ayman-soliman\/\">Ayman Soliman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/global-ventures\/\">Global Ventures<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mogamma-el-tahrir\/\">Mogamma El Tahrir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planning-ministry\/\">Planning Ministry<\/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\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/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=\"553523\" 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=\"553523\">\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\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/tobacco-tender-is-back-on\/\">\r\n                            Tobacco tender is back on                        <\/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\/2021\/12\/07\/tobacco-tender-is-back-on\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The license would allow for the establishment of Egypt\u2019s second major tobacco company, entering a space that is currently occupied entirely by Eastern.<\/p>\n<p><strong>Who\u2019s biting?<\/strong> As of yesterday, none of the four tobacco companies with local operations \u2014 Philip Morris, JTI-Nakhla Tobacco, British American Tobacco Egypt, and Al Mansour International Distribution Company \u2014 had purchased the booklet, Federation of Egyptian Industries\u2019 (FEI) cigarettes division Head Ibrahim Embaby told Enterprise. <strong>British Tobacco intends to take out the booklet within the next couple of days<\/strong>, a company representative told us. The IDA has set this coming Thursday as the deadline for companies interested in the license to purchase the conditions booklet for the tender, which outlines the revised terms for the license. The IDA will review offers on 23 January.<\/p>\n<p><strong>What\u2019s different this time around? Nobody really knows.<\/strong> JTI-Nakhla, British American Tobacco, and Al Mansour <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1888f67e-febb-4bac-8006-e9eb843303e8\">had previously requested<\/a>, among other things, that the tender should only cover traditional tobacco products (rather than also including e-cigarettes and heated tobacco). The companies had also complained about tender terms that would protect Eastern\u2019s market share, suggesting that any new market entrant wouldn\u2019t be given a fighting chance. It\u2019s currently unclear whether, or how, the new tender addressed these concerns. The tender may have been re-issued without any changes at all, Embaby suggested in comments to Masrawy. It\u2019s also unclear why the IDA decided to issue a fresh tender, rather than opting to amend the terms of the original tender booklet, the British Tobacco representative told us.<\/p>\n<p><strong>So what changed? Good lobbying, we suspect<\/strong>, including a visit to Egypt in early November by a senior delegation from BAT to discuss with government officials \u201cthe company's ambitious strategy and plan to achieve an impactful change in tobacco and nicotine products.\u201d The company <a href=\"https:\/\/ent.news\/2021\/12\/British_American_Tobacco_Egypt_meeting_2021.pdf\">issued a statement (pdf)<\/a> that was heavy on the praise for the government\u2019s management of the economy and investment environment \u2014 and <strong>called on the government to \u201cissue multiple new manufacturing licenses for traditional cigarettes and new products separately<\/strong>.\u201d BAT played up its GBP 20 mn investment in heated tobacco here this year and noted that it has \u201cprovided more than 1k jobs.\u201d<\/p>\n<p><strong>Background:<\/strong> First introduced in March, the tender has been the subject of much drama, receiving strong backlash from several tobacco players who argued that the terms of the license would create an e-cigarette monopoly and provide preferential treatment to Eastern Company. Under <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc6218c5-a369-4987-b5ec-3e9aa59744bb\">the first tender<\/a>, the new market entrant would have had to price its products 50% higher than Eastern, and allow the state company to own a 24% stake.<\/p>\n<p><strong>The government then conceded and redrafted the license terms, but companies were still unhappy<\/strong> with what they said were unfair conditions. Tobacco giant Philip Morris was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/516b2b65-a117-4391-961e-2a72b6bc2a54\">the only company to take part<\/a> in the bidding round for the new license in August, while the three other tobacco companies filed grievance letters to the Madbouly cabinet and requested a deadline extension until 1 December.<\/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\/british-american-tobacco-egypt\/\">British American Tobacco Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/competition-watch\/\">competition watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-company\/\">Eastern Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industrial-development-authority\/\">Industrial Development Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jti-nakhla-tobacco\/\">JTI-Nakhla Tobacco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mansour-group\/\">Mansour Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553525\" 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=\"553525\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/edita-starts-operations-at-morocco-factory\/\">\r\n                            Edita starts operations at Morocco factory                        <\/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\/2021\/12\/07\/edita-starts-operations-at-morocco-factory\/\" 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\/2021\/12\/07\/edita-starts-operations-at-morocco-factory\/')\">\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\/2021\/12\/07\/edita-starts-operations-at-morocco-factory\/\">\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=Edita starts operations at Morocco factory&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/edita-starts-operations-at-morocco-factory\/\">\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\/2021\/12\/07\/edita-starts-operations-at-morocco-factory\/&title=Edita starts operations at Morocco factory\">\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=Edita+starts+operations+at+Morocco+factory+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F07%2Fedita-starts-operations-at-morocco-factory%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\/2021\/12\/07\/edita-starts-operations-at-morocco-factory\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/244.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553526\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/edita-starts-operations-at-morocco-factory\/244-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/244.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"244.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/244.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/244.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553525\" class=\"content-area-description single-story post-553525 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-edita tag-enterpriseam tag-food-and-beverage tag-investment-watch tag-manufacturing tag-morocco wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Edita Food Industries has started operations at its new production facility in <\/strong><strong>Morocco<\/strong>, the company announced in <a href=\"https:\/\/ent.news\/2021\/12\/Edita-PR-Morocco-Facility-English.pdf\">a statement (pdf)<\/a> on Sunday. The plant is the company\u2019s first greenfield investment outside of Egypt and makes the company\u2019s transformation into a manufacturer that exports to a host of regional markets into a true multinational with offshore operations.<\/p>\n<p><strong>The EGP 200 mn plant currently has one production line that produces 2.7k tons of HoHos cakes every year<\/strong>. This will increase in the future with the addition of another two production lines.<\/p>\n<p><strong>The facility \u201csignificantly strengthens the company\u2019s exposure\u201d to the c. USD 100 mn Moroccan cake market<\/strong>, of which it aims to capture a \u201cstrong share,\u201d Edita said.<\/p>\n<p><strong>The factory is operated by Edita Food Industries Morocco<\/strong>, a joint venture set up between Edita and Moroccan FMCG distributor Dislog Group. Edita holds a 76% stake in the company and Dislog holds 20%.<\/p>\n<p><strong>IN OTHER INVESTMENT NEWS-<\/strong><\/p>\n<p><strong>Digital transformation, cloud, and cybersecurity services company <\/strong><strong><a href=\"https:\/\/softline.com\/\">Softline<\/a><\/strong><strong> will <\/strong><strong>increase its investments in Egypt <\/strong>following a series of meetings with GAFI, the CIT Ministry and ITIDA, the company announced in <a href=\"https:\/\/ent.news\/2021\/12\/Softline-expands-in-MENA-by-increasing-its-investments-in-the-Egyptian-market.pdf\">a press release (pdf)<\/a> yesterday. The company didn\u2019t specify how much it would be investing. In December of last year, Softline selected <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43dc7998-bd19-427d-8c76-52569308dbca\">Egypt<\/a> as its Middle East hub following its re-entry to the Egyptian market.<\/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\/edita\/\">Edita<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-and-beverage\/\">food and beverage<\/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\/manufacturing\/\">Manufacturing<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553527\" 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=\"553527\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/elsewedy-electric-unveils-industrial-complex-in-tanzania\/\">\r\n                            Elsewedy Electric unveils industrial complex in Tanzania                        <\/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\/2021\/12\/07\/elsewedy-electric-unveils-industrial-complex-in-tanzania\/\" 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\/2021\/12\/07\/elsewedy-electric-unveils-industrial-complex-in-tanzania\/')\">\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\/2021\/12\/07\/elsewedy-electric-unveils-industrial-complex-in-tanzania\/\">\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=Elsewedy Electric unveils industrial complex in Tanzania&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/elsewedy-electric-unveils-industrial-complex-in-tanzania\/\">\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\/2021\/12\/07\/elsewedy-electric-unveils-industrial-complex-in-tanzania\/&title=Elsewedy Electric unveils industrial complex in Tanzania\">\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=Elsewedy+Electric+unveils+industrial+complex+in+Tanzania+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F07%2Felsewedy-electric-unveils-industrial-complex-in-tanzania%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\/2021\/12\/07\/elsewedy-electric-unveils-industrial-complex-in-tanzania\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/245.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553528\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/elsewedy-electric-unveils-industrial-complex-in-tanzania\/245-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/245.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"245.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/245.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/245.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553527\" class=\"content-area-description single-story post-553527 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-africa tag-assem-el-gazzar tag-elsewedy-electric tag-enterpriseam tag-ghana tag-infrastructure-watch tag-investment-watch 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-06\"><\/a><strong> Elsewedy Electric inaugurates Tanzania industrial park:<\/strong> Elsewedy Electric opened a USD 35 mn electric cable factory in Tanzania yesterday, the company announced in <a href=\"https:\/\/ent.news\/2021\/12\/Elsewedy-Electric_Tanzania-2021.pdf\">a<\/a><a href=\"https:\/\/ent.news\/2021\/12\/Elsewedy-Electric_Tanzania-2021.pdf\">bourse filing (pdf)<\/a>, marking the start of the first phase of its Kigamboni industrial complex. Located near the country\u2019s capital, the first phase of the park will include several factories for cables, wires, transformers, meters and polyvinyl chloride (PVC), as well as a 4.8k sqm logistics center, it said.\u200b\u200b<\/p>\n<p><strong>The industrial park aims to attract over USD 400 mn worth of investments<\/strong> from over 100 investors across the region, the company said in an emailed statement. It will span 2.2 mn sqm and will include chemical, engineering and mining plants, as well as a technical training academy. The park is being built by Elsewedy Electric\u2019s subsidiary, Elsewedy Industrial Development.<\/p>\n<p><strong>It\u2019s not clear how much Elsewedy will invest in the project<\/strong>, as the company didn\u2019t disclose figures in the statement. <a href=\"https:\/\/africa.businessinsider.com\/local\/markets\/egypts-elsewedy-electric-wants-to-invest-dollar200-million-in-tanzanias-kigamboni\/l8ptw7d\">Business Insider Africa<\/a> reported last month that USD 200 mn will be spent on infrastructure for the first phase. The company declined to comment on the subject when approached by Enterprise.<\/p>\n<p><strong>This is not the company\u2019s first rodeo in Tanzania: <\/strong>Elsewedy Electric and Arab Contractors were awarded the USD 2.9 bn contract to construct the country\u2019s <a href=\"https:\/\/www.elsewedyelectric.com\/en\/business-lines\/engineering-construction\/power-generation\/hydropower-energy\/\">Julius Nyerere hydropower dam<\/a>, a megaproject that will produce more than 2 GW of electricity when operational.<\/p>\n<p><strong>Elsewedy Electric has been increasing its African footprint in recent months.<\/strong> The company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f89b77e-c3ea-45b0-a2f5-6f8d5dbc1b1a\">signed<\/a> a USD 16.7 mn EPC contract to build a substation for Ghana\u2019s state-owned electricity company, to be delivered within a two-year period.<\/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\/africa\/\">Africa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/assem-el-gazzar\/\">Assem El Gazzar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ghana\/\">Ghana<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure-watch\/\">infrastructure watch<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553529\" 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=\"553529\">\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\">EGX<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/oc-announces-dividend-payout-acquisition-in-the-cards\/\">\r\n                            OC announces dividend payout + acquisition in the cards                        <\/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\/2021\/12\/07\/oc-announces-dividend-payout-acquisition-in-the-cards\/\" 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\/2021\/12\/07\/oc-announces-dividend-payout-acquisition-in-the-cards\/')\">\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\/2021\/12\/07\/oc-announces-dividend-payout-acquisition-in-the-cards\/\">\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=OC announces dividend payout + acquisition in the cards&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/oc-announces-dividend-payout-acquisition-in-the-cards\/\">\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\/2021\/12\/07\/oc-announces-dividend-payout-acquisition-in-the-cards\/&title=OC announces dividend payout + acquisition in the cards\">\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=OC+announces+dividend+payout+%2B+acquisition+in+the+cards+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F07%2Foc-announces-dividend-payout-acquisition-in-the-cards%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\/2021\/12\/07\/oc-announces-dividend-payout-acquisition-in-the-cards\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553529\" class=\"content-area-description single-story post-553529 post type-post status-publish format-standard hentry category-egx tag-dividends tag-egx tag-enterpriseam tag-mitsubishi tag-nasdaq-dubai tag-orascom-construction wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Orascom Construction\u2019s (OC) board of directors has approved an interim dividend <\/strong><strong>payout of USD 0.2313 per share<\/strong>, the company said in <a href=\"https:\/\/ent.news\/2021\/12\/OC-to-Distribute-an-Interim-Dividend-of-USD-0.2313-Per-Share-in-January-2022.pdf\">an EGX filing (pdf)<\/a> yesterday. Investors holding shares listed on the Nasdaq Dubai will receive the payment in USD, while those holding shares on the EGX will receive the payment in the EGP equivalent.<\/p>\n<p><strong>This marks the company's fifth dividend payment to shareholders since 2018<\/strong>. The payout will be distributed on 31 January, bringing the dual-listed company\u2019s total dividends in FY 2021 to USD 0.4626 per share.<\/p>\n<p><strong>IN OTHER NEWS FROM OC- The company is planning to acquire an equipment distribution and <\/strong><strong>services business owned by the Sawiris family for USD 35 mn<\/strong> in an all-cash transaction, according to a <a href=\"https:\/\/ent.news\/2021\/12\/OC-Board-Proposes-the-Acquisition-of-an-Equipment-Distribution-and-Services-Business-in-Egypt1.pdf\">statement (pdf)<\/a> yesterday. OC announced in October that it was looking at acquiring <a href=\"https:\/\/ent.news\/2021\/12\/269620_2.pdf\">up to 100% (pdf)<\/a> of the company, and appointed HLB for Financial Consultancies on Securities to conduct a fair value study.<\/p>\n<p><strong>The business:<\/strong> The target company owns three separate businesses active in equipment import, distribution and maintenance: Orascom Trading, Orascom Freezone and National Equipment Company. The company is the sole agent for more than 45 original equipment manufacturers in Egypt, including Grove, John Deere, Volvo Penta, Hitachi, and Mitsubishi Heavy Industries. It is owned by the Sawiris family but is legally separate from OC.<\/p>\n<p><strong>The next steps: <\/strong>Shareholders who will be asked to approve the transaction at an extraordinary general meeting on 27 December. Shareholders who are members of the Sawiris family will abstain from voting, as will two board members.<\/p>\n<p><strong>The news comes as the company has reported solid earnings growth in 2021:<\/strong> OC last month <a href=\"https:\/\/ent.news\/2021\/11\/9M-2021-Results-Press-Release.pdf\">reported (pdf)<\/a> net income of USD 76.1 mn during the first nine months of the year, up 17% from 2020, as well as a pick-up in backlog and new awards, which were boosted by the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9e6ecf9-9165-4f64-acc6-9d7f2a0b9e7f\">contract<\/a> for the construction of Egypt\u2019s first high-speed rail system. The latest payout means OC will distribute USD 51.5 mn in dividends<sup><\/sup> this year.<\/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\/dividends\/\">Dividends<\/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\/mitsubishi\/\">Mitsubishi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nasdaq-dubai\/\">Nasdaq Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-construction\/\">Orascom Construction<\/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=\"553530\" 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=\"553530\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/sfe-to-sign-3-4-green-hydrogen-production-agreements\/\">\r\n                            SFE to sign 3-4 green hydrogen production agreements                        <\/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\/2021\/12\/07\/sfe-to-sign-3-4-green-hydrogen-production-agreements\/\" 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\/2021\/12\/07\/sfe-to-sign-3-4-green-hydrogen-production-agreements\/')\">\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\/2021\/12\/07\/sfe-to-sign-3-4-green-hydrogen-production-agreements\/\">\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=SFE to sign 3-4 green hydrogen production agreements&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/sfe-to-sign-3-4-green-hydrogen-production-agreements\/\">\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\/2021\/12\/07\/sfe-to-sign-3-4-green-hydrogen-production-agreements\/&title=SFE to sign 3-4 green hydrogen production agreements\">\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=SFE+to+sign+3-4+green+hydrogen+production+agreements+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F07%2Fsfe-to-sign-3-4-green-hydrogen-production-agreements%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\/2021\/12\/07\/sfe-to-sign-3-4-green-hydrogen-production-agreements\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553530\" class=\"content-area-description single-story post-553530 post type-post status-publish format-standard hentry category-energy tag-ayman-soliman tag-energy tag-enterpriseam tag-green-hydrogen tag-infrastructure tag-sovereign-fund-of-egypt 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>The Sovereign Fund of Egypt (SFE) will sign 3-4 green hydrogen production <\/strong><strong>projects in the upcoming period<\/strong>, SFE CEO Ayman Soliman said yesterday, without disclosing further details, <a href=\"https:\/\/bit.ly\/2ZYYjvV\">Bloomberg Asharq<\/a> reported. Our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ebef003-0472-4513-93aa-ef59d457a5ea\">first-ever green hydrogen facility<\/a> is currently being built in Ain Sokhna by a consortium comprising Norway\u2019s Scatec, Orascom Construction, Nassif Sawiris-backed Fertiglobe, and the SFE. Other companies are reportedly interested in setting up hydrogen facilities in Egypt, including <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d82dc1ad-6821-4ed2-9677-40b18ad2439d\">Siemens<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aff3aab7-2de8-4461-ba56-0bcf3f15bf45\">Eni, General Electric and ThyssenKrupp<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ayman-soliman\/\">Ayman Soliman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/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=\"553531\" 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=\"553531\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/mohamed-sekkina-appointed-talabat-mart-general-manager\/\">\r\n                            Mohamed Sekkina appointed Talabat Mart general manager                        <\/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\/2021\/12\/07\/mohamed-sekkina-appointed-talabat-mart-general-manager\/\" 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\/2021\/12\/07\/mohamed-sekkina-appointed-talabat-mart-general-manager\/')\">\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\/2021\/12\/07\/mohamed-sekkina-appointed-talabat-mart-general-manager\/\">\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=Mohamed Sekkina appointed Talabat Mart general manager&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/mohamed-sekkina-appointed-talabat-mart-general-manager\/\">\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\/2021\/12\/07\/mohamed-sekkina-appointed-talabat-mart-general-manager\/&title=Mohamed Sekkina appointed Talabat Mart general manager\">\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=Mohamed+Sekkina+appointed+Talabat+Mart+general+manager+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F07%2Fmohamed-sekkina-appointed-talabat-mart-general-manager%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\/2021\/12\/07\/mohamed-sekkina-appointed-talabat-mart-general-manager\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553531\" class=\"content-area-description single-story post-553531 post type-post status-publish format-standard hentry category-moves tag-enterpriseam tag-mohamed-sekkina tag-moves tag-oman tag-talabat tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Food ordering app <strong>Talabat<\/strong> has tapped <strong>Mohamed Sekkina<\/strong> (<a href=\"https:\/\/ae.linkedin.com\/in\/mohamedsekkina\">LinkedIn<\/a>) as the new <strong>general manager<\/strong> of its grocery delivery service, <strong>Talabat Mart<\/strong>, reports <a href=\"https:\/\/bit.ly\/3pq6pGw\">Al Mal<\/a>. Sekkina led the launch of Talabat Mart in Egypt and Oman in 2020, and headed the platform\u2019s business operations in the UAE. Sekkina has been serving as interim country manager for the past 5-6 months.<\/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\/mohamed-sekkina\/\">Mohamed Sekkina<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oman\/\">Oman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/talabat\/\">Talabat<\/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=\"553532\" 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=\"553532\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/553532\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553532\" class=\"content-area-description single-story post-553532 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\/2021\/10\/Tactical-Male-1600WX800H-for-web.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553533\" 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=\"553533\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/last-nights-talk-shows-mogamma-overhaul-in-the-spotlight-theres-a-storm-brewin\/\">\r\n                            Last Night\u2019s Talk Shows: Mogamma overhaul in the spotlight + there\u2019s a storm brewin\u2019                        <\/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\/2021\/12\/07\/last-nights-talk-shows-mogamma-overhaul-in-the-spotlight-theres-a-storm-brewin\/\" 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\/2021\/12\/07\/last-nights-talk-shows-mogamma-overhaul-in-the-spotlight-theres-a-storm-brewin\/')\">\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\/2021\/12\/07\/last-nights-talk-shows-mogamma-overhaul-in-the-spotlight-theres-a-storm-brewin\/\">\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: Mogamma overhaul in the spotlight + there\u2019s a storm brewin\u2019&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/last-nights-talk-shows-mogamma-overhaul-in-the-spotlight-theres-a-storm-brewin\/\">\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\/2021\/12\/07\/last-nights-talk-shows-mogamma-overhaul-in-the-spotlight-theres-a-storm-brewin\/&title=Last Night\u2019s Talk Shows: Mogamma overhaul in the spotlight + there\u2019s a storm brewin\u2019\">\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+Mogamma+overhaul+in+the+spotlight+%2B+there%E2%80%99s+a+storm+brewin%E2%80%99+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F07%2Flast-nights-talk-shows-mogamma-overhaul-in-the-spotlight-theres-a-storm-brewin%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\/2021\/12\/07\/last-nights-talk-shows-mogamma-overhaul-in-the-spotlight-theres-a-storm-brewin\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553533\" class=\"content-area-description single-story post-553533 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-egyptian-meteorological-authority tag-enterpriseam tag-last-nights-talk-shows tag-mogamma-el-tahrir tag-sovereign-fund-of-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Mogamma overhaul gets star treatment:<\/strong> The Sovereign Fund of Egypt signing contracts with a US consortium to develop and manage downtown Cairo\u2019s Mogamma complex was at the top of the talking heads\u2019 agendas last night, with coverage from El Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=BmVsRw1lcV4\">watch, runtime: 4:47<\/a>), Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/www.facebook.com\/watch\/live\/?ref=watch_permalink&v=643858876626736\">watch, runtime: 5:08<\/a>), and Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=mWGRdW_ZQWA\">watch, runtime: 0:34<\/a>). We have the story in full in this morning\u2019s news well, above.<\/p>\n<p><strong>Meanwhile, an expected bout of bad weather over the next couple of days<\/strong> also earned airtime. We might be getting a full-blown storm on the back of strong winds and dust, coupled with potential rainfall today and tomorrow, director of the Egyptian Meteorological Authority\u2019s forecasting center Mahmoud Shahin told Adib. Rainfall is expected in the country\u2019s northwestern region first today before hitting Alexandria, parts of the east coast, and Cairo tomorrow, according to Shaheen (<a href=\"https:\/\/www.youtube.com\/watch?v=HlNIIRWEerU\">watch, runtime: 2:34<\/a>). Moussa also discussed the weather forecast with the forecasting center\u2019s undersecretary, Iman Shaker (<a href=\"https:\/\/www.facebook.com\/watch\/live\/?ref=watch_permalink&v=3004562233093387\">watch, runtime: 20:25<\/a>).<\/p>\n<p><strong>Also: The Administrative Control Authority arrested yesterday a former secretary-general of the Cairo governorate on charges of graft<\/strong> that led to EGP 76 mn in foregone state revenues, Moussa reported (<a href=\"https:\/\/www.facebook.com\/watch\/live\/?ref=watch_permalink&v=2757335841234940\">watch, runtime: 32:12<\/a>).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-meteorological-authority\/\">Egyptian Meteorological Authority<\/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\/mogamma-el-tahrir\/\">Mogamma El Tahrir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/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=\"553534\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" data-label-slide-of=\"Slide %%d of %%d\">\r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n  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class=\"stk-block-content stk-inner-blocks stk-8kf3e9j-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-ind46zz\" data-v=\"4\" data-block-id=\"ind46zz\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-ind46zz-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-ind46zz-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553535\" 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=\"553535\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/egypt-in-the-news-on-7-december-2021\/\">\r\n                            Egypt in the News on 7 December 2021                        <\/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\/2021\/12\/07\/egypt-in-the-news-on-7-december-2021\/\" 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\/2021\/12\/07\/egypt-in-the-news-on-7-december-2021\/')\">\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\/2021\/12\/07\/egypt-in-the-news-on-7-december-2021\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt in the News on 7 December 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href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News+on+7+December+2021+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F07%2Fegypt-in-the-news-on-7-december-2021%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\/2021\/12\/07\/egypt-in-the-news-on-7-december-2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553535\" class=\"content-area-description single-story post-553535 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam tag-gender tag-infrastructure wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a cops \u2018n crime kind of morning of Egypt in the international press<\/strong> \u2014 in the old-fashioned, 1960s use of the word. The <a href=\"https:\/\/apnews.com\/article\/middle-east-africa-egypt-cairo-building-collapses-96cb036bb4ff5efb325fd1e59cfb1e70\">Associated Press<\/a> says a building collapse that killed three siblings in Beni Suef is \u201ccommon in Egypt.\u201d <a href=\"https:\/\/english.aawsat.com\/home\/article\/3344271\/building-collapse-southern-egypt-kills-3-children\">Asharq Al Awsat<\/a> also picked up the news. <a href=\"https:\/\/www.reuters.com\/article\/idUSKBN2IL007\">Reuters<\/a>, meanwhile, is out with a story headlined \u201c<a href=\"https:\/\/www.reuters.com\/article\/idUSKBN2IL007\">in conservative Egypt, women seek low-cost ways to 'prove' [they haven\u2019t engaged in premarital relations]<\/a>.\u201d<\/p>\n<p>(We\u2019re not being prudes about the word \u2014 it\u2019s one of the many that prompt the algorithms to send our email to your bad folders if we mention it.)<\/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\/gender\/\">gender<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/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=\"553536\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553537\" 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=\"553537\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/currently-loading-the-worlds-largest-spinning-and-weaving-factory\/\">\r\n                            Currently loading: The world\u2019s largest spinning and weaving factory                        <\/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\/2021\/12\/07\/currently-loading-the-worlds-largest-spinning-and-weaving-factory\/\" 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\/2021\/12\/07\/currently-loading-the-worlds-largest-spinning-and-weaving-factory\/')\">\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\/2021\/12\/07\/currently-loading-the-worlds-largest-spinning-and-weaving-factory\/\">\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=Currently loading: The world\u2019s largest spinning and weaving factory&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/currently-loading-the-worlds-largest-spinning-and-weaving-factory\/\">\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\/2021\/12\/07\/currently-loading-the-worlds-largest-spinning-and-weaving-factory\/&title=Currently loading: The world\u2019s largest spinning and weaving factory\">\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=Currently+loading%3A+The+world%E2%80%99s+largest+spinning+and+weaving+factory+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F07%2Fcurrently-loading-the-worlds-largest-spinning-and-weaving-factory%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\/2021\/12\/07\/currently-loading-the-worlds-largest-spinning-and-weaving-factory\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553537\" class=\"content-area-description single-story post-553537 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-belcash tag-enterpriseam tag-finance tag-hisham-tawfik tag-national-telecom-regulatory-authority tag-public-enterprises-ministry tag-spinning-and-weaving wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Egypt plans to debut \u201cthe world\u2019s largest spinning and weaving factory<\/strong>\u201d in Mahalla Al Kobra next year, with trial operations set to begin next April, Public Enterprises Minister Hisham Tawfik <a href=\"https:\/\/bit.ly\/3lCZWqO\">said<\/a>. Several spinning and weaving factories are set to start production before the end of 2022, according to the minister, as part of the government\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f42cd0c-bac4-4b81-b379-d3327c964f36\">EGP 21 bn plan to overhaul the industry.<\/a><\/p><p><strong>Kent College <\/strong><strong>West Cairo<\/strong> <a href=\"https:\/\/ent.news\/2021\/12\/Kent-College-West-Cairo-Press-Release.pdf\">partnered (pdf)<\/a> with Beltone Consumer Finance (<strong>Belcash<\/strong>) to offer financing for tuition.<\/p><p><strong>NTRA is pouring EGP 513 mn in Sinai:<\/strong> The National Telecom Regulatory Authority (NTRA) <a href=\"https:\/\/www.facebook.com\/NTRAEG\/posts\/201954475460429?__cft__%5B0%5D=AZXxrANCHyyjlHpmP2jadA8JCCuIo23PPaum6YxarZ1BH4EaUE1rct1cwhSOH9HiwZ-OnW51hQ8FcT17xdwWdiD8yVxWxPpQKi6lAOuADZiWFTH-cItDBc2iAzuOkAtgqu8c-2aFgjUbXT6DcjnM-Zs_&amp;__tn__=%2CO%2CP-R\">is spending EGP 513 mn<\/a> to increase the efficiency of basic telecommunications services in Sinai.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/belcash\/\">Belcash<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-tawfik\/\">Hisham Tawfik<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-telecom-regulatory-authority\/\">National Telecom Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-enterprises-ministry\/\">Public Enterprises Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spinning-and-weaving\/\">spinning and weaving<\/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=\"553538\" 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=\"553538\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/funeral-prayers-can-now-take-place-at-major-mosques\/\">\r\n                            Funeral prayers can now take place at \u201cmajor\u201d mosques                        <\/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\/2021\/12\/07\/funeral-prayers-can-now-take-place-at-major-mosques\/\" 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\/2021\/12\/07\/funeral-prayers-can-now-take-place-at-major-mosques\/')\">\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\/2021\/12\/07\/funeral-prayers-can-now-take-place-at-major-mosques\/\">\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=Funeral prayers can now take place at \u201cmajor\u201d mosques&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/funeral-prayers-can-now-take-place-at-major-mosques\/\">\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\/2021\/12\/07\/funeral-prayers-can-now-take-place-at-major-mosques\/&title=Funeral prayers can now take place at \u201cmajor\u201d mosques\">\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=Funeral+prayers+can+now+take+place+at+%E2%80%9Cmajor%E2%80%9D+mosques+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F07%2Ffuneral-prayers-can-now-take-place-at-major-mosques%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\/2021\/12\/07\/funeral-prayers-can-now-take-place-at-major-mosques\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553538\" class=\"content-area-description single-story post-553538 post type-post status-publish format-standard hentry category-covid-watch tag-covid-19 tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Funeral prayers can now be performed at \u201cmajor\u201d mosques,<\/strong> after the newly-formed pandemic and epidemic management committee approved the Awqaf Ministry\u2019s request to remove the ban on the prayers in its first ever meeting, cabinet announced in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/288803829956711\">statement<\/a>. The committee was formed under a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d795877e-d464-4d72-89e4-b736a9909ce1\">new law<\/a> handing the prime minister extraordinary powers to respond to pandemics and public health crises.<\/p>\n<p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/www.facebook.com\/photo\/?fbid=221549030156319&set=a.113299807647909\">reported<\/a><\/strong><strong> 871 new covid-19 infections yesterday<\/strong>, down from 902 the day before. Egypt has now disclosed a total of 364,033 confirmed cases of covid-19. The ministry also reported 43 new deaths, bringing the country\u2019s total death toll to 20,770.<\/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\/covid-19\/\">covid-19<\/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=\"553539\" 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=\"553539\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/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\/2021\/12\/07\/is-uber-planning-to-sell-a-stake-in-careem\/\">\r\n                            Is Uber planning to sell a stake in Careem?                        <\/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\/2021\/12\/07\/is-uber-planning-to-sell-a-stake-in-careem\/\" 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\/2021\/12\/07\/is-uber-planning-to-sell-a-stake-in-careem\/')\">\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\/2021\/12\/07\/is-uber-planning-to-sell-a-stake-in-careem\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Is Uber planning to sell a stake in Careem?&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/is-uber-planning-to-sell-a-stake-in-careem\/\">\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\/2021\/12\/07\/is-uber-planning-to-sell-a-stake-in-careem\/&title=Is Uber planning to sell a stake in Careem?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Is+Uber+planning+to+sell+a+stake+in+Careem%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F07%2Fis-uber-planning-to-sell-a-stake-in-careem%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\/2021\/12\/07\/is-uber-planning-to-sell-a-stake-in-careem\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553539\" class=\"content-area-description single-story post-553539 post type-post status-publish format-standard hentry category-planet-finance tag-acwa-power tag-careem tag-enterpriseam tag-financial-markets tag-natixis-bank tag-planet-finance tag-renewables tag-uber 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>Is Uber planning to sell a stake in Careem?<\/strong> Uber is in talks with its Middle East unit Careem to \u201cbring outside investors\u201d into the business, <a href=\"https:\/\/www.reuters.com\/markets\/europe\/exclusive-uber-talks-with-mideast-unit-over-outside-investment-sources-2021-12-06\/\">Reuters<\/a> reports, citing sources in the know. It\u2019s so far unclear what the size or structure of the investment would be, but the sources said Uber would remain a shareholder \u201cwhile giving Careem\u2019s management greater decision-making power.\u201d The investment would support the roll-out of Careem\u2019s planned foray into food delivery, digital payments and courier services and could eventually lead to a public listing. Uber bought Careem in a USD 3.1 bn transaction two years ago.<\/p><p><strong>ACWA Power is getting USD 2 bn from the French Natixis bank: <\/strong>The Saudi renewables company signed an MoU with Natixis Corporate &amp; Investment Banking to work together on advancing ACWA\u2019s projects in the region, the bank said in a <a href=\"https:\/\/pressroom-en.natixis.com\/news\/acwa-power-signs-cooperation-agreement-with-natixis-corporate-investment-banking-to-finance-new-projects-cadd-8e037.html\">statement<\/a>. The MoU includes a USD 2 bn financing target from the bank over two years to fund the company\u2019s upcoming projects.<\/p><p><strong>There\u2019s an Egyptian project in the pipeline: <\/strong>ACWA is working on a 200 MW <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/320d303f-9f12-4b87-b16f-4cbe5615b532\">Kom Ombo solar power plant<\/a> and had previously <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/80e89c63-98bd-4b7e-82a6-f7c6ba808adc\">expressed interest<\/a> in Egypt\u2019s investment in desalination infrastructure. The company also has minority stakes in three plants in Benban and an upcoming project with the Egyptian Electricity Transmission Company to convert an electricity plant in Luxor to renewable energy.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,515<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: +6.2%)<\/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 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/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 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/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>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,021<\/p>\n<\/td>\n<td>\n<p>-1.1% (YTD: +26.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>8,999<\/p>\n<\/td>\n<td>\n<p>+2.6% (YTD: +78.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,162<\/p>\n<\/td>\n<td>\n<p>+2.4% (YTD: +26.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,592<\/p>\n<\/td>\n<td>\n<p>+1.2% (YTD: +22.3%)<\/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>7,232<\/p>\n<\/td>\n<td>\n<p>+1.5% (YTD: +12.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 69.81<\/p>\n<\/td>\n<td>\n<p>+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 3.70<\/p>\n<\/td>\n<td>\n<p>+1.3%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,782.30<\/p>\n<\/td>\n<td>\n<p>+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 50,700.83<\/p>\n<\/td>\n<td>\n<p>+4.2%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 1.0% at yesterday\u2019s close<\/strong> on turnover of EGP 1.86 bn (23.8% above the 90-day average). Regional investors were net sellers. The index is up 6.2% YTD.<\/p><p><strong>In the green: <\/strong>Heliopolis Housing (+18.7%), GB Auto (+9.3%) and Madinet Nasr Housing (+7.4%).<\/p><p><strong>In the red: <\/strong>Fawry (-3.4%), Rameda (-1.9%) and Speed Medical (-1.9%).<\/p><p><strong>Shanghai is the only major Asian index in the red this morning<\/strong> as <a href=\"https:\/\/www.cnbc.com\/2021\/12\/07\/asia-pacific-markets-china-rrr-cut-dow-jumps-on-omicron-optimism.html\">Asian shares followed<\/a><a href=\"https:\/\/www.cnbc.com\/2021\/12\/07\/asia-pacific-markets-china-rrr-cut-dow-jumps-on-omicron-optimism.html\">Wall Street in rallying on \u201coptimism\u201d<\/a> that the omicron variant of the virus that causes covid-19 may not kills us all. Futures suggest shares on Wall Street as well as Paris and Frankfurt will follow suit, while the FTSE looks set to open down just a smidge.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/acwa-power\/\">ACWA Power<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/careem\/\">Careem<\/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\/natixis-bank\/\">Natixis bank<\/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\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uber\/\">Uber<\/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=\"553540\" 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=\"553540\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">15<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/joint-military-exercises-with-russia-getting-close-with-senegal\/\">\r\n                            Joint military exercises with Russia + getting close with Senegal                        <\/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\/2021\/12\/07\/joint-military-exercises-with-russia-getting-close-with-senegal\/\" 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\/2021\/12\/07\/joint-military-exercises-with-russia-getting-close-with-senegal\/')\">\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\/2021\/12\/07\/joint-military-exercises-with-russia-getting-close-with-senegal\/\">\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=Joint military exercises with Russia + getting close with Senegal&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/joint-military-exercises-with-russia-getting-close-with-senegal\/\">\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\/2021\/12\/07\/joint-military-exercises-with-russia-getting-close-with-senegal\/&title=Joint military exercises with Russia + getting close with Senegal\">\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=Joint+military+exercises+with+Russia+%2B+getting+close+with+Senegal+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F07%2Fjoint-military-exercises-with-russia-getting-close-with-senegal%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\/2021\/12\/07\/joint-military-exercises-with-russia-getting-close-with-senegal\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553540\" class=\"content-area-description single-story post-553540 post type-post status-publish format-standard hentry category-diplomacy tag-abdel-fattah-el-sisi tag-diplomacy tag-enterpriseam tag-macky-sall tag-russia tag-sameh-shoukry tag-senegal wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Russia and Egypt have kicked off joint military exercises<\/strong> \u2014 dubbed Friendship Bridge Four \u2014 in the eastern Mediterranean yesterday, the Armed Forces said in <a href=\"https:\/\/www.facebook.com\/EgyArmySpox\/posts\/2508892012575099\">a statement<\/a>.<\/p>\n<p><strong>Foreign Minister Sameh Shoukry met with Senegalese President Macky Sall <\/strong><strong>yesterday<\/strong> on the sidelines of his visit for the <a href=\"https:\/\/dakarforum.org\/en\/home-en\/\">Dakar International Forum on Peace and Security<\/a>. Shoukry delivered a message from President Abdel Fattah El Sisi suggesting ways to strengthen bilateral relations between the countries, according to a ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/288816156622145\">statement<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/macky-sall\/\">Macky Sall<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/senegal\/\">Senegal<\/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=\"553541\" 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=\"553541\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">16<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/today-in-middle-east-detente-the-uae-and-iran-turn-over-a-new-leaf\/\">\r\n                            Today in Middle East detente: The UAE and Iran turn over a new leaf                        <\/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\/2021\/12\/07\/today-in-middle-east-detente-the-uae-and-iran-turn-over-a-new-leaf\/\" 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\/2021\/12\/07\/today-in-middle-east-detente-the-uae-and-iran-turn-over-a-new-leaf\/')\">\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\/2021\/12\/07\/today-in-middle-east-detente-the-uae-and-iran-turn-over-a-new-leaf\/\">\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=Today in Middle East detente: The UAE and Iran turn over a new leaf&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/today-in-middle-east-detente-the-uae-and-iran-turn-over-a-new-leaf\/\">\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\/2021\/12\/07\/today-in-middle-east-detente-the-uae-and-iran-turn-over-a-new-leaf\/&title=Today in Middle East detente: The UAE and Iran turn over a new leaf\">\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=Today+in+Middle+East+detente%3A+The+UAE+and+Iran+turn+over+a+new+leaf+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F07%2Ftoday-in-middle-east-detente-the-uae-and-iran-turn-over-a-new-leaf%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\/2021\/12\/07\/today-in-middle-east-detente-the-uae-and-iran-turn-over-a-new-leaf\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553541\" class=\"content-area-description single-story post-553541 post type-post status-publish format-standard hentry category-around-the-world tag-africa tag-around-the-world tag-biden-administration tag-china tag-enterpriseam tag-iran tag-politics tag-sports tag-uae tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The UAE and Iran work to restore ties:<\/strong> The UAE\u2019s national security chief held talks with the Iranian president in Tehran yesterday in the first official visit by an Emirati official to the country in almost 10 years. Ali Shamkani, Tehran\u2019s top national security official, said Sheikh Tahnoon bin Zayed\u2019s visit could open \u201ca new chapter\u201d in bilateral ties. This comes less than two weeks after the UAE took a large step to repairing ties with Turkey, in a visit during which the two signed agreements for bns of USD of investments. (<a href=\"https:\/\/www.ft.com\/content\/0ac9f4b2-956e-4f3a-8a52-23e05d979446\">Financial Times<\/a>)<\/p>\n<p><strong>US government boycotts Beijing Olympics:<\/strong> The Biden administration will not be sending any government officials to the February 2022 Winter Olympics in Beijing, US Press Secretary Jen Psaki said in a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/press-briefings\/2021\/12\/06\/press-briefing-by-press-secretary-jen-psaki-december-6-2021\/\">briefing yesterday<\/a>. China earlier <a href=\"https:\/\/www.reuters.com\/lifestyle\/sports\/us-officials-boycott-beijing-olympics-cnn-2021-12-06\/\">threatened<\/a> to retaliate should the US implement the \u201cdiplomatic boycott,\u201d which aims to pressure the country over human rights abuses. <a href=\"https:\/\/www.theglobeandmail.com\/sports\/olympics\/article-us-plans-diplomatic-boycott-of-olympics-china-threatens-to-retaliate\/\">Canada has also said it is considering a boycott<\/a>, but has yet to make a decision.<\/p>\n<p><strong>Chinese military power is reaching the Atlantic, and the US isn\u2019t happy:<\/strong> China is looking to establish its first permanent military base on Africa\u2019s Atlantic Coast in Equatorial Guinea, triggering concern in Washington which is now trying to persuade the country\u2019s president to reject the proposal. (<a href=\"https:\/\/www.wsj.com\/articles\/china-seeks-first-military-base-on-africas-atlantic-coast-u-s-intelligence-finds-11638726327?mod=hp_lead_pos10\">Wall Street Journal<\/a>)<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/africa\/\">Africa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/biden-administration\/\">Biden administration<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/iran\/\">Iran<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"553542\">\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\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">16<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-state-of-eco-tourism-in-egypt\/\">\r\n                            The state of eco-tourism in Egypt<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-state-of-eco-tourism-in-egypt\/\" 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\/goinggreens\/the-state-of-eco-tourism-in-egypt\/')\">\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\/goinggreens\/the-state-of-eco-tourism-in-egypt\/\">\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=The state of eco-tourism in Egypt&url=https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-state-of-eco-tourism-in-egypt\/\">\n                    X                    <!-- <img decoding=\"async\" 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      <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>                    <\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-state-of-eco-tourism-in-egypt\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/246.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=\"553543\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-state-of-eco-tourism-in-egypt\/246-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/246.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"246.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/246.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/246.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-553542\" class=\"content-area-description post-553542 goinggreen type-goinggreen status-publish has-post-thumbnail hentry tag-enterprise-going-green tag-enterpriseam tag-green-economy tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-08\" class=\"content-anchor\"><\/a> <strong>Ecotourism is getting a lot of attention now, but just how significant of a force is <\/strong><strong>the budding industry in Egypt? <\/strong>Armed with a wealth of natural attractions scattered across three deserts, two seas and the Nile Delta, Egypt is ripe with options for more sustainable travel. The government has in recent years started speaking about the importance of better nurturing Egypt\u2019s ecotourism attractions in its strategy to revive the tourism industry at large. And while there have been some efforts made in that regard, operators say a few fundamental hurdles still stand in the way of fully realizing that potential. <strong>So what is the state of ecotourism at the moment and just how much is being done to support the transition to sustainable travel?<\/strong><\/p>\n<p><strong>Pinpointing the exact size of Egypt\u2019s ecotourism industry is tricky<\/strong>, in large part because what counts as \u201cecotourism\u201d isn\u2019t clear. There are <a href=\"https:\/\/www.unwto.org\/sustainable-development\/ecotourism-and-protected-areas\">general<\/a> principles: Minimizing harmful environmental impact, maintaining natural areas, and protecting indigenous culture are all core components of this kind of travel. But as far as concrete certifications are concerned, there are no unified rules and regulations, meaning operators are the ones left to decide exactly how ecologically sound their practices should be.<\/p>\n<p><strong>In Egypt, ecotourism generally refers to lower-carbon accommodation like eco-lodges and camping<\/strong> that are situated in the country\u2019s many natural protectorates. For <a href=\"https:\/\/www.basata.com\/\">Basata<\/a> \u2014 one of the oldest eco-lodges and campsites in Sinai \u2014 ecotourism means using fresh water sparingly, sorting trash and engaging with the local community. \u201cWe use a dual plumbing system where saltwater is used for toilets and cleaning activities and fresh water for our showers,\u201d founder Sherif El Ghamrawy tells Enterprise. A portion of their food waste goes to feeding livestock and whatever remains is used to manufacture mud bricks on site, which they use to build new structures.<\/p>\n<p><strong>In Siwa, the guiding philosophy is similar.<\/strong> \u201cCreating a sustainable travel destination consists of three main pillars: Respecting natural heritage, reviving cultural heritage and engaging the local community in heritage conservation,\u201d Dr. Mounir Naemattalla, founder of luxury ecolodge <a href=\"https:\/\/www.adrereamellal.com\/adrere\/\">Adrere Amellal<\/a> and sustainable development consultancy <a href=\"https:\/\/www.eqi.com.eg\/\">EQI<\/a>, tells us.<\/p>\n<p><strong>Local operators insist that the interest is there<\/strong>: \u201cI think people want to experience nature and stay in eco-lodges but there currently aren't enough,\u201d Ghamrawy says. Eco-lodges and \u201csemi-eco lodging\u201d \u2014 as Ghamrawy described some of the campsites between Nuweiba and Taba \u2014 actually attract more visitors than hotels in the area do, he explained.<\/p>\n<p><strong>And official figures suggest a rising appreciation of Egypt\u2019s natural beauty:<\/strong> Some 1.1 mn tourists visited protected areas between 2018 and 2021, a figure that was 5x greater than what the Environment Ministry had anticipated. In FY2019-2020, ticket sales at these sites reportedly generated revenues of <a href=\"https:\/\/bit.ly\/3CsSgN4\">EGP 30 mn<\/a>, more than triple the sum in the four fiscal years prior.<\/p>\n<p><strong>This is part of a global trend: <\/strong>The global ecotourism industry in 2019 was estimated to be <a href=\"https:\/\/www.alliedmarketresearch.com\/eco-tourism-market-A06364\">worth USD 181.1 bn<\/a> in 2019, and is projected to reach USD 333.8 bn by 2027. Ecotourism in Africa alone is now worth some <a href=\"https:\/\/ent.news\/2021\/11\/nature-africa-ecotourism.pdf\">USD 29 bn a year<\/a> employing 3.6 mn people, and is <a href=\"https:\/\/www.theguardian.com\/environment\/2020\/dec\/30\/a-critical-time-how-covid-19-put-the-natural-world-under-pressure-in-2020-aoe\">crucial<\/a> to conservation and economic development efforts in remote parts of the region.<\/p>\n<p><strong>What has the government done so far to support ecotourism? <\/strong>Over the past two years the government has started to speak publicly about the importance of better utilizing our natural resources for tourist activities. The Environment Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613bd94f-9765-48b4-8202-821f3ae0f8d2\">earlier this year<\/a> launched an ecotourism campaign, dubbed <a href=\"https:\/\/www.ecoegypt.org\/\">Eco Egypt<\/a>, to promote 13 of the country\u2019s 30 nature reserves. Maintaining the health of natural reserves is one of the ministry\u2019s top priorities at the moment, Tamer Kamal El Din, General Manager of Red Sea Protectorates at the Environment Ministry tells us. More specifically, the ministry has been working on <a href=\"https:\/\/bit.ly\/3x4LEUk\">developing a new system<\/a> for accurately logging and studying ecosystems\u2019 health, constructing dams in flood zones like Wadi Degla, <a href=\"https:\/\/bit.ly\/3cn3OHb\">installing buoys<\/a> at popular dive sites and building bird-watching towers in Sharm El Sheikh.<\/p>\n<p><strong>What more can be done to support the industry? <\/strong>Putting in place clear rules that specifically govern the activities of companies in the ecotourism space would be a good start, says Ghamrawy. These include regulations on things such as how close to the coastline they can construct buildings, what materials to use and how to organize trips for guests. He adds that he is currently working alongside a number of operators on drafting a set of guidelines for how to run ecologically sound tourism businesses.<\/p>\n<p><strong>A little help for SMEs: <\/strong>Making it easier to register ecotourism-focused SMEs would really encourage a lot more activity too, Ghamrawy says. For some groups running low-capital operations like guided trekking tours in the mountains and wadis of South Sinai, the barrier to entry can be overwhelming. \u201cIt doesn't make much sense to be governed by the same rules that large tourism operations are bound by,\u201d Ghamrawy says. Shifting these rules would jive perfectly with the government\u2019s policy of supporting SMEs, he said.<\/p>\n<p><strong>Opening up the outdoors:<\/strong> Easier access to nature would be a huge leap in supporting the industry, Wael Abed, who owns <a href=\"https:\/\/altarfa.net\/\">Al Tarfa Desert Sanctuary<\/a> at the Dakhla Oasis in New Valley, tells us. Wadis and outdoor locations not designated as protectorates often see restricted access due to heightened security concerns in remote regions. Making it easier for visitors to access these locations would be a huge boost for the industry, both Ghamrawy and Abed agree.<\/p>\n<p><strong>Awareness campaigns on sustainability and environmentally sound development<\/strong> are at the forefront of Naemattalla\u2019s concern, he tells us.<\/p>\n<p><strong>More private sector involvement with natural protectorates could be on the horizon.<\/strong> Protectorates are technically public land, which means they can\u2019t be sold to private entities, but granting operation rights for limited time periods are currently on the books, says Kamal El Din. Environment Ministry proposals have <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/22\/egypt-working-on-granting-rights-to-private-companies-to-run-nature-reserves-2\/\">long pushed<\/a> for legislation to <a href=\"https:\/\/bit.ly\/2ZG87e6\">allow private companies to manage protected areas<\/a>, similar to how Orascom Development <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/996b1132-84cb-4043-ad24-ca4f500b0074\">won rights to manage the Pyramids Plateau<\/a>. But so far there hasn\u2019t been much happening on that front. The first steps towards private-sector involvement in nature reserves took place earlier this year with the introduction of a privately owned \u201c<a href=\"https:\/\/www.albawabhnews.com\/4428526\">Bedouin Tent,<\/a>\u201d at the Petrified Forest protectorate in New Cairo.<\/p>\n<p><strong>And it doesn\u2019t necessarily have to be driven by altruism.<\/strong> Investing in ecotourism doesn\u2019t always need to be a philanthropic endeavour, Naemattalla explains. \u201cAny new product done well has a great chance for success. A commitment to sustainability is one of the most powerful forms of branding for a country, a region or an enterprise,\u201d he says.<\/p>\n<p><strong>While there\u2019s still a lot to be done to better support ecotourism, creating a thriving and sustainable industry will depend mostly on larger global trends<\/strong> like the resumption of global air travel and more visitors entering the country. What is clear though is that the way to better ensure visitors and operators commit to sustainable travel will likely require more than just promotional campaigns.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>Your top climate stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>West Bakr wind farm is now live:<\/strong> Lekela\u2019s Actis-backed 250 MW wind farm <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5c730b4-4705-43f2-bfea-72fc0ba4e2db\">became fully operational<\/a> last week.<\/li>\n<li><strong>Private sector eyes EV assembly:<\/strong> General Motors and Al Mansour Automotive <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91d0dbdf-a5f2-4ea7-b310-a8bbbe34a0f7\">could partner up to produce electric vehicles<\/a> in Egypt under a MoU signed by the two companies last week.<\/li>\n<li><strong>New ESG bonds are coming to Egypt:<\/strong> Companies in Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4936aed7-6841-46cc-b4bd-fabf94700cff\">will soon be able to list<\/a> social, ESG, gender equity and women\u2019s empowerment, and sustainable development bonds on the EGX.<\/li>\n<li><strong><a href=\"https:\/\/plasticbank.com\/\">Plastic Bank<\/a><\/strong><strong> has collected 2.7k tonnes of plastic waste from Egypt<\/strong> and hopes to collect a total of 5k tonnes by 2023, the company announced in a <a href=\"https:\/\/bit.ly\/3y0zkVi\">statement<\/a>.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/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\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=\"553544\" 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\/2021\/12\/07\/553544\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553544\" class=\"content-area-description single-story post-553544 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>24 November-7 December (Wednesday-Tuesday): Designated period for SODIC shareholders to subscribe to Aldar Properties and ADQ\u2019s mandatory tender offer (<a href=\"http:\/\/enterprisemea.com\/wp-content\/uploads\/2021\/11\/EGX-announcement-%E2%80%94-Aldar-_-SODIC-MTO.pdf\">pdf<\/a>).<\/p>\n<p>7-8 December (Tuesday-Wednesday): <a href=\"https:\/\/northafricatradefinance.com\/\">North Africa Trade Finance Summit<\/a>.<\/p>\n<p>8-10 December (Wednesday-Friday): <a href=\"https:\/\/www.gfhsegypt.com\/\">Global Forum for Higher Education and Scientific Research (GFHS)<\/a>, Cairo, Egypt.<\/p>\n<p>8-9 December (Wednesday-Thursday): The 14th General Conference of the Islamic World Educational, Scientific, and Cultural Organisation (<a href=\"https:\/\/www.icesco.org\/en\/2021\/11\/30\/under-the-patronage-of-president-el-sisi-icesco-to-hold-its-general-conference-in-cairo-on-december-8-and-9-2021\/\">ICESCO<\/a>) will be held in Egypt.<\/p>\n<p>9 December (Thursday): Second vaccine shot appointments will be made available to those who previously missed their appointments.<\/p>\n<p>9-10 December (Thursday-Friday): The US <a href=\"https:\/\/www.state.gov\/summit-for-democracy\/\">Summit for Democracy<\/a>. Egypt is not among the invitees.<\/p>\n<p>9-12 December (Thursday-Sunday): The <a href=\"https:\/\/www.woodshowglobal.com\/cairo\">6th Edition of Cairo Woodshow<\/a>, Cairo International Convention Centre, Cairo, Egypt.<\/p>\n<p>10 December (Friday): Capmas will release November inflation figures.<\/p>\n<p>10 December (Friday): Silicon Waha\u2019s <a href=\"https:\/\/bit.ly\/3FATsAa\">Startup Factory<\/a> program kicks off in Assiut Technology Zone.<\/p>\n<p>11 December (Thursday): Booster shot appointments for those eligible will roll in on the Health Ministry\u2019s website.<\/p>\n<p>12 December (Sunday): Raya Holding\u2019s Ordinary General Assembly meeting.<\/p>\n<p>12 December (Sunday): Deadline to apply to the <a href=\"https:\/\/www.mckinsey.com\/forward\/locations\/middle-east\">McKinsey Forward<\/a> program for young professionals.<\/p>\n<p>12-14 December (Sunday-Tuesday): <a href=\"http:\/\/www.foodafrica-expo.com\/\">Food Africa Cairo<\/a> trade exhibition, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>13-17 December: United Nations Convention against Corruption, Sharm El Sheikh, Egypt.<\/p>\n<p>14 December (Tuesday): Inquiry session for the <a href=\"https:\/\/alborsaanews.com\/2021\/11\/21\/1483299\">Industrial Development Authority<\/a>\u2019s licenses to manufacture steel products.<\/p>\n<p>14 December (Tuesday): CDC event to announce the details of its 2022-2026 strategy period.<\/p>\n<p>14-19 December (Tuesday-Sunday): <a href=\"https:\/\/www.facebook.com\/cifcet\/\">The Cairo International Festival for Experimental Theater<\/a>.<\/p>\n<p>14-15 December (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.<\/p>\n<p>15 December (Wednesday): Deadline for joint stock companies and investment companies in Cairo to join e-invoicing platform.<\/p>\n<p>15 December (Wednesday): Target date for snackmaker Edita to wrap up due diligence on its acquisition of the Ole brand owner Egyptian Belgian Company.<\/p>\n<p>15 December (Wednesday): The European Bank for Reconstruction and Development will give its final approval for a USD 100 mn facility to state-owned Banque Misr to finance local SMEs working on green projects.<\/p>\n<p>16 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>End of December: El Nasr Automotive plans to sign contracts with a new partner to locally assemble EVs.<\/p>\n<p>End of 4Q2021: EdVentures plans to have closed at least one more edtech investment round.<\/p>\n<p>End of 4Q2021: Fawry plans to have launched its MyFawry card.<\/p>\n<p>1H2022: The World Economic Forum annual meeting, location TBD.<\/p>\n<p>1H2022: e-Aswaaq\u2019s tourism platform will roll out its ticketing and online booking portal across Egypt.<\/p>\n<p>1H2022: e-Finance\u2019s digital healthcare service platform, eHealth, will launch its services.<\/p>\n<p>1Q2022: <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9cd1fc44-1593-4317-8658-0aa792215521\">Launch of the Egyptian Commodities Exchange<\/a>.<\/p>\n<p>1Q2022: Swvl acquisition of Viapool expected to close.<\/p>\n<p>Second Half of January: Egypt <a href=\"https:\/\/alborsaanews.com\/2021\/11\/23\/1483989\">will host<\/a> the Egyptian-Bahraini Joint Committee.<\/p>\n<p>The end of January: The Egyptian-Romanian business forum will take place with the aim of strengthening joint investment relations.<\/p>\n<p>January 2022: Tenth of Ramadan dry port tender to be launched.<\/p>\n<p>1 January 2022 (Saturday): Capital gains tax comes into effect on the EGX for local investors.<\/p>\n<p>1-15 January 2022 (Saturday-Saturday): Qualified Industrial Zones (<a href=\"https:\/\/www.trade.gov\/qualifying-industrial-zones\">QIZ<\/a>) Joint Committee.<\/p>\n<p>4 January 2022 (Tuesday): OPEC+ ministerial meeting.<\/p>\n<p>7 January 2022 (Friday): Coptic Christmas.<\/p>\n<p>10-13 January 2022 (Monday-Thursday): <a href=\"https:\/\/wyfegypt.com\/\">World Youth Forum<\/a>, Sharm El Sheikh.<\/p>\n<p>15 January (Saturday): Target date for the finalization of snackfood giant Edita\u2019s acquisition of the Egyptian Belgian Company, owner of the Ole brand.<\/p>\n<p>17-19 January 2022 (Monday-Wednesday): <a href=\"https:\/\/www.worldfutureenergysummit.com\/en-gb.html\">World Future Energy Summit<\/a>, Abu Dhabi.<\/p>\n<p>27 January 2022 (Tuesday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>11 February 2022 (Friday): <a href=\"https:\/\/finance.yahoo.com\/news\/vistas-media-acquisition-company-inc-203000610.html\">Deadline for Anghami SPAC merger<\/a>.<\/p>\n<p>11-13 February (Friday-Sunday) FIBA Intercontinental Cup, Cairo.<\/p>\n<p>14-16 February 2022 (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.<\/p>\n<p>15 February 2022 (Tuesday): The Industrial Development Authority\u2019s deadline for <a href=\"https:\/\/alborsaanews.com\/2021\/11\/21\/1483299\">receiving offers<\/a> from companies for licenses to manufacture steel products.<\/p>\n<p>19 February 2022 (Saturday): Public universities begin the second term of the 2021-2022 academic year.<\/p>\n<p>March 2022: 4Q2021 earnings season.<\/p>\n<p>March 2022: Deadline for the World Health Organization\u2019s <a href=\"https:\/\/www.who.int\/news\/item\/01-12-2021-world-health-assembly-agrees-to-launch-process-to-develop-historic-global-accord-on-pandemic-prevention-preparedness-and-response\">intergovernmental negotiating body<\/a> to meet to discuss binding treaty on future pandemic cooperation.<\/p>\n<p>March 2022: World Cup playoffs.<\/p>\n<p>2 April 2022 (Saturday): First day of Ramadan (TBC).<\/p>\n<p>4 April 2022 (Monday): CDC Group will formally change its name to British International Investment.<\/p>\n<p>22-24 April 2022 (Friday-Sunday):<a href=\"http:\/\/sdg.iisd.org\/events\/2022-spring-meetings-of-the-world-bank-group-and-the-international-monetary-fund\/\">World Bank-IMF spring meeting<\/a>, Washington D.C.<\/p>\n<p>24 April 2022 (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).<\/p>\n<p>25 April 2022 (Monday): Sham El Nessim.<\/p>\n<p>25 April 2022 (Monday): Sinai Liberation Day.<\/p>\n<p>Late April - 15 May 2022: 1Q2022 earnings season<\/p>\n<p>May 2022: Investment in Logistics Conference, Cairo, Egypt.<\/p>\n<p>2 May 2022 (Monday): Eid El Fitr (TBC).<\/p>\n<p>16 June 2022 (Thursday): End of 2021-2022 academic year for public schools.<\/p>\n<p>27 June-3 July 2022 (Monday-Sunday): World University Squash Championships, New Giza.<\/p>\n<p>30 June 2022 (Thursday): June 30 Revolution Day, national holiday.<\/p>\n<p>2H2022: <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>July 2022: A law governing ins. for seasonal contractors will come into effect.<\/p>\n<p>8 July 2022 (Friday): Arafat Day.<\/p>\n<p>9-13 July 2022 (Saturday-Wednesday): Eid Al Adha, national holiday.<\/p>\n<p>30 July 2022 (Saturday): Islamic New Year.<\/p>\n<p>Late July - 14 August 2022: 2Q2022 earnings season.<\/p>\n<p>September 2022: Egypt will display its first naval exhibition with the title <a href=\"https:\/\/bit.ly\/3lshDZX\">Naval Power<\/a>.<\/p>\n<p>6 October 2022 (Thursday): Armed Forces Day, national holiday.<\/p>\n<p>8 October 2022 (Saturday): Prophet Muhammad\u2019s birthday.<\/p>\n<p>18-20 October 2022 (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.<\/p>\n<p>Late October - 14 November 2022: 3Q2022 earnings season.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish below between the actual holiday and its observance.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":553516,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-553515","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"0467901b-bc85-4d65-ab78-15560b3a2711","teaser":"","photo_url":"https:\/\/ent.news\/2021\/12\/87.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Aldar \/ ADQ bid for upmarket developer SODIC is going through - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/the-aldar-adq-bid-for-upmarket-developer-sodic-is-going-through\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Aldar \/ ADQ bid for upmarket developer SODIC is going through\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/the-aldar-adq-bid-for-upmarket-developer-sodic-is-going-through\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T00:10:04+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/87.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/the-aldar-adq-bid-for-upmarket-developer-sodic-is-going-through\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/the-aldar-adq-bid-for-upmarket-developer-sodic-is-going-through\/\",\"name\":\"The Aldar \/ ADQ bid for upmarket developer SODIC is going through - 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