{"id":553630,"date":"2022-10-31T03:45:36","date_gmt":"2022-10-31T03:45:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=553630"},"modified":"2025-12-16T00:12:32","modified_gmt":"2025-12-16T00:12:32","slug":"have-we-just-hit-bottom-the-egp-is-at-24-13-to-the-greenback","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/have-we-just-hit-bottom-the-egp-is-at-24-13-to-the-greenback\/","title":{"rendered":"Have we just hit bottom? The EGP is at 24.13 to the greenback"},"content":{"rendered":"<section id=\"553632\" 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=\"553632\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/this-morning-egp-hits-new-record-low-lula-is-back-in-brazil\/\">\r\n                            THIS MORNING: EGP hits new record low + Lula is back in Brazil                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/this-morning-egp-hits-new-record-low-lula-is-back-in-brazil\/\" 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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In parallel, you can practically feel the <\/strong><strong>nation\u2019s center of gravity shift to Sharm El Sheikh from Cairo<\/strong> as more and more email auto-replies declare that our readers are heading to Sinai for COP27, which kicks off in just six days.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>EGP WATCH- The EGP notched a new record low yesterday<\/strong> as the currency dipped another 5% in the wake of the <a href=\"https:\/\/enterprise.press\/afternoons\/pm-taweem-3-0-sees-egp-at-23-03-against-the-greenback\/\">central bank\u2019s decision<\/a> to move to a \u201cdurably flexible\u201d exchange rate on Thursday. The currency closed the day at 24.1353 to the greenback, according to central bank figures. The EGP has now tumbled 22.1% since Thursday and is down 53.0% since the start of the year, making it one of the <a href=\"https:\/\/twitter.com\/ZiadMDaoud\/status\/1585905549799030784\">worst-performing emerging-market currencies<\/a> of 2022.<\/p>\n<p><strong>Have we hit bottom? <\/strong>That\u2019s the question on everyone\u2019s mind right now. JPMorgan expects it to close out 2022 at around 23.50 to the USD \u2014 suggesting we\u2019ve overshot a little bit. \u201cWe expect USD\/EGP to remain under pressure in the coming days as it finds a clearing level, but we view [Thursday's] adjustment as sufficient to close most of the external imbalances,\u201d analysts wrote on Thursday in a note picked up by <a href=\"https:\/\/www.reuters.com\/business\/finance\/egypts-pound-sinks-further-against-dollar-refinitiv-2022-10-30\/\">Reuters<\/a>. Meanwhile, Deutsche Bank thinks the currency will fall closer to 25.00 by the end of December, according to <a href=\"https:\/\/www.asharqbusiness.com\/article\/43497\">Bloomberg Asharq<\/a>.<\/p>\n<p><strong>What you think: <\/strong>Enterprise readers told us <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd84427a-c81c-42e3-9a7b-a8ca9d01efdc\">last month<\/a> they were planning to use an average figure of EGP 22.12 to the greenback in their 2023 budgets, with some 22% of participants in our Fall 2022 Reader Survey saying they expect the USD to be changing hands at EGP 23-24 next year.<\/p>\n<p><strong>We\u2019ll know a lot more in a couple of hours\u2019 time<\/strong>, so make sure to check in with EnterprisePM this afternoon.<\/p>\n<p><strong>Fourth-quarter earnings could be rough for companies with big FX costs structures:<\/strong> Ezz Steel yesterday warned in <a href=\"https:\/\/ent.news\/2022\/10\/Ezz-Steel-EGX-30-Oct.pdf\">a disclosure (pdf)<\/a> yesterday that it could eat EGP 2.2 bn in currency losses as a result of the float. This would take the company\u2019s full-year FX losses to more than EGP 3.3 bn. <strong>Few companies will be as dramatically hit as Ezz<\/strong>, but you can expect to hear a lot of guidance in the coming days about cost pressure everywhere from FMCG companies (who import everything from packaging to key raw materials) to real estate players (we\u2019ll see the effect down the line when deliveries of new build stuff begins).<\/p>\n<p><strong>The float will be a boon for exporters<\/strong>, whether you\u2019re RayaCX and its competitors selling business process outsourcing, making insulation for sale globally, making food products for regional markets. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7\">It\u2019s almost as if a laser-like focus on exports (and FDI) could be key to getting us out of our current situation\u2026<\/a><\/p>\n<p><strong>And some importers are going to do really well, even if they don\u2019t price gauge: <\/strong>Retailers, automotive and electronics + white goods assemblers, spare parts sellers, car distributors \u2014 name an industry that doesn\u2019t have tons of pent-up demand right now because of what was an effective ban on non-food imports since earlier this year\u2026<\/p>\n<p><strong>Yesterday\u2019s treasury auctions didn\u2019t quite go to plan:<\/strong> The Finance Ministry raised less than a fifth of its target in a series of bond auctions yesterday after investors demanded yields of up to 25% following the central bank\u2019s decision to hike rates by 200 bps on Thursday. The ministry had hoped to raise EGP 55 bn from auctions of three-month, six-month, nine-month and one-year t-bills on Thursday and Sunday but ended up selling just EGP 11.4 bn worth after rejecting most of the bids thanks to poor offer prices.<\/p>\n<p><strong>PSA- It\u2019s <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e9e2f68a-8c99-4750-b736-cbcdd6f65839\">Nafeza<\/a><\/strong><strong> deadline day tomorrow:<\/strong> Importers, exporters and customs agents have just <a href=\"https:\/\/www.facebook.com\/NafezaEgypt\/posts\/pfbid0asWdUR2zm1WbxVYXoEkv2xS9eLS97ifVPKoBYLGEwKsMCqnQrtuvBs6JvXoE9r8nl\">one day left<\/a> to register to join the Finance Ministry\u2019s digital customs system Nafeza before they can no longer clear goods out of customs at seaports.<\/p>\n<p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n<p><strong>The Senate is back in session today:<\/strong> Senators will discuss amendments to <a href=\"https:\/\/riad-riad.com\/law-compensation-contractors-governmental-projects\/\">a 2017 law<\/a> that paid out compensation to government contractors who suffered losses in the wake of the economic reforms carried out in 2016. The amendments will \u201cregulate government compensation paid to these contractors,\u201d Senator Ahmed Sabbour said, without getting into specifics.<\/p>\n<p><strong>The Senate Industrial Committee is discussing a new bill aimed at helping unlicensed <\/strong><strong>manufacturers<\/strong><strong> go legit. <\/strong>The draft legislation would hand the General Authority for Industrial Development (GAID) the power to grant unlicensed projects temporary one-year licenses, giving them time to \u201cadjust their conditions in line with environmental and civil protection procedures,\u201d committee chair Mohamed Halawa said.<\/p>\n<p><strong>We have the details on yesterday\u2019s Senate session<\/strong> in this morning\u2019s Legislation Watch, below.<\/p>\n<p><strong><a href=\"https:\/\/www.egypt-energy.com\/en\/home.html\">Egypt Energy<\/a><\/strong><strong> continues:<\/strong> The three-day energy conference brings together policymakers and business leaders from the regional energy sector to discuss topics including power generation, clean energy, and PPP and foreign investment. The event is taking place at the Egypt International Exhibition Center and runs through tomorrow.<\/p>\n<p><strong>Tomorrow marks the start of a new month. <\/strong>The key news triggers as we slide towards November:<\/p>\n<ul>\n<li><strong>PMI:<\/strong> We\u2019ll know how Egypt\u2019s private sector fared in October on Wednesday when S&P Global releases the purchasing managers\u2019 index. A 22-month contraction in private sector activity didn\u2019t <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b7956e2-bf64-4f31-872d-460d0234cc4f\">show signs of abating<\/a> in September as high inflation continued to weigh on demand and output.<\/li>\n<li><strong>Foreign reserves figures<\/strong> for October will be released next week.<\/li>\n<li><strong>Inflation:<\/strong> Capmas and the central bank will release October\u2019s inflation figures on Thursday, 10 November.<\/li>\n<\/ul>\n<p><strong>FURTHER AFIELD-<\/strong><\/p>\n<p><strong>MbS heading to India next month? <\/strong>Saudi Crown Prince Mohammed bin Salman could make an official state visit to India while on the way to Indonesia for the G20 Summit next month, Indian newspaper <a href=\"https:\/\/economictimes.indiatimes.com\/news\/india\/saudi-crown-prince-plans-mid-november-visit-to-india\/articleshow\/95154487.cms\">the Economic Times<\/a>reported yesterday, citing informed sources. The people said the visit would see the two countries deepen energy, investment and security ties.<\/p>\n<hr class=\"grey-line\">\n<p><strong>THE BIG STORIES ABROAD-<\/strong><\/p>\n<p><strong>Brazil has a new president \u2014 Lula is back:<\/strong> Left-wing former president Luiz In\u00e1cio Lula da Silva defeated far-right incumbent Jair Bolsonaro in a close-run run-off vote yesterday. With 99% of ballots counted, Lula received 50.9% of the vote to Bolsonaro\u2019s 49.1%, leading the country\u2019 election body to call the race. <strong>Lula\u2019s victory is the top story everywhere<\/strong>, from <a href=\"https:\/\/apnews.com\/article\/jair-bolsonaro-religion-caribbean-voting-ed2130a095ca42ff1be324a3dea9f355\">the Associated Press<\/a> and <a href=\"https:\/\/www.reuters.com\/article\/brazil-election\/lula-narrowly-defeats-bolsonaro-to-win-brazil-presidency-again-idUSKBN2RP023\">Reuters<\/a> to the <a href=\"https:\/\/www.nytimes.com\/live\/2022\/10\/30\/world\/brazil-presidential-election\">New York Times<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-30\/lula-wins-brazil-s-presidency-completing-comeback-for-leftist?srnd=premium\">Bloomberg<\/a>.<\/p>\n<p><strong>Russia\u2019s exit from the UN-brokered grain pact with Ukraine is still big news across the <\/strong><strong>world:<\/strong> The UN and Western powers are calling on Russia to re-enter the agreement, while analysts are warning that preventing Ukraine from exporting its grain will cause a spike in prices and put fresh pressure on global food supply chains. The UN, Turkey and Ukraine are reportedly continuing with the initiative without Russia, and agreed for 16 ships to leave Ukraine today. <strong>Everyone is covering the news:<\/strong> <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-biden-europe-black-sea-crimea-4d00fd0378175a7f73b4778ca71cb045?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_05\">Associated Press<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/europe\/un-turkey-ukraine-press-ahead-with-black-sea-grain-deal-despite-russian-pullout-2022-10-31\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-30\/the-world-s-food-security-is-at-stake-as-russia-exits-grain-deal?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/d772af70-7812-41a6-8a2e-c214c79ca373\">FT<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/10\/30\/world\/europe\/ukraine-russia-grain-deal.html\">NYT<\/a>.<\/p>\n<p><strong>The Sisi administration is taking note of events:<\/strong> President Abdel Fattah El Sisi met with PM Moustafa Madbouly and Supply Minister Ali El Moselhy yesterday to follow up on the country\u2019s current reserves of strategic commodities, Ittihadiya <a href=\"https:\/\/bit.ly\/3SPr0k8\">said<\/a> yesterday. El Moselhy said that Egypt currently has enough wheat in reserve to last until April, when the 2023 harvest begins. The strategic reserves for sugar are sufficient to last until February, while those of vegetable oils are enough until May, he said.<\/p>\n<p><strong>Egypt is one of the most vulnerable countries in the world to food supply shocks:<\/strong> Egypt \u2014 the world\u2019s biggest importer of wheat and heavily reliant on Russian and Ukrainian grain \u2014 scrambled to find new wheat suppliers earlier this year when the war removed Ukrainian wheat from the global market and sent food prices soaring.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>COUNTDOWN TO COP (6 days to go): COP27 starts next week<\/strong> in Sharm El Sheikh. Big days to look out for include:<\/p>\n<ul>\n<li><strong>World leaders\u2019 summit<\/strong>: November 7-8 (tons of details <a href=\"https:\/\/cop27.eg\/assets\/files\/days\/COP27%20PRELIMINARY%20ARRANGEMENTS-DOC-01-EGY-10-22-EN-2.pdf\">here, pdf<\/a>)<\/li>\n<li><strong>Finance day: <\/strong>November 9<\/li>\n<li><strong>Decarbonization day: <\/strong>November 11<\/li>\n<li><strong>Adaptation and agriculture day: <\/strong>November 12<\/li>\n<li><strong>Water day:<\/strong> November 14<\/li>\n<li><strong>Energy day:<\/strong> November 15<\/li>\n<\/ul>\n<p><strong>A fairly detailed schedule is <\/strong>available for <a href=\"https:\/\/cop27.eg\/assets\/files\/COP27-PRESIDENCY-VISION-THEMATIC-DAYS-FULL-PROGRAM-New.pdf\">download as a pdf here<\/a>.<\/p>\n<p><strong>UK PM could u-turn on COP no-show:<\/strong> The UK\u2019s new prime minister, Rishi Sunak, could backtrack on his decision to skip COP27 following <a href=\"https:\/\/www.theguardian.com\/environment\/2022\/oct\/30\/global-anger-at-sunaks-cop27-snub-that-raises-fears-over-uks-climate-crisis-stance\">backlash<\/a> at home and abroad, the <a href=\"https:\/\/www.ft.com\/content\/48cf2128-9aed-4124-9d1d-b47e1aa15519\">Financial Times<\/a> reports. Downing Street said last week that Sunak would not travel to Sharm El Sheikh due to \u201cpressing domestic commitments\u201d but sources close to the PM yesterday refused to rule out a no-show, telling the salmon-colored paper that it will \u201cdepend on progress\u201d dealing with the UK\u2019s economic crisis and his government\u2019s upcoming budget statement.<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Foreign investment in Egyptian startups is set to surpass USD 500 mn by <\/strong><strong>the end of the year<\/strong>, Communications Minister Amr Talaat told Bloomberg Asharq yesterday <a href=\"https:\/\/www.asharqbusiness.com\/article\/43486\">(watch, runtime: 0:53<\/a>).<\/p>\n<p><strong>The year so far: Egyptian startups have raised ar<\/strong><strong>ound USD 460 mn in <\/strong><strong>investmen<\/strong>t during the first 10 months of the year, according to our in-house tracker.<\/p>\n<p><strong>That\u2019s far short of expectations thanks to the Global Startup Fundraising Apocalypse: <\/strong>Industry players were telling us as recently as spring that Egyptian startups could <a href=\"https:\/\/enterprise.press\/whatsnexts\/whats-next-fintech-part-ii-fundraising\/\">raise as much USD 1 bn this year<\/a>, though Talaat was slightly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d27323ed-dbee-4c87-9a95-223e65298fa8\">more cautious<\/a>, saying in July he expected c. USD 850 mn.<\/p>\n<p><strong>MORNING MUST READ-<\/strong><\/p>\n<p><strong>ICYMI- Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36ec2b1c-8a17-45a3-a7cf-985fb5acd440\">we looked at the Ebda initiative<\/a> \u2014 a new program aimed at localizing industrial production and lowering the country\u2019s reliance on imported goods.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>The Sovereign Fund of Egypt (SFE) will begin <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/05933a92-6536-4bbf-a81c-dbea6e7621da\">the roadshow<\/a><\/strong><strong> for its <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eaa81cae-e4e2-4c66-963d-b806c4ed812b\">pre-IPO fund<\/a><\/strong><strong> at <\/strong><strong>the end of November<\/strong>, Planning Minister Hala El Said told Bloomberg Asharq yesterday (<a href=\"https:\/\/twitter.com\/AsharqBusiness\/status\/1586689461504589827\">watch, runtime: 2:10<\/a>). The fund plans to market several state companies \u2014 including the military-owned firms Safi and Wataniya \u2014 to strategic investors ahead of IPOing them on the EGX at a later date. Several Arab sovereign wealth funds have expressed interest in purchasing stakes in the companies, the minister said.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/www.facebook.com\/NebuGoldExpo\/\">Nebu Expo for Gold and Jewelry<\/a><\/strong><strong> will be held on 10-12 December<\/strong>, bringing together 50 local companies and 35 international exhibitors from Italy, Turkey, India and the UAE, Supply Minister Ali El Moselhy <a href=\"https:\/\/bit.ly\/3sGSI8j\">said<\/a>.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n\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\/brazil\/\">Brazil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/currencies\/\">currencies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lula-economy\/\">Lula. economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/senate\/\">Senate<\/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=\"553633\" 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=\"553633\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/553633\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553633\" class=\"content-area-description single-story post-553633 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.ticketsmarche.com\/tickets\/buy-tickets-2-cellos.html\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/2cellos2_1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p><strong>2CELLOS \u2014 LIVE AT SOMABAY on 18 November, 2022:<\/strong> Mark your calendars \u2014 world-renowned and wildly popular cellist duo, 2CELLOS will be performing at Somabay on 18 November, 2022. Having racked up a bn-plus audio streams, countless sold-out concerts, and mns of fans across the globe in their 10 years together as 2CELLOS, the Croatian duo of Luka \u0160uli\u0107 and HAUSER will be visiting Egypt in their long-awaited 2022 Dedicated World Tour. Book your ticket now: <a href=\"https:\/\/www.ticketsmarche.com\/tickets\/buy-tickets-2-cellos.html\">https:\/\/www.ticketsmarche.com\/tickets\/buy-tickets-2-cellos.html<\/a>. Call us 16390.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553634\" 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=\"553634\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/moneyfellows-raises-usd-31-mn-in-series-b-funding\/\">\r\n                            MoneyFellows raises USD 31 mn in series B funding                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/moneyfellows-raises-usd-31-mn-in-series-b-funding\/\" 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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data-image-title=\"381.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/381.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/381.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553634\" class=\"content-area-description single-story post-553634 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-fintech tag-moneyfellows tag-startup-watch tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>MoneyFellows closes bumper series B round<\/strong>: Egyptian fintech startup <a href=\"https:\/\/moneyfellows.com\/\">MoneyFellows<\/a> has raised USD 31 mn in a series B funding round, it said in <a href=\"https:\/\/ent.news\/2022\/10\/Press-Release-Money-Fellows-Raises-31-Million-in-Series-B-first-closing.pdf\">a statement<\/a><a href=\"https:\/\/ent.news\/2022\/10\/Press-Release-Money-Fellows-Raises-31-Million-in-Series-B-first-closing.pdf\">(pdf)<\/a> yesterday.<\/p>\n<p><strong>Who invested:<\/strong> The round was led by <a href=\"https:\/\/commerzventures.com\/\">CommerzVentures<\/a>, <a href=\"https:\/\/www.mevp.com\/\">Middle East Venture Partners<\/a> (MEVP), and <a href=\"https:\/\/arzan.com.kw\/business\/arzan-venture-capital-2\/\">Arzan Venture Capital<\/a>. <a href=\"https:\/\/www.invenfin.com\/\">Invenfin<\/a>, <a href=\"https:\/\/www.nic.com.kw\/\">National Investment Company<\/a> (NIC) and existing investors, including <a href=\"https:\/\/sawariventures.com\/\">Sawari Ventures<\/a>, <a href=\"https:\/\/partechpartners.com\/\">Partech<\/a>, <a href=\"https:\/\/www.4dxventures.com\/\">4DX Ventures<\/a> and <a href=\"https:\/\/www.p1.ventures\/\">P1Ventures<\/a> also participated in the round.<\/p>\n<p><strong>This is the fourth-biggest funding round in Egypt this year and third-largest fintech raise<\/strong>, according to our in house tracker.<\/p>\n<p><strong>What does MoneyFellows do, exactly?<\/strong> MoneyFellows creates digital \u201cmoney circles\u201d \u2014 known in the region as a gameya \u2014 using a scoring model, as a way to offer peer-to-peer, no-interest lending. The members of each circle commit to paying an installment into a pool every month, with a different member taking the whole pool as a payout each month. The company says it has hundreds of thousands of monthly users and has seen 8x y-o-y growth.<\/p>\n<p><strong>MoneyFellows has now raised a total of <\/strong><strong>USD 36.6 mn<\/strong><strong> from investors<\/strong>, having secured USD 5.6 mn in series A and seed funding prior to the latest round.<\/p>\n<p><strong>Where the funds are going:<\/strong> MoneyFellows will use the money to \u201caccelerate its exponential growth by diversifying its portfolio of services and expanding their product offerings across the B2C and B2B segments, as well as its geographical expansion across Africa and Asia,\u201d it said in the statement. Currently operating only in Egypt, MoneyFellows is looking to expand to Saudi Arabia and Pakistan, the company told us.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moneyfellows\/\">MoneyFellows<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553636\" 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=\"553636\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/553636\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553636\" class=\"content-area-description single-story post-553636 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/b2gcop27.moharrampartners.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/MP-COP27-Meeting-Enterprise-Web-Size-1.png?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553637\" 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=\"553637\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/house-committee-approves-egp-300-bonus-for-public-sector-workers-pensioners\/\">\r\n                            House committee approves EGP 300 bonus for public sector workers, pensioners                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/house-committee-approves-egp-300-bonus-for-public-sector-workers-pensioners\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/house-committee-approves-egp-300-bonus-for-public-sector-workers-pensioners\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/house-committee-approves-egp-300-bonus-for-public-sector-workers-pensioners\/\">\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=House committee approves EGP 300 bonus for public sector workers, pensioners&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/house-committee-approves-egp-300-bonus-for-public-sector-workers-pensioners\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/house-committee-approves-egp-300-bonus-for-public-sector-workers-pensioners\/&title=House committee approves EGP 300 bonus for public sector workers, pensioners\">\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=House+committee+approves+EGP+300+bonus+for+public+sector+workers%2C+pensioners+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F31%2Fhouse-committee-approves-egp-300-bonus-for-public-sector-workers-pensioners%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/house-committee-approves-egp-300-bonus-for-public-sector-workers-pensioners\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/382.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553638\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/house-committee-approves-egp-300-bonus-for-public-sector-workers-pensioners\/382-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/382.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"382.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/382.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/382.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553637\" class=\"content-area-description single-story post-553637 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-cit tag-enterpriseam tag-house-of-representatives tag-legislation tag-legislation-watch tag-senate tag-social-welfare 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>House committee approves public-sector, pensioner bonuses:<\/strong> The House Manpower Committee approved yesterday disbursing a EGP 300 bonus in November to public-sector employees and pensioners. The amendment is part of a broader package of measures <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3f8e5c9a-90ae-4625-b029-17645be14c8e\">announced by the government<\/a> last week to mitigate the impact of the <a href=\"https:\/\/enterprise.press\/afternoons\/pm-taweem-3-0-sees-egp-at-23-03-against-the-greenback\/\">EGP float<\/a> which is set to further raise the cost of living and pile more pressure on the public.<\/p>\n<p><strong>What they said:<\/strong> \"This is the second bonus in less than six months and aims to help vulnerable classes to bear the high cost of living triggered by global economic crises,\" the committee\u2019s chairman, Rep. Adel Abdel Fadil, said. Some 4.6 mn state employees and 10.5 mn pensioners will benefit from the bonus, which will cost the state in total approximately EGP 48.4 bn (about EGP 32 bn for state employees and EGP 32 bn for pensioners).<\/p>\n<p><strong>What\u2019s next: <\/strong>The bill will land in the House\u2019s plenary session tomorrow and is set to be passed the same day.<\/p>\n<p><strong>SENATE APPROVES TIGHTER CONTROLS ON TELECOM EQUIPMENT-<\/strong><\/p>\n<p><strong>Senators yesterday signed off on legislative amendments that would tighten controls on <\/strong><strong>telecom equipment considered a threat to national security. <\/strong>Changes to the 2003 Telecommunications Act approved by cabinet in July would ban the possession, import and manufacture of certain types of equipment without a license. Lawmakers have not publicly announced what types of equipment would be banned by the legislation.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/senate\/\">Senate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-welfare\/\">social welfare<\/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=\"553639\" 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=\"553639\">\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\">Coffee With<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/cira-is-now-officially-cira-education\/\">\r\n                            CIRA is now officially CIRA Education                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/cira-is-now-officially-cira-education\/\" 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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But this is more than just a facelift. Since its founding in 1993, the company had weathered many storms and challenges to the sector, including covid and foreign ownership limits for the private sector. Most recently, the sector was slammed by high inflation that has impacted enrollments. CIRA Education evolved into a multifaceted education platform, spanning pre-K to university, over 48k students enrolled (<a href=\"https:\/\/ent.news\/2022\/10\/CIRAs-Admissions-Report-2023.pdf\">pdf<\/a>), and graduating engineers to artists. This is what the new branding is here to symbolize, CEO Mohamed El Kalla tells us.<\/p>\n<p><strong>It\u2019s also the culmination of a milestone year:<\/strong> There\u2019s the expansion of Badr University, which is helping expand liberal arts education in Upper Egypt. It is also introducing tech universities to Egypt by breaking ground on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ef11c8c2-fac3-4847-8c50-dcd4fe71f3f6\">Saxony Egypt University<\/a>. Outside of academia, there\u2019s the company\u2019s three-year, EGP 2 bn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/050674a7-23fa-4fa6-b397-6d54503705d5\">future flow securitized bond program<\/a>, which not only made the company an innovator in finance, but cemented education\u2019s reputation as a defensive sector.<\/p>\n<p><strong>At the helm of this transformation is El Kalla<\/strong>, who's affinity for social entrepreneurship has its roots in his student days. His advanced studies in refugee law saw him living with nuns, and his subsequent work with the UN saw him lead programs in Darfur. During this time, he saw how the UN began to recognize the importance of the private sector in enacting social change. He took on those lessons when he returned to the family business back in 2009.<\/p>\n<p><strong>El Kalla joined us in the podcast studio to discuss that journey,<\/strong> what it took to get the company there, and what\u2019s next for him and CIRA Education.<\/p>\n<p><strong>LISTEN TO THIS INTERVIEW AS A PODCAST- Part 1 of our discussion is on our website (<\/strong><strong><a href=\"https:\/\/enterprise.press\/podcasts\/the-enterprise-podcast-talks-education-and-ciras-evolution-into-cira-education-with-ceo-mohamed-el-kalla\/\">listen, runtime: 44:43<\/a><\/strong><strong>) or on:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/the-enterprise-podcast\/id1617987136\">Apple Podcasts<\/a> | <a href=\"https:\/\/open.spotify.com\/episode\/41qSsocXPvScHxOyHRBODT?si=2714bcba2fc34d5f\">Spotify<\/a> | <a href=\"https:\/\/omny.fm\/shows\/the-enterprise-podcast\">Omny<\/a> | <a href=\"https:\/\/play.anghami.com\/podcast\/1027380974?adj_adgroup=podcast&adj_t=dgl0aa8_64v1dnl&adj_campaign=android&adj_creative=80207161\">Anghami<\/a> | and <a href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly93d3cub21ueWNvbnRlbnQuY29tL2QvcGxheWxpc3QvNWE1NmQ3YzMtZjI4MS00NTU3LThlMzEtYWFjODAxN2NjZjA2LzY4NmNmYTU5LTAwOTMtNDEyMS1hMTRjLWFlNmYwMDk3ZjEyMi81NDI0MGE5Ni04YWY5LTRkZGQtODExNi1hZTZmMDA5OTgxMzYvcG9kY2FzdC5yc3M\/episode\/NDI3ZDFlODUtZGU0YS00MDMzLWJhNWYtYWYzZTAxMmM2NjYx?ep=14\">Google Podcasts<\/a>. Part 2 is coming soon. Or you can read edited excerpts of our conversation below:<\/p>\n<p><strong>More than just education:<\/strong> At the crux of it, the rebranding of CIRA is the culmination of a six-year evolution that has seen CIRA become more than just about education \u2014 it\u2019s about the value chain of education, El Kalla says.<\/p>\n<p><strong>So, the company\u2019s services were split into three, with CIRA Education at its core and two sub-brands below it<\/strong>, El Kalla tells us. These are CIRA Talent, which scouts and then provides training and development from arts, to sports, to STEM, he adds. And then there\u2019s CIRA Services, which provides the infrastructure and logistics for these services.<\/p>\n<p><strong>That\u2019s right, El Kalla isn\u2019t just interested in graduating doctors and engineers: <\/strong>With CIRA Talent, he wants to also build viable career paths for artists, dancers, musicians and athletes across the nation. He wants to take advantage of the tech innovations in entertainment, such as streaming, social media, gaming and the metaverse to build up the next generation of talent in the hopes of reclaiming Egypt\u2019s cultural dominance in the region and the world. CIRA Talent\u2019s various camps and programs now serve around 4k students, he tells us.<\/p>\n<p><strong>Building the infrastructure of education:<\/strong> \u201cWe build our own schools, we train our own teachers, we supply our own technology, and we run our own transportation,\u201d El Kalla said. \u201cCIRA moves almost 15k people per day. That's larger than many private sector transportation services in Egypt,\u201d he notes.<\/p>\n<p><strong>This three-pronged approach has been the idea from day one, El Kalla tells us. <\/strong>\u201cIf you would like to serve the middle class, then you have a very interesting equation to work out: Quality versus cost. And unless you're able to really harness your value chain while working all of these non-profit centers, you'll not be able to provide quality education,\u201d he says.<\/p>\n<p><strong>The first domino was getting the right governance set up:<\/strong> When El Kalla joined the family business in 2009, one of the first things he worked on was looking at corporatizing and setting solid governance structures and mitigating key-person risk. \u201cAfter a certain size, schools need to be open books and transparent in their governance,\u201d he tells us.<\/p>\n<p><strong>Especially if they want investors to buy in\u2026and you need investors:<\/strong> \u201cGone are the days when private education providers can grow on their own. 10 years ago it would cost EGP 20-30 mn to build a school. Now it would cost EGP 150-200 mn. For a decent university you would need EGP 3 bn.\u201d<\/p>\n<p><strong>With CIRA\u2019s core education offering, the focus is on providing variety to an underserved market: <\/strong>The expansion of Badr University into Upper Egypt has been emblematic of the company\u2019s strategy of building a successful model in Cairo and then introducing it to Upper Egypt \u2014 a very underserved market. When looking at where to expand, CIRA looks at various governorates, studies the needs of those communities, and begins building. In Fayum, for example, the company found a need for pre-K, so, now it is working on setting up its first pre-K facility outside of Cairo over there.<\/p>\n<p><strong>The strategy is proving successful:<\/strong> \u201cWe launched Badr University there with a state-of-the-art presence from day one, with seven faculties, including bio-engineering, and nursing,\u201d El Kalla said. \u201cBadr University will eventually support 18 faculties, over 85 acres of educational facilities, with some 40k seats.\u201d The Upper Egypt campus already has over 1k students enrolled in its inaugural class \u2014 or 50% above initial targets, he tells us.<\/p>\n<p><strong>CIRA also caters to the needs of modern and future jobs:<\/strong> CIRA is breaking ground soon on its Saxony Egypt campus, with an eye to offering industry-specific diplomas and bachelor\u2019s degrees, including in logistics, tourism, medical and industrial manufacturing. The school is working on offering degrees in the automotive sector, with plans to expand into future industries such as EV manufacturing in the next five years, he says.<\/p>\n<p><strong>Innovation isn\u2019t just limited to education:<\/strong> CIRA\u2019s EGP 2 bn future flow securitization program isn\u2019t just the first in the education sector, but the country\u2019s as well \u2014 lending credibility to the notion that education is defensive. \u201cThere's a certainty in education that makes it ideal for future cash flows,\u201d El Kalla notes.<\/p>\n<p><strong>And it\u2019s worth the risk in this challenging environment: <\/strong>When asked if the current high-interest rate environment causes him concern, El Kalla notes: \u201cI would be lying if I said no. But they've always been ready to take a leap of faith\u2026And I have news for you, if you don't do it today, you're going to be paying 1.5x more in costs tomorrow.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/coffee-with\/\">Coffee With<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-el-kalla\/\">Mohamed El Kalla<\/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=\"553641\" 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=\"553641\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/553641\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553641\" class=\"content-area-description single-story post-553641 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_EXPERIENCES_1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553642\" 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=\"553642\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/the-aftermath-of-the-egp-float-continued-to-dominate-the-conversation-on-the-airwaves-last-night\/\">\r\n                            The aftermath of the EGP float continued to dominate the conversation on the airwaves last night                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/the-aftermath-of-the-egp-float-continued-to-dominate-the-conversation-on-the-airwaves-last-night\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/the-aftermath-of-the-egp-float-continued-to-dominate-the-conversation-on-the-airwaves-last-night\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/the-aftermath-of-the-egp-float-continued-to-dominate-the-conversation-on-the-airwaves-last-night\/\">\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 aftermath of the EGP float continued to dominate the conversation on the airwaves last night&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/the-aftermath-of-the-egp-float-continued-to-dominate-the-conversation-on-the-airwaves-last-night\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/the-aftermath-of-the-egp-float-continued-to-dominate-the-conversation-on-the-airwaves-last-night\/&title=The aftermath of the EGP float continued to dominate the conversation on the airwaves last night\">\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=The+aftermath+of+the+EGP+float+continued+to+dominate+the+conversation+on+the+airwaves+last+night+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F31%2Fthe-aftermath-of-the-egp-float-continued-to-dominate-the-conversation-on-the-airwaves-last-night%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/the-aftermath-of-the-egp-float-continued-to-dominate-the-conversation-on-the-airwaves-last-night\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553642\" class=\"content-area-description single-story post-553642 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-commodities tag-economy tag-egp tag-enterpriseam tag-food-security tag-imf tag-inflation tag-last-nights-talk-shows tag-moodys tag-russia-ukraine-conflict tag-subsidies tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The economic impact of Thursday's float of the EGP continued to dominate the <\/strong><strong>airwaves last night<\/strong>, with the nation\u2019s talking heads doing their best to put a positive spin on events and officials trying to assure the public on rising prices and the availability of goods.<\/p>\n<p><strong>Nobody wanted to talk about the coming wave of inflation:<\/strong> <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=30102022&id=46c3d373-311b-40f8-ae4b-fc13f479d068\">Some analysts<\/a> are expecting the headline inflation rate to reach 20% by the end of this year on the back of the EGP float, but you wouldn\u2019t have known it from last night\u2019s talk shows, which avoided discussing the coming squeeze on living standards.<\/p>\n<p><strong>Instead, everyone wanted to talk about how prices will fall:<\/strong> Ayman Hossam El Din, head of the Consumer Protection Agency, told Kelma Akhira that prices could begin falling in the next three to four months (<a href=\"https:\/\/www.youtube.com\/watch?v=dnq4xlr2yTY\">watch, runtime: 3:05<\/a>). The deputy chairman of the Egyptian Poultry Association, Tharwat El Zeiny, said that chicken prices won\u2019t rise any further because \u2026 chicken prices are already high.<\/p>\n<p><strong>Price controls on sugar? <\/strong>Abdel Moneim Khalil, head of internal trade at the Supply Ministry, floated the idea of putting price controls on sugar in the event of price gouging (<a href=\"https:\/\/www.youtube.com\/watch?v=xKmFb6NvRG8\">watch, runtime: 5:27<\/a>).<\/p>\n<p><strong>A new Moody\u2019s report provided another source of positivity: <\/strong>Kelma Akhira\u2019s Lamees El Hadidi dedicated a segment to explaining a new Moody\u2019s report out yesterday which said that the decision to devalue the currency will improve Egypt\u2019s funding situation. Amr Hassanein, chairman of rating agency Meris, joined El Hadidi to discuss the report (<a href=\"https:\/\/www.youtube.com\/watch?v=0qTrAYhFTjk\">watch, runtime: 7:16<\/a>).<\/p>\n<p><strong>MEANWHILE- The Madbouly government struck an optimistic note on wheat supplies <\/strong><strong>just days after a key global wheat pact went belly up<\/strong><strong>: <\/strong>The state is moving to reassure the public that the country\u2019s wheat supplies will not be threatened if exports of Ukrainian wheat are suspended long term. Ahmed El Attar, head of the Agriculture Ministry\u2019s quarantine authority, said that the government has taken \u201cpre-emptive steps\u201d to secure wheat supplies and has built up reserves of strategic commodities (<a href=\"https:\/\/www.youtube.com\/watch?v=JWu4oi0qeMw\">watch, runtime: 3:04<\/a>). This came a day after Russia pulled out of the UN-brokered agreement that allowed Ukraine to resume grain exports, threatening to cause a shortage of wheat and reignite the global food crisis triggered by the war in Ukraine.<\/p>\n<p><strong>No, bread subsidies haven\u2019t changed: <\/strong>The government refuted reports it plans to lift bread subsidies and replacing them with cash support for the neediest. The news got air time on state TV\u2019s El Tasea (<a href=\"https:\/\/www.youtube.com\/watch?v=3OewvwOq0VA\">watch, runtime: 7:57<\/a>) and Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=EJamJwk0bIU\">watch, runtime: 1:33<\/a>).<\/p>\n<p><strong>Yes, but:<\/strong> The government is looking at ways of reforming bread subsidies, with Supply Minister Ali El Moselhy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fdba61a4-ba13-4035-a2a7-51511a9b61a0\">earlier this month<\/a> calling on MPs to examine ways of scaling back the program. It\u2019s not clear whether reform to the program is a requirement of the recently-agreed USD 3 bn IMF loan, but we should find out more on the conditions when the executive board meets to discuss the agreement in December.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/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\/moodys\/\">Moody\u2019s<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/subsidies\/\">subsidies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/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=\"553643\" 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 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href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-r5m3pn4\" data-v=\"4\" data-block-id=\"r5m3pn4\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-r5m3pn4-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-r5m3pn4-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240924.png?ssl=1\">\r\n                <div 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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-nmv5h9u\" data-v=\"4\" data-block-id=\"nmv5h9u\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-nmv5h9u-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-nmv5h9u-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\" 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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=\"553644\" 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=\"553644\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/foreign-press-continues-to-focus-on-human-rights-cop27\/\">\r\n                            Foreign press continues to focus on human rights + COP27                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/foreign-press-continues-to-focus-on-human-rights-cop27\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/foreign-press-continues-to-focus-on-human-rights-cop27\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/foreign-press-continues-to-focus-on-human-rights-cop27\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Foreign press continues to focus on human rights + COP27&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/foreign-press-continues-to-focus-on-human-rights-cop27\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/foreign-press-continues-to-focus-on-human-rights-cop27\/&title=Foreign press continues to focus on human rights + COP27\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Foreign+press+continues+to+focus+on+human+rights+%2B+COP27+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F31%2Fforeign-press-continues-to-focus-on-human-rights-cop27%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/foreign-press-continues-to-focus-on-human-rights-cop27\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553644\" class=\"content-area-description single-story post-553644 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-climate tag-cop27 tag-enterpriseam tag-human-rights wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Human rights + COP27 continue to drive the narrative on Egypt in the international press:<\/strong> It\u2019s <a href=\"https:\/\/www.thetimes.co.uk\/article\/political-prisoners-in-limbo-as-egypt-welcomes-cop27-leaders-r8ft8vqzj\">the Times<\/a>\u2019 turn to publish a piece on political detainees in Egypt in the run-up to next week\u2019s global climate summit, while <a href=\"https:\/\/www.theguardian.com\/environment\/2022\/oct\/30\/greenpeace-egypt-greenwashing-cop27\">the Guardian<\/a> reports that Greenpeace is coming in for criticism by some activists who are accusing the conservation group of \u201cgreenwashing\u201d the Egyptian government\u2019s image by playing down its poor human rights record.<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>The King Tut controversy:<\/strong> Egyptologists continue to disagree on what Tutankhamun\u2019s burial room was initially designed for and whether his stepmother and predecessor Nefertiti could be buried behind its walls. (<a href=\"https:\/\/www.nytimes.com\/2022\/10\/30\/science\/tutankhamen-nefertiti-archaeology.html?searchResultPosition=1\">New York Times<\/a>)<\/li>\n<li><strong>Climate change is accelerating migration out of the countryside <\/strong>to Egyptian cities and abroad as water scarcity impacts the agriculture sector. (<a href=\"https:\/\/www.barrons.com\/news\/millions-at-risk-of-climate-displacement-in-middle-east-01667098207\">AFP<\/a>)<\/li>\n<li><strong>Falcon mummies: <\/strong>A foreign research team has unearthed a tomb containing over a dozen mummified falcons south of Marsa Alam. (<a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/10\/tomb-falcons-discovered-ancient-egyptian-seaport\">Al Monitor<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553645\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553646\" 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=\"553646\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/more-news-from-the-ev-frontier-cosmic-village-is-back-in-the-headlines\/\">\r\n                            More news from the EV frontier + Cosmic Village is back in the headlines                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/more-news-from-the-ev-frontier-cosmic-village-is-back-in-the-headlines\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/more-news-from-the-ev-frontier-cosmic-village-is-back-in-the-headlines\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/more-news-from-the-ev-frontier-cosmic-village-is-back-in-the-headlines\/\">\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=More news from the EV frontier + Cosmic Village is back in the headlines&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/more-news-from-the-ev-frontier-cosmic-village-is-back-in-the-headlines\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/more-news-from-the-ev-frontier-cosmic-village-is-back-in-the-headlines\/&title=More news from the EV frontier + Cosmic Village is back in the headlines\">\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=More+news+from+the+EV+frontier+%2B+Cosmic+Village+is+back+in+the+headlines+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F31%2Fmore-news-from-the-ev-frontier-cosmic-village-is-back-in-the-headlines%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/more-news-from-the-ev-frontier-cosmic-village-is-back-in-the-headlines\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553646\" class=\"content-area-description single-story post-553646 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-amer-group tag-commodities tag-cosmic-village tag-enterpriseam tag-evs tag-gasc tag-gb-auto tag-infinity tag-ma-watch 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>A unit of r<\/strong><strong>enewable energy player Infinity is reportedly interested in assembling EV charging stations here<\/strong>, <a href=\"https:\/\/bit.ly\/3FuRRPn\">Al Mal<\/a> reports, saying it is eyeing foreign tech for the project. Talks are at a very early exploratory stage, we\u2019re told.<\/p>\n<p><strong>MEANWHILE- The military\u2019s dual-fuel pickup truck JV with the Emirates\u2019 M Glory is still <\/strong><strong>on the runway.<\/strong> The Military Production Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02UxhcFVJUrg43zZWiRG2mJZsYgSqXem9djjRTYcSqy5LY4VhS1KVQbsWbvLeyUf53l\">said yesterday<\/a> that it had had talks with M Glory execs about tech transfer and other \u201cdevelopments of joint cooperation.\u201d The two sides had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/07b62cd4-0006-489c-90f2-244dacdfed31\">originally aimed<\/a> to have the facility up and running by 1H 2022.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>The Sovereign Fund of Egypt<\/strong> will in the coming weeks contract a real estate company to develop <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca30703c-6da3-4725-a0f9-05593618a8ec\">Cosmic Village<\/a><\/strong> in Sixth of October. (<a href=\"https:\/\/bit.ly\/3sFCaNU%5C\">Al Mal<\/a>)<\/li>\n<li><strong>G<\/strong><strong>B Auto<\/strong> has appointed <strong>Alpha Capital<\/strong> to conduct an independent valuation of its stake in Netherlands-based subsidiary <strong>MNT Investments<\/strong> ahead of a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c95034ed-0327-4eef-8d94-7329f3f97e13\">partial sale<\/a> to <strong>Chimera Investments<\/strong>. The valuation is a routine part of the sale process, a company official told us. (<a href=\"https:\/\/ent.news\/2022\/10\/GB-Auto-30-October-2022.pdf\">Disclosure, pdf<\/a>)<\/li>\n<li>State buyer <strong>GASC<\/strong> has contracted to<strong> import 150k tons of sugar<\/strong>. (<a href=\"https:\/\/www.facebook.com\/msitgovegypt\/posts\/462320472662518\">Supply<\/a><a href=\"https:\/\/www.facebook.com\/msitgovegypt\/posts\/462320472662518\">Ministry statement<\/a>)<\/li>\n<li><strong>Amer Group\u2019s<\/strong> board of directors approved a plan to spin off some of the company\u2019s activities into a separate firm, dubbed <strong>A Capital Holding<\/strong>. (<a href=\"https:\/\/ent.news\/2022\/10\/Amer-Group-30-October-2022.pdf\">Disclosure, pdf<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/amer-group\/\">Amer Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cosmic-village\/\">Cosmic village<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gasc\/\">GASC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gb-auto\/\">GB Auto<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infinity\/\">Infinity<\/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\/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=\"553647\" 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=\"553647\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/more-on-fed-week-efg-hermes-lands-bookrunner-job-on-riyadh-cables\/\">\r\n                            More on Fed week + EFG Hermes lands bookrunner job on Riyadh Cables                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/more-on-fed-week-efg-hermes-lands-bookrunner-job-on-riyadh-cables\/\" 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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But pandemic-era stimulus measures have given businesses and households an unusually fat savings buffer, meaning higher rates may not deter them from spending as they head into tighter times, the<a href=\"https:\/\/www.wsj.com\/articles\/cash-rich-consumers-could-mean-higher-interest-rates-for-longer-11667075614\">Wall Street Journal<\/a> reports. The Fed may have to raise rates higher and for longer in order to have the desired impact. \u201cFor now, the consumer is too strong for comfort,\u201d the managing director of one market intelligence firm told the WSJ.<\/p><p><strong>CLOSER TO HOME- <\/strong><strong>IPO Watch:<\/strong> Our friends at EFG Hermes were appointed as bookrunner for Riyadh Cables Group Company\u2019s IPO on the Saudi stock exchange. The company wants to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-12\/riyadh-cables-is-said-to-seek-about-400-million-from-saudi-ipo?sref=mmeFTDW1\">raise around USD 400 mn<\/a> by selling a 22% stake to investors. (<a href=\"https:\/\/ent.news\/2022\/10\/Riyadh-Cables-IPO-EN.pdf\">Intent to float, pdf<\/a>)<\/p><p><strong>ALSO WORTH NOTING-<\/strong><\/p><ul>\n<li><strong>Saudi Arabia is helping to bail out Credit Suisse:<\/strong> The Saudi National Bank is set to become Credit Suisse\u2019s single biggest shareholder as it steps in to help rescue the teetering Swiss bank which is trying to raise CHF 4 bn as part of a restructure. (<a href=\"https:\/\/www.ft.com\/content\/e2ba41c5-586c-44ec-a01f-73f522a5850f\">Financial Times<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-27\/credit-suisse-leans-on-gulf-money-again-to-backstop-revamp-plans?sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>Oil + gas windfall profits aren\u2019t sitting well with Western politicians:<\/strong><br> Leading global oil and gas firms have spent USD 20 bn more on dividends and share buybacks than on capital spending, triggering criticism from politicians over the volume of windfall profits being passed on to investors. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-28\/big-oil-faces-backlash-for-handing-record-profits-to-investors?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>Qatar wants to explore for gas in Lebanese waters:<\/strong> Qatar Energy has its eyes on a 30% stake on an offshore gas exploration block in Lebanon, with Doha currently in talks with energy giants TotalEnergies and Eni over the stake. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-30\/qatar-in-talks-with-totalenergies-for-stake-in-lebanon-gas-block?srnd=premium-middle-east\">Bloomberg<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,101<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: -7.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.00<\/p>\n<\/td>\n<td>\n<p>Sell 24.14<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 23.80<\/p>\n<\/td>\n<td>\n<p>Sell 23.90<\/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>13.25% deposit<\/p>\n<\/td>\n<td>\n<p>14.25% 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>11,632<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: +3.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,287<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: +3.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,349<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: +4.8%)<\/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>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,901<\/p>\n<\/td>\n<td>\n<p>+2.5% (YTD: -18.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,048<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: -4.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,613<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -16.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 95.77<\/p>\n<\/td>\n<td>\n<p>-1.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 5.68<\/p>\n<\/td>\n<td>\n<p>-3.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,644.80<\/p>\n<\/td>\n<td>\n<p>-1.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 20,651<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: -55.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 1.3 bn (9.2% above the 90-day average). Foreign investors were net buyers. The index is down 7.1% YTD.<\/p><p><strong>In the green: <\/strong>Alexandria Containers and Cargo Handling (+7.7%), Egypt Kuwait Holding-EGP (+4.4%) and Juhayna (+4.1%).<\/p><p><strong>In the red: <\/strong>Qalaa Holdings (-3.3%), Ezz Steel (-2.5%) and Housing and Development Bank (-2.3%).<\/p><p><strong>Asian markets are mixed this morning<\/strong>, with Chinese shares in the red and most other bourses in the region in the green. The Nikkei (+1.6%), the Kospi (+1.0%) and the ASX (+0.6%) are all seeing gains this morning. European shares are expected to see early gains later this morning while Wall Street will open lower.<\/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\/credit-suisse\/\">Credit Suisse<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/financial-markets\/\">Financial Markets<\/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\/lebanon\/\">Lebanon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us-federal-reserve\/\">US Federal Reserve<\/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=\"553648\" 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=\"553648\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/egyptian-officials-talk-ties-investment-with-uae-qatar\/\">\r\n                            Egyptian officials talk ties, investment with UAE + Qatar                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/egyptian-officials-talk-ties-investment-with-uae-qatar\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/egyptian-officials-talk-ties-investment-with-uae-qatar\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/egyptian-officials-talk-ties-investment-with-uae-qatar\/\">\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=Egyptian officials talk ties, investment with UAE + Qatar&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/egyptian-officials-talk-ties-investment-with-uae-qatar\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/egyptian-officials-talk-ties-investment-with-uae-qatar\/&title=Egyptian officials talk ties, investment with UAE + Qatar\">\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=Egyptian+officials+talk+ties%2C+investment+with+UAE+%2B+Qatar+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F31%2Fegyptian-officials-talk-ties-investment-with-uae-qatar%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/egyptian-officials-talk-ties-investment-with-uae-qatar\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553648\" class=\"content-area-description single-story post-553648 post type-post status-publish format-standard hentry category-diplomacy tag-abdel-fattah-el-sisi tag-ahmed-samir tag-civipol tag-diplomacy tag-enterpriseam tag-eu tag-investment-watch tag-irregular-migration tag-mohammed-bin-rashid tag-politics tag-qatar tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The EU is helpling Egypt crack down on illegal migration:<\/strong> The EU and Egypt yesterday signed an agreement for the first phase of a new EUR 80 mn program designed to make it harder for migrants to cross illegally from Egypt to Europe, the EU delegation in Egypt said in <a href=\"https:\/\/ent.news\/2022\/10\/Border-Management-EN-30102022.pdf\">a statement<\/a><a href=\"https:\/\/ent.news\/2022\/10\/Border-Management-EN-30102022.pdf\">(pdf)<\/a> yesterday. The program will provide Egypt\u2019s coast and border guards with surveillance equipment, according to an EU Commision document seen by <a href=\"https:\/\/www.reuters.com\/world\/eu-funds-border-control-deal-egypt-with-migration-via-libya-rise-2022-10-30\/\">Reuters<\/a>. The program has been split into two phases, with EUR 23 mn being paid out this year and the remaining EUR 57 mn being disbursed in 2023.<\/p>\n<p><strong>Egypt and the UAE\u2019s <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0gKn5z3nuZiF3rVVxhgVD5AaDXHkH4X4bj7L1b3cvYGKcbV5u98c99ivMradBERDgl\">three-day gathering<\/a><\/strong><strong> to mark 50 years of bilateral ties wrapped on <\/strong><strong>Friday<\/strong>. President Abdel Fattah El Sisi met with UAE Prime Minister His Highness Sheikh Mohammed bin Rashid to discuss ways to strengthen cooperation \u201cin a wide range of spheres,\u201d Emirati state news agency <a href=\"http:\/\/wam.ae\/en\/details\/1395303095629\">WAM<\/a> reported. Sheikh Mohammed invited El Sisi to be the guest of honor at the <a href=\"https:\/\/www.worldgovernmentsummit.org\/events\/annual-gathering-2023\">World Government Summit<\/a> in Dubai next February. Separately, Prime Minister Moustafa Madbouly sat down with Emirati Minister of Cabinet Affairs Mohammad Al Gergawi to discuss bilateral ties, <a href=\"http:\/\/wam.ae\/en\/details\/1395303096066\">WAM<\/a> reported.<\/p>\n<p><strong>ALSO FROM THE DIPLO SPHERE-<\/strong><\/p>\n<ul>\n<li><strong>El Sisi<\/strong> spoke to <strong>Iraq\u2019s new prime minister, Mohammed Shia Al Sudani<\/strong>, on the phone. (<a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02Vx32neu4Qg4MR5DBCQnzHZFnpPbBgZUC4sexNGMKxJyRGUTc2gjXApeiVegHhecAl\">Ittihadiya<\/a>)<\/li>\n<li><strong>El Sisi<\/strong> and <strong>Prime Minister Moustafa Madbouly<\/strong> discussed investment in Egypt with <strong>Qatari businessmen<\/strong> last week. (<a href=\"https:\/\/bit.ly\/3Dom4gq\">Ittihadiya<\/a> | <a href=\"https:\/\/www.qna.org.qa\/en\/News-Area\/News\/2022-10\/29\/0041-egyptian-president-meets-qatari-businessmen-association-delegation\">Qatar News Agency<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/ahmed-samir\/\">Ahmed Samir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/civipol\/\">CIVIPOL<\/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\/eu\/\">EU<\/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\/irregular-migration\/\">irregular migration<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohammed-bin-rashid\/\">Mohammed bin Rashid<\/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\/qatar\/\">Qatar<\/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=\"553649\" 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=\"553649\">\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\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/lebanon-is-now-without-a-president-ghana-lines-up-for-imf-aid\/\">\r\n                            Lebanon is now without a president + Ghana lines up for IMF aid                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/lebanon-is-now-without-a-president-ghana-lines-up-for-imf-aid\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/lebanon-is-now-without-a-president-ghana-lines-up-for-imf-aid\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/lebanon-is-now-without-a-president-ghana-lines-up-for-imf-aid\/\">\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=Lebanon is now without a president + Ghana lines up for IMF aid&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/lebanon-is-now-without-a-president-ghana-lines-up-for-imf-aid\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/lebanon-is-now-without-a-president-ghana-lines-up-for-imf-aid\/&title=Lebanon is now without a president + Ghana lines up for IMF aid\">\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=Lebanon+is+now+without+a+president+%2B+Ghana+lines+up+for+IMF+aid+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F31%2Flebanon-is-now-without-a-president-ghana-lines-up-for-imf-aid%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/lebanon-is-now-without-a-president-ghana-lines-up-for-imf-aid\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553649\" class=\"content-area-description single-story post-553649 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-debt tag-enterpriseam tag-ghana tag-imf tag-lebanon tag-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Lebanon is president-less:<\/strong> Lebanese President Michel Aoun left office yesterday following the end of his six-year term, with the country\u2019s parliament yet to agree on a successor. MPs have held four votes to choose a successor but no candidate has garnered a majority, leaving the country in limbo. The outgoing president told <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/president-aoun-leaves-office-lebanons-crisis-worsens-2022-10-30\/\">Reuters<\/a> the day before his exit that the country was falling into \u201cconstitutional chaos.\u201d<\/p>\n<p><strong>Ghana could be up next for an IMF bailout<\/strong> \u2014 and the nation\u2019s president was out yesterday doing his best to reassure bondholders that debt relief is not on the negotiating table, according to <a href=\"https:\/\/www.reuters.com\/world\/ghana-president-says-imf-talks-will-not-lead-debt-haircut-2022-10-30\/\">Reuters<\/a>. The West African nation has been negotiating a loan with the IMF since July after foreign investors exited the country and people took to the streets in protest at rising inflation and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-20\/ghana-s-cedi-extends-world-beating-loss-on-debt-talk-worries?sref=mmeFTDW1\">a plunging currency<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ghana\/\">Ghana<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lebanon\/\">Lebanon<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553650\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/31\/553650\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553650\" class=\"content-area-description single-story post-553650 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>OCTOBER<\/strong><\/p>\n<p>October: Air Sphinx, EgyptAir\u2019s low-cost subsidiary to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=25062022&id=06c1fc4b-9551-4f6c-a782-70bdec4b30f0\">commence operations<\/a>.<\/p>\n<p>30 October-1 November (Sunday-Tuesday): <a href=\"https:\/\/www.egypt-energy.com\/en\/home.html\">Egypt Energy<\/a>, Egypt International Exhibition Center (EIEC), New Cairo.<\/p>\n<p>Late October-14 November: 3Q2022 earnings season.<\/p>\n<p>Late October: First Abu Dhabi Bank to <a href=\"https:\/\/bit.ly\/3eEUoeA\">complete<\/a> full integration with Bank Audi\u2019s Egyptian operations after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7db0f456-9e63-420a-b309-a9a455fb3667\">merger<\/a>.<\/p>\n<p><strong>NOVEMBER<\/strong><\/p>\n<p>1 November (Tuesday): Deadline for importers, exporters and customs brokers to join Nafeza.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Arab League annual summit, Algiers, Algeria.<\/p>\n<p>3-5 November (Thursday-Saturday): Egypt Fashion Week.<\/p>\n<p>4-6 November (Friday-Sunday): <a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\">Autotech<\/a> auto exhibition, Cairo International Exhibition and Convention Center.<\/p>\n<p>5-8 November (Sunday-Tuesday): Techne Summit for Investment and Entrepreneurship, Alexandria, Egypt<\/p>\n<p>6-18 November (Sunday-Friday): Egypt will host <a href=\"https:\/\/cop27.eg\/\">COP27<\/a> in Sharm El Sheikh.<\/p>\n<p>7 November (Monday): <a href=\"https:\/\/www.greeninitiatives.gov.sa\/about-mgi\/\">Middle East Green Initiative<\/a>, Sharm El Sheikh.<\/p>\n<p>7 November (Monday): The inauguration of the first line of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2356273-f17c-4a5b-a987-663aab9a2e29\">high-speed rail<\/a>.<\/p>\n<p>9 November (Wednesday): Finance Ministry to host \u201c<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid029A7ytdAhcMYQsLo8xQ6Ne5FuvWWDty9yYj66v4LMifKZ611tqzps8jkcw4P7fLMhl\">Finance Day<\/a>\u201d at COP27.<\/p>\n<p>11-12 November (Friday-Saturday): <a href=\"https:\/\/www.greeninitiatives.gov.sa\/about-sgi\/\">Saudi Green Initiative<\/a>, Sharm El Sheikh.<\/p>\n<p>7-13 November (Monday-Sunday): The International University Sports Federation (FISU) <a href=\"https:\/\/www.worldsquash.org\/2022-fisu-world-university-championship-squash-to-take-place-in-egypt\/\">World University<\/a> Squash Championships, New Giza.<\/p>\n<p>15-16 November (Tuesday-Wednesday): <a href=\"https:\/\/www.g20.org\/bali-summit\/\">G20 summit<\/a>, Bali, Indonesia.<\/p>\n<p>21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p>22 November- 23 November (Tuesday-Wednesday): <a href=\"http:\/\/thefingerprintsummit.org\/#\/speakersnew\">The Fingerprint Summit<\/a> will be held at the Nile Ritz Carlton Hotel.<\/p>\n<p>27 \u2013 28 November (Thursday-Friday): The first edition of the <a href=\"https:\/\/twitter.com\/Extranewstv\/status\/1579478836366176256\">Egypt Media Forum<\/a>.<\/p>\n<p>27-30 November (Sunday-Wednesday): <a href=\"https:\/\/cairoict.com\/\">Cairo ICT<\/a>, Egypt International Exhibition Center, New Cairo.<\/p>\n<p><strong>DECEMBER<\/strong><\/p>\n<p>3 December (Saturday): Dior Men\u2019s pre-fall collection show in Giza.<\/p>\n<p>10-12 December (Saturday-Monday): The 2nd edition of the <a href=\"https:\/\/www.facebook.com\/NebuGoldExpo\/\">Nebu Expo for Gold and Jewelry<\/a>kicks off.<\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>13-15 December (Tuesday-Thursday): US-Africa Leaders Summit.<\/p>\n<p>15 December (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>December: The Sixth of October dry port <a href=\"https:\/\/bit.ly\/3u3uB4u\">will begin operations<\/a>.<\/p>\n<p>December: Egyptian Automotive Summit.<\/p>\n<p>December: Egypt to <a href=\"https:\/\/bit.ly\/3bVoWYy\">expand Sudan electricity link capacity<\/a> to 300 MW.<\/p>\n<p><strong>JANUARY 2023<\/strong><\/p>\n<p>January: EGX-listed companies and non-bank lenders will submit ESG reports for the first time.<\/p>\n<p>January: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>1 January (Sunday): Use of Nafeza <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381373340699759\">becomes compulsory<\/a> for air freight.<\/p>\n<p>1 January (Sunday): Residential electricity bills are set to rise as per the government\u2019s <a href=\"https:\/\/ent.news\/2020\/6\/%D8%A7%D9%84%D9%85%D8%A4%D8%AA%D9%85%D8%B1-%D8%A7%D9%84%D8%B5%D8%AD%D9%81%D9%89-%D9%84%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D9%84%D9%84%D8%AE%D9%85%D8%B3-%D8%B3%D9%86%D9%88%D8%A7%D8%AA-%D8%A7%D9%84%D9%82%D8%A7%D8%AF%D9%85%D8%A9-9-6-2020-1.pdf\">six-year roadmap (pdf)<\/a> to restructure electricity prices by 2025.<\/p>\n<p>7 January (Saturday): Coptic Christmas.<\/p>\n<p>24 January-6 February: The 54th Cairo International Book Fair, Egypt International Exhibition Center<\/p>\n<p>25 January (Wednesday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>26 January (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>30 January-1 February (Monday-Wednesday): CI Capital\u2019s Annual MENA Investor Conference 2023, Cairo, Egypt.<\/p>\n<p><strong>FEBRUARY 2023<\/strong><\/p>\n<p>11 February (Saturday): Second semester of 2022-2023 academic year begins for public universities.<\/p>\n<p>13-15 February (Monday-Wednesday): The <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show (Egyps)<\/a>, Egypt International Exhibition Center, Cairo.<\/p>\n<p>23-27 February (Thursday-Monday): Annual Business Women of Egypt\u2019s Women for Success conference.<\/p>\n<p><strong>MARCH 2023<\/strong><\/p>\n<p>March: 4Q2022 earnings season.<\/p>\n<p>23 March (Wednesday): First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.<\/p>\n<p><strong>APRIL 2023<\/strong><\/p>\n<p>17 April (Monday): Sham El Nessim.<\/p>\n<p>22 April (Saturday): Eid El Fitr (TBC).<\/p>\n<p>25 April (Tuesday): Sinai Liberation Day.<\/p>\n<p>27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/p>\n<p>Late April \u2013 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1 May (Monday): Labor Day.<\/p>\n<p>4 May (Thursday) National holiday in observance of Labor Day (TBC).<\/p>\n<p>22-26 May (Monday-Friday): Egypt <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>JUNE 2023<\/strong><\/p>\n<p>19-21 June (Monday-Wednesday) Egypt Infrastructure and Water Expo <a href=\"https:\/\/ent.news\/2022\/9\/Announcement__EGYPT_INFRASTRUCTURE_AND_WATER_EXPO_LAUNCHES_JUNE_2023.pdf\">debuts<\/a> at the Egypt International Exhibition Center.<\/p>\n<p>28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).<\/p>\n<p>30 June (Friday): June 30 Revolution Day.<\/p>\n<p><strong>JULY 2023<\/strong><\/p>\n<p>18 July (Tuesday): Islamic New Year.<\/p>\n<p>20 July (Thursday): National holiday in observance of Islamic New Year (TBC).<\/p>\n<p>23 July (Sunday): Revolution Day.<\/p>\n<p>27 July (Thursday): National holiday in observance of Revolution Day.<\/p>\n<p>Late July-14 August: 2Q2023 earnings season.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p>26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p>28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>6 October (Friday): Armed Forces Day.<\/p>\n<p>Late October-14 November: 3Q2023 earnings season.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>2H 2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H 2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H 2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q 2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>3Q 2022: Swvl to close <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">acquisition of<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Urbvan<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Mobility<\/a>.<\/p>\n<p>4Q 2022: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.<\/p>\n<p>End of November: SFE\u2019s pre-IPO fund <a href=\"https:\/\/twitter.com\/AsharqBusiness\/status\/1586689461504589827\">to kick off<\/a>roadshow.<\/p>\n<p>4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.<\/p>\n<p>4Q2022: Raya Holding subsidiary Aman and Qalaa Holdings\u2019 Taqa Arabia to launch their fintech company.<\/p>\n<p>4Q 2022: Saudi Jamjoom Pharma to <a href=\"https:\/\/bit.ly\/3R7SGzP\">inaugurate its EGP 1 bn pharma factory<\/a> in El Obour.<\/p>\n<p>End of 2022: Decent Life first phase scheduled for completion.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p>2023: Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\">will host<\/a> the Asian Infrastructure Investment Bank\u2019s Annual Meeting of the Board of Governors in 2023.<\/p>\n<p>1Q 2023: Adnoc Distribution\u2019s acquisition of 50% of TotalEnergies Egypt to close.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":553631,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-553630","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"3bf81d4e-8e5d-4ef4-9db3-ddec2f53d552","teaser":"","photo_url":"https:\/\/ent.news\/2022\/10\/88.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>Have we just hit bottom? 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