{"id":553855,"date":"2021-12-12T04:00:59","date_gmt":"2021-12-12T04:00:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=553855"},"modified":"2025-12-16T00:17:36","modified_gmt":"2025-12-16T00:17:36","slug":"its-the-final-interest-rate-week-of-2021-and-our-poll-sees-the-cbe-leaving-rates-on-hold-this-thursday","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/its-the-final-interest-rate-week-of-2021-and-our-poll-sees-the-cbe-leaving-rates-on-hold-this-thursday\/","title":{"rendered":"It\u2019s the final interest rate week of 2021, and our poll sees the CBE leaving rates on hold this Thursday"},"content":{"rendered":"<section id=\"553857\" 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=\"553857\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/this-morning-get-your-booster-shots-today-us-inflation-is-at-its-highest-since-82\/\">\r\n                            THIS MORNING: Get your booster shots today + US inflation is at its highest since \u201882                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/this-morning-get-your-booster-shots-today-us-inflation-is-at-its-highest-since-82\/\" 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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Only three weeks to go until the end of the year<\/strong>, and we\u2019re marking the occasion with a super-heavy news day as we kick off the final interest rate week of 2021.<\/p><p><strong>All 11 economists and analysts we surveyed in our Enterprise Rate Poll expect the <\/strong><strong>Central<\/strong><strong> Bank of Egypt to leave interest rates unchanged<\/strong> when its Monetary Policy Committee sits down this Thursday for its final meeting of the year. The still-unfolding situation with the Omicron variant is giving policymakers everywhere pause and a lower-than-expected November inflation reading is seen giving the MPC some breathing room. We have chapter and verse in this morning\u2019s news well, below.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>Booster shots, get your booster shots:<\/strong> The Health Ministry will begin today allowing senior citizens with chronic medical conditions, as well as all medical staff, to <a href=\"https:\/\/www.egcovac.mohp.gov.eg\/#\/home\">register online<\/a> for a covid-19 vaccine booster shot. The new link was not yet up at dispatch time.<\/p><p><strong>PSA #1- You may want to wait on getting your Sinovac boosters. <\/strong>A <a href=\"https:\/\/ent.news\/2021\/12\/PIIS1473309921006812.pdf\">study published in the<\/a><a href=\"https:\/\/ent.news\/2021\/12\/PIIS1473309921006812.pdf\">medical journal<\/a><a href=\"https:\/\/ent.news\/2021\/12\/PIIS1473309921006812.pdf\">Lancet (pdf)<\/a> found that a longer waiting period between the second and third Sinovac shots provides better protection against covid. The study showed that <strong>getting a booster shot eight months after the second dose resulted in a \u201cremarkable increase in the concentration of antibodies\u201d<\/strong> compared to getting the booster six months after the second dose.<\/p><p><strong>PSA #2- Today is the last day for young professionals to apply to the <\/strong><strong><a href=\"https:\/\/www.mckinsey.com\/forward\/locations\/middle-east\">McKinsey Forward<\/a><\/strong><strong><a href=\"https:\/\/www.mckinsey.com\/forward\/locations\/middle-east\">program<\/a><\/strong> which focuses on leadership, business, and the transition to digital, McKinsey announced in <a href=\"https:\/\/ent.news\/2021\/11\/Forward-Launch-Press-Release_ENG.pdf\">a<\/a><a href=\"https:\/\/ent.news\/2021\/11\/Forward-Launch-Press-Release_ENG.pdf\">press release (pdf)<\/a>. The six-month program aims to teach participants how their business can combat challenges and use them to their advantage, integrate tech, and be adaptable and resilient during times of change. Forward will be available without charge to those eligible to apply, and one of the requirements is having less than five years of work experience. You can apply <a href=\"https:\/\/www.mckinsey.com\/forward\/locations\/middle-east\">via this link<\/a> before the deadline.<\/p><p><strong>The Food Africa expo <\/strong>opens this morning at the Egypt International Exhibition Center and runs through Tuesday.<\/p><p><strong>HAPPENING THIS WEEK-<\/strong><\/p><p><strong>M&amp;A WATCH- There are also a couple of big M&amp;A milestones to look out for this week:<\/strong><\/p><ul>\n<li>Snackmaker <strong>Edita<\/strong> is due to wrap up due diligence on its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/760ea573-a3b9-4647-8f74-1adfa7b431e6\">acquisition<\/a> of Ole brand owner Egyptian Belgian Company on Wednesday, 15 December;<\/li>\n<li><strong>SODIC<\/strong> shares will be transferred to the <strong>Aldar Properties \/ ADQ<\/strong> consortium by Thursday, 16 December after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ff33ea0-89c5-479c-87c3-bace1f57c63c\">last week\u2019s takeover<\/a>.<\/li>\n<\/ul><p><strong>US envoy for the Horn of Africa Jeffrey Feltman<\/strong><strong> is expected in Cairo<\/strong> to discuss the ongoing conflict in Ethiopia, according to <a href=\"https:\/\/www.state.gov\/briefings\/department-press-briefing-with-spokesperson-ned-price-december-8-2021\/\">remarks<\/a> made by State Department spokesperson Ned Price on Wednesday. Feltman\u2019s visit comes as part of a short regional tour to rally diplomatic support to bring an end to the fighting, which will see him visit the UAE and Turkey <a href=\"https:\/\/www.state.gov\/u-s-special-envoy-for-the-horn-of-africa-feltman-visits-uae-and-turkey\/\">between 10-15 December<\/a>. The US embassy declined to say when Feltman is expected in town.<\/p><p><strong>PSA #3- Attention joint stock and investment companies in Cairo:<\/strong> You have four days left to register for the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd3ab8f6-e6bc-4562-9904-eb485b5cb217\">government\u2019s e-invoicing platform<\/a>. As of this Wednesday, 15 December, more than 3.7k companies in the capital will be required to be on the system and start issuing electronic invoices for B2B transactions. Some 2.8k large taxpayers have signed up to the Finance Ministry\u2019s new digital platform over several phases going back to November 2020.<\/p><p><strong>PSA #4- EgyptAir will resume weekly flights between Cairo and <\/strong><strong>Johannesburg<\/strong> on Thursday, 16 December, the airline <a href=\"https:\/\/www.facebook.com\/EGYPTAIR\/posts\/5261661093850014\">said<\/a> Thursday. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2eaca2e2-6e0d-4e8a-8f8d-9ea2af3cdb6a\">Flights were suspended<\/a> from South Africa and six other countries at the end of November to prevent the Omicron covid-19 variant from entering Egypt. Current precautionary measures for travelers entering Egypt from South Africa will remain in place.<\/p><p><strong>The <\/strong><strong><a href=\"https:\/\/web.facebook.com\/ees.egypt\/?_rdc=1&amp;_rdr\">Egyptian Economic Summit<\/a><\/strong><strong> is taking place on Tuesday<\/strong> at the St. Regis Hotel. The one-day event will feature a range of bold-name panelists from institutions including CIB, EFG Hermes, the Sovereign Fund of Egypt, Eastern Company, Oriental Weavers, Microsoft and Danone, among others. The full agenda is <a href=\"https:\/\/ent.news\/2021\/12\/Egypt_Economic_Forum_2021_agenda.pdf\">here (pdf)<\/a>.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>THE BIG STORY ABROAD this morning- <\/strong>No single story has captured the imagination of the global business press. Though both the <a href=\"https:\/\/www.ft.com\/content\/1ae49b1c-f8d6-4c96-8355-3d89049ead60\">FT<\/a> and the <a href=\"https:\/\/www.wsj.com\/articles\/inflation-workers-covid-19-11639155373\">WSJ<\/a> are making a big (front page) fuss of <strong>inflation<\/strong> and what it could mean for the 2022 midterm elections in the United States. The big story in the US, though, is a swarm of <strong>tornadoes<\/strong> that have left <a href=\"https:\/\/www.nytimes.com\/live\/2021\/12\/11\/us\/tornadoes-midwest-south\">at least 100 people dead<\/a> across six states.<\/p><p><strong>SIGN OF THE TIMES- A popular supporting character on the [Seekoseeko] in the City Reboot \u201cAnd Just Like That\u201d died of a heart attack. <\/strong>On a Peloton. As if in response, <a href=\"https:\/\/www.cnbc.com\/2021\/12\/10\/peloton-selloff-continues-as-sex-and-the-city-reboot-adds-to-image-issues.html\">the exercise gear maker\u2019s share price tanked IRL<\/a>. Also: Credit Suisse had just cut the company\u2019s target price and rating. Peloton shares are down about 75% this year.<\/p><hr class=\"grey-line\"><p><strong>CORRECTION-<\/strong> In our coverage of the tobacco license tender last week, we suggested that the new company would be able to produce the same low-tax cigarettes as Eastern Company for the local market. That was incorrect: The latest iteration of the tender would allow the second company to contract with Eastern Company to produce low-tax cigarettes at Eastern\u2019s facilities \u2014 subject to both the new license holder and Eastern Company coming to an agreement on commercial terms. We have updated <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/83c92e37-c4e9-4ddf-a0b6-0fac26b6d725\">the story<\/a> on our website.<\/p><p class=\"web-image-inner\"><img data-recalc-dims=\"1\" decoding=\"async\" style=\"display: block;\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p><p><strong>In today\u2019s issue: Leveling up your family business II.<\/strong> Last week we took a deep dive into a study into what family businesses need to do to thrive post-pandemic, finding that firms with medium-term strategic plans fared best during covid, but that a significant number of them don\u2019t have the governance structures and basic paperwork \u2014 like shareholder agreements \u2014 to formalize the positions of family members in the business. This week, we check in with senior folks at international financial institutions that help family businesses institutionalize.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aldar-properties\/\">Aldar Properties<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/digitization\/\">digitization<\/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\/edita\/\">Edita<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptair\/\">EgyptAir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethiopia\/\">Ethiopia<\/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\/g7\/\">G7<\/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\/ma-watch\/\">M&amp;A Watch<\/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\/sodic\/\">SODIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/south-africa\/\">South Africa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/travel\/\">travel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us-federal-reserve\/\">US Federal Reserve<\/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=\"553858\" 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=\"553858\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/553858\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553858\" class=\"content-area-description single-story post-553858 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Soma-Oceanman1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553859\" 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=\"553859\">\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\">POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/enterprise-poll-cbe-to-keep-rates-steady\/\">\r\n                            ENTERPRISE POLL- CBE to keep rates steady                        <\/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 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src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/290.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553860\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/enterprise-poll-cbe-to-keep-rates-steady\/290-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/290.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"290.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/290.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/290.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553859\" class=\"content-area-description single-story post-553859 post type-post status-publish format-standard has-post-thumbnail hentry category-poll tag-central-bank-of-egypt tag-enterprise-poll tag-enterpriseam tag-inflation tag-interest-rates tag-poll wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>ENTERPRISE POLL- The Central Bank of Egypt (CBE) will likely leave interest <\/strong><strong>rates on <\/strong><strong>hold when it meets this Thursday <\/strong>as the bank looks to protect the economic recovery and maintain attractive real rates for the carry trade \u2014 while continuing to keep an eye on inflation. All 11 <sup><\/sup>economists and analysts we surveyed in our regular interest rate poll expect the CBE\u2019s Monetary Policy Committee to maintain rates as lower-than-expected November inflation figures give it breathing room to hold off any changes. Meanwhile, the current economic outlook is somewhat uncertain amid the spread of the new Omicron variant, whose severity and risk level remain unclear.<\/p>\n<p><strong>Where rates stand now: <\/strong>The overnight deposit rate is at 8.25%, the lending rate at 9.25% and the main operation and discount rates are at 8.75%. The central bank slashed rates by 400 bps last year, including an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2e78eb3-6978-4eb5-a04f-a3b7247293ed\">emergency 300 bps cut in March<\/a>, to protect the economy from the fallout from covid-19. It has since maintained rates for eight consecutive meetings, including its most recent in October, amid concerns about an increase in inflation.<\/p>\n<p><strong>Inflationary pressures have cooled off here at home: <\/strong>Annual urban inflation slowed for the second month running in November as pressure on food prices continued to ease, with the headline rate falling to 5.6% last month from 6.3% in October, the lowest rate since July and within the lower end of the central bank\u2019s target range of 5-9% for 4Q2022.<\/p>\n<p><strong>The unexpected curb on price rises \u201cgives a breather from the inflation tensions caused by global chaos,\u201d<\/strong> according to Al Ahly Pharos\u2019 Israa Ahmed, who joined most analysts in expecting inflation to remain within the CBE\u2019s target of 7% (+\/-2%) in the coming months. The headline urban rate \u201cmight hover around 6% YoY in December,\u201d according to Ahmed, while HC Securities\u2019 Monette Doss said the firm expects inflation to average 5.8% in the fourth quarter of 2021.<\/p>\n<p><strong>Keeping rates steady also takes consumer-led economic recovery into consideration:<\/strong> Egypt\u2019s still-high real interest rate could have given the CBE room to enact a cut, but protecting consumer appetite is also likely to play into the MPC\u2019s decision to keep rates on hold, said Suez Canal Bank\u2019s Mohamed Abdel Aal. Maintaining rates would also help maintain remittance inflows and protect portfolio investments, Abdel Aal said.<\/p>\n<p><strong>But it\u2019s not time to drop the ball: <\/strong>Global inflationary pressures will continue to drive CBE policy decisions going into the new year, despite the slight cooling-off in domestic prices in recent months, according to analysts. The CBE will likely continue to keep a close eye on price rises amid a murky picture globally, which Arqaam Capital\u2019s Noaman Khalid suggests is giving the CBE \u201cmore reason than ever\u201d to keep rates on hold.<\/p>\n<p><strong>\u201cThe CBE\u2019s task of keeping inflation expectations within its target will face increasing challenges in 2022.<\/strong> Thus, we do not expect any shift in its monetary stance until it gets a clearer picture of the outlook of global inflation drivers and its spill-over effect on the country,\u201d said Prime Holding\u2019s Mona Bedeir. Mubasher\u2019s Mohamed Magdy, meanwhile, expects inflation to rise to hit 7% in 2H2021-2022, averaging 6.7% over FY2021-2022. Capital Economics also expects the headline inflation rate will \u201cremain elevated over the rest of this year and into 2022.\u201d<\/p>\n<p><strong>Hiking rates could affect the recovery amid Omicron: <\/strong>While current high rates help protect foreign inflows, any further hike would add a significant burden on the economy by raising the cost of the debt-servicing burden as well as private-sector borrowing, potentially denting growth, Magdy said.<\/p>\n<p><strong>Although GDP projections for the coming year are strong, they are also \u201csubject to risks arising<\/strong> from the uncertainties surrounding the severity of the new coronavirus variant Omicron,\u201d according to Magdy, who noted that relatively low vaccination rates put the recovery at greater risk of being thrown off course by Omicron. This uncertainty gives further impetus for the CBE to adopt a wait-and-see approach, said EFG Hermes\u2019 Mohamed Abu Basha.<\/p>\n<p><strong>While global economic forces make a rate cut out of the question: <\/strong>Protecting real rates \u2014 which count among the highest in the world and ensure that our carry trade remains attractive to foreign investors \u2014 remains key, especially considering the morse hawkish turn from the US Federal Reserve in recent weeks. On the flipside, Arqaam\u2019s Khalid suggests that even a more hawkish Fed isn\u2019t reason enough to move interest rates here at home, saying that the CBE can counteract the effects of slightly higher US rates through open market operations.<\/p>\n<p><strong>With all this in mind, interest rates could stay where they are for the foreseeable future:<\/strong> The CBE is unlikely to make any changes to interest rates as long as inflation remains below the midpoint of its target range, CI Capital\u2019s Sara Saada said. Capital Economics also doesn\u2019t expect any monetary easing before \u201clater next year,\u201d while Al Ahly Pharos\u2019 Ahmed sees the CBE maintaining rates \u201cfor as long as possible.\u201d<\/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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-poll\/\">Enterprise Poll<\/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\/poll\/\">POLL<\/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=\"553861\" 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=\"553861\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/urban-inflation-dips-to-lowest-level-since-july\/\">\r\n                            Urban inflation dips to lowest level since July                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/urban-inflation-dips-to-lowest-level-since-july\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The headline rate fell to 5.6% last month from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c65fac4-689f-4cec-88b1-3eca365624ca\">6.3% in October<\/a>, the lowest rate since July and within the lower end of the central bank\u2019s target range of 5-9% for 4Q2022. On a monthly basis, consumer prices rose ever-so-slightly by 0.1%, following October\u2019s 1.1% rise.<\/p>\n<p><strong>Behind the dip: <\/strong>A softening of food and beverage prices, mostly, as well as a base effect from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/790c7907-afb4-4e0c-9338-260b3db35554\">last year\u2019s figures<\/a>, Al Ahly Pharos\u2019 head of research Radwa El Swaify told us. Food and beverage price inflation, which makes up the largest component of the basket of goods used to measure prices, slowed to 8.1% on an annual basis from 11.5% in October, and fell 0.5% m-o-m from October.<\/p>\n<p><strong>Tempering food prices masked inflation in other areas of the economy:<\/strong> Annual core inflation \u2014 which strips out volatile items such as food and fuel \u2014 hit a new 28-month high <sup><\/sup>in November, reaching 5.8% from 5.2% in October, according to <a href=\"https:\/\/ent.news\/2021\/12\/CPI_press-release_Nov-2021_EN.pdf\">central bank figures (pdf)<\/a>.<\/p>\n<p><strong>Also getting pricier last month:<\/strong> Housing utilities and gas prices rose 3.7%, up from 3.1% the previous month. Clothing and footwear prices inched up by an annual rate of 1.2% in November, up from 1.9% in October, while recreation and culture increased notably by 14.8%. Education rose 12.7% mainly due to an increase in preschool and primary education fees, which jumped at the annual rate of 19.5%.<\/p>\n<p><strong>Inflationary pressures could ease in the coming months<\/strong> with a slump in international oil prices, HC Securities wrote in an emailed note. The firm expects inflation to average 5.8% in the last quarter of the year.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly-pharos\/\">Al Ahly Pharos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capmas\/\">CAPMAS<\/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\/food-and-beverage\/\">food and beverage<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hc-securities\/\">HC Securities<\/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\/radwa-el-swaify\/\">Radwa El Swaify<\/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=\"553863\" 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=\"553863\">\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\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-qir-raises-egp-2-25-bn-in-secondary-offering\/\">\r\n                            Abu Qir raises EGP 2.25 bn in secondary offering                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-qir-raises-egp-2-25-bn-in-secondary-offering\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-qir-raises-egp-2-25-bn-in-secondary-offering\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-qir-raises-egp-2-25-bn-in-secondary-offering\/\">\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=Abu Qir raises EGP 2.25 bn in secondary offering&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-qir-raises-egp-2-25-bn-in-secondary-offering\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-qir-raises-egp-2-25-bn-in-secondary-offering\/&title=Abu Qir raises EGP 2.25 bn in secondary offering\">\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=Abu+Qir+raises+EGP+2.25+bn+in+secondary+offering+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F12%2Fabu-qir-raises-egp-2-25-bn-in-secondary-offering%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-qir-raises-egp-2-25-bn-in-secondary-offering\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/292.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553864\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-qir-raises-egp-2-25-bn-in-secondary-offering\/292-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/292.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"292.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/292.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/292.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553863\" class=\"content-area-description single-story post-553863 post type-post status-publish format-standard has-post-thumbnail hentry category-privatization-watch tag-abu-qir-fertilizers tag-al-ahly-capital-holding tag-al-ahly-pharos tag-chemical-industries-holding-company tag-ci-capital tag-e-finance tag-efg-hermes tag-egx tag-enterpriseam tag-ghazl-el-mahalla tag-industrial-development-authority tag-ipo-watch tag-national-investment-bank tag-privatization-watch tag-renaissance-capital tag-state-privatization-program wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Abu Qir Fertilizers completed the sale of 10% of its shares for EGP 2.25 bn (c. <\/strong><strong>USD 143 mn)<\/strong>, according to a statement published on <a href=\"https:\/\/ent.news\/2021\/12\/Abu-Kir-10-sale.jpg\">the bourse (pdf)<\/a> on Thursday. The company\u2019s long-awaited <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0a698a1-4247-41b1-b7bc-b079de166868\">secondary offering<\/a> on the EGX was priced at EGP 17.80 per share, valuing Abu Qir at EGP 22.47 bn.<\/p>\n<p><strong>Abu Qir\u2019s stock price surged on news of the sale<\/strong>, rising by the maximum 20% during a single trading session on Thursday to close at EGP 22.11. The company is now the second-biggest listed company by market cap, valued at EGP 27.9 bn.<\/p>\n<p><strong>Who sold? The National Investment Bank<\/strong>, the largest shareholder, reduced its stake from 24.9% to 21.5%, selling 42.4 mn shares (<a href=\"https:\/\/ent.news\/2021\/12\/272145_1.pdf\">disclosure, pdf<\/a>). <strong>The Industrial Development Authority\u2019s <\/strong>stake went down from 12.7% to 10.1%, after it sold 32.7 mn shares (<a href=\"https:\/\/ent.news\/2021\/12\/272151_2.pdf\">disclosure, pdf<\/a>), <strong>Al Ahly Capital Holding\u2019s<\/strong> shares went from 7.2% to 4.2%, after it sold 37.9 mn shares (<a href=\"https:\/\/ent.news\/2021\/12\/272153_1.pdf\">disclosure \u2014 pdf<\/a>), and <strong>the Chemical Industries Holding Company<\/strong> sold down its stake in the company to 5.5% from 6.5%, selling 13.2 mn shares (<a href=\"https:\/\/ent.news\/2021\/12\/272151_1.pdf\">disclosure, pdf<\/a>).<\/p>\n<p><strong>Who bought? <\/strong>Local institutional players as well as regional and international frontier emerging markets specialists, joint financial advisor and bookrunner on the issuance Renaissance Capital said in a statement.<\/p>\n<p><strong>Solid earnings: <\/strong>Abu Qir reported a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1921d091-aafd-4921-a856-26c56db83328\">30% rise<\/a> in net income during FY2020-2021, and saw its quarterly earnings almost double to EGP 1.3 bn in 1Q2021-2022, which it attributed to higher international prices and strong demand.<\/p>\n<p><strong>More to come:<\/strong> State-owned Ghazl El Mahalla FC is also set to become the first publicly-traded Egyptian football club on the EGX in a \u201cmicro-IPO\u201d within <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63b2e2c2-100f-46b8-80b7-d94bb2c71f1c\">two weeks<\/a>, according to Public Enterprises Minister Hisham Tawfik. The club expects to raise EGP 135 mn from the sale, which will see it list up to two-thirds of its shares on the bourse.<\/p>\n<p><strong>BACKGROUND: <\/strong>Abu Qir had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82f7037f-4711-42cd-a7d1-7f4f6ab1f06e\">pushed back<\/a> the secondary stake sale several times since first announcing it in 2018. The offering suggests the long-dormant state privatization program is in full swing after state-owned E-Finance concluded one of the EGX\u2019s biggest IPOs in years in October.<\/p>\n<p><strong>ADVISORS:<\/strong> EFG Hermes, CI Capital, Al Ahly Pharos and Renaissance Capital acted as joint financial advisors and bookrunners on behalf of Abu Qir\u2019s selling shareholders, with NI Capital acting as program consultant.<\/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\/abu-qir-fertilizers\/\">Abu Qir Fertilizers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly-capital-holding\/\">Al Ahly Capital Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly-pharos\/\">Al Ahly Pharos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chemical-industries-holding-company\/\">Chemical Industries Holding Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/e-finance\/\">e-finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ghazl-el-mahalla\/\">Ghazl El Mahalla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industrial-development-authority\/\">Industrial Development Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-investment-bank\/\">National Investment Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renaissance-capital\/\">Renaissance Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/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=\"553865\" 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=\"553865\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/ci-capitals-cleopatra-bid-gets-regulatory-approval\/\">\r\n                            CI Capital\u2019s Cleopatra bid gets regulatory approval                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/ci-capitals-cleopatra-bid-gets-regulatory-approval\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/ci-capitals-cleopatra-bid-gets-regulatory-approval\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/ci-capitals-cleopatra-bid-gets-regulatory-approval\/\">\n                    Facebook                    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<img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/293.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553866\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/ci-capitals-cleopatra-bid-gets-regulatory-approval\/293-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/293.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"293.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/293.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/293.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553865\" class=\"content-area-description single-story post-553865 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-care-healthcare tag-ci-capital tag-cleopatra-hospitals-group tag-creed-healthcare tag-enterpriseam tag-financial-regulatory-authority tag-financial-services tag-healthcare tag-ma-watch tag-mci-capital tag-zulficar-partners wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>CI Capital\u2019s bid to acquire 26.2% of Cleopatra Hospitals Group has received the <\/strong><strong>greenlight from the Financial Regulatory Authority (FRA)<\/strong>, the regulator said in <a href=\"https:\/\/ent.news\/2021\/12\/FRA-approves-MCI-Cleo.pdf\">a statement (pdf)<\/a> to the EGX on Thursday. MCI Capital Healthcare Partners, the CI Capital subsidiary that\u2019s executing the acquisition, submitted a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8a67bda2-2571-4d68-b600-30894ac00789\">voluntary tender offer<\/a> last week to purchase the shares at EGP 5 apiece, valuing the company at EGP 8 bn.<\/p>\n<p><strong>The fair value of the company has not been assessed by an independent financial advisor<\/strong>, a source familiar with the matter told Enterprise<sup><\/sup>. MCI\u2019s offer is slightly higher than the company\u2019s current share price, which eased 1% to EGP 4.65 on Thursday, according to market data.<\/p>\n<p><strong>The company\u2019s biggest shareholder also gave a nod of approval:<\/strong> Creed Healthcare, which owns 37.9% of CHG through its subsidiary Care Healthcare, has agreed to sell an 8-12% stake in the company from its holdings (126 mn-192 mn shares). MCI will likely acquire the rest of the shares through the EGX.<\/p>\n<p><strong>The acquisition bid comes on the back of strong 2021 <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/615dfac4-0199-4a16-8731-58cfc8fa843b\">earnings<\/a><\/strong><strong> for the healthcare company<\/strong>, which reported 58% y-o-y growth in net income during the first nine months of the year on the back of a 38% y-o-y rise in revenues.<\/p>\n<p><strong>BACKGROUND: CHG has been eyeing geographical expansion across Cairo: <\/strong>The EGX-listed healthcare company \u2014 one of the two largest in the private sector \u2014 recently purchased a brownfield project in East Cairo to develop into a 400-bed medical facility. CHG recently sought to expand its footprint through a mega-merger with private healthcare group Alameda, but the transaction <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/80133ec1-19f8-45b2-a5a7-d96d16b62242\">fell through<\/a> earlier this year. Cleopatra also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31d9479c-6da0-4c9c-9212-833fc6ba94b4\">acquired<\/a> a 60% stake in Bedaya Hospital last year.<\/p>\n<p><strong>ADVISORS:<\/strong> Zulficar & Partners is acting as legal advisor to MCI Capital.<\/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\/care-healthcare\/\">Care Healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cleopatra-hospitals-group\/\">Cleopatra Hospitals Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/creed-healthcare\/\">Creed Healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-services\/\">financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mci-capital\/\">MCI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zulficar-partners\/\">Zulficar &amp; Partners<\/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=\"553867\" 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=\"553867\">\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\">Food<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-auf-to-step-up-international-sales-drive\/\">\r\n                            Abu Auf to step up international sales drive                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-auf-to-step-up-international-sales-drive\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-auf-to-step-up-international-sales-drive\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-auf-to-step-up-international-sales-drive\/\">\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=Abu Auf to step up international sales drive&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-auf-to-step-up-international-sales-drive\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-auf-to-step-up-international-sales-drive\/&title=Abu Auf to step up international sales drive\">\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=Abu+Auf+to+step+up+international+sales+drive+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F12%2Fabu-auf-to-step-up-international-sales-drive%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/abu-auf-to-step-up-international-sales-drive\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553867\" class=\"content-area-description single-story post-553867 post type-post status-publish format-standard hentry category-food tag-abu-auf tag-enterpriseam tag-food tag-ipo-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>EGX-bound healthy foods brand Abu Auf is looking to grow its export volume 30% in<\/strong> <strong>2022<\/strong>, aiming to ramp up sales of nuts, coffee and healthy foodstuffs to new foreign markets including Kuwait, Bahrain, Morocco, France, Germany, and several African countries, according to Ahmed Auf, CEO of parent company AUF.<\/p>\n<p><strong>It\u2019s the second big foreign push for Abu Auf<\/strong>, which is opening <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f906b102-d025-491f-b0df-1e5c569132e1\">five branches in the UAE<\/a> through a wholly owned subsidiary. The company is now looking for new foreign markets for as many as 65 of its products, including spices and dates, Auf said in a <a href=\"https:\/\/ent.news\/2021\/12\/AbuAuf_2022_export_markets.pdf\">statement out overnight (pdf)<\/a> ahead of the opening this morning of the Food Africa expo at the Egypt International Exhibition Center. The event runs through Tuesday.<\/p>\n<p><strong>BACKGROUND: AUF <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98bcedd8-3687-4806-9a48-9efe1527cb04\">aims to sell<\/a><\/strong><strong> up to 49% of its shares in an offering on the Egyptian<\/strong> <strong>Exchange <\/strong>in 2Q2022. EFG Hermes is quarterbacking the transaction.<\/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\/abu-auf\/\">Abu Auf<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553868\" 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=\"553868\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/egypt-becomes-a-key-lng-supplier-to-turkey\/\">\r\n                            Egypt becomes a key LNG supplier to Turkey                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/egypt-becomes-a-key-lng-supplier-to-turkey\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/egypt-becomes-a-key-lng-supplier-to-turkey\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/egypt-becomes-a-key-lng-supplier-to-turkey\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt becomes a key LNG supplier to Turkey&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/egypt-becomes-a-key-lng-supplier-to-turkey\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/egypt-becomes-a-key-lng-supplier-to-turkey\/&title=Egypt becomes a key LNG supplier to Turkey\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+becomes+a+key+LNG+supplier+to+Turkey+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F12%2Fegypt-becomes-a-key-lng-supplier-to-turkey%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/egypt-becomes-a-key-lng-supplier-to-turkey\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/294.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553869\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/egypt-becomes-a-key-lng-supplier-to-turkey\/294-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/294.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"294.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/294.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/294.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553868\" class=\"content-area-description single-story post-553868 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-asia tag-energy tag-enterpriseam tag-oil-and-gas tag-turkey 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>Egypt has emerged as one of Turkey\u2019s most important LNG suppliers so far in 4Q2021<\/strong>, shipping seven cargoes since the beginning of October, according to <a href=\"https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/lng\/120921-egypt-emerges-as-key-lng-supplier-to-turkey-in-q4#article0\">S&P Global Platts data<\/a>. Turkish demand for gas is set to hit record levels this year due to rising consumption in the power sector.<\/p>\n<p><strong>Turkish-Egyptian relations are on the up:<\/strong> Most of Turkey\u2019s supplies are coming from Algeria, the US, and Qatar but warming ties with its regional rival Egypt appear to be opening the door for greater energy cooperation. The two countries have held several rounds of talks this year with the aim of mending an eight-year rift, and there have been <a href=\"https:\/\/enterprise.press\/stories\/2021\/09\/16\/turkey-could-hand-over-egyptian-fugitives-un-security-council-speaks-on-gerd-53686\/\">signs of progress<\/a> towards a normalization of diplomatic ties.<\/p>\n<p><strong>Egyptian gas is also heading to Asia<\/strong> as LNG prices in the east soar. Sources tell <a href=\"https:\/\/www.reuters.com\/markets\/europe\/asian-lng-prices-rise-helped-by-south-korean-winter-demand-2021-12-10\/\">Reuters<\/a> that EGAS has offered one cargo for shipping in December.<\/p>\n<p><strong>Egypt\u2019s LNG terminals <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b05357d8-d636-4372-a069-cf77d948b1e7\">are running at full capacity<\/a><\/strong> as the country tries to capitalize on the surge in natural gas prices overseas. The country is currently exporting the equivalent of around 1.6 bcf\/d, helped by the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3613f080-5d75-4b85-af31-1b66fcda3204\">resumption of operations<\/a> at the Damietta LNG plant in February and rising gas prices in Europe.<\/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\/asia\/\">Asia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553870\" 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=\"553870\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/russia-will-start-pouring-money-into-riz-buildout\/\">\r\n                            Russia will start pouring money into RIZ buildout                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/russia-will-start-pouring-money-into-riz-buildout\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/russia-will-start-pouring-money-into-riz-buildout\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/russia-will-start-pouring-money-into-riz-buildout\/\">\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=Russia will start pouring money into RIZ buildout&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/russia-will-start-pouring-money-into-riz-buildout\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/russia-will-start-pouring-money-into-riz-buildout\/&title=Russia will start pouring money into RIZ buildout\">\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=Russia+will+start+pouring+money+into+RIZ+buildout+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F12%2Frussia-will-start-pouring-money-into-riz-buildout%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/russia-will-start-pouring-money-into-riz-buildout\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/295.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553871\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/russia-will-start-pouring-money-into-riz-buildout\/295-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/295.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"295.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/295.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/295.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553870\" class=\"content-area-description single-story post-553870 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam tag-investment-watch tag-russia tag-russian-industrial-zone wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Russia will start financing the construction of its Russian Industrial Zone (RIZ) <\/strong><strong>next yea<\/strong><strong>r<\/strong>, First Deputy Minister of Industry and Trade Vasily Osmakov said at a Russian trade forum over the weekend, Russian news agency <a href=\"https:\/\/tass.com\/economy\/1373931\">Tass<\/a> reports. Construction was originally expected to begin in 2020 but was delayed by the covid-19 pandemic. Osmakov did not provide details on how much financing is in the pipeline.<\/p>\n<p><strong>About the RIZ: <\/strong>The industrial zone will be implemented over the next 13 years but some companies are expected to start manufacturing products in 2022. As many as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4138e3a-f56c-4774-81c3-1ca2beb3dc39\">32 Russian companies<\/a> are interested in setting up shop in the zone, and are being lured by rental holidays, preferential tax rates, and lower energy tariffs.<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russian-industrial-zone\/\">Russian Industrial Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553872\" 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=\"553872\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/sympl-raises-usd-6-mn-seed-round\/\">\r\n                            Sympl raises USD 6 mn seed round                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/sympl-raises-usd-6-mn-seed-round\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/sympl-raises-usd-6-mn-seed-round\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/sympl-raises-usd-6-mn-seed-round\/\">\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=Sympl raises USD 6 mn seed round&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/sympl-raises-usd-6-mn-seed-round\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/sympl-raises-usd-6-mn-seed-round\/&title=Sympl raises USD 6 mn seed round\">\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=Sympl+raises+USD+6+mn+seed+round+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F12%2Fsympl-raises-usd-6-mn-seed-round%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/sympl-raises-usd-6-mn-seed-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/296.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553873\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/sympl-raises-usd-6-mn-seed-round\/296-jpg-44\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/296.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"296.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/296.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/296.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553872\" class=\"content-area-description single-story post-553872 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-a15 tag-beco-capital tag-enterpriseam tag-global-ventures tag-healthtech tag-integrated-diagnostics-holding tag-startup-watch tag-startups tag-sympl wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong><a href=\"https:\/\/sympl.ai\/\">Sympl<\/a><\/strong> <strong>raises USD 6 mn from Beco, A15, GV: <\/strong>Buy-now-pay-later platform Sympl has raised a USD 6 mn seed round led by VC outfit <a href=\"https:\/\/becocapital.com\/\">Beco Capital<\/a>, with participation from <a href=\"http:\/\/a15.com\/en-us\/\">A15<\/a> and <a href=\"https:\/\/www.global.vc\/\">Global Ventures<\/a>, according to a <a href=\"https:\/\/ent.news\/2021\/12\/Sympl-Fundraise-Press-Release-9-December-2021.pdf\">statement (pdf)<\/a>. The startup, which made its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43af0d20-c67a-43db-9f1c-e40cf5953df6\">soft launch<\/a> in October, will use the proceeds to add new merchants and products to its network.<\/p>\n<p><strong>Simply what does Sympl do? <\/strong>The platform allows debit card holders to buy products and services through its deferred, short-term, no-interest payment plans, helping merchants increase conversion rates.<\/p>\n<p><strong>The startup plans to be accepted at more than 1k stores by mid-2022<\/strong>, up from a current 240 retail and online stores, including Apple reseller Tradeline, hypermarket HyperOne, and jewelry-maker Damas, according to the statement.<\/p>\n<p><strong>IN OTHER STARTUP NEWS-<\/strong><\/p>\n<p><strong>Patients of EGX-listed Integrated Diagnostics Holdings\u2019 Al Mokhtabar can now access<\/strong><strong> around-the-clock virtual medical advice from medical consultation startup <\/strong><strong><a href=\"https:\/\/estshara.com\/en\">Estshara<\/a><\/strong>, according to a <a href=\"https:\/\/ent.news\/2021\/12\/Estshara-PRL-Dec2021.pdf\">statement (pdf)<\/a>. Al Mokhtabar is integrating its services with Estshara under the agreement, said Al Mokhtabar\u2019s operations manager, Manal Abdel Aziz. Patients of the medical diagnostics service will be able to upload their scans and test results on the Estshara and Al Mokhtabar platforms to connect with physicians, the statement read. Estshara <a href=\"https:\/\/disrupt-africa.com\/2021\/07\/22\/egyptian-e-health-startup-estshara-raises-500k-seed-funding-round\/\">raised USD 500k<\/a> from Egypt Ventures earlier this year.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/a15\/\">A15<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/beco-capital\/\">Beco Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/global-ventures\/\">Global Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthtech\/\">healthtech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/integrated-diagnostics-holding\/\">Integrated Diagnostics Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sympl\/\">Sympl<\/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=\"553874\" 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=\"553874\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/zoomcar-to-invest-usd-50-mn-in-three-years\/\">\r\n                            Zoomcar to invest USD 50 mn in three years                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/zoomcar-to-invest-usd-50-mn-in-three-years\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/zoomcar-to-invest-usd-50-mn-in-three-years\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/zoomcar-to-invest-usd-50-mn-in-three-years\/\">\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=Zoomcar to invest USD 50 mn in three years&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/zoomcar-to-invest-usd-50-mn-in-three-years\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/zoomcar-to-invest-usd-50-mn-in-three-years\/&title=Zoomcar to invest USD 50 mn in three years\">\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=Zoomcar+to+invest+USD+50+mn+in+three+years+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F12%2Fzoomcar-to-invest-usd-50-mn-in-three-years%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/zoomcar-to-invest-usd-50-mn-in-three-years\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/297.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553875\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/zoomcar-to-invest-usd-50-mn-in-three-years\/297-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/297.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"297.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/297.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/297.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553874\" class=\"content-area-description single-story post-553874 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam tag-fdi tag-investment-watch tag-startups tag-transport tag-zoomcar wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Car rental company <\/strong><strong><a href=\"https:\/\/www.zoomcar.com\/\">Zoomcar<\/a><\/strong><strong> is looking to double its investments in Egypt to USD 50 mn in the c<\/strong><strong>oming three years<\/strong>, VP and Egypt head Hany Olama told <a href=\"https:\/\/alborsaanews.com\/2021\/12\/09\/1488800\">Al Borsa<\/a>. The India-based firm initially said it would spend USD 25 mn over a three-year period when it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08d65721-144d-499e-8b3c-b99a6f339002\">launched in Cairo in October<\/a>.<\/p>\n<p><strong>Ambitious plans:<\/strong> The car rental startup wants to significantly ramp up its customer base by the end of 2022, reaching 100k from 3.5k currently. It is planning to expand its services to Alexandria in May, before rolling out in South Sinai, the Red Sea, Dakahlia and Gharbia by the end of 2022, Olama said.<\/p>\n<p><strong>What\u2019s Zoomcar? <\/strong>Launched in 2013, Zoomcar operates in India, the Philippines, Vietnam, Indonesia and now Egypt. The app provides authorization and ins. for car owners to rent out their vehicles, calculates the cost of rental according to duration and distance of the trip as well as the model and condition of the rental car, and processes payments electronically.<\/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\/fdi\/\">FDI<\/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\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zoomcar\/\">Zoomcar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553876\" 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=\"553876\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/553876\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553876\" class=\"content-area-description single-story post-553876 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/Tactical-Male-1600WX800H-for-web.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553877\" 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=\"553877\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/last-nights-talk-shows-egypts-arab-cup-victory-a-fatal-car-crash-in-sheikh-zayed\/\">\r\n                            Last Night\u2019s Talk Shows: Egypt\u2019s Arab Cup victory + a fatal car crash in Sheikh Zayed                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/last-nights-talk-shows-egypts-arab-cup-victory-a-fatal-car-crash-in-sheikh-zayed\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/last-nights-talk-shows-egypts-arab-cup-victory-a-fatal-car-crash-in-sheikh-zayed\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/last-nights-talk-shows-egypts-arab-cup-victory-a-fatal-car-crash-in-sheikh-zayed\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Last Night\u2019s Talk Shows: Egypt\u2019s Arab Cup victory + a fatal car crash in Sheikh Zayed&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/last-nights-talk-shows-egypts-arab-cup-victory-a-fatal-car-crash-in-sheikh-zayed\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/last-nights-talk-shows-egypts-arab-cup-victory-a-fatal-car-crash-in-sheikh-zayed\/&title=Last Night\u2019s Talk Shows: Egypt\u2019s Arab Cup victory + a fatal car crash in Sheikh Zayed\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows%3A+Egypt%E2%80%99s+Arab+Cup+victory+%2B+a+fatal+car+crash+in+Sheikh+Zayed+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F12%2Flast-nights-talk-shows-egypts-arab-cup-victory-a-fatal-car-crash-in-sheikh-zayed%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/last-nights-talk-shows-egypts-arab-cup-victory-a-fatal-car-crash-in-sheikh-zayed\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553877\" class=\"content-area-description single-story post-553877 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-jordan tag-last-nights-talk-shows wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was a relatively low-key evening on the airwaves last night<\/strong>, with Egypt\u2019s ascent to the Arab Cup semis and a fatal car crash in Sheikh Zayed over the weekend leading coverage.<\/p>\n<p><strong>Egypt reached the Arab Cup semi-finals with a qualifying 3-1 victory against Jordan<\/strong> after a heated match. El Hekaya\u2019s Amr Adib gave a shout out to the support of Egyptians in the audience at the stadium (<a href=\"https:\/\/www.youtube.com\/watch?v=17Y5h-sljSI\">watch, runtime: 00:36<\/a>), while Kelma Akhira\u2019s Lamees El Hadidi gave a nod to the Jordanian team\u2019s efforts (<a href=\"https:\/\/www.youtube.com\/watch?v=09L6NqB0yEs\">watch, runtime: 2:00<\/a>). Al Hayah Al Youm\u2019s Lobna Assal also took note of the victory (<a href=\"https:\/\/www.youtube.com\/watch?v=pfMdoOCPHVk\">watch, runtime: 00:46<\/a>).<\/p>\n<p><strong>An individual suspected of having caused the fatal car crash in Sheikh Zayed that led to the deaths of four people has undergone illicit substance testing<\/strong> pending further investigation of the incident, Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=WLjidYhJ0lg\">watch, runtime: 13:42<\/a>) and El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=ZG4dNiSSm1I\">watch, runtime: 5:35<\/a>) reported. Footage of the accident, captured through a security camera on the road, went viral on social media over the past several days.<\/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\/jordan\/\">Jordan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553878\" 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 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class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-msazyuq\" data-v=\"4\" data-block-id=\"msazyuq\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-msazyuq-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-msazyuq-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240923.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-iwayrkb\" data-v=\"4\" data-block-id=\"iwayrkb\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-iwayrkb-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-iwayrkb-inner-blocks\">\r\n            <div 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class=\"stk-block-content stk-inner-blocks stk-5hsrzkw-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-gs7yk05\" data-v=\"4\" data-block-id=\"gs7yk05\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-gs7yk05-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-gs7yk05-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 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272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553879\" 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=\"553879\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/egypt-in-the-news-egyptian-directed-film-amira-pulled-from-oscars-submissions\/\">\r\n                            Egypt in the News: Egyptian-directed film Amira pulled from Oscars submissions                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/egypt-in-the-news-egyptian-directed-film-amira-pulled-from-oscars-submissions\/\" target=\"_blank\">\n                    Open in new tab     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src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News%3A+Egyptian-directed+film+Amira+pulled+from+Oscars+submissions+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F12%2Fegypt-in-the-news-egyptian-directed-film-amira-pulled-from-oscars-submissions%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/egypt-in-the-news-egyptian-directed-film-amira-pulled-from-oscars-submissions\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553879\" class=\"content-area-description single-story post-553879 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-archaeology tag-art tag-enterpriseam tag-film tag-human-rights tag-journalism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egyptian director Mohamed Diab\u2019s Amira made headlines over the weekend<\/strong> after the <a href=\"https:\/\/www.facebook.com\/filmjo\/posts\/6937096242974824\">Jordnanian Royal Film Commission<\/a> pulled the film as its Oscar submission after being met with \u201cgreat controversy.\u201d The film aims to highlight the struggles of the Palestinian people but instead tells the story of children conceived by smuggling sperm from Palestinian prisoners in Israeli jails. The story is getting ink everywhere from <a href=\"https:\/\/variety.com\/2021\/film\/news\/jordan-pulls-amira-from-oscar-race-following-controversy-palestinian-1235130140\/\">Variety<\/a> to <a href=\"https:\/\/www.hollywoodreporter.com\/movies\/movie-news\/jordan-withdraws-oscar-hopeful-amira-after-controversy-1235060030\/\">Hollywood Reporter<\/a>.<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>French archeological missions are back in Egypt: <\/strong>Following hiatus because of the pandemic, French archeological missions in Egypt have resumed. (<a href=\"https:\/\/www.france24.com\/en\/tv-shows\/focus\/20211209-french-archaeological-missions-make-post-pandemic-return-to-egypt\">France24<\/a>)<\/li>\n<li><a href=\"https:\/\/www.reuters.com\/world\/china\/number-jailed-journalists-reached-global-high-2021-least-24-killed-their-2021-12-09\/\">Reuters<\/a> and the <a href=\"https:\/\/www.nytimes.com\/2021\/12\/09\/world\/americas\/jailed-journalists-worldwide.html?searchResultPosition=5\">New York Times<\/a> have coverage of the <strong><a href=\"https:\/\/cpj.org\/reports\/2021\/12\/number-of-journalists-behind-bars-reaches-global-high\/\">Committee to Protect Journalists<\/a><\/strong><a href=\"https:\/\/cpj.org\/reports\/2021\/12\/number-of-journalists-behind-bars-reaches-global-high\/\">\u2019 annual report<\/a>.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/archaeology\/\">archaeology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/art\/\">art<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/film\/\">film<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/journalism\/\">journalism<\/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=\"553880\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553881\" 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=\"553881\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/more-astrazeneca-jabs-from-spain\/\">\r\n                            More AstraZeneca jabs from Spain                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/more-astrazeneca-jabs-from-spain\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/more-astrazeneca-jabs-from-spain\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/more-astrazeneca-jabs-from-spain\/\">\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 AstraZeneca jabs from Spain&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/more-astrazeneca-jabs-from-spain\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/more-astrazeneca-jabs-from-spain\/&title=More AstraZeneca jabs from Spain\">\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+AstraZeneca+jabs+from+Spain+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F12%2Fmore-astrazeneca-jabs-from-spain%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/more-astrazeneca-jabs-from-spain\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553881\" class=\"content-area-description single-story post-553881 post type-post status-publish format-standard hentry category-covid-watch tag-astrazeneca tag-covid-19 tag-enterpriseam tag-pfizer tag-sinovac tag-spain tag-vaccines wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The<\/strong><strong> Health Ministry <\/strong><strong><a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/225108546467034\">reported<\/a><\/strong> <strong>879<\/strong><strong> new covid-19 infections yesterday<\/strong>, up from 822 the day before. Egypt has now disclosed a total of 368,335 confirmed cases of covid-19. The ministry also reported 49 new deaths, bringing the country\u2019s total death toll to 21,015.<\/p>\n<p><strong>We\u2019ve received 1.3 mn AstraZeneca shots from Spain <\/strong>through the Gavi \/ Covax program, <a href=\"https:\/\/bit.ly\/31V7v4P\">Youm7 reported<\/a><sup><\/sup>. Spanish Prime Minister Pedro Sanchez had announced during his visit to Cairo earlier this month that Spain would send Egypt a total of 4.48 mn vaccine doses.<\/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\/astrazeneca\/\">AstraZeneca<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pfizer\/\">Pfizer<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sinovac\/\">Sinovac<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spain\/\">Spain<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vaccines\/\">vaccines<\/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=\"553882\" 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=\"553882\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/inflows-to-em-bonds-equities-slow-fretting-over-us-inflation\/\">\r\n                            Inflows to EM bonds, equities slow + fretting over US inflation                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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        <!-- <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=Inflows+to+EM+bonds%2C+equities+slow+%2B+fretting+over+US+inflation+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F12%2Finflows-to-em-bonds-equities-slow-fretting-over-us-inflation%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/inflows-to-em-bonds-equities-slow-fretting-over-us-inflation\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553882\" class=\"content-area-description single-story post-553882 post type-post status-publish format-standard hentry category-planet-finance tag-covid-19 tag-dfm tag-dubai tag-emerging-markets tag-emirates-central-cooling-system tag-enterpriseam tag-financial-markets tag-institute-of-international-finance tag-ipo-watch tag-planet-finance tag-us-federal-reserve wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>MARKET WATCH-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>The last time US inflation was this high, Mubarak hadn\u2019t completed the first year of h<\/strong><strong>is presidency: <\/strong>Consumer prices in the US rose to 6.8% in November from last year \u2014 the quickest annual pace since 1982, according to <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">official figures<\/a> released Friday.<\/p><p><strong>The figures gave more fodder to the bulls<\/strong>, if only because the figures were slightly less bad than they could have been: <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-09\/asian-stocks-set-to-slip-after-wall-street-retreat-markets-wrap?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Analysts attributed<\/a> gains on the S&amp;P 500 and the Nasdaq, which both rose 1% on the news, to poor inflation data already being priced into the market, and hopes that the figures won\u2019t push the Fed to accelerate the taper or hike interest rates earlier than expected.<\/p><p><strong>Any action from the Fed is going to be \u201cconstrained\u201d by a flattening yield curve:<\/strong> The treasuries yield curve \u2014 the spread between returns on short- and long-term government bonds \u2014 \u201clooks set to be the flattest at the beginning of a Fed tightening cycle in a generation\u201d if the Fed follows expectations to begin raising interest rates around mid-next year, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-11\/fed-hikes-seen-starting-with-yield-curve-flattest-in-generation?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> says. The curve could invert \u2014 <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/19\/the-inverted-yield-curve-an-explainer\/\">widely considered<\/a> a sign of impending recession \u2014 if we see a series of interest rate hikes from the central bank in 2022, unless inflation proves to be transient and cools next year. The Fed\u2019s Open Market Committee is set to meet this week on Tuesday and Wednesday.<\/p><p><strong>Time for talk:<\/strong> G7 finance ministers will jump on a Zoom call tomorrow to try and find a solution to the surge in inflation around the world, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-10\/g-7-finance-ministers-plan-to-discuss-inflation-as-prices-soar?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports, citing people with knowledge of the matter.<\/p><p><strong>But expect more optics than action:<\/strong> \u201cThere\u2019s not much governments can do to impose a solution,\u201d said one economist. \u201cThe most urgent task for public officials is to show they\u2019re concerned for their citizens\u2019 welfare and at least look like they\u2019re trying to do something.\u201d<\/p><hr class=\"grey-line\"><p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Inflows to EM stocks and bonds slowed abruptly in November<\/strong>, as investors fretted over the Omicron variant and the possibility of higher US interest rates come 2022. Foreign flows to EM assets outside of China turned negative at the end of November for the first time since March 2020\u2019s pandemic-induced panic selloff, <a href=\"https:\/\/www.ft.com\/content\/0b2c2c42-420c-4610-a7d7-747146905e59\">the Financial Times reports<\/a>, citing data from the Institute of International Finance (IIF). Slow vaccination rates in EMs and the increasing strength of the greenback as the US <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e0ab7c5-49b1-4497-a50e-0dd332ba9641\">eyes raising interest rates<\/a> next year have seen \u201cthe willingness of investors to engage with emerging markets dry up,\u201d the IFF\u2019s chief economist told the paper.<\/p><p><strong>Stuttering bond inflows could mark an end to the pandemic-fuelled EM \u201cdebt <\/strong><strong>party,\u201d <\/strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-08\/emerging-markets-pandemic-fueled-debt-party-is-coming-to-an-end?sref=mmeFTDW1\">Bloomberg reports<\/a>, with strategists predicting record inflows over 2020 and 2021 to stabilize or begin falling in the new year. Some analyst analysts say the boom in EM debt may be cooling off, pointing to signs that the Federal Reserve could tighten policy sooner than expected in response to persistent inflationary pressures, threats to global growth including the emergence of Omicron, and weaker risk sentiment among borrowers. EM debt issuance for this year likely won\u2019t match 2020\u2019s peak of USD 771 bn, which came as developing countries\u2019 governments sought to raise funds for stimulus measures in response to the pandemic.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,535<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +6.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>10,939<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: +25.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>8,883<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: +76.1%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,226<\/p>\n<\/td>\n<td>\n<p>+0.9% (YTD: +29.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,712<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: +25.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,292<\/p>\n<\/td>\n<td>\n<p>-0.40% (YTD: +12.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 75.15<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 3.93<\/p>\n<\/td>\n<td>\n<p>+2.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,784.80<\/p>\n<\/td>\n<td>\n<p>+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 49,500.00<\/p>\n<\/td>\n<td>\n<p>+5.06%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.7% at Thursda<\/strong><strong>y\u2019s <\/strong><strong>close<\/strong> on turnover of EGP 2.06 bn (31.9% above the 90-day average). Local investors were net sellers. The index is up 6.4% YTD.<\/p><p><strong>In the green: <\/strong>Abu Qir Fertilizers (+20.0%), Heliopolis Housing (+7.5%) and Orascom Development Egypt (+5.1%).<\/p><p><strong>In the red: <\/strong>Egyptian Resorts Company (-1.1%), Cleopatra Hospital (-1.1%) and CIB (-0.8%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dfm\/\">DFM<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emirates-central-cooling-system\/\">Emirates Central Cooling System<\/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\/institute-of-international-finance\/\">Institute of International Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/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=\"553883\" 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=\"553883\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">15<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/lebanon-asks-egypt-to-help-plug-urgent-energy-gap\/\">\r\n                            Lebanon asks Egypt to help plug \u201curgent\u201d energy gap                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/lebanon-asks-egypt-to-help-plug-urgent-energy-gap\/\" 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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Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfe7607a-1e8a-44f3-b3bd-69a00b463d71\">is expected to begin<\/a> exporting 60-65 mn cbf\/d of natural gas to Lebanon by early next year through a pipeline that connects Egypt to Lebanon via Jordan and Syria.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull whats-next vertical-section wide-section wp-block-group issue-section\" id=\"553884\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\"\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27716.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27488.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Sunday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/\">\r\n                            Read What's Next                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">15<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/practical-steps-on-how-to-institutionalize-your-family-businesses\/\">         \r\n                            Practical steps on how to institutionalize your family businesses<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/practical-steps-on-how-to-institutionalize-your-family-businesses\/\" 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\/whatsnext\/practical-steps-on-how-to-institutionalize-your-family-businesses\/')\">\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\/whatsnext\/practical-steps-on-how-to-institutionalize-your-family-businesses\/\">\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=Practical steps on how to institutionalize your family businesses&url=https:\/\/enterpriseam.com\/egypt\/whatsnext\/practical-steps-on-how-to-institutionalize-your-family-businesses\/\">\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\/whatsnext\/practical-steps-on-how-to-institutionalize-your-family-businesses\/&title=Practical steps on how to institutionalize your family businesses\">\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=Practical+steps+on+how+to+institutionalize+your+family+businesses+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fwhatsnext%2Fpractical-steps-on-how-to-institutionalize-your-family-businesses%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>                    <\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/practical-steps-on-how-to-institutionalize-your-family-businesses\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/298.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"553885\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/practical-steps-on-how-to-institutionalize-your-family-businesses\/298-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/298.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"298.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/298.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/298.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-553884\" class=\"content-area-description post-553884 whatsnext type-whatsnext status-publish has-post-thumbnail hentry tag-enterprise-whats-next tag-enterpriseam tag-family-businesses tag-investment-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Institutionalization is to family-owned businesses what getting ready to raise a first <\/strong><strong>series \u201cA\u201d is for a startup: A <\/strong><strong>rit<\/strong><strong>e of passage that also says a hell of a lot about the health of your business. <\/strong>Last week, we took a deep dive into <a href=\"https:\/\/www.pwc.com\/m1\/en\/publications\/family-business-survey\/egypt-family-business-survey\/documents\/egypt-family-business-survey-2021.pdf\">a recent study (pdf)<\/a> by PricewaterhouseCoopers (PwC) on what family businesses need to do to thrive post-pandemic. We found that family businesses with medium-term strategic plans fared best during covid, but that a significant number of them don\u2019t have the governance structures and basic paperwork \u2014 like shareholder agreements \u2014 to formalize the positions of family members in the business. In too many cases, those gaps will come back to haunt them in the years ahead.<\/p>\n<p><strong>To be ready for What\u2019s Next, PwC joins a chorus of lenders, development finance <\/strong><strong>institutions and advisors who are beating a drum that plays just one beat: Institutionalization. <\/strong>That\u2019s fancy-speak for touchstones including the separation of ownership from management, hiring independent board members, succession planning, and creating a reporting framework that ensures management communicates to the board everything from strategy to results. Naturally enough, digitalisation should be at the heart of strategic plans.<\/p>\n<p><strong>In part two of a three-part series, we check in this week with senior folks at international financial institutions that help <\/strong><strong>family businesses institutionalize. <\/strong>It\u2019s not an easy road, it <em>will <\/em>result in some tough choices (and maybe a clash or two) \u2014 but the product on the other side is an investable business. Don\u2019t care to raise investment? Cool. But consider this: An investable business is, by definition, one that would survive your absence \u2014 opening the door to retirement (or at least stepping back a step) one day.<\/p>\n<p><strong>And institutionalization isn\u2019t only for family-owned companies: <\/strong>Every <a href=\"https:\/\/basecamp.com\/bootstrapped\">bootstrapped business<\/a> will have to go through it one day.<\/p>\n<p><strong>\u201cInstitutionalization is the main enabler for growth,\u201d<\/strong> principal equity lead for Egypt and the Southern Mediterranean at the European Bank for Reconstruction and Development (EBRD) Hassan Massoud tells us. It doesn\u2019t just build a more robust business able to survive challenges: Institutionalization gives companies access to capital that allow them to grow faster, unconstrained by family finances, as well as access to expertise. <strong>It also makes it easier to find and retain top talent<\/strong> and forces a business to properly structure the ownership and intrafamily finances.<\/p>\n<p><strong>Just as every company is different, so too will be its priorities when it comes time to <\/strong><strong>institutionalize<\/strong>, says Amira Agag, MENA corporate governance officer at the International Finance Corporation (IFC). Family businesses tend to have similar \u201cconstellations\u201d of problems, but institutionalization starts with a diagnosis phase unique to your business. The IFC provides tools, consultation, and training that focus on the corporate governance challenges that family businesses face. The EBRD\u2019s Massoud agrees, saying there\u2019s no one-size-fits-all approach to becoming a corporation: Every company starts from a different point and has different goals.<\/p>\n<p><strong>The biggest challenge in corporatizing family businesses tends to be the unwillingness <\/strong><strong>of members to bring in a professional board and outside management. <\/strong>Bringing on professional directors or senior managers is tough for family members used to (a) unchecked authority, (b) not being questioned, and (c) being able to dip into corporate coffers as if it\u2019s the petty cashbox at the corner store. At some stage, the business will grow to a point where family members need outside skills and experience to manage the additional complexity and take the business to the next level, Agag says.<\/p>\n<p><strong>STEP 1- A good starting point is to look at the roles and responsibilities of any family <\/strong><strong>members who work in the business. <\/strong>Who has what decision-making power? To whom are they accountable? Sorting that out can be a significant challenge if you\u2019ve faced (or currently face) pressure to hire unskilled or inexperienced family members. A good institutionalization process can help attract the right caliber of family members to work in the business, according to Massoud \u2014 and identify paths to upgrade skills at the same time.<\/p>\n<p><strong>STEP 2- Make the (often gut-wrenching) decision to establish a professional board to <\/strong><strong>separate ownership \/ governance from management.<\/strong> This will ideally involve separating the roles and responsibilities of \u201cchairman\u201d from \u201cCEO\u201d \u2014 and force you to bring in independent directors who should have skills that (a) your company needs and (b) that are not on offer from family members. In a situation like this, a management team can focus on operations, while the owner dedicates himself or herself to business strategy and managing risk, Agag suggests.<\/p>\n<p><strong>That process begins with identifying who has what stakes today \u2014 and who will be <\/strong><strong>inheriting in the next generation.<\/strong> Look at who is best-suited to join a board (which provides oversight) and then who has the skills to be a member of a management team, Massoud tells us. After that, companies can identify their challenges and move towards solving them, he adds. This will put solid governance structures and foundations in place, Agag says.<\/p>\n<p><strong>Nomination to the board should be a structured competitive process<\/strong>, Agag says. This includes selecting members who can challenge and contribute to the development of strategy. Boards will be involved in overseeing management performance, creating institutionalized board policies and operations, and serving as a steady hand for the company. Members should be highly experienced outsiders who can offer the firm fresh perspectives. This eliminates the \u201crubber stamping\u201d or duplication of skills, as Agag puts it.<\/p>\n<p><strong>What skills should you look for in an outside board member? <\/strong>One option is to choose someone with experience in a segment, country or industry in which the company isn\u2019t active, but into which it wants to expand, Massoud says. He also says families should look for people who have been through similar challenges in the past. This person does not necessarily have to be in the same industry, but should have been intimately involved in an institutionalization path before, he adds.<\/p>\n<p><strong>STEP 3- Succession planning is also important<\/strong>, as the family grows and potential senior management candidates from the family become available. \u201cWe have seen many family businesses delay succession planning until the last minute, putting the company at risk,\u201d Agag tells us. If left unaddressed, these issues can leave the company significantly exposed, she adds. The biggest challenge is in getting the older\/current generation to acknowledge that the next generation has the ability to take over. Gaining external work experience to prove themselves is one solution to this, Agag says.<\/p>\n<p><strong>Yes, Junior is going to make mistakes, Mrs or Mr Founder <\/strong>\u2014 or (perfidy) not make the same decision you would have. But the business survived your learning on the job, didn\u2019t it?<\/p>\n<p><strong>Institutionalization is a great way to attract future generations, but prior experience is <\/strong><strong>advisable. <\/strong>\u201cFrom our experience, we have noticed that future generations are ready to join and lead their family business when good governance is introduced,\u201d Agag tells us. But the <strong>IFC always advises the next generation of family business leaders to gain work experience outside their company<\/strong>, as well as to work within different parts of their family business to be better prepared.<\/p>\n<p><strong>And remember: The process of implementing governance is an ongoing journey<\/strong>, Agag says. The system needs to be embedded into the business culture and keep moving.<\/p>\n<p><strong>For investors, bad governance practices, structures, and informality can be a serious <\/strong><strong>issue. <\/strong>Investors look for a company that is sustainable and has growth potential, Agag says. Successful family firms exhibit sustainable levels of growth and commitment that are a direct result of being well governed. Family-owned firms also inspire a level of commitment that other companies can find difficult to achieve, Agag says.<\/p>\n<p><strong>And each step in the process speaks to a certain type of investor. <\/strong>\u201cEvery step of the institutionalization process has a certain type of investor that understands how to manage its risks, ranging from seed, to VC, to SME PE, to growth equity, to buyout equity \u2014 all the way to public market investors,\u201d Massoud says.<\/p>\n<p><strong>WHAT\u2019S NEXT in this story? <\/strong>In the third and final installment next week, we\u2019ll look at bold-name case studies of how businesses institutionalized and attracted the outside expertise and capital they needed to get to the next stage of their journey.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top stories on future trends for the week:<\/strong><\/p>\n<ul>\n<li><strong>Cashback services startup WaffarX <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b856bb3a-8978-43f0-9db7-26285154572a\">closed a multi-mn USD funding round<\/a><\/strong> from Silicon Valley VC firm Lobby Capital, marking Lobby\u2019s inaugural investment in the MENA region.<\/li>\n<li><strong>Minly taps into the Gulf: <\/strong>Egypt-based customized celeb video platform Minly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aeb71b35-8178-4e24-9fa5-d3a56a0b54d6\">acquired Emirati<\/a> celebrity shout-out platform Oulo for an undisclosed amount.<\/li>\n<li><strong>Home services marketplace <\/strong><strong>Filkhe<\/strong><strong>d<\/strong><strong>ma<\/strong><strong> raised an undisclosed amoun<\/strong>t in a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21239112-236a-4a94-b893-6992264ed16d\">fresh investment round<\/a> from The Cairo Angels, without providing further details on the milestone or what the investment will be used for.<\/li>\n<li><strong>Cleantech startup Plstka has <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b856bb3a-8978-43f0-9db7-26285154572a\">raised an undisclosed amount<\/a><\/strong><strong> of capital<\/strong> from Alexandria Angels Network and a matching fund from Hivos.<\/li>\n<li><strong>Angel investment group Cairo Angels has <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8ec01ad2-2a04-403f-9be1-ac49b0582a58\">announced<\/a><\/strong><strong> it has reached first close on its USD 5 mn micro-VC fund<\/strong>, Cairo Angels Syndicate Fund (CASF), without disclosing how much it raised.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/family-businesses\/\">Family businesses<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"553886\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/553886\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553886\" class=\"content-area-description single-story post-553886 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>9-12 December (Thursday-Sunday): The <a href=\"https:\/\/www.woodshowglobal.com\/cairo\">6th Edition of Cairo Woodshow<\/a>, Cairo International Convention Center, Cairo, Egypt.<\/p>\n<p>12 December (Sunday): Booster shot appointments for those eligible will roll in on the Health Ministry\u2019s website.<\/p>\n<p>12 December (Sunday): Raya Holding\u2019s Ordinary General Assembly meeting.<\/p>\n<p>12 December (Sunday): Deadline to apply to the <a href=\"https:\/\/www.mckinsey.com\/forward\/locations\/middle-east\">McKinsey Forward<\/a> program for young professionals.<\/p>\n<p>12-14 December (Sunday-Tuesday): <a href=\"http:\/\/www.foodafrica-expo.com\/\">Food Africa Cairo<\/a> trade exhibition, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>14-15 December (Tuesday-Wednesday): Federal Open Market Committee meeting.<sup><\/sup><\/p>\n<p>13-17 December (Monday-Friday): United Nations Convention against Corruption, Sharm El Sheikh, Egypt.<\/p>\n<p>14 December (Tuesday): Inquiry session for the <a href=\"https:\/\/alborsaanews.com\/2021\/11\/21\/1483299\">Industrial Development Authority<\/a>\u2019s licenses to manufacture steel products.<\/p>\n<p>14 December (Tuesday): CDC event to announce the details of its 2022-2026 strategy period.<\/p>\n<p>14 December<sup><\/sup> (Tuesday): The <a href=\"https:\/\/web.facebook.com\/ees.egypt\/?_rdc=1&_rdr\">Egyptian Economic Su<\/a><a href=\"https:\/\/web.facebook.com\/ees.egypt\/?_rdc=1&_rdr\">mmit<\/a>, The St. Regis Hotel, Cairo.<\/p>\n<p>14-19 December (Tuesday-Sunday): <a href=\"https:\/\/www.facebook.com\/cifcet\/\">The Cairo International Festival for Experimental Theater<\/a>.<\/p>\n<p>14-15 December (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.<\/p>\n<p>15 December (Wednesday): Deadline for joint stock companies and investment companies in Cairo to join e-invoicing platform.<\/p>\n<p>15 December (Wednesday): Target date for snackmaker Edita to wrap up due diligence on its acquisition of the Ole brand owner Egyptian Belgian Company.<\/p>\n<p>15 December (Wednesday): The European Bank for Reconstruction and Development will give its final approval for a USD 100 mn facility to state-owned Banque Misr to finance local SMEs working on green projects.<\/p>\n<p>16 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>16 December (Thursday): SODIC shares will be transferred to Aldar Properties \/ ADQ consortium by this date.<\/p>\n<p>16 December (Thursday): Inquiry session for the Industrial Development Authority\u2019s licenses to manufacture tobacco products.<\/p>\n<p>End of December: El Nasr Automotive plans to sign contracts with a new partner to locally assemble EVs.<\/p>\n<p>End of 4Q2021: EdVentures plans to have closed at least one more edtech investment round.<\/p>\n<p>End of 4Q2021: Fawry plans to have launched its MyFawry card.<\/p>\n<p>1H2022: The World Economic Forum annual meeting, location TBD.<\/p>\n<p>1H2022: e-Aswaaq\u2019s tourism platform will roll out its ticketing and online booking portal across Egypt.<\/p>\n<p>1H2022: e-Finance\u2019s digital healthcare service platform, eHealth, will launch its services.<\/p>\n<p>1Q2022: <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9cd1fc44-1593-4317-8658-0aa792215521\">Launch of the Egyptian Commodities Exchange<\/a>.<\/p>\n<p>1Q2022: Swvl acquisition of Viapool expected to close.<\/p>\n<p>Second Half of January: Egypt <a href=\"https:\/\/alborsaanews.com\/2021\/11\/23\/1483989\">will host<\/a> the Egyptian-Bahraini Joint Committee.<\/p>\n<p>The end of January: The Egyptian-Romanian business forum will take place with the aim of strengthening joint investment relations.<\/p>\n<p>January 2022: Tenth of Ramadan dry port tender to be launched.<\/p>\n<p>1 January 2022 (Saturday): Capital gains tax comes into effect on the EGX for local investors.<\/p>\n<p>1 January 2022 (Saturday): Private sector minimum wage introduced.<sup><\/sup><\/p>\n<p>1-15 January 2022 (Saturday-Saturday): Qualified Industrial Zones (<a href=\"https:\/\/www.trade.gov\/qualifying-industrial-zones\">QIZ<\/a>) Joint Committee.<\/p>\n<p>4 January 2022 (Tuesday): OPEC+ ministerial meeting.<\/p>\n<p>7 January 2022 (Friday): Coptic Christmas.<\/p>\n<p>10-13 January 2022 (Monday-Thursday): <a href=\"https:\/\/wyfegypt.com\/\">World Youth Forum<\/a>, Sharm El Sheikh.<\/p>\n<p>15 January (Saturday): Target date for the finalization of snackfood giant Edita\u2019s acquisition of the Egyptian Belgian Company, owner of the Ole brand.<\/p>\n<p>17-19 January 2022 (Monday-Wednesday): <a href=\"https:\/\/www.worldfutureenergysummit.com\/en-gb.html\">World Future Energy Summit<\/a>, Abu Dhabi.<\/p>\n<p>20 January 2022 (Thursday): Kadmar Shipping\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01ff5c98-c2b7-42a3-9c0f-7e33f4c9e638\">new line<\/a> transporting agricultural crops between Alexandria and Russia begins its operations.<\/p>\n<p>27 January 2022 (Tuesday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>February 2022: Hassan Allam Construction\u2019s <a href=\"https:\/\/alborsaanews.com\/2021\/12\/07\/1488592\">new construction firm<\/a> established with Russia\u2019s Titan-2 to handle construction work on the Dabaa nuclear power plant begins its operations.<\/p>\n<p>11 February 2022 (Friday): <a href=\"https:\/\/finance.yahoo.com\/news\/vistas-media-acquisition-company-inc-203000610.html\">Deadline for Anghami SPAC merger<\/a>.<\/p>\n<p>11-13 February (Friday-Sunday) FIBA Intercontinental Cup, Cairo.<\/p>\n<p>14-16 February 2022 (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.<\/p>\n<p>15 February 2022 (Tuesday): The Industrial Development Authority\u2019s deadline for <a href=\"https:\/\/alborsaanews.com\/2021\/11\/21\/1483299\">receiving offers<\/a> from companies for licenses to manufacture steel products.<\/p>\n<p>19 February 2022 (Saturday): Public universities begin the second term of the 2021-2022 academic year.<\/p>\n<p>March 2022: 4Q2021 earnings season.<\/p>\n<p>March 2022: Deadline for the World Health Organization\u2019s <a href=\"https:\/\/www.who.int\/news\/item\/01-12-2021-world-health-assembly-agrees-to-launch-process-to-develop-historic-global-accord-on-pandemic-prevention-preparedness-and-response\">intergovernmental negotiating body<\/a> to meet to discuss binding treaty on future pandemic cooperation.<\/p>\n<p>March 2022: World Cup playoffs.<\/p>\n<p>2 April 2022 (Saturday): First day of Ramadan (TBC).<\/p>\n<p>3 April 2022 (Sunday): Bidding begins on the Industrial Development Authority\u2019s license to manufacture tobacco products.<\/p>\n<p>4 April 2022 (Monday): CDC Group will formally change its name to British International Investment.<\/p>\n<p>22-24 April 2022 (Friday-Sunday):<a href=\"http:\/\/sdg.iisd.org\/events\/2022-spring-meetings-of-the-world-bank-group-and-the-international-monetary-fund\/\">World Bank-IMF spring meeting<\/a>, Washington D.C.<\/p>\n<p>24 April 2022 (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).<\/p>\n<p>25 April 2022 (Monday): Sham El Nessim.<\/p>\n<p>25 April 2022 (Monday): Sinai Liberation Day.<\/p>\n<p>Late April - 15 May 2022: 1Q2022 earnings season<\/p>\n<p>May 2022: Investment in Logistics Conference, Cairo, Egypt.<\/p>\n<p>2 May 2022 (Monday): Eid El Fitr (TBC).<\/p>\n<p>16 June 2022 (Thursday): End of 2021-2022 academic year for public schools.<\/p>\n<p>27 June-3 July 2022 (Monday-Sunday): World University Squash Championships, New Giza.<\/p>\n<p>30 June 2022 (Thursday): June 30 Revolution Day, national holiday.<\/p>\n<p>2H2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>July 2022: A law governing ins. for seasonal contractors will come into effect.<\/p>\n<p>8 July 2022 (Friday): Arafat Day.<\/p>\n<p>9-13 July 2022 (Saturday-Wednesday): Eid Al Adha, national holiday.<\/p>\n<p>30 July 2022 (Saturday): Islamic New Year.<\/p>\n<p>Late July - 14 August 2022: 2Q2022 earnings season.<\/p>\n<p>September 2022: Egypt will display its first naval exhibition with the title <a href=\"https:\/\/bit.ly\/3lshDZX\">Naval Power<\/a>.<\/p>\n<p>6 October 2022 (Thursday): Armed Forces Day, national holiday.<\/p>\n<p>8 October 2022 (Saturday): Prophet Muhammad\u2019s birthday.<\/p>\n<p>18-20 October 2022 (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.<\/p>\n<p>Late October - 14 November 2022: 3Q2022 earnings season.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish below between the actual holiday and its observance.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":553856,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-553855","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"84e75e62-6b5d-484e-8636-853e58c13776","teaser":"","photo_url":"https:\/\/ent.news\/2021\/12\/281.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>It\u2019s the final interest rate week of 2021, and our poll sees the CBE leaving rates on hold this Thursday - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/its-the-final-interest-rate-week-of-2021-and-our-poll-sees-the-cbe-leaving-rates-on-hold-this-thursday\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It\u2019s the final interest rate week of 2021, and our poll sees the CBE leaving rates on hold this Thursday\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/its-the-final-interest-rate-week-of-2021-and-our-poll-sees-the-cbe-leaving-rates-on-hold-this-thursday\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T00:17:36+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/281.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/its-the-final-interest-rate-week-of-2021-and-our-poll-sees-the-cbe-leaving-rates-on-hold-this-thursday\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/its-the-final-interest-rate-week-of-2021-and-our-poll-sees-the-cbe-leaving-rates-on-hold-this-thursday\/\",\"name\":\"It\u2019s the final interest rate week of 2021, and our poll sees the CBE leaving rates on hold this Thursday - 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