{"id":553897,"date":"2021-12-13T03:50:47","date_gmt":"2021-12-13T03:50:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=553897"},"modified":"2025-12-16T00:18:28","modified_gmt":"2025-12-16T00:18:28","slug":"lots-of-ma-ezz-bidding-for-egyptian-steel-stake-ci-kicks-off-bid-for-a-chunk-of-cleo","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/lots-of-ma-ezz-bidding-for-egyptian-steel-stake-ci-kicks-off-bid-for-a-chunk-of-cleo\/","title":{"rendered":"Lots of M&#038;A: Ezz bidding for Egyptian Steel stake, CI kicks off bid for a chunk of Cleo"},"content":{"rendered":"<section id=\"553899\" 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=\"553899\">\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\/13\/this-morning-subscription-begins-for-ci-capitals-chg-acquisition-your-next-ios-update-promises-to-be-interesting\/\">\r\n                            THIS MORNING: Subscription begins for CI Capital\u2019s CHG acquisition + your next iOS update promises to be interesting                        <\/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\/13\/this-morning-subscription-begins-for-ci-capitals-chg-acquisition-your-next-ios-update-promises-to-be-interesting\/\" 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\/13\/this-morning-subscription-begins-for-ci-capitals-chg-acquisition-your-next-ios-update-promises-to-be-interesting\/')\">\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\/13\/this-morning-subscription-begins-for-ci-capitals-chg-acquisition-your-next-ios-update-promises-to-be-interesting\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: Subscription begins for CI Capital\u2019s CHG acquisition + your next iOS update promises to be interesting&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/this-morning-subscription-begins-for-ci-capitals-chg-acquisition-your-next-ios-update-promises-to-be-interesting\/\">\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\/13\/this-morning-subscription-begins-for-ci-capitals-chg-acquisition-your-next-ios-update-promises-to-be-interesting\/&title=THIS MORNING: Subscription begins for CI Capital\u2019s CHG acquisition + your next iOS update promises to be interesting\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+Subscription+begins+for+CI+Capital%E2%80%99s+CHG+acquisition+%2B+your+next+iOS+update+promises+to+be+interesting+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F13%2Fthis-morning-subscription-begins-for-ci-capitals-chg-acquisition-your-next-ios-update-promises-to-be-interesting%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\/13\/this-morning-subscription-begins-for-ci-capitals-chg-acquisition-your-next-ios-update-promises-to-be-interesting\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553899\" class=\"content-area-description single-story post-553899 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-ci-capital tag-cleopatra-hospitals-group tag-enterpriseam tag-inflation tag-interest-rates tag-market-watch tag-mohamed-el-erian tag-us-federal-reserve tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Good morning, wonderful people<\/strong>, and welcome to a Monday that\u2019s best described as \u201cbrisk\u201d on the news front: There\u2019s lots happening, but nothing terribly challenging to get your head around.<\/p>\n<p><strong>If you read nothing else this morning: <\/strong>Make it Last Night\u2019s Talk Shows, wherein Transport Minister Kamel El Wazir suggests that our collective commute in the capital city is perhaps a month and a half or two months away from being a heck of a lot easier as work on key arteries wraps up.<\/p>\n<p><strong>HAPPENING TODAY-<\/strong><\/p>\n<p><strong>Subscription begins for CI Capital\u2019s CHG acquisition:<\/strong> Cleopatra Hospitals Group (CHG) shareholders have 10 working days, starting today, to weigh in on the voluntary tender offer from CI Capital to acquire 26% of the healthcare company. We have the full details on the next steps in the acquisition bid in this morning\u2019s news well, below.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/www.unodc.org\/unodc\/en\/corruption\/COSP\/session9.html\">UN Convention Against Corruption<\/a><\/strong><strong> kicks off this morning in Sharm El Sheikh<\/strong> and wraps this coming Friday, 17 December.<\/p>\n<p><strong>ALSO- <\/strong><\/p>\n<ul>\n<li>The <strong><a href=\"https:\/\/www.foodafrica-expo.com\/\">Food Africa expo<\/a><\/strong> runs through tomorrow at the Egypt International Exhibition Center, after getting underway yesterday.<\/li>\n<li>It\u2019s also the second and final day of a conference of the AU\u2019s <strong><a href=\"https:\/\/cissaau.org\/\">Committee of Intelligence and Security Services of Africa<\/a><\/strong>. Egypt took over the committee\u2019s rotating presidency during yesterday\u2019s session.<\/li>\n<li>The Arab Conference on the <strong>Peaceful Uses of Atomic Energy<\/strong> also kicked off yesterday in Aswan and runs until Thursday.<\/li>\n<\/ul>\n<p><strong>FOR TOMORROW- The <\/strong><strong><a href=\"https:\/\/web.facebook.com\/ees.egypt\/?_rdc=1&_rdr\">Egyptian Economic Summit<\/a><\/strong><strong> takes place <\/strong>at the St. Regis Hotel. The one-day event will feature a range of 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>\n<p><strong>THE BIG STORY ABROAD- No single news story is driving the global business<\/strong> <strong>conversation this morning<\/strong>, but still: It\u2019s all about inflation, one way or another as some 20 central banks worldwide make interest rate decisions this week. See Market Watch, just a couple of scrolls below in this section for the rundown.<\/p>\n<p><strong>SIGN OF THE TIMES- <\/strong><strong>Worldwide ETF inflows crossed the USD 1 tn mark for the first time <\/strong><strong>ever YTD in <\/strong><strong>November<\/strong>, surpassing last year\u2019s total of USD 735.7 bn, the <a href=\"https:\/\/www.wsj.com\/articles\/etf-inflows-top-1-trillion-for-first-time-11639257534?mod=hp_lead_pos2\">WSJ<\/a>reports. The record surge has pushed global ETF assets to nearly USD 9.5 tn, which is more than double where the industry stood just three years ago.<\/p>\n<p><strong>REJOICE- Season six of Bns is back at the end of next month<\/strong>, and the first Axe-less season looks really good if <a href=\"https:\/\/twitter.com\/kellyaucoin77\/status\/1469353150402514947?s=12\">this trailer posted by USD Bill actor Kelly AuCoin<\/a> is anything to go by.<\/p>\n<p><strong>Are econ nerds the most selfish people? <\/strong>That\u2019s our (admittedly oversimplified) conclusion based on <a href=\"https:\/\/twitter.com\/hirokotabuchi\/status\/1469493939803672577?s=12\">this nugget from the dumpster fire that is our social media<\/a>. It quotes <a href=\"https:\/\/doughnuteconomics.org\/about-doughnut-economics\">Donut Economics<\/a> (scroll down to the donut illustration) author <a href=\"https:\/\/twitter.com\/KateRaworth\">Kate Raworth<\/a>, whose <a href=\"https:\/\/www.amazon.com\/Doughnut-Economics-Seven-21st-Century-Economist-ebook\/dp\/B06X9C63SX\">book is now in our TBR pile<\/a>, even if it does seem to \u201csimply\u201d boil down to \u201clook after your fellow humans and the planet we all inhabit.\u201d (Our words, not Raworth\u2019s.)<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>MARKET WATCH-<\/strong><\/p>\n<p><strong>Doves and hawks are set to clash on how to tackle inflation this week<\/strong><strong> as around 20 central banks worldwide hold their final policy meetings of the year<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-11\/twenty-central-banks-hold-meetings-as-inflation-forces-split?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports. Economic policymakers face a choice between tightening policy to reign in high prices, or biding their time to protect post-covid recoveries. And with some of the world\u2019s biggest economies tipped to come down on different sides of that fence, their announcements could mark an end to the era of more or less synchronized policy efforts to tackle the covid-induced recession. \u201c<strong>We are set for increasing monetary policy divergence<\/strong>,\u201d investment bank Natixis\u2019 chief economist for Asia Pacific told the media outlet.<\/p>\n<p><strong>What can we expect from the big-hitters? <\/strong>The US Fed has taken a hawkish turn: Expect confirmation that the stimulus taper will come ahead of schedule, and perhaps even hints of an early rate rise at some point in 2022. Allianz chief economist Mohamed El Erian warns of the risks should the US stick to its characterization of inflation as temporary, a claim which he tells CBS\u2019s Face the Nation was the Federal Reserve\u2019s \u201cworst inflation call\u201d in its history (<a href=\"https:\/\/www.cbsnews.com\/live\/video\/20211212174529-chief-economic-adviser-for-allianz-mohamed-el-erian-on-face-the-nation\/#x\">watch, runtime: 07:12<\/a>). If the Fed fails to own up to its misjudgment, El Erian says, it would have to \u201chit the brakes hard\u201d in a few months, which would \u201crisk sending the economy into recession.\u201d <strong>The Fed\u2019s Open Market Committee meets tomorrow and Wednesday. <\/strong><\/p>\n<p><strong>Elsewhere:<\/strong> European Central Bank President Christine Lagarde, meanwhile, is expected to stick to the \u201cinflation-is-temporary\u201d line, while the Bank of Japan and the Bank of England are also likely to lean dove-ish. China is easing policy in the face of a spreading slowdown, while Brazil and Russia are on an aggressive tightening cycle to curb inflation.<\/p>\n<p><strong>The Central Bank of Egypt will likely leave interest rates on hold when it meets this <\/strong><strong>Thursday<\/strong> as the bank looks to protect the economic recovery and maintain attractive real rates for the carry trade, according to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/15e1059e-0499-4fda-b29a-a3100b36af63\">our regular poll<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>PSA #1- <\/strong><strong>Attention iSheep: Your next iOS update is coming \u2014 and it promises to be an<\/strong><strong> interesting one: <\/strong>The release of iOS 15.2 should take pace any day now, and based on Apple\u2019s <a href=\"https:\/\/developer.apple.com\/documentation\/ios-ipados-release-notes\/ios-ipados-15_2-release-notes\">release notes<\/a>, it will include some highly-anticipated features, including a new privacy report showing which apps accessed your microphone, camera or location, a \u201chide my email\u201d option that allows users to send emails from random addresses, and a \u201cdigital legacy\u201d feature allowing users to designate a contact to whom all their data can be transferred after their death.<\/p>\n<p><strong>There are also some (potentially controversial) new controls coming for the kiddos: <\/strong>A new feature in the Messages app will detect nude photos in incoming and outgoing messages on children\u2019s phones, blurring them and attaching a warning before showing them, Bloomberg <a href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2021-12-12\/what-s-in-apple-s-ios-15-2-ipados-15-2-nude-image-detection-legacy-contacts-kx3m3nmb?srnd=premium-middle-east&sref=mmeFTDW1\">reports<\/a>. The setting is an opt-in feature that parents can enable on family-sharing accounts, and would allow children to contact a parent through the app if the situation requires it. Privacy advocates <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-09-03\/apple-delays-launch-of-feature-to-scan-iphones-for-child-abuse?sref=mmeFTDW1\">called out<\/a> the feature over concerns it would be used for surveillance when it was first announced earlier this year, which led to its delay.<\/p>\n<p><strong>And for Mac users:<\/strong> Apple is adding SharePlay in macOS Monterey 12.1, which will allow users to easily share their screens and host virtual watch parties.<\/p>\n<p><strong>PSA #2- Winter is coming<\/strong>, with daytime highs in the 18-19\u00b0C range forecast for the week starting Wednesday. Look for single-digit overnight lows from Wednesday onward and a chance of a shower on Friday, our favourite weather app suggests.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>EgyptAir will resume weekly flights between Cairo and Johannesburg on Thursday<\/strong>, 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>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> We look back at a truly extraordinary year for private sector education in Egypt in Part 1 of our Blackboard Year-in-Review. In it we reflect on how the private sector and the government got on the same page, together building what may be the most successful education PPP model we\u2019ve seen to date. We also look at how this, combined with education\u2019s defensive strength, has culminated in new investments and our first IPO of 2021.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/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\/market-watch\/\">Market Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-el-erian\/\">Mohamed El Erian<\/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=\"553900\" 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=\"553900\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/553900\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553900\" class=\"content-area-description single-story post-553900 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 data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/SOMA-ENTERPRISE-Photograph-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553901\" 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=\"553901\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/ezz-steel-to-acquire-abou-hashimas-stake-in-egyptian-steel\/\">\r\n                            Ezz Steel to acquire Abou Hashima\u2019s stake in Egyptian Steel                        <\/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\/13\/ezz-steel-to-acquire-abou-hashimas-stake-in-egyptian-steel\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n       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alt=\"\" data-attachment-id=\"553902\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/ezz-steel-to-acquire-abou-hashimas-stake-in-egyptian-steel\/313-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/313.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"313.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/313.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/313.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553901\" class=\"content-area-description single-story post-553901 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-ahmed-abou-hashima tag-eagle-advisors tag-egyptian-steel tag-enterpriseam tag-ezz-steel tag-ma-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-01\"><\/a> <strong>Ezz Steel is moving forward with its bid to acquire Ahmed Abou Hashima\u2019s <\/strong><strong>18%<\/strong><strong> stake in Egyptian Steel<\/strong>, announcing yesterday in <a href=\"https:\/\/ent.news\/2021\/12\/Ezz-Steel-disclosure-12.21.pdf\">an EGX filing (pdf)<\/a> that it has offered to purchase the shares in a transaction that would value the company at almost EGP 14 bn. The steel giant\u2019s board of directors has approved the purchase of the stake through its subsidiary Al Ezz Dekheila Steel, which will pay EGP 2.5 bn for the shares in an all-cash transaction. Abou Hashima, who founded the company and currently acts as its CEO and chairman, will accept the offer and step down from the company, Sarie Eldin & Partners, which is providing counsel to Egyptian Steel, told Enterprise.<\/p>\n<p><strong>An ex-steel magnate:<\/strong> The move will see Ahmed Abou Hashima sell down his remaining shares in the company he founded back in 2010. The entrepreneur had invested <a href=\"https:\/\/www.google.com\/url?q=https:\/\/ahmedabouhashima.com\/ahmedabouhashima.com\/index.html&sa=D&source=docs&ust=1639321403258000&usg=AOvVaw2geYKYlOt-bII3WKOOFDsV\">USD 1 bn into the company<\/a> and gained a sizable share of the local steel market, but in late 2017 sold an 82% stake to the military's National Service Projects Organization. Enterprise was not able to reach an Egyptian Steel representative for comment on the offer.<\/p>\n<p><strong>The valuation:<\/strong> A <a href=\"https:\/\/ent.news\/2021\/12\/%D8%A7%D9%84%D8%B9%D8%B2-%D8%A7%D9%84%D8%AF%D8%AE%D9%8A%D9%84%D8%A9-%D9%85%D9%84%D8%AE%D8%B5-%D8%AF%D8%B1%D8%A7%D8%B3%D8%A9-%D8%A7%D9%84%D9%82%D9%8A%D9%85%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D8%AF%D9%84%D8%A9-%D9%84%D8%AD%D8%AF%D9%8A%D8%AF-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D9%8A%D9%86.pdf\">fair value study (pdf)<\/a> carried out by financial advisors Eagle Advisors valued Egyptian Steel shares at EGP 1,193 apiece, which was approved by Ezz Steel\u2019s board. Ezz released the study yesterday as part of its regulatory filing.<\/p>\n<p><strong>What might we expect from Ezz Steel post-acquisition?<\/strong> The transaction would allow Ezz to influence Egyptian Steel\u2019s product mix to focus more specifically on fulfilling unmet market demand, former Holding Company for Metallurgical Industries chairman Medhat Nafie told Kelma Akhira\u2019s Lamees El Hadidi. Nafie expects Ezz Steel to double down on manufacturing pellets and steel bars, and sees potential for the company to increase its output of downstream products, which have a greater value added. The acquisition could also help Ezz widen its distribution network through the integration of Ezz Steel\u2019s infrastructure \u2014 and potentially help the company cut freight costs to get its products to areas including Upper Egypt, Nafie said (<a href=\"https:\/\/www.youtube.com\/watch?v=NhcS6AzqQ0s\">watch, runtime: 11:57<\/a>).<\/p>\n<p><strong>The acquisition bid comes as Ezz Steel \u2014 MENA\u2019s largest steel company \u2014 is on an <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d3cfe92-e5d9-4f59-801a-813956f7d914\">earnings streak<\/a><\/strong><strong> in 2021<\/strong>, after being in the red for most of the previous decade. The company <a href=\"https:\/\/ent.news\/2021\/11\/Ezz-Steel-Quarterly-Financials.pdf\">posted (pdf)<\/a> a net income of EGP 3.76 bn during the first nine months of the year, flipping from a net loss of EGP 4.1 bn last year. The company\u2019s single largest shareholder is founder Ahmed Ezz, who owns a 65.7% controlling stake in Ezz Steel, after recently purchasing a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17fd667f-4d20-4cd0-9288-62dacc98cc3e\">33.4% stake in the company<\/a> from El Ezz Group Holding for Industry and Investment. The company holds a market share of around 42%, according to recent figures cited by late night talkshow queen Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=CbH7uDUa3hs\">watch, runtime: 2:15<\/a>) last night.<\/p>\n<p><strong>What\u2019s next:<\/strong> The transaction is in its final stages and will be finalized in the coming days, said Amira Sherif, senior partner at Sarie Eldin & Partners and head of the firm\u2019s banking and finance unit.<\/p>\n<p><strong>ADVISORS: <\/strong>Sarie Eldin & Partners are sell-side legal advisors, with Rizkana & Partners acting as buy-side counsel. Eagle Advisors conducted the fair value study, while Moore Egypt served as the auditor.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-abou-hashima\/\">Ahmed Abou Hashima<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eagle-advisors\/\">Eagle Advisors<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-steel\/\">Egyptian Steel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ezz-steel\/\">Ezz Steel<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553903\" 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=\"553903\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/egx-sets-timeline-for-ci-capitals-bid-on-cleopatra-shares\/\">\r\n                            EGX sets timeline for CI Capital\u2019s bid on Cleopatra shares                        <\/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\/13\/egx-sets-timeline-for-ci-capitals-bid-on-cleopatra-shares\/\" 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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Shares will change hands within five working days of the end of the tender offer, by Sunday 2 January<sup><\/sup>.<\/p>\n<p><strong>Regulatory approval:<\/strong> MCI Capital Healthcare Partners, a CI Capital subsidiary, got the green light from<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/06eb6fae-9d93-486a-9376-9d1093c7acd1\">the FRA<\/a> last week on its offer to purchase up to 339.3 mn shares in Cleopatra at EGP 5 apiece, valuing the company at EGP 8 bn. CLHO is Egypt\u2019s second-largest healthcare company by market capitalization.<\/p>\n<p><strong>Already on board:<\/strong> Cleopatra\u2019s biggest shareholder, Creed Healthcare\u2019s subsidiary Care Healthcare, agreed to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8a67bda2-2571-4d68-b600-30894ac00789\">sell an 8-12% stake<\/a>in the company from its holdings (126-192 mn shares) at the offer price. This would reduce its stake in CHG to 26-30%, but maintain its position as its largest shareholder, netting as much as EGP 960 mn. Creed Healthcare \u2014 backed by several international DFIs and private equity firms \u2014 owns 37.9% of CHG through its subsidiary Care Healthcare, after <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/14\/care-healthcare-divests-31-5-stake-in-cleopatra-hospitals\/\">divesting a 31.5% stake<\/a> in 2019. Mid-market investment firm <a href=\"https:\/\/www.rmbv.net\/\">RMBV<\/a>\u2019s Ahmed Badreldin helped create Cleo and is now chairman of the board, sitting as a representative of Creed. RMBV is a double-bottom-line firm with holdings in Egypt, Tunisia, Libya, Algeria, Morocco, Senegal and Ivory Coast, including EGX-listed higher ed outfit Taaleem in Egypt.<\/p>\n<p><strong>ADVISORS:<\/strong> Zulficar & Partners is acting as legal advisor to MCI Capital.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cleopatra\/\">Cleopatra<\/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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"553905\" 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=\"553905\">\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\">Healthcare<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/alameda-setting-up-a-egp-1-bn-hospital-in-the-new-capital\/\">\r\n                            Alameda setting up a EGP 1 bn hospital in the new capital                        <\/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\/13\/alameda-setting-up-a-egp-1-bn-hospital-in-the-new-capital\/\" 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\/13\/alameda-setting-up-a-egp-1-bn-hospital-in-the-new-capital\/')\">\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\/13\/alameda-setting-up-a-egp-1-bn-hospital-in-the-new-capital\/\">\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=Alameda setting up a EGP 1 bn hospital in the new capital&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/alameda-setting-up-a-egp-1-bn-hospital-in-the-new-capital\/\">\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\/13\/alameda-setting-up-a-egp-1-bn-hospital-in-the-new-capital\/&title=Alameda setting up a EGP 1 bn hospital in the new capital\">\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=Alameda+setting+up+a+EGP+1+bn+hospital+in+the+new+capital+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F13%2Falameda-setting-up-a-egp-1-bn-hospital-in-the-new-capital%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\/13\/alameda-setting-up-a-egp-1-bn-hospital-in-the-new-capital\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/316.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553906\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/alameda-setting-up-a-egp-1-bn-hospital-in-the-new-capital\/316-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/316.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"316.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/316.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/316.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553905\" class=\"content-area-description single-story post-553905 post type-post status-publish format-standard has-post-thumbnail hentry category-healthcare tag-alameda-healthcare tag-enterpriseam tag-healthcare tag-housing-ministry tag-investment-watch tag-new-administrative-capital tag-public-private-partnership 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>Healthcare group Alameda is planning to invest EGP 1 bn to operate and <\/strong><strong>manage a 300-bed hospital in the new administrative capital<\/strong>, under an MoU it signed with the Housing Ministry yesterday, according to a <a href=\"https:\/\/ent.news\/2021\/12\/Alameda-Ministry-of-Housing-MoU-PRL-12.12.2021-ENG.pdf\">press release (pdf)<\/a>. Alameda will operate the facility under a renewable 49-year contract. The hospital, which is set to be the administrative capital\u2019s \u201cfirst and largest\u201d hospital, will take three years to build.<\/p>\n<p><strong>What does Alameda have planned?<\/strong> Alameda will invest in medical equipment and technology, establish centers of excellence in a range of specialties, and set up a training center within the hospital to train nurses and physicians.<\/p>\n<p><strong>The investment comes as part of Alameda\u2019s wider <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/379ab12b-2c06-49f3-b4e7-c77ac0174f6d\">expansion plan<\/a><\/strong><strong> in Egypt<\/strong>, which will see it invest EGP 5 bn over the next three to five years to bring its total investments in the country to EGP 10 bn.<\/p>\n<p><strong>Also involved:<\/strong> Chinese construction company China State Construction Engineering and Al Hazeq Construction will construct the facility, while architecture firm HKS will consult on the project\u2019s construction and management.<\/p>\n<p><strong>More public-private healthcare partnerships could come soon:<\/strong> The House of Representatives recently gave its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5834140b-d304-4c1c-9483-4b92c5ad8478\">final nod<\/a> to amendments made to the PPP Act designed to encourage more public-private projects. The changes allow public entities to partner with private companies on transport, energy, communications and healthcare projects by introducing new mechanisms to simplify the process.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alameda-healthcare\/\">Alameda Healthcare<\/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\/housing-ministry\/\">Housing Ministry<\/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\/new-administrative-capital\/\">new administrative capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-private-partnership\/\">public-private partnership<\/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=\"553907\" 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=\"553907\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/egypt-to-rejoin-jpmorgan-em-bond-index-in-january-2022\/\">\r\n                            Egypt to rejoin JPMorgan EM bond index in January 2022                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/egypt-to-rejoin-jpmorgan-em-bond-index-in-january-2022\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/egypt-to-rejoin-jpmorgan-em-bond-index-in-january-2022\/')\">\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\/13\/egypt-to-rejoin-jpmorgan-em-bond-index-in-january-2022\/\">\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 to rejoin JPMorgan EM bond index in January 2022&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/egypt-to-rejoin-jpmorgan-em-bond-index-in-january-2022\/\">\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\/13\/egypt-to-rejoin-jpmorgan-em-bond-index-in-january-2022\/&title=Egypt to rejoin JPMorgan EM bond index in January 2022\">\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+to+rejoin+JPMorgan+EM+bond+index+in+January+2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F13%2Fegypt-to-rejoin-jpmorgan-em-bond-index-in-january-2022%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\/13\/egypt-to-rejoin-jpmorgan-em-bond-index-in-january-2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/317.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553908\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/egypt-to-rejoin-jpmorgan-em-bond-index-in-january-2022\/317-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/317.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"317.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/317.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/317.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553907\" class=\"content-area-description single-story post-553907 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-green-bonds tag-jp-morgan tag-mohamed-maait 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>Egypt is set to join JPMorgan\u2019s Emerging Markets Bond Index (EMBI) by the end of <\/strong><strong>January with an estimated weight of 1.8%<\/strong>, Finance Minister Mohamed Maait announced yesterday, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/293068406196920\">cabinet statement<\/a>. Some 14 government bonds, with a total value of USD 26 bn, are expected to enter the benchmark index, which tracks the performance of a basket of EM government bonds .<\/p>\n<p><strong>Green bonds galore:<\/strong> Egypt will also join JPMorgan\u2019s Environment and Governance Index by the end of January 2022 with a weighting of 1.2%, according to the statement, after the government made its first-ever sovereign green bond issuance in 2020, raising USD 750 mn from investors to channel into green projects.<\/p>\n<p><strong>What this means for portfolio flows:<\/strong> Investors tracking the index could pour some USD 1 bn into the local bond market by virtue of Egypt\u2019s inclusion, Maait said. The move could unlock up to USD 4.8 bn in new inflows from passive funds that track the index, potentially leading to a 5% appreciation for the EGP against the USD, Rand Merchant Bank economist Neville Mandimika told <a href=\"https:\/\/www.reuters.com\/article\/uk-egypt-economy-relisting\/egypts-relisting-on-jp-morgan-bond-index-could-attract-48-billion-rmb-says-idUSKBN2BL1MJ\">Reuters<\/a> back in March.<\/p>\n<p><strong>A decade in the (re)making: <\/strong>It took almost three years of discussions to get Egypt back on the EMBI, according to Maait. Egypt was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2942a7fd-4cca-4286-98b3-5c2d1c99da8a\">removed<\/a> from the index in June 2011 for not meeting requirements, in the wake of the economic turmoil that followed the 25 January revolution.<\/p>\n<p><strong>Why now? <\/strong>Around 90% of surveyed investors supported Egypt\u2019s inclusion, according to the cabinet statement, thanks to increased liquidity, improved access to the onshore government bond markets for foreign investors, and improved access to the local bond market. Egypt now has a combined nominal USD 28.2 bn in longer-term bonds maturing in more than 2.5 years, which is the minimum maturity for inclusion in the index.<\/p>\n<p><strong>Index inclusion could coincide with Egyptian bonds finally becoming Euroclearable:<\/strong> The government has also been working to satisfy requirements to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77f1fef1-7022-4da7-a44e-d3ae01256eac\">make Egyptian debt \u201cEuroclearable,\u201d<\/a> making it easier for foreign funds to get into and out of Egyptian debt. Technical discussions have dragged on for longer than anticipated as the ministry continues working to meet the European clearinghouse\u2019s conditions, which policymakers hope to achieve early in 2022.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-bonds\/\">green bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jp-morgan\/\">JP Morgan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/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=\"553909\" 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=\"553909\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/algebra-ventures-fund-ii-locks-usd-15-mn-from-ebrd\/\">\r\n                            Algebra Ventures Fund II locks USD 15 mn from EBRD                        <\/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\/13\/algebra-ventures-fund-ii-locks-usd-15-mn-from-ebrd\/\" 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\/13\/algebra-ventures-fund-ii-locks-usd-15-mn-from-ebrd\/')\">\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\/13\/algebra-ventures-fund-ii-locks-usd-15-mn-from-ebrd\/\">\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=Algebra Ventures Fund II locks USD 15 mn from EBRD&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/algebra-ventures-fund-ii-locks-usd-15-mn-from-ebrd\/\">\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\/13\/algebra-ventures-fund-ii-locks-usd-15-mn-from-ebrd\/&title=Algebra Ventures Fund II locks USD 15 mn from EBRD\">\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=Algebra+Ventures+Fund+II+locks+USD+15+mn+from+EBRD+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F13%2Falgebra-ventures-fund-ii-locks-usd-15-mn-from-ebrd%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\/13\/algebra-ventures-fund-ii-locks-usd-15-mn-from-ebrd\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/318.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553910\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/algebra-ventures-fund-ii-locks-usd-15-mn-from-ebrd\/318-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/318.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"318.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/318.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/318.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553909\" class=\"content-area-description single-story post-553909 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-algebra-ventures tag-ebrd tag-enterpriseam tag-international-finance-corporation tag-investment-watch tag-venture-capital 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>The European Bank for Reconstruction and Development (EBRD) has <\/strong><strong>approved a <\/strong><strong>USD 15 mn equity commitment to Algebra Ventures\u2019 second tech fund<\/strong>, according to <a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/53075.html\">the bank\u2019s website<\/a>. The respected Egyptian venture capital firm is targeting a USD 60 mn first close for its latest fund, which was initially targeted for 3Q2021.<\/p>\n<p><strong>Who else is on board?<\/strong> The International Finance Corporation could contribute up to USD 15 mn to the fund, which <a href=\"https:\/\/disclosures.ifc.org\/project-detail\/SII\/45985\/algebra-ii\">according to its website<\/a> is awaiting board approval. Algebra is raising funds from a who\u2019s who of limited partners thanks to the success of its first fund.<\/p>\n<p><strong>Ventures II:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b05a266-cfd0-4843-a495-2434a6187cd1\">Announced<\/a> in April, Algebra Ventures said the new fund would eventually be worth USD 90 mn and make equity venture capital investments in early-stage tech companies. Earlier this year, Algebra partner Omar Khashaba <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2523407a-45ff-43de-a293-8c471fa537b5\">told us<\/a> that the VC\u2019s second fund will focus on Egypt with some allocations for sub-Saharan Africa.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/algebra-ventures\/\">Algebra Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-finance-corporation\/\">International Finance Corporation<\/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\/venture-capital\/\">venture capital<\/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=\"553911\" 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=\"553911\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/gulf-banking-syndicate-disburses-usd-3-bn-loan-to-egypt-govt\/\">\r\n                            Gulf banking syndicate disburses USD 3 bn loan to Egypt gov\u2019t                        <\/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\/13\/gulf-banking-syndicate-disburses-usd-3-bn-loan-to-egypt-govt\/\" 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\/13\/gulf-banking-syndicate-disburses-usd-3-bn-loan-to-egypt-govt\/')\">\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\/13\/gulf-banking-syndicate-disburses-usd-3-bn-loan-to-egypt-govt\/\">\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=Gulf banking syndicate disburses USD 3 bn loan to Egypt gov\u2019t&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/gulf-banking-syndicate-disburses-usd-3-bn-loan-to-egypt-govt\/\">\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\/13\/gulf-banking-syndicate-disburses-usd-3-bn-loan-to-egypt-govt\/&title=Gulf banking syndicate disburses USD 3 bn loan to Egypt gov\u2019t\">\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=Gulf+banking+syndicate+disburses+USD+3+bn+loan+to+Egypt+gov%E2%80%99t+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F13%2Fgulf-banking-syndicate-disburses-usd-3-bn-loan-to-egypt-govt%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\/13\/gulf-banking-syndicate-disburses-usd-3-bn-loan-to-egypt-govt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/319.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553912\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/gulf-banking-syndicate-disburses-usd-3-bn-loan-to-egypt-govt\/319-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/319.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"319.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/319.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/319.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553911\" class=\"content-area-description single-story post-553911 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt-watch tag-enterpriseam tag-suez-canal-economic-zone tag-transport-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>The Gulf banking syndicate that agreed last month to lend <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bb7fca24-682d-41f2-8790-4cb7c1e0eab8\">USD 3 bn<\/a><\/strong> <strong>to the <\/strong><strong>Egyptian government has disbursed the funding<\/strong>, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=11122021&id=ba77da49-ffc3-47d1-a3be-aaf8eff836e9\">Al Shorouk<\/a> reports, citing unnamed sources. The three-year loan is being arranged by First Abu Dhabi Bank and Emirates NBD, and is split 50-50, with USD 1.5 bn allocated to ESG projects and USD 1.5 bn going to Sharia-compliant investments.<\/p>\n<p><strong>Who\u2019s lending:<\/strong> Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Mashreq Bank, Bank ABC, National Bank of Kuwait, Ahli United Bank of Kuwait, Al Ahli Bank of Kuwait and Italy\u2019s Intesa Sanpaolo Bank, in addition to the lead arrangers.<\/p>\n<p><strong>This is the second loan the government has taken out from Gulf financial institutions since 2020:<\/strong> Egypt took out a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/000a6b27-901e-41be-895f-cf6ab6ee623f\">USD 2 bn 12-month loan<\/a> arranged by FAB and Emirates NBD in 2020, which it finished repaying earlier this year. The loan \u2014 divided into a USD 1.5 bn conventional tranche and a USD 500 mn Islamic tranche \u2014 was taken out to plug budget shortfalls and support the economy through the covid crisis.<\/p>\n<p><strong>OTHER DEBT NEWS-<\/strong><\/p>\n<p>A <strong>USD 250 mn railway development loan from Korea: <\/strong>South Korea government has given its initial approval to a USD 250 mn soft loan to fund signaling upgrades for the 224-km Luxor-Aswan railway, <a href=\"https:\/\/bit.ly\/3dJ2LSF\">Al Mal<\/a> reports, citing unnamed sources. Korea had stipulated that the Egyptian government only use state-owned Korean companies to implement the upgrades, from the consultant to the companies implementing the work. Korean entities will now begin submitting their technical and financial offers.<\/p>\n<p><strong>The General Authority for the Suez Canal Economic Zone has received a EGP 1.5 <\/strong><strong>bn loan from the National Bank of Egypt and Banque Misr<\/strong> to tide it over until its EGP 10 bn loan agreed with a syndicate of banks earlier this year has been disbursed, sources told <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=11122021&id=b26b9f75-35ec-4932-8f7c-a55aa1e83bb9\">Al Shorouk<\/a>. In April, the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5367b7a0-cee4-4ccc-b7b6-f3ea71e71fe4\">SCZone signed an agreement<\/a> for the 10-year loan with a group of banks including CIB, Banque du Caire, the Arab African International Bank and Suez Canal Bank to fund infrastructure projects. The NBE and Banque Misr are managing the facility.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport-ministry\/\">Transport Ministry<\/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=\"553913\" 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=\"553913\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/553913\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553913\" class=\"content-area-description single-story post-553913 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/Tactical-Male-1600WX800H-for-web.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553914\" 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=\"553914\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/last-nights-talk-shows-your-commute-should-be-smoother-by-the-end-of-the-month\/\">\r\n                            Last Night\u2019s Talk Shows: Your commute should be smoother by the end of the month                        <\/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\/13\/last-nights-talk-shows-your-commute-should-be-smoother-by-the-end-of-the-month\/\" 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\/13\/last-nights-talk-shows-your-commute-should-be-smoother-by-the-end-of-the-month\/')\">\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\/13\/last-nights-talk-shows-your-commute-should-be-smoother-by-the-end-of-the-month\/\">\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: Your commute should be smoother by the end of the month&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/last-nights-talk-shows-your-commute-should-be-smoother-by-the-end-of-the-month\/\">\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\/13\/last-nights-talk-shows-your-commute-should-be-smoother-by-the-end-of-the-month\/&title=Last Night\u2019s Talk Shows: Your commute should be smoother by the end of the month\">\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+Your+commute+should+be+smoother+by+the+end+of+the+month+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F13%2Flast-nights-talk-shows-your-commute-should-be-smoother-by-the-end-of-the-month%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\/13\/last-nights-talk-shows-your-commute-should-be-smoother-by-the-end-of-the-month\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553914\" class=\"content-area-description single-story post-553914 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-diplomacy tag-enterpriseam tag-infrastructure tag-kamel-el-wazir tag-last-nights-talk-shows tag-sameh-shoukry tag-transport tag-transport-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>The latest on our transport infrastructure overhaul:<\/strong> Transport Minister Kamel El Wazir phoned in to El Hekaya last night to give Amr Adib the latest updates on a host of transport overhaul projects.<\/p>\n<p><strong>Your Ring Road commute will stop being hellish soon:<\/strong> The Ring Road expansion to widen the freeway and add a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/949fbd12-51f3-4544-9b9f-20470e5eb974\">bus rapid transit (BRT) lane<\/a> is nearly complete, with the expansion of the so-called middle Ring Road that runs from the Autostrad through New Cairo, Suez Road, Belbeis, and El Marg to the Shobra-Banha road now 100% complete, El Wazir said (<a href=\"https:\/\/www.youtube.com\/watch?v=WjyhEsoIGpc\">watch, runtime: 6:16<\/a>). The expansion of the stretch of the freeway running from El Assar corridor to the Alexandria agricultural road will be done by the end of the month, according to the minister. Once these expansions are complete, the ministry will finalize outfitting the freeway with new intelligent transport system (ITS) cables and upgrading the electricity network, with an eye to complete all of this by February, El Wazir said.<\/p>\n<p><strong>LRT trials are now underway:<\/strong> The planned Al Salam City-new capital-Tenth of Ramadan City light rail train (LRT) is about 95% complete and the ministry is currently working on trial operations for the electric line, El Wazir said. The trials are set to wrap by the end of March, with an eye to launch the line in April, according to the minister (<a href=\"https:\/\/www.youtube.com\/watch?v=xHZsY2oF1lg\">watch, runtime: 3:25<\/a>).<\/p>\n<p><strong>Abu Qir metro upgrade on track: <\/strong>Construction work on the Abu Qir-Alexandria metro conversion project will begin in January or February, El Wazir said (<a href=\"https:\/\/www.youtube.com\/watch?v=vXBilirlgw0\">watch, runtime: 02:22<\/a>). El Wazir added that the current rail line will continue operating until all design plans are complete, without disclosing when that will be. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6892cd42-3fe0-4e7e-9c22-7e2ebf8b825e\">new electrified metro<\/a> will be 22 km long in its first phase, connecting Abu Qir to Alexandria's Mahatet Masr, and will connect to Borg El Arab in later stages.<\/p>\n<p><strong>Elsewhere: Explaining Egypt\u2019s new \u201cpolitical consultation mechanism\u201d with the GCC:<\/strong> Egypt kicked off a new consultation mechanism with the members of the Gulf Cooperation Council (GCC) yesterday, which is designed to tighten ties between Egypt and the Gulf on regional and international issues of mutual interest, Foreign Minister Sameh Shoukry explained to El Hekaya\u2019s Amr Adib. In the first meeting under the new mechanism, which Shoukry attended in Riyadh yesterday, Egypt and the GCC members discussed the current situations in Libya, Sudan, and Afghanistan. The GCC ministers also backed Egypt on its position in its negotiations with Sudan and Ethiopia on the Grand Ethiopian Renaissance Dam, Shoukry told Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=R0rTyE2eQbU\">watch, runtime: 7:46<\/a>)<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kamel-el-wazir\/\">Kamel El Wazir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/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\/transport-ministry\/\">Transport Ministry<\/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=\"553915\" 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 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src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <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-qpnotu9\" data-v=\"4\" data-block-id=\"qpnotu9\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-qpnotu9-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-qpnotu9-inner-blocks\">\r\n            <div 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class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-ofr7e2q\" data-v=\"4\" data-block-id=\"ofr7e2q\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-ofr7e2q-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-ofr7e2q-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                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   <div class=\"index-number\">9<\/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\/13\/egypt-in-the-news-stronger-cooperation-with-israel\/\">\r\n                            Egypt in the News: Stronger cooperation with Israel?                        <\/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\/13\/egypt-in-the-news-stronger-cooperation-with-israel\/\" target=\"_blank\">\n                 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         <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt in the News: Stronger cooperation with Israel?&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/egypt-in-the-news-stronger-cooperation-with-israel\/\">\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\/13\/egypt-in-the-news-stronger-cooperation-with-israel\/&title=Egypt in the News: Stronger cooperation with Israel?\">\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+in+the+News%3A+Stronger+cooperation+with+Israel%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F13%2Fegypt-in-the-news-stronger-cooperation-with-israel%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\/13\/egypt-in-the-news-stronger-cooperation-with-israel\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553916\" class=\"content-area-description single-story post-553916 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-diplomacy tag-enterpriseam tag-israel wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a quiet morning for Egypt in the foreign press<\/strong>, with the only story worth noting is this analysis piece from the <a href=\"https:\/\/www.timesofisrael.com\/egypts-openness-to-expanded-israel-ties-on-full-display-during-lapid-visit\/\">Times of Israel<\/a> suggesting that Israeli Alternate Prime Minister Yair Lapid\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bafd5471-0c49-4bf7-b8f3-67a4c9c6e72d\">visit to Egypt<\/a> last week signals an emerging political, security and energy alliance between the two countries.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/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=\"553917\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553918\" 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=\"553918\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/payments-super-app-dabaa-nuclear-power-plant-consultation\/\">\r\n                            Payments super-app + Dabaa nuclear power plant consultation                        <\/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\/13\/payments-super-app-dabaa-nuclear-power-plant-consultation\/\" 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\/13\/payments-super-app-dabaa-nuclear-power-plant-consultation\/')\">\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\/13\/payments-super-app-dabaa-nuclear-power-plant-consultation\/\">\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=Payments super-app + Dabaa nuclear power plant consultation&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/payments-super-app-dabaa-nuclear-power-plant-consultation\/\">\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\/13\/payments-super-app-dabaa-nuclear-power-plant-consultation\/&title=Payments super-app + Dabaa nuclear power plant consultation\">\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=Payments+super-app+%2B+Dabaa+nuclear+power+plant+consultation+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F13%2Fpayments-super-app-dabaa-nuclear-power-plant-consultation%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\/13\/payments-super-app-dabaa-nuclear-power-plant-consultation\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553918\" class=\"content-area-description single-story post-553918 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-dabaa-nuclear-plant tag-enterpriseam tag-yalla-super-app wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>A couple of things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>Digital payments firm <strong><a href=\"https:\/\/paysky.io\/\">PaySky<\/a><\/strong> partnered with <strong>Egypt Post<\/strong> and <strong>Visa<\/strong> to <a href=\"https:\/\/ent.news\/2021\/12\/PaySky-PRL-Yalla-091221.pdf\">launch<\/a> payments super-app <strong>Yalla<\/strong> on Thursday.<\/li>\n<li>Egypt <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/1235\/446316\/Egypt\/Urban--Transport\/Egypt-signs-agreement-with-Czech-company-to-consul.aspx\">signed a contract<\/a> with the Czech Republic\u2019s <strong><a href=\"https:\/\/www.ujv.cz\/en\">UJV Rez<\/a><\/strong> to provide technical assistance and consult on the Dabaa nuclear power plant\u2019s operations.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dabaa-nuclear-plant\/\">Dabaa nuclear plant<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/yalla-super-app\/\">Yalla Super App<\/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=\"553919\" 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=\"553919\">\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\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/youre-gonna-need-that-booster-shot\/\">\r\n                            You\u2019re gonna need that booster shot\u2026                        <\/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\/13\/youre-gonna-need-that-booster-shot\/\" 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\/13\/youre-gonna-need-that-booster-shot\/')\">\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\/13\/youre-gonna-need-that-booster-shot\/\">\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=You\u2019re gonna need that booster shot\u2026&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/youre-gonna-need-that-booster-shot\/\">\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\/13\/youre-gonna-need-that-booster-shot\/&title=You\u2019re gonna need that booster shot\u2026\">\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=You%E2%80%99re+gonna+need+that+booster+shot%E2%80%A6+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F13%2Fyoure-gonna-need-that-booster-shot%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\/13\/youre-gonna-need-that-booster-shot\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553919\" class=\"content-area-description single-story post-553919 post type-post status-publish format-standard hentry category-covid-watch tag-covid-19 tag-enterpriseam tag-pfizer tag-south-africa wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/225827336395155\">reported<\/a><\/strong><strong> 863 new covid-19 infections yesterday<\/strong>, down from 879 the day before. Egypt has now disclosed a total of 369,198 confirmed cases of covid-19. The ministry also reported 45 new deaths, bringing the country\u2019s total death toll to 21,060.<\/p>\n<p><strong>A two-dose Pfizer course is only 22.5% effective in preventing symptomatic <\/strong><strong>infection from Omicron<\/strong>, according to additional data from an early South Africa study that had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc0d2681-3cc8-4d9d-ac96-185c7a38e4fb\">last week<\/a> revealed the variant\u2019s effect on the vaccine, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-11\/pfizer-course-has-23-efficacy-vs-omicron-in-s-african-study?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>. The study found that the vaccine still offered \u201csufficient protection\u201d against severe diseases resulting from infection.<\/p>\n<p><strong>But booster shots can increase vaccine effectiveness against Omicron to 70-75%<\/strong>, another UK study showed, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-10\/omicron-will-be-dominant-strain-within-days-say-u-k-officials?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>. The analysis, which looked at people jabbed with two doses of either Pfizer or AstraZeneca and who were infected with Omicron, also confirmed that two doses were much less effective against Omicron than the delta variant.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/south-africa\/\">South Africa<\/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=\"553920\" 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=\"553920\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/gulf-equity-boom-isnt-going-anywhere\/\">\r\n                            Gulf equity boom isn\u2019t going anywhere                        <\/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\/13\/gulf-equity-boom-isnt-going-anywhere\/\" 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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Gulf stocks are on track to deliver a 36% return for 2021 in their best annual performance since 2007, thanks in no small part to the global oil squeeze \u2014 and the Qatar-hosted 2022 World Cup and Dubai\u2019s stacked listing pipeline look set to further fuel this year\u2019s surge in the region\u2019s markets. Geopolitics could favor Gulf markets next year, too, with analysts pointing to warming relations with Israel as paving the way for another strong year.<\/p><p><strong>Dubai\u2019s IPO pipeline makes another gain: <\/strong>State-owned air-conditioning provider Emirates Central Cooling System (Empower) will list on the Dubai stock market as part of the exchange\u2019s IPO push, the Dubai Media Office wrote in a <a href=\"https:\/\/twitter.com\/DXBMediaOffice\/status\/1469674681380872194\">tweet<\/a> yesterday, without disclosing further details. The emirate has been attempting to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30ddafc5-3852-4f5c-93a7-06c872a04ce8\">catch up<\/a> amid the IPO boom taking place in Abu Dhabi and Saudi Arabia, offering financial incentives for companies to list on the DFM and announcing plans to list 10 state-owned firms, most recently business park operator <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/dubai-list-tecom-group-local-stock-exchange-dubai-media-office-2021-12-07\/\">Tecom Group<\/a>. Though 2022 won\u2019t be without its risks (including a potential covid resurgence scuppering World Cup plans), \u201cthe outlook for Gulf equities is unequivocally bright,\u201d one asset manager told the outlet. <sup><\/sup><\/p><p><strong>Private equity firms are snapping up wealth management and investment advising companies<\/strong>, the <a href=\"https:\/\/www.ft.com\/content\/6923055b-950a-48f6-b064-d5a6b5f7b463\">Financial Times<\/a> reports. PE outfits are being drawn by the high recurring revenues, strong customer loyalty, and access to specialized investments enjoyed by investment advisors, according to the salmon-colored paper.<\/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>11,708<\/p>\n<\/td>\n<td>\n<p>+1.5% (YTD: +8.0%)<\/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-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>10,969<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +26.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>8,971<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +77.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,231<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: +29.7%)<\/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>-0.4% (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 72.21<\/p>\n<\/td>\n<td>\n<p>+0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 3.98<\/p>\n<\/td>\n<td>\n<p>+1.5%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,784.60<\/p>\n<\/td>\n<td>\n<p>-<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 50,275.41<\/p>\n<\/td>\n<td>\n<p>+1.6%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 1.5% at yesterda<\/strong><strong>y\u2019s <\/strong><strong>close<\/strong> on turnover of EGP 1.2 bn (14.2% below the 90-day average). Regional investors were net sellers. The index is up 8.0% YTD.<\/p><p><strong>In the green: <\/strong>Egyptian Resorts Company (+5.6%), Credit Agricole Egypt (+4.7%) and Fawry (+4.6%).<\/p><p><strong>In the red: <\/strong>Abu Qir Fertilizers (-5.7%), Speed Medical (-4.4%) and Palm Hills Development (-0.6%).<\/p><p><strong>Asian markets are solidly in the green this morning<\/strong>, and major indexes in London, Frankfurt, New York and Toronto are set to follow suit later today. The outlier: Paris\u2019 CAC 40, which looks set to open (just barely) in the red.<\/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\/dubai\/\">Dubai<\/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\/equities\/\">equities<\/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\/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\/private-equity\/\">private equity<\/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=\"553921\" 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=\"553921\">\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\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/g7-squares-up-to-russia-on-ukraine\/\">\r\n                            G7 squares up to Russia on Ukraine                        <\/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\/13\/g7-squares-up-to-russia-on-ukraine\/\" 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\/13\/g7-squares-up-to-russia-on-ukraine\/')\">\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\/13\/g7-squares-up-to-russia-on-ukraine\/\">\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=G7 squares up to Russia on Ukraine&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/13\/g7-squares-up-to-russia-on-ukraine\/\">\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\/13\/g7-squares-up-to-russia-on-ukraine\/&title=G7 squares up to Russia on Ukraine\">\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=G7+squares+up+to+Russia+on+Ukraine+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F13%2Fg7-squares-up-to-russia-on-ukraine%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\/13\/g7-squares-up-to-russia-on-ukraine\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553921\" class=\"content-area-description single-story post-553921 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-economy tag-enterpriseam tag-g7 tag-russia tag-ukraine tag-world-health-organization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>G7 delegates square up to Russia on Ukraine: <\/strong>The foreign ministers of the Group of Seven forum have warned Russia of \u201cmassive consequences and severe cost\u201d if it were to attack Ukraine, in a<a href=\"https:\/\/www.gov.uk\/government\/news\/g7-foreign-ministers-statement-on-russia-and-ukraine\">joint statement<\/a> released after the officials met in Liverpool on Saturday and Sunday. American intelligence assessments <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-21\/u-s-intel-shows-russian-plans-for-potential-ukraine-invasion?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosam&stream=top&sref=mmeFTDW1\">reportedly<\/a> suggest that Russia, which has been amassing troops on its border with Ukraine, could be planning to invade the country as early as next year. The US has been doing its own outreach on the issue in recent weeks, with President Joe Biden deploying both <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/910a2a4b-67c8-4e03-94fb-4efae5c1c145\">carrots and sticks<\/a> in attempts to dissuade Russian President Vladimir Putin from making the move.<\/p>\n<p><strong>Health costs pushed more than half a bn people into or further into extreme<\/strong> <strong>poverty in 2021<\/strong>, according to <a href=\"https:\/\/www.who.int\/news\/item\/12-12-2021-more-than-half-a-billion-people-pushed-or-pushed-further-into-extreme-poverty-due-to-health-care-costs\">two reports<\/a> released by the World Health Organization (WHO) and the World Bank yesterday to mark Universal Health Coverage Day. Healthcare provision for poorer families globally was already dire before the pandemic, according to the two reports, and may get yet worse next year as governments deal with tighter budgets and incomes fall.<\/p>\n<p><strong>In other bad health news:<\/strong> Immunization rates fell for the first time in ten years last year, while deaths from malaria and TB increased, according to the reports.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/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\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-health-organization\/\">World Health Organization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"553922\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27466.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/blackboard\/\">\r\n                            Read Blackboard                        <\/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\">13<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/2021-in-review-private-sector-involvement-in-egypts-education-system-soared\/\">\r\n                            2021 in review: Private sector involvement in Egypt\u2019s education system soared<\/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\/blackboards\/2021-in-review-private-sector-involvement-in-egypts-education-system-soared\/\" 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 year kicked off with the Education Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19f2a88a-aafb-42ae-b829-be0d17947bc2\">scrapping the 20% cap<\/a> on foreign ownership of schools \u2014 a problem that had <a href=\"https:\/\/enterprise.press\/blackboards\/blackboard\/\">raised<\/a> serious concerns among school operators and investors, who feared the decision would deter investors and slow expansion plans in education, one of Egypt\u2019s most promising sectors.<\/p>\n<p><strong>This set the tone for the rest of the year:<\/strong> Since then, we\u2019ve seen a true partnership emerge between large private K-12 and university operators and the government, whereby the former invests in conjunction with the policy initiatives set out by the latter. New private schools and universities opened up, and even governorate expansion started gathering steam. The private sector worked effectively with the government to boost technical education. Public-private partnerships in large-scale education investment vehicles drew substantial investment. And nothing really says emergence more than an IPO, as higher education platform Taaleem broke our IPO drought in 2021.<\/p>\n<p><strong>The biggest theme of the year has to be the development of a truly successful PPP model in education, starting with technical colleges. <\/strong>Setting up new technical colleges \u2014 apprenticeship programs merging academics and technical training that offer two-year + two-year degree programs \u2014 was <a href=\"https:\/\/enterprise.press\/blackboards\/higher-education-ministrys-investment-priorities-going-new-fiscal-year\/\">a stated investment priority<\/a> for the Higher Education Ministry in FY2021-2022, with plans underway to launch six new government technical colleges after three were recently established in New Cairo, Quesna and Beni Suef.<\/p>\n<p><strong>The private sector upped its support for technical colleges in 2021<\/strong>, with CIRA announcing <a href=\"https:\/\/enterprise.press\/blackboards\/what-are-technical-colleges-and-what-are-they-doing\/\">plans to launch<\/a> Egypt\u2019s first private technical college in September 2023, using curricula provided by international partners. Elsewedy, Samsung and Bavaria had previously funded labs at public tech colleges, and Korea Tech University had awarded University Beni Suef University of Technology a grant of USD 5.8 mn. Many players expect private sector interest in establishing new technical colleges \u2014 or building the capacity of tech departments in existing private universities \u2014 to continue growing, they told Enterprise.<\/p>\n<p><strong>But it wasn't until large-scale investment platforms drew significant investments did public-private collaboration reach new heights.<\/strong> 2021 saw large-scale public-private investment platforms <a href=\"https:\/\/enterprise.press\/blackboards\/private-sector-education-liked-large-scale-public-private-investment-platforms\/\">take off in a huge way<\/a>. CIRA and Al Ahly Capital Holding <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff3c1551-280c-44d9-93b0-35233fa63b02\">announced the launch of their new EGP 2 bn company<\/a> to invest in middle-income education providers. It joins the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/70e4da61-f321-4186-a485-64aff2143837\">CIRA-Elsewedy Capital Holding venture<\/a>, for which the New Urban Communities Authority is allocating land to build the New Damietta university. State-backed <a href=\"https:\/\/enterprise.press\/blackboards\/lighthouse-education-takes-off-big-plans-sector\/\">Lighthouse Education<\/a> platform <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7da85b5b-326b-46e7-84ee-698fa6f9db70\">recently reached<\/a> a first close of EGP 560 mn, beating its initial fundraising target. And the <a href=\"https:\/\/enterprise.press\/stories\/2018\/05\/21\/efg-gems-partner-up-on-new-k-12-education-platform-in-egypt\/\">EFG Hermes Education Fund<\/a> \u2014 set up as a 50\/50 JV between EFG and GEMS Education \u2014 received a EGP 250 mn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f322b811-078e-4543-b1d1-47696be7f5f3\">commitment from the Sovereign Fund of Egypt<\/a>.<\/p>\n<p><strong>Why was this a PPP education model that beat out what came previously?<\/strong> For one, long-term investment in an education platform beats one-off projects and schools as operators can attract stronger talent and spend more on education development, JV heads tell us. It also allows for investment at scale, which gives operators a diverse and innovative lineup of projects. Financial risks and capex spending is being shared by both public and private entities. And crucially, PPP platforms also afford the investor better options for a successful exit.<\/p>\n<p><strong>This hasn\u2019t kept private sector operators from expanding on their own, with <\/strong><strong><a href=\"https:\/\/enterprise.press\/blackboards\/new-private-schools-opening-egypt-know-far\/\">plans to open<\/a><\/strong><strong> new K-12 schools moving forward. <\/strong>A new branch of the British Columbia Canadian International School (BCCIS) and the first Egyptian branch of Germany\u2019s Saxony International School (SIS) both opened in September, says Karim Mostafa, CEO of <a href=\"https:\/\/www.eduhive.com\/\">CIRA subsidiary Eduhive<\/a>, which manages them. Kent College Egypt, set to open its doors in 2H2022, has already started its admissions process, Chairman Shady Eshra confirms. Egypt Education Platform \u2014 formerly GEMS Egypt \u2014 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b062b7f-ecf4-4a6f-b663-000622bd7564\">added multiple schools<\/a> to its international stream, including <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cb7e3616-bf62-4e42-87b9-cd979002e549\">most recently<\/a> a new branch of Hayah International Academy in West Cairo.<\/p>\n<p><strong>\u2026Along with universities: <\/strong>2021 saw the establishment of the <a href=\"https:\/\/eue.edu.eg\/\">European Universities in Egypt (EUE)<\/a>, the latest <a href=\"https:\/\/enterprise.press\/blackboards\/light-touch-regulation-attracted-international-branch-campuses-egypt\/\">international branch campus<\/a> to successfully set up shop in Egypt. EUE hosts the UK\u2019s University of London and University of Central Lancashire, according to its website. Meanwhile, CIRA and Elsewedy Capital Holding <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/70e4da61-f321-4186-a485-64aff2143837\">announced in August<\/a> their plans to build and run an EGP 2.5 bn private university in New Damietta, set to open to students in the 2023-2024 academic year.<\/p>\n<p><strong>And throughout the year, there\u2019s been a buzz of interest from overseas investors: <\/strong>The decision to remove the 20% cap on foreign ownership limits sparked immediate and palpable investor interest, according to sources. One major global investor eyeing Egypt\u2019s education sector is Actis, controlling shareholder of the largest private higher education business in Africa: Honoris United Universities. Honoris is prioritizing an Egyptian entry, Actis partner and Middle East & North Africa chief Sherif El Kholy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e9c58666-e5ae-497b-aa07-756a7c169553\">told us in March<\/a>.<\/p>\n<p><strong>And what better way to celebrate the emerging powerhouse of private sector education than with a successful IPO: <\/strong>Higher education outfit Taaleem\u2019s April IPO \u2014 Egypt\u2019s first <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/efe90c27-9d82-4363-b78d-b70a052f2cd7\">since December 2019<\/a> \u2014 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/94e97ae5-4a3e-46a4-8dca-243163201344\">saw its shares rise<\/a> some 6% on the first day of trading. The offering saw 46.55% of the company\u2019s shares placed with institutional investors in a private placement and another 2.45% stake sold to retail investors. The retail portion closed more than 29x oversubscribed, while the offering to institutional orders was 2.34x oversubscribed.<\/p>\n<p><strong>All in all, a strong case was made in 2021 for the value of private sector investment in education <\/strong>\u2014 for investors, institutions, and the sector overall.<\/p>\n<p><strong>In Part 2 of our Blackboard Year-in-Review:<\/strong> We look at how the covid-19 pandemic has accelerated the education system\u2019s adoption of new technology, and new learning models with an eye towards meeting the labor market\u2019s needs.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top education stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>UNESCO and Huawei will establish a distance learning center<\/strong> set to help 950k Egyptian K-12 educators link up school and home learning, under a <a href=\"https:\/\/ent.news\/2021\/12\/Huawei-UNESCO-Open-School-Partnership-PRL.pdf\">three-year<\/a><a href=\"https:\/\/ent.news\/2021\/12\/Huawei-UNESCO-Open-School-Partnership-PRL.pdf\">joint project<\/a> to boost digital transformation in education in Egypt, Ghana and Ethiopia.<\/li>\n<li><strong>The government wants to upskill the labor market to tackle the issue of jobs at <\/strong><strong>risk due to automation<\/strong>, Planning Minister <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b05fcd7c-5834-47e2-8976-6db4202e3dd7\">Hala El Said said<\/a> at the Global Forum for Higher Education and Scientific Research.<\/li>\n<li><strong>Parents <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/67c0f365-c3ff-4282-b20c-eeeeb8e8c23b\">could soon face<\/a><\/strong><strong> financial penalties if their children miss a week of school <\/strong><strong>without sufficient reason<\/strong> under amendments to the Education Act greenlit by the Madbouly Cabinet last week.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/actis\/\">Actis<\/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\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eduhive\/\">Eduhive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-education-platform\/\">Egypt Education Platform<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/honoris\/\">Honoris<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/karim-mostafa\/\">Karim Mostafa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kent-college-egypt\/\">Kent College Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lighthouse-education\/\">Lighthouse Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saxony-international-school-sis\/\">Saxony International School (SIS)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shady-eshra\/\">Shady Eshra<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sherif-el-kholy\/\">Sherif El Kholy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taaleem\/\">Taaleem<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"553924\" 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\/13\/553924\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553924\" class=\"content-area-description single-story post-553924 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>12-13 December (Sunday-Monday): Conference of the AU\u2019s <a href=\"https:\/\/cissaau.org\/\">Committee of Intelligence and Security Services of Africa<\/a>, Cairo, Egypt.<\/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>12-16 December (Sunday-Thursday): The 15th edition of the <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/293137472856680\">Arab Conference on the Peaceful Uses of Atomic Energy<\/a> is taking place in Aswan.<\/p>\n<p>13-26 December (Monday-Sunday): Cleopatra Hospitals can subscribe to CI Capital\u2019s voluntary tender offer for 26% of the company.<\/p>\n<p>13-17 December (Monday-Friday): United Nations Convention against Corruption, Sharm El Sheikh, Egypt.<\/p>\n<p>14-15 December (Tuesday-Wednesday): Federal Open Market Committee meeting.<\/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 (Tuesday): The <a href=\"https:\/\/web.facebook.com\/ees.egypt\/?_rdc=1&_rdr\">Egyptian Economic Summit<\/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.<\/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>January-February 2022: Construction work on the Abu Qir metro upgrade <a href=\"https:\/\/www.youtube.com\/watch?v=vXBilirlgw0\">will begin<\/a>.<\/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\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":553898,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-553897","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"12f1f32b-c794-4957-abb8-95b2df58e10f","teaser":"","photo_url":"https:\/\/ent.news\/2021\/12\/309.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>Lots of M&amp;A: Ezz bidding for Egyptian Steel stake, CI kicks off bid for a chunk of Cleo - 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\/lots-of-ma-ezz-bidding-for-egyptian-steel-stake-ci-kicks-off-bid-for-a-chunk-of-cleo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lots of M&amp;A: Ezz bidding for Egyptian Steel stake, CI kicks off bid for a chunk of Cleo\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/lots-of-ma-ezz-bidding-for-egyptian-steel-stake-ci-kicks-off-bid-for-a-chunk-of-cleo\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T00:18:28+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\/309.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\/lots-of-ma-ezz-bidding-for-egyptian-steel-stake-ci-kicks-off-bid-for-a-chunk-of-cleo\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/lots-of-ma-ezz-bidding-for-egyptian-steel-stake-ci-kicks-off-bid-for-a-chunk-of-cleo\/\",\"name\":\"Lots of M&A: Ezz bidding for Egyptian Steel stake, CI kicks off bid for a chunk of Cleo - 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