{"id":553935,"date":"2021-12-14T03:57:05","date_gmt":"2021-12-14T03:57:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=553935"},"modified":"2025-12-16T00:19:15","modified_gmt":"2025-12-16T00:19:15","slug":"tax-all-the-things-tax-hikes-new-development-fees-get-nod-from-house-committee","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/tax-all-the-things-tax-hikes-new-development-fees-get-nod-from-house-committee\/","title":{"rendered":"Tax all the things: Tax hikes, new development fees get nod from House committee"},"content":{"rendered":"<section id=\"553937\" 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=\"553937\">\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\/14\/this-morning-did-germany-just-give-our-energy-hub-ambitions-by-shunning-russias-nord-stream-2-pipeline-plus-us-fed-meeting-and-egypts-steel-license-inquiry-today\/\">\r\n                            THIS MORNING: Did Germany just give our energy hub ambitions by shunning Russia\u2019s Nord Stream 2 pipeline? Plus: US Fed meeting and Egypt\u2019s steel license inquiry today.                        <\/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\/14\/this-morning-did-germany-just-give-our-energy-hub-ambitions-by-shunning-russias-nord-stream-2-pipeline-plus-us-fed-meeting-and-egypts-steel-license-inquiry-today\/\" 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\/14\/this-morning-did-germany-just-give-our-energy-hub-ambitions-by-shunning-russias-nord-stream-2-pipeline-plus-us-fed-meeting-and-egypts-steel-license-inquiry-today\/')\">\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\/14\/this-morning-did-germany-just-give-our-energy-hub-ambitions-by-shunning-russias-nord-stream-2-pipeline-plus-us-fed-meeting-and-egypts-steel-license-inquiry-today\/\">\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: Did Germany just give our energy hub ambitions by shunning Russia\u2019s Nord Stream 2 pipeline? Plus: US Fed meeting and Egypt\u2019s steel license inquiry today.&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/this-morning-did-germany-just-give-our-energy-hub-ambitions-by-shunning-russias-nord-stream-2-pipeline-plus-us-fed-meeting-and-egypts-steel-license-inquiry-today\/\">\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\/14\/this-morning-did-germany-just-give-our-energy-hub-ambitions-by-shunning-russias-nord-stream-2-pipeline-plus-us-fed-meeting-and-egypts-steel-license-inquiry-today\/&title=THIS MORNING: Did Germany just give our energy hub ambitions by shunning Russia\u2019s Nord Stream 2 pipeline? Plus: US Fed meeting and Egypt\u2019s steel license inquiry today.\">\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+Did+Germany+just+give+our+energy+hub+ambitions+by+shunning+Russia%E2%80%99s+Nord+Stream+2+pipeline%3F+Plus%3A+US+Fed+meeting+and+Egypt%E2%80%99s+steel+license+inquiry+today.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F14%2Fthis-morning-did-germany-just-give-our-energy-hub-ambitions-by-shunning-russias-nord-stream-2-pipeline-plus-us-fed-meeting-and-egypts-steel-license-inquiry-today%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\/14\/this-morning-did-germany-just-give-our-energy-hub-ambitions-by-shunning-russias-nord-stream-2-pipeline-plus-us-fed-meeting-and-egypts-steel-license-inquiry-today\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553937\" class=\"content-area-description single-story post-553937 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-elon-musk tag-enterpriseam tag-inflation tag-interest-rates tag-transport 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<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, friends, and happy hump day. <\/strong>Before we get underway, a quick note that we will not be publishing EnterprisePM this afternoon so that the whole team can get together with our friends at Inktank for our annual Christmas \/ end-of-year get-together on the roof of Enterprise World Headquarters.<\/p><p><strong>EnterprisePM will be back in your inboxes at its appointed hour tomorrow afternoon. <\/strong>In the meantime, we hope you\u2019re looking forward to your own office Christmas party \u2014 and that it isn\u2019t, you know, an <a href=\"https:\/\/www.youtube.com\/watch?v=g_itBfEC_TI\">Office Christmas Party<\/a>.<\/p><p><strong>HAPPENING TODAY-<\/strong><\/p><p><strong><a href=\"https:\/\/web.facebook.com\/ees.egypt\/?_rdc=1&amp;_rdr\">Egypt Economic Summit<\/a><\/strong><strong> takes place today <\/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><p><strong>Steel license inquiry session today:<\/strong> Companies interested in bidding for a new steel manufacturing license from the Industrial Development Authority <a href=\"https:\/\/alborsaanews.com\/2021\/11\/21\/1483299\">will get responses<\/a> to their inquiries on the terms of the license today. The authority will open the door for bidding in February.<\/p><p><strong>Foreign Minister Sameh Shoukry is in Cyprus today for talks with his Cypriot<\/strong><strong> counterpart<\/strong>, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/294053066098454\">statement<\/a>, which did not specify the issues on which the sit-down would focus. Egypt and Cyprus work closely together on everything from energy to maritime security.<\/p><hr class=\"grey-line\"><p><strong>PSA- More progress updates on the Ring Road:<\/strong> Construction on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/949fbd12-51f3-4544-9b9f-20470e5eb974\">bus rapid transit (BRT)<\/a> stops, pedestrian bridges and tunnels on the Ring Road will begin next week, Transport Minister Kamel El Wazir said yesterday, according to <a href=\"https:\/\/alborsaanews.com\/2021\/12\/13\/1490330\">Al Borsa<\/a>. The BRT lanes in the Middle Ring Road are just about finished, El Wazir <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8ba6897a-bd7d-4b4f-bce1-4d9a3893af07\">said earlier this week<\/a>. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e7c7fb1e-f439-4baf-b629-9f7efe8d7224\">bus rapid transit system<\/a> comes as part of the larger upgrade and expansion of the Ring Road, which intends to widen the freeway and add extensions to ease traffic congestion. The BRT also aims to replace more disruptive public transport on the freeway like microbuses.<\/p><p><strong>Also moving along:<\/strong> Work on the new Adly Mansour bridge in Tenth of Ramadan, as well as another bridge atop the Saad El Din Shazly tunnel and the intersection between the Autostrad and the Ring Road, are now complete, El Wazir added.<\/p><p><strong>CORRECTION-<\/strong> In yesterday\u2019s edition of EnterpriseAM, we incorrectly said that the Abu Qir metro will connect Abu Qir to Cairo\u2019s Ramses Station. The line will connect Abu Qir to Alexandria\u2019s Mahatet Masr. Ramses station is commonly and colloquially referred to as Masr Station. The story has been corrected on our website. H\/t to sharp-eyed readers Khaled G. and Shehab Z for the tip.<\/p><hr class=\"grey-line\"><p><strong>Across the pond: The US Federal Reserve\u2019s Open Market Committee meets today and<\/strong> <strong>tomorrow<\/strong>, during which the Fed is <a href=\"https:\/\/www.cnbc.com\/2021\/12\/10\/fed-is-expected-to-speed-up-end-of-bond-buying-and-signal-interest-rate-hikes-are-coming.html\">widely expected<\/a> to announce it will taper its bond-buying program at a faster rate and telegraph a planned interest rate hike next year. The meeting comes after US inflation soared to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48e64fe9-7ddc-420a-a8f3-5ba36bb4402b\">its highest annual pace<\/a> since 1982.<\/p><p><strong>The outcome of the Fed\u2019s meeting could play into the Central Bank of Egypt\u2019s<\/strong><strong> calculations on interest rates here at home<\/strong> when its monetary policy committee meets at the end of the week. As it currently stands, the consensus in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/15e1059e-0499-4fda-b29a-a3100b36af63\">our customary poll<\/a> is that the CBE will hold rates steady at its final policy meeting of the year due to uncertainty over foreign inflows and inflation. A <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egyptian-central-bank-seen-leaving-interest-rates-steady-2021-12-13\/\">Reuters<\/a> poll out yesterday pointed to the same consensus, with all those surveyed predicting a hold.<\/p><p><strong>ALSO- <\/strong><\/p><ul>\n<li><strong>The <\/strong><strong><a href=\"https:\/\/www.unodc.org\/unodc\/en\/corruption\/COSP\/session9.html\">UN Convention Against Corruption<\/a><\/strong><strong> in Sharm El Sheikh is on its second day <\/strong><strong>today.<\/strong> The event wraps this coming Friday, 17 December.<\/li>\n<li>The <strong><a href=\"https:\/\/www.foodafrica-expo.com\/\">Food Africa expo<\/a><\/strong> wraps later today at the Egypt International Exhibition Center, after kicking off on Sunday.<\/li>\n<li>The Arab Conference on the <strong>Peaceful Uses of Atomic Energy<\/strong> in Aswan is underway and runs until Thursday.<\/li>\n<\/ul><p><strong>FOR TOMORROW- <\/strong><\/p><p><strong>Cairo-based joint stock companies and investment companies <\/strong>have until tomorrow to register for the government\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd3ab8f6-e6bc-4562-9904-eb485b5cb217\">e-invoicing platform<\/a>.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>SIGN OF THE TIMES-<\/strong> <strong>Elon Musk is Time\u2019s Person of the Year: <\/strong>Time magazine <a href=\"https:\/\/time.com\/person-of-the-year-2021-elon-musk\/?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=person-of-the-year&amp;utm_term=_&amp;linkId=144098689\">has named<\/a> Elon Musk its \u201cPerson of the Year'' after a busy \u2014 and admittedly momentous \u2014 year for the world\u2019s richest person. A quick rundown of the year of Musk: The maverick added USD 100 bn to his wealth to surpass Amazon\u2019s Jeff Bezos and his EV company Tesla hit a market cap of USD 1 tn.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>ENERGY WATCH- <\/strong><\/p><p><strong>Germany shuns Nord Stream 2, sending gas futures soaring:<\/strong> European gas futures surged yesterday to their highest levels since early October after German Foreign Minister Annalena Baerbock said Russia\u2019s Nord Stream 2 pipeline would not be permitted in its current form because it does not comply with EU laws, the <a href=\"https:\/\/www.ft.com\/content\/15a057f2-7647-496d-bcc6-6c4bcb836db6\">Financial Times<\/a>reports. Benchmark futures for January delivery surged. As we suggested last month, this isn\u2019t great news for Europe this winter, but could be <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfe7607a-1e8a-44f3-b3bd-69a00b463d71\">a boost for Egypt\u2019s ambitions as a regional energy hub<\/a>.<\/p><p><strong>Throw in a drop in oil production and you have Saudi ringing the energy crisis alarm:<\/strong> Global oil production could drop 30% by the end of the decade \u2014 with daily output falling by 30 mn bbl \u2014 due to decreased spending on fossil fuels, potentially resulting in an \u201cenergy crisis,\u201d Saudi Arabia Oil Minister Abdulaziz Bin Salman said, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-13\/saudi-oil-minister-says-global-output-may-plunge-this-decade?sref=mmeFTDW1\">Bloomberg<\/a> reports. Global spending on oil production has been on the decline in recent years, and recent climate pledges are expected to push figures down even further.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><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><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p><strong>In today\u2019s issue:<\/strong> A report from the International Energy Agency forecasts that Egypt\u2019s renewable capacity will rise by 68% or 4 GW over the coming five years, led primarily by growth in our wind energy capacity. Although the pace of growth in renewables is not particularly swift, considering the timeline, the expansion of renewables must be balanced with the prospect of a supply glut, which has hurt projects in the past.<\/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\/elon-musk\/\">Elon Musk<\/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\/transport\/\">transport<\/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=\"553938\" 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=\"553938\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/553938\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553938\" class=\"content-area-description single-story post-553938 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=\"553939\" 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=\"553939\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/tax-anything-that-moves\/\">\r\n                            Tax anything that moves                        <\/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\/14\/tax-anything-that-moves\/\" 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\/14\/tax-anything-that-moves\/')\">\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\/14\/tax-anything-that-moves\/\">\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=Tax anything that moves&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/tax-anything-that-moves\/\">\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\/14\/tax-anything-that-moves\/&title=Tax anything that moves\">\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=Tax+anything+that+moves+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F14%2Ftax-anything-that-moves%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\/14\/tax-anything-that-moves\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553939\" class=\"content-area-description single-story post-553939 post type-post status-publish format-standard hentry category-legislation-watch tag-education tag-enterpriseam tag-house-of-representatives tag-legislation tag-legislation-watch tag-penal-code tag-tax 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>A raft of new tax hikes, <\/strong><strong><a href=\"https:\/\/ent.news\/2021\/12\/development-fee-amendments.pdf\">duties and development fees<\/a><\/strong><a href=\"https:\/\/ent.news\/2021\/12\/development-fee-amendments.pdf\">(pdf)<\/a> proposed by the Madbouly government got the greenlight from the House Planning and Budgeting Committee yesterday, <a href=\"https:\/\/bit.ly\/3pTB3Za\">Youm7<\/a> reports.<\/p>\n<p><strong>The breakdown:<\/strong><\/p>\n<ul>\n<li><strong>Finished d<\/strong><strong>urable goods<\/strong><strong> will be subject to a 2% development fee<\/strong> while locally-produced and imported soft drinks will be subject to a development fee equivalent to 5% of their values, with a minimum of EGP 0.25. Look for the Finance Ministry to define what qualifies as a durable good for the purpose of the development fee.<\/li>\n<li><strong>\u0650An entertainment tax:<\/strong> Entry to theaters, parks, clubs, sports events, and other entertainment venues would be subject to a 5-20% tax.<\/li>\n<li><strong>Duty notfree: <\/strong>A tax will be imposed on purchases from dutyfree shops equivalent to 3% of the product\u2019s value with a USD 1.50 minimum. The purchase of a single bottle of spirits will be taxed at the same rate but every additional bottle will be charged a higher 10% rate (or a USD 12 minimum). Members of the foreign diplomatic and consular workers are exempted from this fee, and dutyfree shops are obliged to collect the fee and submit it to the Egyptian Tax Authority.<\/li>\n<li><strong>Stamp tax hike:<\/strong> Stamp tax on most ins. premiums would be raised by 1% under amendments to the Stamp Tax Act. This means that policyholders and ins. companies would each see a 0.5% tax increase due to a clause in the legislation<sup><\/sup> that requires the tax to be split 50\/50.<\/li>\n<li><strong>Exit tax to double<\/strong><strong>:<\/strong> The existing EGP 50 exit tax for folks leaving the country would be raised to EGP 100 across the board, with the exception of tourists visiting the Red Sea, South Sinai, Luxor, Aswan and Matrouh governorates, whose exit fee would remain fixed at its current EGP 50. The tax would not be applied to bus or truck drivers transporting passengers or goods out of the country.<\/li>\n<\/ul>\n<p><strong>Wait, we have an exit tax? <\/strong>Yes, indeed we do. We also have airport fees and other charges \u2014 all of which are embedded in the final price of your plane ticket.<\/p>\n<p><strong>This isn\u2019t the first tax hike that has been announced in recent weeks:<\/strong> The government has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2913d0ad-bce1-47be-8b4e-7b1388e7a610\">hiked import tariffs<\/a> on mobile phones, demanded <a href=\"https:\/\/egyptindependent.com\/egypts-tax-authority-calls-on-private-tutors-to-pay-their-taxes\/\">illegal private tutors<\/a> start paying tax on their earnings, and announced plans to get <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ccf35d8e-673e-45ba-b632-634cf3767612\">online content creators to pay income tax<\/a> and remit VAT as it looks to raise revenues.<\/p>\n<p><strong>OTHER NEWS FROM THE HOUSE-<\/strong><\/p>\n<p><strong>Who says your education is top notch? <\/strong>The House also gave initial approval to a draft law that would establish a national authority for quality assurance and accreditation in technical and vocational education, <a href=\"https:\/\/bit.ly\/3ynh8Wr\">Youm7<\/a> reports.<\/p>\n<p><strong>You\u2019re also going to jail for longer if you smack around your MD: <\/strong>MPs have asked the constitutional and health committees to look at a bill that would toughen <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=13122021&id=35225ab4-10fd-4b67-ac86-b0f2db35a29e\">criminal penalties for assaulting medical staff<\/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\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/penal-code\/\">penal code<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553940\" 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=\"553940\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/qatar-energy-snags-17-stake-in-shells-red-sea-blocks\/\">\r\n                            Qatar Energy snags 17% stake in Shell\u2019s Red Sea blocks                        <\/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\/14\/qatar-energy-snags-17-stake-in-shells-red-sea-blocks\/\" 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\/14\/qatar-energy-snags-17-stake-in-shells-red-sea-blocks\/')\">\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\/14\/qatar-energy-snags-17-stake-in-shells-red-sea-blocks\/\">\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=Qatar Energy snags 17% stake in Shell\u2019s Red Sea blocks&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/qatar-energy-snags-17-stake-in-shells-red-sea-blocks\/\">\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\/14\/qatar-energy-snags-17-stake-in-shells-red-sea-blocks\/&title=Qatar Energy snags 17% stake in Shell\u2019s Red Sea blocks\">\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=Qatar+Energy+snags+17%25+stake+in+Shell%E2%80%99s+Red+Sea+blocks+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F14%2Fqatar-energy-snags-17-stake-in-shells-red-sea-blocks%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\/14\/qatar-energy-snags-17-stake-in-shells-red-sea-blocks\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/331.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553941\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/qatar-energy-snags-17-stake-in-shells-red-sea-blocks\/331-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/331.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"331.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/331.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/331.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553940\" class=\"content-area-description single-story post-553940 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-energy tag-enterpriseam tag-mubadala tag-qatar tag-shell wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Qatar Energy is set to acquire a 17% stake in two Shell-operated oil and gas <\/strong><strong>exploration blocks in the Red Sea<\/strong>, the oil supermajor announced yesterday in <a href=\"https:\/\/www.shell.eg\/en_eg\/media\/2021-media-releases\/shell-brings-new-parties-into-egypts-red-sea-blocks.html\">a statement<\/a>. The agreement, which is subject to government and regulatory approval, signals the first entry by the Qatari energy giant into Egypt\u2019s upstream oil and gas sector.<\/p>\n<p><strong>The details:<\/strong> Upon closing of the agreements, Shell will hold 43% of block three, Qatar Energy will hold 17%, BHP will hold 30%, while Egypt\u2019s Tharwa Petroleum will hold 10%. At block four, Abu Dhabi\u2019s Mubadala will hold 27%, Shell will hold 21%, BHP will hold 25%, QatarEnergy will hold 17%, and Tharwa will hold 10%.<\/p>\n<p><strong>What\u2019s next? <\/strong>The agreement is still subject to customary approvals from the Madbouly government and is expected to be concluded within the next few months, Shell told Enterprise.<\/p>\n<p><strong>The agreement comes a few months after the company <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/666f0d42-c196-4ee2-84dd-f279ba153a89\">sold its onshore oil and gas assets<\/a><\/strong><strong> in the Western Desert<\/strong> to Cheiron Petroleum and Cairn Energy as it shifts its focus more towards offshore gas. Thirteen onshore concessions were acquired by the two companies in a transaction that could be worth up to USD 926 mn.<\/p>\n<p><strong>Don\u2019t take this as a sign that Shell is farming out of Egypt: <\/strong>The Dutch company has no plans to exit the Egyptian market and will remain the main operator of blocks three and four, Shell Communications Manager Sherine Nehad told Enterprise. \u201cBringing a partner into our concessions is part of our global exploration strategy and a common industry practice to share costs and expertise,\u201d she said.<\/p>\n<p><strong>This isn\u2019t the first time Shell has diluted its interest in the blocks:<\/strong> Having owned 90% of both blocks when it was awarded exploration rights in a 2019 bid round, Shell has sold shares to several companies this year, trimming its ownership substantially in both blocks. Agreements with <a href=\"http:\/\/www.mubadalapetroleum.com\/docs\/default-source\/publications\/mubadala-petroleum_red-sea-block-4_final.pdf?sfvrsn=2\">A<\/a><a href=\"http:\/\/www.mubadalapetroleum.com\/docs\/default-source\/publications\/mubadala-petroleum_red-sea-block-4_final.pdf?sfvrsn=2\">bu Dhabi\u2019s Mubadala Petroleum (pdf)<\/a> and BHP Petroleum (which is still waiting on regulatory approval) reduced its holdings in Block 3 to 60% and Block 4 to 38%.<\/p>\n<p><strong>Shell\u2019s upcoming plans for <\/strong><strong>the Red Sea blocks<\/strong><strong>:<\/strong> The energy giant\u2019s exploration program covers an initial three-year term, and consists of a seismic acquisition program in block four and geological studies in block three. The company expects to conduct a 3D seismic survey in 1Q2022 and they have a drilling program planned for 2022 and 2023, Shell told Enterprise.<\/p>\n<p><strong>Proof we\u2019re turning over a new leaf with Qatar?<\/strong> The acquisition signals the strengthening of Egypt-Qatari ties, after the two countries <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03edaeff-c6b3-4045-82b6-421e85ee6348\">re-established diplomatic ties<\/a> earlier this year. Qatar\u2019s Energy Affairs Minister and Qatar Energy CEO Saad Sherida Al Kaabbi thanking the Egyptian authorities for \u201ctheir valuable support and cooperation\u201d in <a href=\"https:\/\/www.qatarenergy.qa\/en\/MediaCenter\/Pages\/newsdetails.aspx?ItemId=3696\">a statement<\/a>.<\/p>\n<p><strong>Qatari entities have limited involvement in Egypt\u2019s strategic energy sector<\/strong>, and until now have been largely confined to Qatar Energy\u2019s minority ownership of Qalaa Holdings\u2019 Egyptian Refining Company and the Qatar Investment Authority\u2019s <a href=\"https:\/\/enterprise.press\/stories\/2016\/12\/13\/rosneft-buys-stake-in-zohr-concession\/\">indirect stake<\/a> in the Zohr gas field via its holdings in Russian petroleum company Rosneft.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mubadala\/\">Mubadala<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shell\/\">Shell<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553942\" 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=\"553942\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/eastern-company-gets-in-on-davidoff\/\">\r\n                            Eastern Company gets in on Davidoff                        <\/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\/14\/eastern-company-gets-in-on-davidoff\/\" 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\/14\/eastern-company-gets-in-on-davidoff\/')\">\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\/14\/eastern-company-gets-in-on-davidoff\/\">\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=Eastern Company gets in on Davidoff&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/eastern-company-gets-in-on-davidoff\/\">\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\/14\/eastern-company-gets-in-on-davidoff\/&title=Eastern Company gets in on Davidoff\">\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=Eastern+Company+gets+in+on+Davidoff+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F14%2Feastern-company-gets-in-on-davidoff%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\/14\/eastern-company-gets-in-on-davidoff\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553942\" class=\"content-area-description single-story post-553942 post type-post status-publish format-standard hentry category-manufacturing tag-eastern-company tag-enterpriseam tag-manufacturing tag-tobacco 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> Eastern Company has inked an agreement to jointly manufacture Davidoff Evolve<\/strong> <strong>cigarettes with Mansour International Distribution Co at Eastern\u2019s facilities<\/strong>, according to an <a href=\"https:\/\/ent.news\/2021\/12\/Eastern-Company-EN.pdf\">EGX disclosure (pdf)<\/a>. The international cigarette brand is produced in only three other factories worldwide, the state-owned company notes, and will be sold within the mid-price segment, at EGP 32 a pack. Davidoff is an Imperial Tobacco brand represented in Egypt by Mansour.<\/p>\n<p><strong>Tender for a second smoke-maker is still ongoing:<\/strong> The joint production contract comes after the Industrial Development Authority (IDA) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/83c92e37-c4e9-4ddf-a0b6-0fac26b6d725\">relaunched a tender<\/a> for a license that would allow a second company to enter the tobacco market as a manufacturer and seller of tobacco products \u2014 an industry on which Eastern currently has a monopoly. Eastern said in its statement that the manufacturing agreement with Mansour reflects \u201cthe confidence of international companies in the capabilities of Eastern Company, and the strength of the relationship between Eastern Company and its local and international partners,\u201d the tobacco giant said in its statement.<\/p>\n<p><strong>As they stand today, the terms of the new license do not give the new entrant carte<\/strong> <strong>blanche to enter the protected, mass-market \u201clow-tax\u201d cigarette segment<\/strong>, which is currently dominated by Eastern\u2019s Cleopatra line. Instead, the new player would be allowed to approach Eastern to ask that the two companies jointly produce a product in that segment at Eastern\u2019s facilities. In that case, the new mass-market product could be made in Eastern\u2019s plant on a toll-manufacturing or joint-venture basis, a senior company executive told Enterprise \u2014 provided the two sides reach a commercial agreement in the first place. The current terms of the tender would give Eastern a 24% stake in the new license holder.<\/p>\n<p><strong>Fast fact:<\/strong> Only three other Imperial Tobacco-owned plants globally produce the Evolve line.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-company\/\">Eastern Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tobacco\/\">tobacco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553943\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"553943\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/553943\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553943\" class=\"content-area-description single-story post-553943 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t\n<p class=\"web-image\"><a href=\"https:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/What-Next-New-Banners_Vertical-En-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553944\" 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=\"553944\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/efg-hermes-subsidiary-closes-third-tranche-of-its-bond-program\/\">\r\n                            EFG Hermes subsidiary closes third tranche of its bond program                        <\/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\/14\/efg-hermes-subsidiary-closes-third-tranche-of-its-bond-program\/\" 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\/14\/efg-hermes-subsidiary-closes-third-tranche-of-its-bond-program\/')\">\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\/14\/efg-hermes-subsidiary-closes-third-tranche-of-its-bond-program\/\">\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=EFG Hermes subsidiary closes third tranche of its bond program&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/efg-hermes-subsidiary-closes-third-tranche-of-its-bond-program\/\">\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\/14\/efg-hermes-subsidiary-closes-third-tranche-of-its-bond-program\/&title=EFG Hermes subsidiary closes third tranche of its bond program\">\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=EFG+Hermes+subsidiary+closes+third+tranche+of+its+bond+program+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F14%2Fefg-hermes-subsidiary-closes-third-tranche-of-its-bond-program%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\/14\/efg-hermes-subsidiary-closes-third-tranche-of-its-bond-program\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553944\" class=\"content-area-description single-story post-553944 post type-post status-publish format-standard hentry category-debt-watch tag-debt-watch tag-efg-hermes tag-enterpriseam tag-securitization 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>Hermes Securities Brokerage (HSB) has closed a EGP 550 mn securitized bond <\/strong><strong>issuance <\/strong>managed by EFG Hermes, according to a company <a href=\"https:\/\/ent.news\/2021\/12\/EFG-Hermes-HSB-Third-Close-English-1.pdf\">statement<\/a><a href=\"https:\/\/ent.news\/2021\/12\/EFG-Hermes-HSB-Third-Close-English-1.pdf\">(pdf)<\/a>. This is the third tranche in the brokerage\u2019s EGP 2 bn two-year program, and the first it has issued this year. The one-year securities were rated BBB+ with a stable outlook by ratings agency MERIS.<\/p>\n<p><strong>The corporate bond program: <\/strong>The EFG Hermes unit began the program with a <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/22\/what-were-tracking-on-sunday-22-december-2019-8824\/\">EGP 400 mn issuance<\/a> of one-year bonds in December 2019, ending a <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/19\/egypts-efg-subsidiary-is-first-to-issue-short-term-debt-under-new-fra-framework-8761\/\">decade-long dry spell<\/a> for corporate bond issuances. <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/04\/fra-sets-framework-for-short-term-bonds-instruments\/\">New regulations<\/a> introduced in 2018 now allow joint-stock and limited liability companies, banks, financial institutions, and SMEs to sell short-term debt instruments with maturities of less than two years to retail and institutional investors. Then it sold a second EGP 500 mn tranche of unsecuritized bonds <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7cceca97-24f4-425c-82aa-1f57c286dabb\">late last year<\/a>.<\/p>\n<p><strong>Advisors:<\/strong> EFG Hermes acted as the financial advisor, transaction manager, and bookrunner, underwriter and arranger. Zulficar & Partners provided legal counsel.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553945\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"553945\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/553945\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553945\" class=\"content-area-description single-story post-553945 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/Tactical-Male-1600WX800H-for-web.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553946\" 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=\"553946\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/last-nights-talk-shows-corruption-is-in-the-limelight\/\">\r\n                            Last Night\u2019s Talk Shows: Corruption is in the limelight                        <\/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\/14\/last-nights-talk-shows-corruption-is-in-the-limelight\/\" 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\/14\/last-nights-talk-shows-corruption-is-in-the-limelight\/')\">\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\/14\/last-nights-talk-shows-corruption-is-in-the-limelight\/\">\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: Corruption is in the limelight&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/last-nights-talk-shows-corruption-is-in-the-limelight\/\">\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\/14\/last-nights-talk-shows-corruption-is-in-the-limelight\/&title=Last Night\u2019s Talk Shows: Corruption is in the limelight\">\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+Corruption+is+in+the+limelight+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F14%2Flast-nights-talk-shows-corruption-is-in-the-limelight%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\/14\/last-nights-talk-shows-corruption-is-in-the-limelight\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553946\" class=\"content-area-description single-story post-553946 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-corruption tag-education tag-education-ministry tag-enterpriseam tag-interior-ministry tag-last-nights-talk-shows tag-tarek-shawki tag-thanaweya-amma wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Leading the conversation on the airwaves last night:<\/strong> The Interior Ministry\u2019s investigation into a leaked phone call allegedly held between two presidential advisors, during which they discussed alleged graft in national projects. The two \u201cadvisors\u201d \u2014 one of whom impersonated an army major general \u2014 were apparently each trying to scam the other, the ministry announced. The call went viral last week after YouTube personality Abdullah El Sherif, who authorities say is a member of the Ikhwan currently living in exile, posted the recording on his channel. The story earned coverage from Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/www.facebook.com\/watch\/live\/?ref=watch_permalink&v=441603010768928\">watch, runtime: 1:15:47<\/a>), Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=DboPM-edjP4\">watch, runtime: 7:58<\/a>), El Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=IJ64uITjPT4\">watch, runtime: 16:31<\/a>), and Al Hayah Al Youm\u2019s Mohamed Sherdy (<a href=\"https:\/\/www.youtube.com\/watch?v=75oZbDLKwyQ\">watch, runtime: 10:13<\/a>).<\/p>\n<p><strong>The investigation provided the perfect segue for the talking heads to discuss the ongoing UN Convention Against Corruption<\/strong>, which is currently taking place in Sharm El Sheikh. UNODC Executive Director Ghada Waly phoned in to Kelma Akhira to explain the <a href=\"https:\/\/www.unodc.org\/documents\/commissions\/CND\/CND_Sessions\/CND_63Reconvened\/ECN72020_CRP22_ECN152020_CRP3_V2007057.pdf\">UNODC\u2019s anti-corruption strategy<\/a>, to which Egypt is a signatory, as well the launch of a new international platform to exchange information between countries on cases of corruption (<a href=\"https:\/\/www.youtube.com\/watch?v=ITtp09F-bWI\">watch, runtime: 3:34<\/a>). The conference also earned airtime on Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=38Xcg5_yS2Q\">watch, runtime: 10:52<\/a>) and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.facebook.com\/watch\/?v=702541904048329\">watch, runtime: 8:45<\/a>).<\/p>\n<p><strong>Also on the airwaves last night:<\/strong> A recent Education Ministry decision to merge the science and math specializations in Thanaweya Amma into one pathway has caused a hubbub in the House of Representatives, with MPs filing dozens of inquiries to clarify certain details of the decision, House Planning and Budgeting Committee Undersecretary Mostafa Salem told Lamees (<a href=\"https:\/\/www.youtube.com\/watch?v=SM1I2yp9P08\">watch, runtime: 5:40<\/a>). Education Minister Tarek Shawki phoned in to El Hekaya to explain to Amr Adib that he\u2019s currently in the UAE for an education conference, which is why he has been unable to before the House to discuss the change (<a href=\"https:\/\/www.youtube.com\/watch?v=Fk8GMtZBmZ0\">watch, runtime: 7:39<\/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\/corruption\/\">Corruption<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education-ministry\/\">Education Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interior-ministry\/\">Interior Ministry<\/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\/tarek-shawki\/\">Tarek Shawki<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/thanaweya-amma\/\">Thanaweya Amma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    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<\/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\/14\/553948\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553948\" class=\"content-area-description single-story post-553948 post type-post status-publish format-standard hentry category-egypt-in-the-news wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Nothing to see here:<\/strong> It\u2019s an exceptionally quiet Tuesday morning for Egypt in the foreign press.<\/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=\"553949\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553950\" 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=\"553950\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/orange-giz-open-up-digital-skill-center-uber-partners-with-paymob\/\">\r\n                            Orange + GIZ open up digital skill center; Uber partners with Paymob                        <\/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\/14\/orange-giz-open-up-digital-skill-center-uber-partners-with-paymob\/\" 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\/14\/orange-giz-open-up-digital-skill-center-uber-partners-with-paymob\/')\">\n 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<\/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\/14\/orange-giz-open-up-digital-skill-center-uber-partners-with-paymob\/&title=Orange + GIZ open up digital skill center; Uber partners with Paymob\">\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=Orange+%2B+GIZ+open+up+digital+skill+center%3B+Uber+partners+with+Paymob+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F14%2Forange-giz-open-up-digital-skill-center-uber-partners-with-paymob%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\/14\/orange-giz-open-up-digital-skill-center-uber-partners-with-paymob\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553950\" class=\"content-area-description single-story post-553950 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-automotive tag-debt-watch tag-enterpriseam tag-giz tag-orange-egypt tag-paymob tag-sme-development-authority tag-uber wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>A handful of things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>State-owned <strong>Cotton and Textile Industry Holding Company<\/strong> <a href=\"https:\/\/bit.ly\/31YQLtN\">will sign<\/a> agreements on Thursday to secure a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be048d4b-8046-42ca-9c4e-8122bd612cea\">EUR 540 mn loan<\/a> from Swiss and Italian banks.<\/li>\n<li>State-owned companies <strong>Cargas<\/strong> and <strong>Gastec<\/strong> <a href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/212933181021661\">inked<\/a> two contracts worth EGP 200 mn to finance the national program <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/35e33c41-388d-49c0-9bcc-5fc5772c6569\">to convert cars to run on natural gas<\/a> over the next three years through MSMEDA.<\/li>\n<li><strong>Uber<\/strong> riders can top up their wallets through new payment methods including <strong>Meeza<\/strong> cards and mobile wallets thanks to <a href=\"https:\/\/ent.news\/2021\/12\/Press-Release-Uber-joins-forces-with-Paymob-to-broaden-in-app-payment-solutions-in-Egypt.pdf\">a new partnership<\/a> between Uber and <strong>Paymob<\/strong>.<\/li>\n<li><strong>Orange Egypt<\/strong> and the <strong>GIZ<\/strong> have <a href=\"https:\/\/ent.news\/2021\/12\/Orang-EN.pdf\">inaugurated<\/a> an Orange Digital Center in Cairo, which will offer a coding school, startup accelerator and investment fund to improve digital skills and encourage entrepreneurship.<\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/giz\/\">GiZ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orange-egypt\/\">Orange Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/paymob\/\">Paymob<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sme-development-authority\/\">SME Development Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uber\/\">Uber<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553951\" 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=\"553951\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/first-omicron-death-recorded-in-the-uk\/\">\r\n                            First Omicron death recorded in the UK                        <\/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\/14\/first-omicron-death-recorded-in-the-uk\/\" 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\/14\/first-omicron-death-recorded-in-the-uk\/')\">\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\/14\/first-omicron-death-recorded-in-the-uk\/\">\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=First Omicron death recorded in the UK&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/first-omicron-death-recorded-in-the-uk\/\">\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\/14\/first-omicron-death-recorded-in-the-uk\/&title=First Omicron death recorded in the UK\">\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=First+Omicron+death+recorded+in+the+UK+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F14%2Ffirst-omicron-death-recorded-in-the-uk%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\/14\/first-omicron-death-recorded-in-the-uk\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553951\" class=\"content-area-description single-story post-553951 post type-post status-publish format-standard hentry category-covid-watch tag-astrazeneca tag-covid-19 tag-enterpriseam tag-south-africa tag-uk 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\/226523602992195\">reported<\/a><\/strong><strong> 799 new covid-19 infections yesterday<\/strong>, down from 863 the day before. Egypt has now disclosed a total of 369,997 confirmed cases of covid-19. The ministry also reported 44 new deaths, bringing the country\u2019s total death toll to 21,104.<\/p>\n<p><strong>We\u2019re getting AstraZeneca\u2019s covid-19 med for the immunocompromised:<\/strong> AstraZeneca will supply its covid-19 antibody cocktail Evusheld to Egypt under an agreement signed yesterday between the drug manufacturer and Egypt\u2019s Authority for Unified Procurement, <a href=\"https:\/\/alborsaanews.com\/2021\/12\/13\/1490342\">Al Borsa<\/a> reports. The cocktail can be used to prevent infection in individuals with weak immune systems for whom vaccines are not sufficient. Evusheld can be administered as soon as it receives regulatory approvals, although it is not clear yet who exactly will be eligible to receive it. This comes a few days after the FDA <a href=\"https:\/\/www.astrazeneca.com\/media-centre\/press-releases\/2021\/evusheld-long-acting-antibody-combination-authorised-for-emergency-use-in-the-us-for-pre-exposure-prophylaxis-prevention-of-covid-19.html\">approved<\/a> Evusheld for emergency use in the US, with only a handful of countries, including <a href=\"https:\/\/www.reuters.com\/business\/healthcare-pharmaceuticals\/bahrain-authorizes-astrazenecas-anti-covid-drug-emergency-use-2021-11-14\/\">Bahrain<\/a> and <a href=\"https:\/\/www.france24.com\/en\/live-news\/20211211-coronavirus-latest-global-developments\">France<\/a>, following in the US\u2019 footsteps.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>A second Egyptian jab on the horizon: <\/strong>Studies to produce a new Egyptian jab named EgyVax will begin under a cooperation agreement signed yesterday between private sector player Eva Pharma, the Supreme Council of Universities, and the Agriculture Research Center, according to an Education Ministry <a href=\"https:\/\/www.facebook.com\/MOHESREGYPT\/posts\/455787392570767\">statement<\/a>. The new jab will undergo clinical trials before getting the green light for production, Supreme Council of Universities secretary general Hossam Abdel Ghaffar said, without disclosing a timeline. The higher education and agriculture ministries will work on producing the viral antigen for the vaccine, which will be manufactured at Eva Pharma\u2019s industrial complex. The vaccine would later be manufactured by Eva Pharma, which is currently the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4d085fc-892c-4f35-8276-eeef2bbb220d\">local manufacturer<\/a> of Sinovac vaccines.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>First Omicron death reported in the UK:<\/strong> At least one person has died in the UK after contracting the Omicron covid-19 variant, marking the first publicly confirmed death from the variant globally, UK Prime Minister Boris Johnson said yesterday, according to <a href=\"https:\/\/www.reuters.com\/world\/uk\/britain-says-omicron-spreading-phenomenal-rate-2021-12-13\/\">Reuters<\/a>. It\u2019s unclear whether the individual had been vaccinated. The UK is reporting some 200k Omicron infections each day, \u201cdwarfing the number of officially reported cases,\u201d the <a href=\"https:\/\/www.ft.com\/content\/0a93e2e3-d414-4e3e-9bc7-16b3f9a2da8c\">Financial Times<\/a> reports.<\/p>\n<p><strong>REALITY CHECK- <\/strong>Health officials are correctly worried about omicron\u2019s transmissibility (including its ability to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/000da035-2560-434c-9000-a0a3780e2726\">side-step vaccines<\/a>), but there is growing evidence that it produces only mild symptoms in most infected people.<\/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\/astrazeneca\/\">AstraZeneca<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/south-africa\/\">South Africa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uk\/\">UK<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553952\" 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=\"553952\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/chimera-capital-reaches-final-close-on-its-first-vc-fund\/\">\r\n                            Chimera Capital reaches final close on its first VC fund                        <\/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\/14\/chimera-capital-reaches-final-close-on-its-first-vc-fund\/\" 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 fund, which now counts Abu Dhabi sovereign fund <strong><a href=\"https:\/\/www.mubadala.com\/\">Mubadala<\/a><\/strong> among its limited partners, handily exceeded its initial USD 65 mn target. There\u2019s no word yet on whether some of that could be coming our way, though Chimera says it wants to invest in companies across the region at all stages of their growth, and has \u201calready executed on a series of strategic and oversubscribed companies led by top-tier regional and global investors.\u201d The fund will target companies that are early growth through pre-IPO stage.<\/p><p><strong>Chimera is a unit of Abu Dhabi\u2019s Royal Group <\/strong>and run by CEO Seif Fikry (<a href=\"https:\/\/www.linkedin.com\/in\/seif-fikry-4409ba11\/\">LinkedIn<\/a>) an Egyptian veteran of the regional capital markets scene and founder of the region\u2019s first UCITS-compliant exchange-traded fund. A unit of Chimera Capital <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36ab74bc-5da8-4373-8d72-ed3d2e4a8d74\">recently invested USD 100 mn<\/a> in Sawiris vehicle Gemini Global Development, which owns 100% of Ora Developers Egypt.<\/p><p><strong>MEANWHILE- KSA is expecting a rare budget surplus in 2022: <\/strong>Saudi Arabia is expecting a surplus of nearly USD 24 bn next year, or 2.5% of its GDP, ending nearly a decade of consecutive annual deficits, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-arabia-announces-955-bln-riyal-budget-2022-spa-2021-12-12\/\">Reuters<\/a> reports. The kingdom\u2019s revenues surged almost 10% this year on the back of the global oil squeeze, as the crude-exporting nation benefited from price hikes and increased production.<\/p><p><strong>But spending will be fixed even if oil continues to outperform: <\/strong>\u201cWe are totally now decoupling the government expenditure from the revenue,\u201d Finance Minister Mohammed al-Jadaan told Reuters. Instead, officials are planning budget cuts for the next two years \u2014 though they say that this will be countered by massive spending through the kingdom\u2019s sovereign wealth fund, which will now bankroll most of the country\u2019s development spending, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-13\/saudi-arabia-sees-four-revenue-scenarios-amid-oil-uncertainty?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>.<\/p><p><strong>ADQ\u2019s Agthia has acquired healthy snacks and foods company BMB: <\/strong>Emirati state-owned investment firm ADQ Holding\u2019s food subsidiary Agthia has completed the acquisition of 100% of UAE-based healthy snacks and food company <a href=\"https:\/\/www.bmb-group.com\/\">BMB Group<\/a>, according to <a href=\"https:\/\/www.zawya.com\/mena\/en\/press-releases\/story\/Agthia_Group_completes_acquisition_of_regional_healthy_snacks_pioneer_BMB_Group-ZAWYA20211213131549\/\">a press release<\/a>. The acquisition will help Agthia expand to new markets including the US and Canada, as well as venture into new verticals like plant-based foods. This marks the company\u2019s third acquisition this year, following its recent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248e5d41-7c58-42ed-abe9-f67d9ac74995\">acquisition<\/a> of 75% of Egypt\u2019s Atyab brand owner Ismailia Agricultural and Industrial Investments, and <a href=\"https:\/\/www.thenationalnews.com\/business\/markets\/agthia-group-buys-kuwait-s-al-faysal-bakery-and-sweets-1.1155313\">snap-up<\/a> of Kuwait\u2019s Al Faysal bakery. Our friends at EFG Hermes acted as Agthia\u2019s financial advisors in the transaction.<\/p><p><strong>EV shift drives up lithium prices:<\/strong> Lithium prices are soaring at their fastest pace in years on the back of rising demand from EV manufacturers \u2014 who use lithium for rechargeable batteries \u2014 and scant supply, <a href=\"https:\/\/www.wsj.com\/articles\/lithium-prices-soar-turbocharged-by-electric-vehicle-demand-and-scant-supply-11639334956?mod=lead_feature_below_a_pos1&amp;mod=hp_lista_pos1\">the Wall Street Journal<\/a> reports. The metal\u2019s price is up around 240% YTD.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,700<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +7.9%)<\/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>11,020<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +26.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>8,935<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +77.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,247<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +30.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,669<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: +24.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,231<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: +11.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 71.22<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 3.79<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/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 1,787.60<\/p>\n<\/td>\n<td>\n<p>-<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 46,724.24<\/p>\n<\/td>\n<td>\n<p>-6.7%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell less than 0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 1.23 bn (11.7% below the 90-day average). Foreign investors were net sellers. The index is up 7.9% YTD.<\/p><p><strong>In the green: <\/strong>MM Group (+6.1%), Egyptians Resorts Company (+5.5%) and Fawry (+3.1%).<\/p><p><strong>In the red: <\/strong>GB Auto (-3.8%), AMOC (-3.2%) and Mopco (-2.4%).<\/p><p><strong>Asian markets are all in the red this morning \u2014 and <\/strong><strong><a href=\"https:\/\/www.cnbc.com\/2021\/12\/14\/asia-pacific-markets-investors-monitor-omicron-variant.html\">CNBC<\/a><\/strong><strong> thinks it\u2019s because investors are spooked again by the omicron variant<\/strong> after the UK reported its first omicron death and China its first confirmed case. Futures suggest major European, US and Canadian indexes will open in the green later today with the single exception of France\u2019s CAC 40.<\/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\/agthia\/\">Agthia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chimera-investment\/\">Chimera Investment<\/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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/government-budgets\/\">government budgets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mubadala\/\">Mubadala<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-revenues\/\">oil revenues<\/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\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-wealth-funds\/\">Sovereign wealth funds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vc-funds\/\">VC funds<\/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=\"553953\" 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=\"553953\">\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\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/14\/uae-israel-get-cozier\/\">\r\n                            UAE + Israel get cozier                        <\/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\/14\/uae-israel-get-cozier\/\" 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 two spent their four-hour meeting about how to work together on trade, investment and development, according to <a href=\"https:\/\/www.wam.ae\/en\/details\/1395303002539\">Emirati state-run news agency WAM<\/a>. The meeting comes 15 months after Israel and the UAE signed an agreement to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec845498-7672-438c-bdd4-5640140dd059\">normalize relations<\/a> and is being received as the latest sign that the recent warming in relations between Israel and some of its neighbors is here to stay.<\/p>\n<p><strong>ALSO- <\/strong><strong>Saudi and Iranian experts took part in a security dialogue in Amman, <\/strong>where academics from the two rival countries discussed confidence-building measures, according <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudis-iran-hold-security-dialogue-experts-level-agency-2021-12-13\/\">Reuters<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-diplomacy\/\">international diplomacy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/iran\/\">Iran<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"553954\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">11<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egypts-renewables-are-on-the-rise-but-theyre-not-moving-quickly-enough\/\">\r\n                            Egypt\u2019s renewables are on the rise, but they\u2019re not moving quickly enough<\/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 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      <\/ul>\n    <\/div>\n        <\/div>                    <\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egypts-renewables-are-on-the-rise-but-theyre-not-moving-quickly-enough\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/337.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"553955\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egypts-renewables-are-on-the-rise-but-theyre-not-moving-quickly-enough\/337-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/337.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"337.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/337.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/337.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-553954\" class=\"content-area-description post-553954 goinggreen type-goinggreen status-publish has-post-thumbnail hentry tag-bioenergy tag-enterprise-going-green tag-enterpriseam tag-israel tag-mena tag-morocco tag-renewable-energy tag-renewables tag-solar-pv tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The IEA says the world will add 4.8k GW of renewable energy in the next five years \u2014 <\/strong><strong>what\u2019s Egypt\u2019s share of that growth?<\/strong> 2021 was a big year for renewable energy, with almost 290 GW of capacity expected to be added this year alone, according to the International Energy Agency\u2019s (IEA) forecast report on <a href=\"https:\/\/ent.news\/2021\/12\/Renewables2021-Analysisandforecastto2026.pdf\">renewables in 2021 (pdf)<\/a>. This growth is forecast to accelerate in the next five years, with renewable electricity capacity expected to increase by over 60% between 2020 and 2026, reaching more than 4.8k GW, the IEA forecast. This is projected to account for almost 95% of the increase in global power capacity through 2026.<\/p>\n<p><strong>Egypt\u2019s renewable capacity is set to rise by 68% or 4 GW over the coming five years<\/strong>, the IEA estimates. This would bring Egypt\u2019s total capacity to around 10.1 GW by 2026, up from 6.1 GW currently, according to the most recent<a href=\"https:\/\/ent.news\/2021\/12\/Infograph-10-En.pdf\">data (pdf)<\/a> from our New and Renewable Energy Authority (NREA).<\/p>\n<p><strong>This increased capacity is expected to be led by wind power (specifically onshore)<\/strong>, which is projected to see its capacity raised by a little over 2 GW in the next five years. Our current installed wind capacity currently stands at 1.1 GW, according to NREA. Utility-scale solar (think Benban solar plants) is expected to grow at a little under 2 GW, with roof and home-installed PV taking in the remainder.<\/p>\n<p><strong>As a matter of fact, we could potentially be the MENA region\u2019s biggest wind power producers in five years<\/strong>, with Morocco coming in a close second in terms of projected wind capacity growth, slightly shy of 2 GW.<\/p>\n<p><strong>That said, Egypt did come in fourth in the region in terms of projected renewable energy capacity increase<\/strong>, coming in behind the UAE, which is increasing its capacity by 6 GW, Saudi Arabia (also 6 GW), Israel (5.2 GW), and only narrowly beating out Morocco (3.8 GW). We are expected to make up 12.5% of the region\u2019s expected 32 GW in new renewable energy capacities in 5 years.<\/p>\n<p><strong>Private sector driven growth: <\/strong>The big driver for this jump will be \u201cunsolicited bilateral contracts with the state-owned utility,\u201d the IEA notes. This effectively means private sector developers building and operating plants and selling the power to the Egyptian Electricity Transmission Company, which would then distribute to homes. This would imply that the private sector will see a bigger share of renewable energy generation in the coming five years. Currently, the private sector generates about 2.1 GW or 34.4% of Egypt\u2019s installed renewable capacity.<\/p>\n<p><strong>The pipeline:<\/strong> Electricity Minister Mohamed Shaker announced plans <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bba779b5-fcf1-4c42-ab96-3c83c234d3e1\">late last year<\/a> to authorize 2.4 GW of renewable energy projects by 2022, with the ministry tapping international players to build wind farms capable of producing 1.7 GW costing a combined USD 1.5 bn to implement, the sources said. <strong>We plan to bring you details of Egypt\u2019s pipeline of projects when we do our Year in Review. <\/strong><\/p>\n<p><strong>Beware the great electricity glut: <\/strong>Our push to expand our renewables is not without risks, with the biggest threat being our overcapacity, warns the report. We\u2019ve extensively covered <a href=\"https:\/\/enterprise.press\/hardhats\/covid-19-impacting-egypts-renewable-energy-sector-part-3-overcapacity-problem\/\">last year<\/a>how Egypt\u2019s oversupply \u2014 which sees us being able to generate around 60 GW but with a peak demand of only around 30 GW \u2014 has hurt renewable energy projects. The government took steps to limit renewable energy generation so as to not exacerbate the oversupply issue, largely through changes to Egypt\u2019s net metering system \u2014 a pay-as-you-go billing system for renewable energy producers, which the report takes note of. It also states that the government canceled an independent power producer auction for a 200 MW of solar PV.<\/p>\n<p><strong>And covid: <\/strong>Not noted in the report, however, is the risk from covid-induced inflation and supply chain woes. ACWA Power and Al Nowais both put in requests to the government to delay their projects <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1069c986-e578-4b87-ae9f-1c8f80265fd1\">back in September<\/a>, with reports citing rising shipping costs and an increase in the prices of solar cells. Al Nowais itself had been looking to sell its Benban solar park license in order to fund its ongoing projects, the local press <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/507a45b0-6eca-4dea-b008-ea18d022f525\">reported<\/a> at the time.<\/p>\n<p><strong>A long way to go still: <\/strong>While a 68% growth in five years is nothing to balk at, Egypt did up its renewables targets at COP26, with the government announcing that it wants renewable energy to make up <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/46eb0c0b-2e62-47e0-8423-05c5359f3275\">42%<\/a> of the country\u2019s electricity generation by 2030, moving the deadline forward by five years. That would mean quadrupling our current share of renewable energy as a proportion of total capacity in the next eight years. That would require a combination of rapid renewable energy development at the expense of new fossil fuel plants (which we saw with the ACWA Power plant in Luxor) coupled with increasing electricity exports through grid connection projects (we already have agreements with Saudi, Jordan, Iraq, Cyprus and Greece) and a winding down of existing fossil fuel plants.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top climate stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>FinMin goes green:<\/strong> The government will introduce next March a stimulus package to aid Egypt\u2019s transition to a green economy, Vice Minister of Finance <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a740387-62e6-4e6a-b5ef-f07d6bef5c1a\">Ahmed Kouchouk said<\/a>.<\/li>\n<li><strong>Green bonds galore:<\/strong> Egypt will join JPMorgan\u2019s Environment and Governance Index by the end of January 2022 with a weighting of 1.2%, according to Finance Minister <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/46b492da-c89b-404a-9564-e09959699ea6\">Mohamed Maait<\/a>.<\/li>\n<li><strong>The Sovereign Fund of Egypt <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a583182b-7597-4adc-92cd-aa2c35e817bf\">is considering<\/a><\/strong><strong> issuing green bonds soon<\/strong>, according to fund CEO Ayman Soliman.<\/li>\n<li><strong>Green finance front and center for COP27:<\/strong> Innovative finance tools are key to ensuring that COP26 commitments are actionable at next year\u2019s COP27 in Sharm El Sheikh, International Cooperation Minister <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e84aa974-8be0-4d71-beab-9d9b4d86706d\">Rania Al Mashat said<\/a>.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bioenergy\/\">Bioenergy<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mena\/\">MENA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morocco\/\">Morocco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewable-energy\/\">renewable energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/solar-pv\/\">Solar PV<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\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=\"553956\" 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\/14\/553956\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553956\" class=\"content-area-description single-story post-553956 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>12-14 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 shareholders 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>16 December (Thursday): Cotton and Textile Industry Holding Company will sign agreements to secure a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be048d4b-8046-42ca-9c4e-8122bd612cea\">EUR 540 mn loan<\/a> from Swiss and Italian banks.<\/p>\n<p>19 December (Sunday): Construction on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/949fbd12-51f3-4544-9b9f-20470e5eb974\">bus rapid transit (BRT)<\/a> stops, pedestrian bridges and tunnels on the Ring Road will begin this week.<\/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":553936,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-553935","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"640fb0a9-8d6e-49a5-be08-9748f9e6dc0f","teaser":"","photo_url":"https:\/\/ent.news\/2021\/12\/329.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>Tax all the things: Tax hikes, new development fees get nod from House committee - 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\/tax-all-the-things-tax-hikes-new-development-fees-get-nod-from-house-committee\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax all the things: Tax hikes, new development fees get nod from House committee\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/tax-all-the-things-tax-hikes-new-development-fees-get-nod-from-house-committee\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T00:19:15+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\/329.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\/tax-all-the-things-tax-hikes-new-development-fees-get-nod-from-house-committee\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/tax-all-the-things-tax-hikes-new-development-fees-get-nod-from-house-committee\/\",\"name\":\"Tax all the things: Tax hikes, new development fees get nod from House committee - 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