{"id":554150,"date":"2021-12-22T03:57:27","date_gmt":"2021-12-22T03:57:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=554150"},"modified":"2025-12-16T00:24:30","modified_gmt":"2025-12-16T00:24:30","slug":"thousands-of-companies-just-got-a-temporary-reprieve-on-the-new-minimum-wage","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/thousands-of-companies-just-got-a-temporary-reprieve-on-the-new-minimum-wage\/","title":{"rendered":"Thousands of companies just got a temporary reprieve on the new minimum wage"},"content":{"rendered":"<section id=\"554152\" 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=\"554152\">\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\/22\/this-morning-ghazl-el-mahallas-subscription-period-will-be-announced-this-week-russia-vs-nato-showdown-is-still-a-thing-equities-bounce-back-but-omicron-fears-remain\/\">\r\n                            THIS MORNING: Ghazl El Mahalla\u2019s subscription period will be announced this week; Russia vs. Nato showdown is still a thing; equities bounce back but omicron fears remain                        <\/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\/22\/this-morning-ghazl-el-mahallas-subscription-period-will-be-announced-this-week-russia-vs-nato-showdown-is-still-a-thing-equities-bounce-back-but-omicron-fears-remain\/\" 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\/22\/this-morning-ghazl-el-mahallas-subscription-period-will-be-announced-this-week-russia-vs-nato-showdown-is-still-a-thing-equities-bounce-back-but-omicron-fears-remain\/')\">\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\/22\/this-morning-ghazl-el-mahallas-subscription-period-will-be-announced-this-week-russia-vs-nato-showdown-is-still-a-thing-equities-bounce-back-but-omicron-fears-remain\/\">\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: Ghazl El Mahalla\u2019s subscription period will be announced this week; Russia vs. Nato showdown is still a thing; equities bounce back but omicron fears remain&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/this-morning-ghazl-el-mahallas-subscription-period-will-be-announced-this-week-russia-vs-nato-showdown-is-still-a-thing-equities-bounce-back-but-omicron-fears-remain\/\">\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\/22\/this-morning-ghazl-el-mahallas-subscription-period-will-be-announced-this-week-russia-vs-nato-showdown-is-still-a-thing-equities-bounce-back-but-omicron-fears-remain\/&title=THIS MORNING: Ghazl El Mahalla\u2019s subscription period will be announced this week; Russia vs. Nato showdown is still a thing; equities bounce back but omicron fears remain\">\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+Ghazl+El+Mahalla%E2%80%99s+subscription+period+will+be+announced+this+week%3B+Russia+vs.+Nato+showdown+is+still+a+thing%3B+equities+bounce+back+but+omicron+fears+remain+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F22%2Fthis-morning-ghazl-el-mahallas-subscription-period-will-be-announced-this-week-russia-vs-nato-showdown-is-still-a-thing-equities-bounce-back-but-omicron-fears-remain%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\/22\/this-morning-ghazl-el-mahallas-subscription-period-will-be-announced-this-week-russia-vs-nato-showdown-is-still-a-thing-equities-bounce-back-but-omicron-fears-remain\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554152\" class=\"content-area-description single-story post-554152 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-cib tag-covid-19 tag-enterpriseam tag-equities tag-ghazl-el-mahalla tag-ipo-watch tag-joe-biden tag-nato tag-russia tag-turkey tag-ukraine 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, everyone, and happy Wednesday to you all. <\/strong>Just three more sleeps until (western) Christmas for the kids out there who celebrate the occasion.<\/p><p><strong>PSA #1- We\u2019re taking a handful of our customary end-of-year publication holidays. <\/strong>EnterprisePM is going on break today and will return on 2 January. EnterpriseAM will be off this coming Sunday (26 December) and then again on Thursday (30 December). We\u2019re using both days to get some pipefitting and plumbing done ahead of the new year.<\/p><p><strong>There\u2019s no word yet from Cabinet, the central bank or the stock market on whether we\u2019re all getting a day or two off.<\/strong> New Year\u2019s Day and Coptic Christmas both fall on weekends this year. Our Spidey-Senses tell us: Don\u2019t hold your breath.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>WANT TO HAVE BREAKFAST WITH US?<\/strong> Every year, we ask our readers to weigh in on what you expect for the year ahead in our <a href=\"https:\/\/www.surveymonkey.co.uk\/r\/22JGWRP\">Enterprise Reader Poll<\/a>. Take a few minutes to give us your take on the outlook for your business and industry, whether you\u2019re planning fresh investments and new hires, and how your business fared in the year past. We\u2019ll share the results with the entire community in early January to help you shape your view of the year.<\/p><p><strong>We\u2019ll be inviting eight readers who take the poll to breakfast in 2022<\/strong> and another dozen of you will get your very own Enterprise mug in which to enjoy your morning beverage of choice.<\/p><hr class=\"grey-line\"><p><strong>THE BIG STORY ABROAD- It\u2019s a mixed bag out there this morning. <\/strong>The <a href=\"https:\/\/www.ft.com\/content\/5e5e9624-b7d7-4c11-bc12-4078a6d293bb\">Financial Times<\/a> is still worried about the prospect of conflict between Russia and Nato over Ukraine. Both the <a href=\"https:\/\/www.ft.com\/content\/5301a1ce-2658-4452-860c-4c19fbcaa037\">FT<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-21\/lira-s-wild-ride-eclipses-rates-as-no-1-threat-to-turkish-firms?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> are paying close attention to Turkey after Erdogan announced what the salmon-colored paper thinks amounts to a \u201cback-door\u201d interest rate hike.<\/p><p><strong>Shares on <\/strong><strong><a href=\"https:\/\/www.cnbc.com\/2021\/12\/20\/stock-market-futures-open-to-close-news.html\">Wall Street snapped a three-day, virus-fuelled losing streak<\/a><\/strong><strong>, but everyone is still freaked out about omicron. <\/strong>Scientists are warning that <a href=\"https:\/\/www.nytimes.com\/live\/2021\/12\/21\/world\/omicron-covid-vaccine-tests\/omicron-will-surge-despite-bidens-new-plan-scientists-say\">Joe Biden\u2019s containment plan is insufficient<\/a> and London has <a href=\"https:\/\/www.independent.co.uk\/news\/uk\/home-news\/london-new-years-eve-trafalgar-square-cancelled-omicron-b1979798.html\">cancelled its Trafalgar Square New Year\u2019s Eve party<\/a>,<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>Stay tuned for an imminent announcement on Ghazl El Mahalla\u2019s micro-IPO:<\/strong> The subscription period for the state-owned football club\u2019s upcoming EGX debut will be announced within a week, Public Enterprise Minister Hisham Tawfik told <a href=\"https:\/\/bit.ly\/3EixjW2\">Al Mal<\/a> yesterday. The ministry hopes to complete the transaction by the end of the year, Tawfik added. The club is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63b2e2c2-100f-46b8-80b7-d94bb2c71f1c\">expected to raise EGP 135 mn<\/a> from the sale, which will see it list up to two-thirds of its shares on the EGX. While tiny, Ghazl El Mahalla\u2019s offering could pave the way for football giant Al Ahly to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e353e401-9cdc-41c4-b421-29d9f5246904\">list as much as 49% of the club<\/a>.<\/p><p><strong>PSA #2- <\/strong><strong>CIB<\/strong><strong> is offering a helping hand to small businesses: <\/strong>Our friends at leading private sector bank CIB are offering a number of small businesses in-kind support worth up to EGP 50k, while one small business will land support worth EGP 250k, as part of its \u201cGrowing Together\u201d CSR initiative, according to a <a href=\"https:\/\/ent.news\/2021\/12\/CIB-AR-PRL-1.pdf\">press release (pdf)<\/a>. The support includes advisory services and coverage of up to 80% of the costs of consultancy services through its <a href=\"https:\/\/www.cibeg.com\/en\/business\/business-solutions\">Business Solutions<\/a> program. This comes as part of the bank\u2019s <a href=\"https:\/\/www.cibeg.com\/en\/newsroom\/news\/2021-7-13\">efforts<\/a> to help small businesses with annual turnover of EGP 1-50 mn access funding and the banking system.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>PSA #3- Property owners <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/297570425746718\">have until Friday, 31 December<\/a><\/strong><strong> to pay the second installment of <\/strong><strong>their annual real estate taxes without incurring a late fee<\/strong>. The first installment was due between 1 January and 30 June. Homeowners whose <a href=\"http:\/\/www.rta.gov.eg\/En\/BuildingTaxType\">primary residence<\/a> is valued at less than EGP 2 mn are exempt from paying the tax.<\/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\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, urban development as well as social infrastructure such as health and education.<\/p><p><strong>Infrastructure in 2021- Part I: Transport.<\/strong> A year that once again underlined the human costs of operating an underfunded rail network, 2021 also saw a strong policy response, with bns of USD of fresh development finance and public investment earmarked not just for the nation\u2019s railways but for other transportation infrastructure too.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/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\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ghazl-el-mahalla\/\">Ghazl El Mahalla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/joe-biden\/\">Joe Biden<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nato\/\">NATO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"554153\" 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=\"554153\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/554153\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554153\" class=\"content-area-description single-story post-554153 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=\"http:\/\/www.somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/SOMA-ENTERPRISE-XMAS21-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"554154\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">           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       \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/companies-buy-themselves-time-on-minimum-wage-hikes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/446.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"554155\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/companies-buy-themselves-time-on-minimum-wage-hikes\/446-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/446.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"446.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/446.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/446.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554154\" class=\"content-area-description single-story post-554154 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-covid-19 tag-economy tag-enterpriseam tag-labor tag-minimum-wage tag-planning-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Thousands of companies will be given a six-week reprieve from the new private <\/strong><strong>sector minimum wage requirement<\/strong> coming into force at the beginning of 2022 under a decision by the National Council for Wages (NCW), the Planning Ministry said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/299567108880383\">a statement<\/a> yesterday. Thousands of companies had filed requests for exemptions from a requirement to start paying all employees a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a48e903-d707-4969-9ab6-be99c9b3cb91\">minimum wage of EGP 2.4k per month<\/a> from 1 January.<\/p>\n<p><strong>What\u2019s changed? <\/strong>Companies that have filed for an exemption can continue with their salary structures unchanged until mid-February, by which time the council aims to have finished ruling on requests.<\/p>\n<p><strong>Some<\/strong><strong> 3k companies have already gotten approvals on their requests for exemptions<\/strong> and will be notified in the coming days, Planning Minister Hala El Said told Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=r6hUU5vf1Gw\">watch, runtime: 14:32<\/a>). All of those businesses are in industries that faced either partial or complete closures because of the pandemic, the minister said.<\/p>\n<p><strong>Who\u2019s angling for postponement or exemption?<\/strong> The council received requests from companies in the textiles and readymade garments, tourism, paper, and retail industries, among others, as well as some private schools with annual tuition fees below EGP 10k, according to El Said.<\/p>\n<p><strong>Companies have been pushing back against the new minimum wage since it was announced earlier this year<\/strong>, with thousands of firms telling their government they will not be able to afford the wage hikes. Companies have claimed that high employment counts, increased production costs, and the pandemic have left them unable to pay for the additional labor costs.<\/p>\n<p><strong>So what happens in the middle of February?<\/strong> There hasn\u2019t been a decision yet on whether or not companies whose exemption requests are tossed out will then be required to retroactively pay their employees the minimum wage, NCW member Magdy El Badawy told Enterprise.<\/p>\n<p><strong>And what happens in cases of non-compliance?<\/strong> The government will ensure the minimum wage is being enforced through regular inspections from the Manpower Ministry, as well as by relying on complaints and reports of noncompliance filed to the council, El Said told Lamees. The penalties for proven cases of non-compliance will be outlined in the Labor Act, which is currently with the Senate for its opinion, advisor to the NCW Hanan Nazir told Masaa DMC\u2019s Ramy Radwan (<a href=\"https:\/\/www.youtube.com\/watch?v=C_Y6ejiI5_o\">watch, runtime: 9:03<\/a>).<\/p>\n<p><strong>SMART POLICY- Companies need to pay a liveable wage<\/strong>, and if anything, we think the EGP 2.4k line probably isn\u2019t high enough. El Said and her team have handled the minimum wage file with aplomb \u2014 we hope they stay the course. Grant as few exceptions as possible. And if a company gets an exemption, it should have to commit to a clear deadline by which it will meet the minimum and pay a living wage.<\/p>\n<p><strong>In addition to the minimum wage, private sector companies will also need to provide periodic raises<\/strong>, for which the NCW has set a minimum threshold of 3% of the social insurable amount (known in most financial departments as \u201cagr ta\u2019meeny\u201d) \u2014 which is equivalent to EGP 70 in the case of the new minimum wage.<\/p>\n<p><strong>The wage is inclusive of bonuses, incentives, and other allowances companies give their employees and is not the base amount<\/strong>, El Said told Lamees. The private sector minimum wage is in line with the same floor set for the public sector, which rose to EGP 2.4k from EGP 2k at the beginning of FY2021-2022.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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\/labor\/\">labor<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/minimum-wage\/\">minimum wage<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planning-ministry\/\">Planning Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"554156\" 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=\"554156\">\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\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/sczone-signs-off-on-land-contract-for-usd-2-6-bn-methanol-plant-in-ain-sokhna\/\">\r\n                            SCZone signs off on land contract for USD 2.6 bn methanol plant in Ain Sokhna                        <\/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\/22\/sczone-signs-off-on-land-contract-for-usd-2-6-bn-methanol-plant-in-ain-sokhna\/\" 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\/22\/sczone-signs-off-on-land-contract-for-usd-2-6-bn-methanol-plant-in-ain-sokhna\/')\">\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\/22\/sczone-signs-off-on-land-contract-for-usd-2-6-bn-methanol-plant-in-ain-sokhna\/\">\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=SCZone signs off on land contract for USD 2.6 bn methanol plant in Ain Sokhna&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/sczone-signs-off-on-land-contract-for-usd-2-6-bn-methanol-plant-in-ain-sokhna\/\">\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\/22\/sczone-signs-off-on-land-contract-for-usd-2-6-bn-methanol-plant-in-ain-sokhna\/&title=SCZone signs off on land contract for USD 2.6 bn methanol plant in Ain Sokhna\">\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=SCZone+signs+off+on+land+contract+for+USD+2.6+bn+methanol+plant+in+Ain+Sokhna+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F22%2Fsczone-signs-off-on-land-contract-for-usd-2-6-bn-methanol-plant-in-ain-sokhna%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\/22\/sczone-signs-off-on-land-contract-for-usd-2-6-bn-methanol-plant-in-ain-sokhna\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/448.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"554157\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/sczone-signs-off-on-land-contract-for-usd-2-6-bn-methanol-plant-in-ain-sokhna\/448-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/448.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"448.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/448.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/448.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554156\" class=\"content-area-description single-story post-554156 post type-post status-publish format-standard has-post-thumbnail hentry category-manufacturing tag-enterpriseam tag-manufacturing tag-oriental-weavers tag-pharma 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>SCZone signs off on Ain Sokhna\u2019s USD 2.6 bn methanol plant:<\/strong> The General Authority for the Suez Canal Economic Zone (SCZone) has signed a land use contract with a company jointly owned by Abu Qir Fertilizers, Helwan Fertilizers, and Al Ahly Capital Holding, to establish a methanol plant at Egypt's Ain Sokhna port and industrial complex, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/299503235553437?__cft__[0]=AZW1_Bs-c5F4EgVekAubs5yOLmFyZPi_zYO9skrdrJeTXaSZZIIRt_TS1sAvEcmKsUFMFz3IM1h0jMQ3YOFuYvIVJTjMeD3LGtfiJUqve_u1o2xPOw8fZylM5SghWN9G5tab47Ho5p4mpburyuOnLmRW&__tn__=%2CO%2CP-R\">cabinet statement<\/a>.<\/p>\n<p><strong>The first phase of the plant is expected to be completed in 2025<\/strong> and cost USD 1.6 bn, while the second and final USD 1 bn phase will take another three years, according to the statement. First <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8dda647-67d3-430a-a518-b79805765cb2\">announced over the summer,<\/a> the plant aims to produce 1 mn tons of methanol and 400k tons of ammonia annually, a portion of which will be exported.<\/p>\n<p><strong>The state moves into methanol:<\/strong> Referred to in the cabinet statement as International Methanol Company, the company established by the Oil Ministry to build and run the methanol plant was formed in August under the name Misr Methanol. Abu Qir and Helwan each hold a 35% stake, and Al Ahly Capital holds the remaining 30% stake. The new entrant to Egypt\u2019s petrochemicals industry joins <a href=\"https:\/\/www.methanex.com\/location\/middle-east\/egypt\/about-methanex-egypt\">Methanex<\/a>, which for a decade has been Egypt\u2019s only methanol producer.<\/p>\n<p><strong>Ain Sokhna is on track to become one of the largest petchem complexes in Africa: <\/strong>The SCZone in May <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec9bd65a-8d63-4acc-8484-f12fdf5292aa\">signed a USD 7.5 bn agreement<\/a> with the Red Sea National Refining and Petrochemicals Company to build one of the biggest petrochemical complexes in Africa and the Middle East, also in the Ain Sokhna industrial zone.<\/p>\n<p><strong>OTHER NEWS FROM INDUSTRY-<\/strong><\/p>\n<p><strong>Oriental Weavers will invest USD 15 mn to upgrade looms and machinery in 2022<\/strong>, the company announced in <a href=\"https:\/\/ent.news\/2021\/12\/Oriental-Weavers-PR-211221.pdf\">a press release (pdf)<\/a>.<\/p>\n<p><strong>Turkish UPVC gets anti-dumping duties: <\/strong>The Trade Ministry will impose anti-dumping duties on Turkish imports of unplasticized polyvinyl chloride (UPVC) for a five-year period in a bid to protect the local industry, according to a ministry <a href=\"https:\/\/www.facebook.com\/mift.media\/posts\/282924853878796\">statement<\/a>. The decision will come into effect once it\u2019s published in the Official Gazette. UPVC is a building material used in place of wood in things like window frames, sliding doors, drains and plumbing.<\/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\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oriental-weavers\/\">Oriental Weavers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pharma\/\">pharma<\/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=\"554158\" 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=\"554158\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/remittances-up-1-5-in-1q2021-2022\/\">\r\n                            Remittances up 1.5% in 1Q2021-2022                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/remittances-up-1-5-in-1q2021-2022\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/remittances-up-1-5-in-1q2021-2022\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/remittances-up-1-5-in-1q2021-2022\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Remittances up 1.5% in 1Q2021-2022&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/remittances-up-1-5-in-1q2021-2022\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/remittances-up-1-5-in-1q2021-2022\/&title=Remittances up 1.5% in 1Q2021-2022\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Remittances+up+1.5%25+in+1Q2021-2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F22%2Fremittances-up-1-5-in-1q2021-2022%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/remittances-up-1-5-in-1q2021-2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/450.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"554159\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/remittances-up-1-5-in-1q2021-2022\/450-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/450.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"450.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/450.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/450.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554158\" class=\"content-area-description single-story post-554158 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-world-bank 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> Remittances from Egyptians abroad were up 1.5% y-o-y to USD 8.1 bn in the first quarter of FY 2021-2022<\/strong>, the central bank announced in a <a href=\"https:\/\/ent.news\/2021\/12\/remittances-9M2021-1.pdf\">statement (pdf)<\/a>. The quarterly figure rose despite September being a slow month, with remittances dipping 3% y-o-y to USD 2.6 bn. In August, remittances grew 11.6% y-o-y to USD 2.7 bn.<\/p>\n<p><strong>On the up and up:<\/strong> The 1.5% increase for the first quarter of the state\u2019s fiscal year comes on the back of a steep rise in remittances in the last quarter of FY 2020-2021, when inflows <a href=\"https:\/\/enterprise.press\/stories\/2021\/09\/16\/remittances-hit-record-high-in-fy2020-2021-53678\/\">rose almost 30% y-o-y<\/a> to USD 8.1 bn.<\/p>\n<p><strong>The figures tally with estimates that remittance inflows are on course to hit a record high this year<\/strong>, as higher oil prices and the global economic recovery fuel an increase in transfers, according to a<a href=\"https:\/\/ent.news\/2021\/12\/remittances-9M2021-1.pdf\">recent World Bank<\/a>report. Transfers from Egyptians abroad are projected to increase almost 13% to USD 33 bn this year, making Egypt one of the world\u2019s top five recipients of remittances in USD terms, and continuing a trend that saw inflows shrug off the pandemic to register <a href=\"https:\/\/enterprise.press\/stories\/2021\/09\/16\/remittances-hit-record-high-in-fy2020-2021-53678\/\">fresh highs<\/a> last fiscal year. Remittances have been vital over the past two years to make up for the covid-induced slump in foreign direct investment and tourism revenues.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/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=\"554160\" 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=\"554160\">\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\">Education<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/sfe-mobica-break-ground-on-new-gems-run-schools-in-cosmic-village\/\">\r\n                            SFE, Mobica break ground on new GEMS-run schools in Cosmic Village                        <\/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\/22\/sfe-mobica-break-ground-on-new-gems-run-schools-in-cosmic-village\/\" 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\/22\/sfe-mobica-break-ground-on-new-gems-run-schools-in-cosmic-village\/')\">\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\/22\/sfe-mobica-break-ground-on-new-gems-run-schools-in-cosmic-village\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=SFE, Mobica break ground on new GEMS-run schools in Cosmic Village&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/sfe-mobica-break-ground-on-new-gems-run-schools-in-cosmic-village\/\">\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\/22\/sfe-mobica-break-ground-on-new-gems-run-schools-in-cosmic-village\/&title=SFE, Mobica break ground on new GEMS-run schools in Cosmic Village\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=SFE%2C+Mobica+break+ground+on+new+GEMS-run+schools+in+Cosmic+Village+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F22%2Fsfe-mobica-break-ground-on-new-gems-run-schools-in-cosmic-village%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\/22\/sfe-mobica-break-ground-on-new-gems-run-schools-in-cosmic-village\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/451.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"554161\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/sfe-mobica-break-ground-on-new-gems-run-schools-in-cosmic-village\/451-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/451.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"451.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/451.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/451.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554160\" class=\"content-area-description single-story post-554160 post type-post status-publish format-standard has-post-thumbnail hentry category-education tag-cosmic-village tag-education tag-enterpriseam tag-gems tag-mobica tag-planning-ministry tag-sovereign-fund-of-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>The Sovereign Fund of Egypt (SFE) and <\/strong><strong><a href=\"http:\/\/www.mobica.net\/\">Mobica<\/a><\/strong> <strong>broke ground on two schools in <\/strong><strong>the <\/strong><strong>Cosmic Village<\/strong>, the Planning Ministry announced in a <a href=\"https:\/\/bit.ly\/3mp722m\">statement<\/a> yesterday. The schools will be established by the SFE and Mobica and run by GEMS Egypt. No details were given about the costs involved in the project.<\/p>\n<p><strong>What\u2019s the Cosmic Village?<\/strong> The now-closed village sits on a prime piece of real estate spanning 190 acres in Sixth of October city, housing cultural, scientific, and historical zones that are meant to deliver an educational experience. The village includes a planetarium, smaller-scale models of major Egyptian monuments such as the Giza Pyramids and the Citadel of Salaheldin, and models of prehistoric life.<\/p>\n<p><strong>We got a hint that the two schools were coming earlier this year<\/strong>, when a source at GEMS told us the company would collaborate with the SFE <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c4f8bdbc-b911-4a9f-bf73-0d91516db013\">on at least two schools<\/a> in Cosmic Village to redevelop the state asset. At the time, the projects were expected to be open for admission starting September 2023. Yesterday\u2019s announcement is the first we\u2019ve heard of local manufacturer Mobica\u2019s involvement.<\/p>\n<p><strong>Another SFE-private partnership in the Cosmic Village: <\/strong>A joint venture between CIRA and Elsewedy Capital will partner with the SFE to set up another two schools in the Cosmic Village, it was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b44852d-e12e-48cf-bfb1-0a91940c4086\">announced last month<\/a>. The partnership will see EGP 350 mn invested in the project, which will set up a branch of Futures Tech and another branch of Regent British School. The new Cosmic Village schools join <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e96b7df-52b0-4367-896f-cddb3faefacb\">a number of slated projects<\/a> that aim to utilize the PPP model to expand education provision for middle-income families.<\/p>\n<p><strong>The SFE and GEMS are becoming firm friends: <\/strong>The SFE signed an MoU with GEMS to build and operate two national schools in the west of Cairo, each with a capacity of 2.5k students, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f322b811-078e-4543-b1d1-47696be7f5f3\">in March<\/a> of this year. That same month, the EFG Hermes Education Fund, set up as a 50\/50 JV between EFG and GEMS, made its third and final close when the SFE committed EGP 250 mn.<\/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\/cosmic-village\/\">Cosmic village<\/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\/gems\/\">GEMS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mobica\/\">Mobica<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planning-ministry\/\">Planning Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"554162\" 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=\"554162\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/final-stop-for-the-automotive-strategy\/\">\r\n                            Final stop for the automotive strategy?                        <\/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\/22\/final-stop-for-the-automotive-strategy\/\" 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\/22\/final-stop-for-the-automotive-strategy\/')\">\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\/22\/final-stop-for-the-automotive-strategy\/\">\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=Final stop for the automotive strategy?&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/final-stop-for-the-automotive-strategy\/\">\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\/22\/final-stop-for-the-automotive-strategy\/&title=Final stop for the automotive strategy?\">\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=Final+stop+for+the+automotive+strategy%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F22%2Ffinal-stop-for-the-automotive-strategy%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\/22\/final-stop-for-the-automotive-strategy\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/452.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"554163\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/final-stop-for-the-automotive-strategy\/452-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/452.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"452.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/452.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/452.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554162\" class=\"content-area-description single-story post-554162 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-automotive tag-automotive-directive tag-enterpriseam tag-moustafa-madbouly 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>Industry players will weigh in on the long-awaited automotive strategy<\/strong> as the government looks to finalize the incentives package, cabinet said in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/299801158856978\">statement<\/a> yesterday. Prime Minister Moustafa Madbouly has previously said the strategy \u2014 which aims to grow the domestic auto industry and the sectors that feed it parts, components and services \u2014 will be unveiled before the end of the month.<\/p>\n<p><strong>What we know about the strategy so far: <\/strong>Policymakers haven\u2019t been specific about how it would work, benefits to companies, or eligibility requirements. Previous statements signaled that they could include a new <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/29\/egypts-automotive-incentives-package-could-soon-see-the-light-of-day-9209\/\">value-added rule<\/a> that would calculate the minimum percentage of local components used in the manufacturing of cars, a quota for annual production volume, provisions for the size and volume of new investment, and environmental sustainability requirements. The strategy could also include <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/813a74d0-1505-4f78-b7b9-11bbff6a2f4a\">incentives for EV production<\/a> and customs discounts linked to the percentage of locally-produced components.<\/p>\n<p><strong>BACKGROUND: <\/strong>The legislation for the automotive strategy has been <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/13\/govt-to-have-automotive-directive-ready-by-the-fall\/\">in the works since 2016<\/a>, and has gone through years of <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/11\/is-egypts-auto-manufacturing-incentives-package-coming-out-of-hibernation-soon-8271\/\">delays<\/a>, <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/13\/govt-to-have-automotive-directive-ready-by-the-fall\/\">revisions<\/a> and <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/30\/govt-plans-to-scrap-automotive-directive-and-will-replace-it-with-special-zones\/\">overhauls<\/a>. The strategy aims to grow a car manufacturing industry that can compete with European Union, Moroccan and Turkish imports.<\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive-directive\/\">Automotive Directive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/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=\"554164\" 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=\"554164\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Suez Canal<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/suez-canal-revenues-hit-usd-6-1-bn-so-far-this-year\/\">\r\n                            Suez Canal revenues hit USD 6.1 bn so far this year                        <\/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\/22\/suez-canal-revenues-hit-usd-6-1-bn-so-far-this-year\/\" 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\/22\/suez-canal-revenues-hit-usd-6-1-bn-so-far-this-year\/')\">\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\/22\/suez-canal-revenues-hit-usd-6-1-bn-so-far-this-year\/\">\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=Suez Canal revenues hit USD 6.1 bn so far this year&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/suez-canal-revenues-hit-usd-6-1-bn-so-far-this-year\/\">\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\/22\/suez-canal-revenues-hit-usd-6-1-bn-so-far-this-year\/&title=Suez Canal revenues hit USD 6.1 bn so far this year\">\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=Suez+Canal+revenues+hit+USD+6.1+bn+so+far+this+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F22%2Fsuez-canal-revenues-hit-usd-6-1-bn-so-far-this-year%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\/22\/suez-canal-revenues-hit-usd-6-1-bn-so-far-this-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/453.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"554165\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/suez-canal-revenues-hit-usd-6-1-bn-so-far-this-year\/453-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/453.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"453.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/453.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/453.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554164\" class=\"content-area-description single-story post-554164 post type-post status-publish format-standard has-post-thumbnail hentry category-suez-canal tag-enterpriseam tag-ever-given tag-suez-canal tag-suez-canal-authority wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Suez Canal revenues are up 13% y-o-y, rising to USD 6.1 bn YTD<\/strong>, Suez Canal Authority boss Osama Rabie said, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/299610748876019\">statement<\/a>. The waterway recorded USD 5.61 bn in full-year receipts <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f90fa9f6-0cae-46b9-8270-6ab39a68075c\">in 2020<\/a>.<\/p>\n<p><strong>Ever what?<\/strong> The waterway had a record-breaking year in terms of revenues and traffic volumes, with almost 20k ships crossing the canal this year so far, compared to 18k ships in all of last year, with a 5.1% y-o-y increase in annual net tonnage. The performance comes despite the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7338a482-1d8a-4ede-8eb7-7ff758f0fae2\">Ever Given crisis<\/a> that blocked the canal for almost a week in March.<\/p>\n<p><strong>The SCA worked to boost traffic through the canal this year<\/strong>, slashing transit fees for tankers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed4bfa24-0a5b-4a8d-a214-4f3879d537cb\">at the end of 2020<\/a> and some container ships <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c1ba074-e2af-40f9-8ce6-4d4b81d601ab\">at the beginning of July<\/a>, while transit fees for all ships <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f90fa9f6-0cae-46b9-8270-6ab39a68075c\">were frozen at 2020 rates<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ever-given\/\">Ever Given<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-authority\/\">Suez Canal Authority<\/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=\"554166\" 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=\"554166\">\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\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/check-your-text-messages-about-a-booster-shot\/\">\r\n                            Check your text messages about a booster shot                        <\/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\/22\/check-your-text-messages-about-a-booster-shot\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/check-your-text-messages-about-a-booster-shot\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/check-your-text-messages-about-a-booster-shot\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Check your text messages about a booster shot&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/check-your-text-messages-about-a-booster-shot\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/check-your-text-messages-about-a-booster-shot\/&title=Check your text messages about a booster shot\">\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=Check+your+text+messages+about+a+booster+shot+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F22%2Fcheck-your-text-messages-about-a-booster-shot%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/check-your-text-messages-about-a-booster-shot\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554166\" class=\"content-area-description single-story post-554166 post type-post status-publish format-standard hentry category-covid-watch tag-covid-19 tag-enterpriseam tag-health-ministry tag-israel wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>A total of 400k qualified individuals have been contacted to receive their booster <\/strong><strong>shots<\/strong>, Health Ministry spokesperson Hossam Abdel Ghaffar said in a phone-in to Al Hadath Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=853-TDRNswU\">watch, runtime: 5:40<\/a>). The ministry is currently only providing booster shots to medical staff and senior citizens with chronic medical conditions who completed their regular vaccine dose at least six months ago.<\/p>\n<p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/232292899081932\">reported<\/a><\/strong><strong> 848 new covid-19 infections yesterday<\/strong>, down from 903 the day before. Egypt has now disclosed a total of confirmed cases of covid-19. The ministry also reported 47 new deaths, bringing the country\u2019s total death toll to 21,457.<\/p>\n<p><strong>Meanwhile, Israel is ready to roll out fourth shots<\/strong> to people above 60, becoming the first nation to take that step, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-offer-fourth-dose-covid-19-vaccine-people-over-60-2021-12-21\/\">Reuters<\/a> reports.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/health-ministry\/\">Health Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"554167\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"554167\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/554167\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554167\" class=\"content-area-description single-story post-554167 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/Tactical-Male-1600WX800H-for-web.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"554168\" 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=\"554168\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/last-nights-talk-shows-introduction-of-private-sector-minimum-wage-libya-elex\/\">\r\n                            Last Night\u2019s Talk Shows: Introduction of private sector minimum wage + Libya elex                        <\/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\/22\/last-nights-talk-shows-introduction-of-private-sector-minimum-wage-libya-elex\/\" 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\/22\/last-nights-talk-shows-introduction-of-private-sector-minimum-wage-libya-elex\/')\">\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\/22\/last-nights-talk-shows-introduction-of-private-sector-minimum-wage-libya-elex\/\">\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: Introduction of private sector minimum wage + Libya elex&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/last-nights-talk-shows-introduction-of-private-sector-minimum-wage-libya-elex\/\">\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\/22\/last-nights-talk-shows-introduction-of-private-sector-minimum-wage-libya-elex\/&title=Last Night\u2019s Talk Shows: Introduction of private sector minimum wage + Libya elex\">\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+Introduction+of+private+sector+minimum+wage+%2B+Libya+elex+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F22%2Flast-nights-talk-shows-introduction-of-private-sector-minimum-wage-libya-elex%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\/22\/last-nights-talk-shows-introduction-of-private-sector-minimum-wage-libya-elex\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554168\" class=\"content-area-description single-story post-554168 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-covid-19 tag-diplomacy tag-enterpriseam tag-last-nights-talk-shows tag-libya wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The biggest talking point of the evening was the expected introduction of a private sector<\/strong><strong> minimum wage<\/strong> and the thousands of companies who filed for exemptions. We have chapter and verse in this morning\u2019s news well, above.<\/p>\n<p><strong>In second place: The uncertainty over Libya\u2019s upcoming presidential election, which is scheduled to take place this Friday<\/strong>, 24 December despite the full list of nominees not being released as of yet. President Abdel Fattah El Sisi and Foreign Minister Sameh Shoukry <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/469461447875922\">sat down<\/a> with the head of Libya\u2019s Presidential Council Mohamed Al Menfi yesterday to discuss the elections and efforts to complete Libya\u2019s democratic transition. The story earned attention and tidbits of analysis from Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=Co4lN1QyAfQ\">watch, runtime: 2:14<\/a>), Masaa DMC\u2019s Ramy Radwan (<a href=\"https:\/\/www.youtube.com\/watch?v=0_X59x0utM8\">watch, runtime: 12:03<\/a>), Yahduth fi Misr\u2019s Sherif Amer (<a href=\"https:\/\/www.youtube.com\/watch?v=-x-r8nrLSx4\">watch, runtime: 3:06<\/a>), and Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/www.facebook.com\/watch\/live\/?ref=watch_permalink&v=262143799174891\">watch, runtime: 17:56<\/a>).<\/p>\n<p><strong>Also on the airwaves last night:<\/strong><\/p>\n<ul>\n<li><strong>The fourth wave of covid-19 hasn\u2019t peaked in Egypt yet<\/strong>, presidential health advisor Mohamed Awad Tag Eldin said. (Ahmed Moussa on Ala Mas\u2019ouleety | <a href=\"https:\/\/www.facebook.com\/watch\/?v=978853086316078\">watch, runtime: 19:42<\/a>)<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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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=\"554170\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/egypt-in-the-news-reuters-looks-at-the-carry-trade-world-bank-highlights-natural-gas-infrastructure\/\">\r\n                            Egypt in the News: Reuters looks at the carry trade, World Bank highlights natural gas infrastructure                        <\/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 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src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/454.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"554171\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/egypt-in-the-news-reuters-looks-at-the-carry-trade-world-bank-highlights-natural-gas-infrastructure\/454-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/454.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"454.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/454.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/454.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554170\" class=\"content-area-description single-story post-554170 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-carry-trade tag-debt tag-enterpriseam tag-foreign-reserves tag-interest-rates tag-investment-watch tag-treasuries wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong><a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/some-investors-turn-cautious-egypts-lucrative-carry-trade-2021-12-21\/\">Reuters<\/a><\/strong><strong> puts the carry trade in focus this morning <\/strong>ahead of a year in which central banks globally are seen as preparing to raise interest rates.<\/p>\n<p><strong>Other stories making headlines <\/strong>on an otherwise fairly unremarkable morning for news:<\/p>\n<ul>\n<li>The <a href=\"https:\/\/www.worldbank.org\/en\/news\/feature\/2021\/12\/20\/egypt-installing-household-gas-connections-for-a-better-quality-of-life\">World Bank\u2019s blog<\/a> features a story on how hooking homes to the natural gas distribution grid is changing lives.<\/li>\n<li><a href=\"https:\/\/gulfbusiness.com\/egypt-seeks-to-build-affordable-electric-vehicles-priced-at-around-20000\/\">Gulf Business<\/a> has picked up Bloomberg\u2019s piece from earlier this week on our drive to assemble EVs here at home.<\/li>\n<li>South Africa\u2019s <a href=\"https:\/\/www.defenceweb.co.za\/featured\/germany-approves-arms-transfers-to-egypt\/\">Defenseweb<\/a> reports on Germany\u2019s sale of three Meko A200EN frigates and air defense systems to Egypt.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/carry-trade\/\">carry trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-reserves\/\">foreign reserves<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/treasuries\/\">treasuries<\/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=\"554172\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"554173\" 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=\"554173\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/brt-stop-construction-kicks-off-on-the-ring-road\/\">\r\n                            BRT stop construction kicks off on the Ring Road                        <\/a>\r\n                    <\/h3>\r\n\r\n                    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<\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/brt-stop-construction-kicks-off-on-the-ring-road\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554173\" class=\"content-area-description single-story post-554173 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-commodities tag-enterpriseam tag-honeywell tag-kamel-el-wazir tag-moustafa-madbouly tag-supply-ministry tag-tourism tag-transport tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Construction on 6 BRT stops on the Ring Road is underway: <\/strong>Construction on the first six bus rapid transit (BRT) stops on the Ring Road officially started this week, Transport Minister Kamel El Wazir said, according to <a href=\"https:\/\/bit.ly\/3qhmTRJ\">Al Mal<\/a>, without disclosing a timeline for completion or for the construction of the next phases of stops. This comes as work on the BRT lanes in the Middle Ring Road <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8ba6897a-bd7d-4b4f-bce1-4d9a3893af07\">nears completion<\/a>. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/949fbd12-51f3-4544-9b9f-20470e5eb974\">BRT system<\/a> comes as part of the larger upgrade and expansion of the Ring Road, which intends to widen the freeway, add extensions to ease traffic congestion, and replace more disruptive public transport on the freeway like microbuses.<\/p><p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p><ul>\n<li><strong>Egypt\u2019s strategic wheat reserves are sufficient to cover 5.3 months of <\/strong><strong>consumption<\/strong>, while its sugar and vegetable oil reserves will cover 3.5 months and 5.4 months respectively, the Supply Ministry <a href=\"https:\/\/www.reuters.com\/article\/idUSKBN2J00XE\">said<\/a> yesterday. <\/li>\n<li><strong>The Pyramids Plateau <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8a212826-13c4-4d98-a500-bf553abc89d4\">makeover<\/a><\/strong>, which includes a new visitor center, new entrances to the Pyramids area, and a redevelopment of the roads in the area, will be <strong>opened during t<\/strong><strong>he second <\/strong><strong>half of 2022<\/strong>, an official at the Tourism Ministry <a href=\"https:\/\/bit.ly\/3q8Mo7y\">has said<\/a>.<\/li>\n<li>Prime Minister <strong>Moustafa Madbouly<\/strong> <a href=\"https:\/\/tinyurl.com\/yzhnjs7d\">met<\/a> with representatives from US-based <strong>Honeywell <\/strong>to discuss potential cooperation on recycling initiatives and producing clean fuel for aircrafts ahead of the <strong>COP27 summit<\/strong>.<\/li>\n<\/ul>\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\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/honeywell\/\">Honeywell<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kamel-el-wazir\/\">Kamel El Wazir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supply-ministry\/\">Supply Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"554174\" 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=\"554174\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/share-buybacks-soar-but-capex-spending-is-still-lagging-in-the-us-of-a\/\">\r\n                            Share buybacks soar but capex spending is still lagging in the US of A                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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the US of A\">\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=Share+buybacks+soar+but+capex+spending+is+still+lagging+in+the+US+of+A+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F22%2Fshare-buybacks-soar-but-capex-spending-is-still-lagging-in-the-us-of-a%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\/22\/share-buybacks-soar-but-capex-spending-is-still-lagging-in-the-us-of-a\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554174\" class=\"content-area-description single-story post-554174 post type-post status-publish format-standard hentry category-planet-finance tag-energy tag-enterpriseam tag-europe tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>What\u2019s hot in the US? Share buybacks. What\u2019s not? Capex spending:<\/strong> Share buybacks in S&amp;P 500 companies more than doubled y-o-y to reach a record USD 234.6 bn in 3Q2021, with an uncertain outlook leading corporates to help secure returns for their shareholders by buying back their own stock, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-21\/u-s-share-buybacks-hit-record-while-capex-lags-pre-crisis-level?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports. The uncertainty is also putting a damper on capex spending, which failed to recover to pre-covid levels during the quarter despite low borrowing costs, \u201cas a shift in consumer demand has fueled lots of uncertainty for businesses and makes it difficult for companies to plan ahead,\u201d one analyst says. Capex borrowing will become more expensive as the US Federal Reserve begins raising interest rates next year, while the taper of the Fed\u2019s asset purchase program will make it all the more important for \u201crobust\u201d investments to underpin a long-term recovery.<\/p><p><strong>ALSO- <\/strong><strong>European gas prices are continuing to spiral:<\/strong> Gas and electricity prices have hit new record highs in Europe, threatening the continent\u2019s economic recovery and putting industries on the brink of shutdown, as Russia restricted gas flows to Europe compounding shortages already aggravated by nuclear outages in France. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-21\/european-gas-surges-as-russian-flows-via-key-route-drop-to-zero?srnd=premium-europe&amp;sref=mmeFTDW1\">Bloomberg<\/a>)<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,525<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +6.3%)<\/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>11,261<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: +29.6%)<\/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>8,459<\/p>\n<\/td>\n<td>\n<p>-1.2% (YTD: +67.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,153<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +26.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,649<\/p>\n<\/td>\n<td>\n<p>+1.8% (YTD: +23.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,297<\/p>\n<\/td>\n<td>\n<p>+1.4% (YTD: +13.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 71.21<\/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 3.86<\/p>\n<\/td>\n<td>\n<p>-0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,790.80<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 48,745.60<\/p>\n<\/td>\n<td>\n<p>-0.4% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.4% at yesterday\u2019s close<\/strong> on turnover of EGP 1.18 bn (12.9% below the 90-day average). Foreign investors were net sellers. The index is up 6.3% YTD.<\/p><p><strong>In the green: <\/strong>Rameda (+6.5%), Speed Medical (+3.7%) and Orascom Development Egypt (+3.1%).<\/p><p><strong>In the red: <\/strong>Raya Holding (-2.1%), Elsewedy Electric (-1.4%) and Mopco (-1.1%).<\/p><p><strong>Major Asian benchmarks are largely flat at dispatch time this morning. <\/strong>Shares in Shanghai are just barely in the red, while the Kospi, Nikkei and Hang Seng are weakly in the green. Futures suggest all major European benchmarks are going to open in the green, while shares on Wall Street will face gentle selling pressure at the opening bell.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/europe\/\">Europe<\/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\/planet-finance\/\">Planet Finance<\/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=\"554175\" 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=\"554175\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/us-disappointed-by-alaa-abdel-fattah-sentence\/\">\r\n                            US \u201cdisappointed\u201d by Alaa Abdel Fattah sentence                        <\/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\/22\/us-disappointed-by-alaa-abdel-fattah-sentence\/\" 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\/22\/us-disappointed-by-alaa-abdel-fattah-sentence\/')\">\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\/22\/us-disappointed-by-alaa-abdel-fattah-sentence\/\">\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=US \u201cdisappointed\u201d by Alaa Abdel Fattah sentence&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/us-disappointed-by-alaa-abdel-fattah-sentence\/\">\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\/22\/us-disappointed-by-alaa-abdel-fattah-sentence\/&title=US \u201cdisappointed\u201d by Alaa Abdel Fattah sentence\">\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=US+%E2%80%9Cdisappointed%E2%80%9D+by+Alaa+Abdel+Fattah+sentence+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F22%2Fus-disappointed-by-alaa-abdel-fattah-sentence%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\/22\/us-disappointed-by-alaa-abdel-fattah-sentence\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554175\" class=\"content-area-description single-story post-554175 post type-post status-publish format-standard hentry category-diplomacy tag-abdel-fattah-el-sisi tag-alaa-abdel-fattah tag-biden-administration tag-diplomacy tag-enterpriseam tag-human-rights tag-libya tag-sisi tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The US State Department<\/strong> <strong>has <\/strong><strong>expressed<\/strong><strong> disappointment at Monday\u2019s prison sentence handed to prominent activist Alaa Abdel Fattah<\/strong>, lawyer Mohamed El Baqer, and blogger Mohamed \u201cOxygen\u201d Ibrahim, but played down the prospect of taking diplomatic action, with spokesperson Ned Price emphasizing the importance of the two countries\u2019 relationship in <a href=\"https:\/\/www.state.gov\/briefings\/department-press-briefing-december-20-2021\/\">a press briefing<\/a>. Price emphasized Egypt\u2019s role in ensuring regional stability, but also noted that \u201chuman rights is a topic of discussion\u201d in \u201cjust about every senior-level engagement\u201d between the US and the Sisi administration. Foreign Ministry spokesperson Ahmed Hafez <a href=\"https:\/\/www.youtube.com\/watch?v=KO8zeGW2r_0\">said<\/a> at a press conference with Asharq Al Awsat that it was \u201cnot appropriate\u201d for politicians to comment on court rulings.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alaa-abdel-fattah\/\">Alaa Abdel Fattah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/biden-administration\/\">Biden administration<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sisi\/\">Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"554176\" 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=\"554176\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/hamdok-could-step-down-following-mass-protests\/\">\r\n                            Hamdok could step down following mass protests                        <\/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\/22\/hamdok-could-step-down-following-mass-protests\/\" 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\/22\/hamdok-could-step-down-following-mass-protests\/')\">\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\/22\/hamdok-could-step-down-following-mass-protests\/\">\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=Hamdok could step down following mass protests&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/hamdok-could-step-down-following-mass-protests\/\">\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\/22\/hamdok-could-step-down-following-mass-protests\/&title=Hamdok could step down following mass protests\">\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=Hamdok+could+step+down+following+mass+protests+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F22%2Fhamdok-could-step-down-following-mass-protests%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\/22\/hamdok-could-step-down-following-mass-protests\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554176\" class=\"content-area-description single-story post-554176 post type-post status-publish format-standard hentry category-around-the-world tag-abdalla-hamdok tag-abdel-fattah-al-burhan tag-around-the-world tag-dubai tag-enterpriseam tag-mohammed-bin-rashid tag-nato tag-russia tag-sudan tag-ukraine tag-vladimir-putin wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Sudanese Prime Minister<\/strong><strong> Abdalla Hamdok reportedly intends to step down <\/strong><strong>in the coming hours<\/strong>, <a href=\"https:\/\/www.reuters.com\/world\/africa\/sudans-pm-hamdok-intends-resign-within-hours-two-sources-2021-12-21\/\">Reuters<\/a> reports, citing sources close to the matter. This comes days after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9034546a-9be5-4fc9-94c3-8a4a658d72db\">mass protests<\/a> took place on the anniversary of Sudan\u2019s 2019 uprising, with demonstrators demanding return to civilian rule and protesting the military coup that military chief Abdel Fattah Al Burhan <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d9078a39-f115-4aab-b94c-f3f656f9c82d\">led in October<\/a>, which saw Hamdok ousted and placed under house arrest for a month. Hamdok had previously said he would only remain in office if he had political support and if the transitional agreement \u2014 which called on the military to release political detainees, protect freedom of expression and allow Hamdok to independently appoint a new cabinet \u2014 was enforced.<\/p>\n<p><strong>London court orders Dubai ruler to pay mns in divorce settlement + child<\/strong><strong> maintenance to ex-wife:<\/strong> Sheikh Mohammed bin Rashid al-Maktoum was ordered to pay Princess Haya and his two children GBP 554 mn in child maintenance and security costs, reported the <a href=\"https:\/\/www.ft.com\/content\/2cd89c4a-159f-4c55-9f8a-8e54099cdf65\">Financial Times<\/a>. The sum is possibly the largest divorce settlement to be awarded by a British court in a high-profile case that has given outsiders a view of the world of the Gulf elite.<\/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\/abdalla-hamdok\/\">Abdalla Hamdok<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-al-burhan\/\">Abdel Fattah Al Burhan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohammed-bin-rashid\/\">Mohammed bin Rashid<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nato\/\">NATO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vladimir-putin\/\">Vladimir Putin<\/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 hardhat vertical-section wide-section wp-block-group issue-section\" id=\"554177\">\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\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday 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\/hardhat\/\">\r\n                            Read Hardhat                        <\/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\">14<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/shell-be-coming-round-the-mountain-in-21\/\"> \r\n                            She\u2019ll be coming round the mountain in \u201821<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/shell-be-coming-round-the-mountain-in-21\/\" target=\"_blank\">\n                    Open in new tab                    <!-- 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(max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"554178\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/shell-be-coming-round-the-mountain-in-21\/455-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/455.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"455.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/455.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/455.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-554177\" class=\"content-area-description post-554177 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-aci tag-advanced-cargo-information tag-enterprise-hardhat tag-enterpriseam tag-high-speed-rail tag-light-rail-train tag-logistics tag-lrt tag-nafeza tag-ppp-act tag-raml-tram tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>2021 in infrastructure- Part I: A big year for transportation.<\/strong> Egypt was not spared from the horrors of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5471cce4-ac14-4359-9c84-7d2fe14fb18a\">train accidents and derailments<\/a> in 2021. By our count there were at least six major train accidents taking the lives of over 60 people and injuring hundreds more, besides dozens of more minor incidents. These are just the latest in a string of train accidents in Egypt over the years. It should then come as no shocker that the government doubled down on its plan to overhaul not just our ailing railway networks, but our entire transportation infrastructure.<\/p>\n<p><strong>Rethinking transportation: <\/strong>The year saw the government sign new agreements and contracts on a host of major projects that were already either part of its years-long plan to upgrade railway infrastructure or new lines meant to link up the new urban communities being built. But beyond trudging along with planned projects, Egypt appears to be executing a rethink of how we use our infrastructure. From converting our cars to run on natural gas to setting up a new rapid transit system and, perhaps more transformatively, giving greater leeway to the private sector to get a hand in the sector. These moves appear to be working, securing us plenty of DFI funding and having large contractors competing for our projects.<\/p>\n<p><strong>Just how important was transportation (fiscally speaking)?<\/strong> The sector received the biggest proportion of investment in the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/81752172-816f-49fe-9fc3-52b7a7f79894\">infrastructure public spending plan for FY2021-2022<\/a>. The budget for the transport sector was penciled in at EGP 245 bn, which covers roads, bridges, and river ports, while the railway budget alone stands at EGP 27 bn.<\/p>\n<p><strong>Much of that went towards our ongoing efforts to fix the railway and improve the metro: <\/strong>Rehabilitation projects that were in the pipeline for years began to see notable steps. Among the biggest was the EUR 1.6 bn project to convert Alexandria\u2019s Abu Qir railway into an underground metro, which is being <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4f6c39b-3572-4e50-9dd7-9b1c21f444f2\">largely financed<\/a> by European institutions. The Transport Ministry this year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13780561-2a9a-49d9-a32a-a23f63795b85\">received bids<\/a> from a total of 16 local and international consortiums to implement the project. Meanwhile, agreements were signed with France\u2019s Alstom to provide Cairo Metro Line 1 with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/543ee8f4-5ad8-4c99-8140-037bc7aceb79\">55 new subway trains<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfceb221-fc3a-4c21-8327-7a7104b86764\">rolling stock<\/a>. Finally, Alexandria\u2019s Raml Tram will be restored by a consortium of France\u2019s Systra and Egis Rail and Egypt\u2019s ACE Moharram Bakhoum and Projacs \u2014 after they <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a17d358-3e3c-4799-98ed-00b86c3ee923\">were awarded<\/a> an EGP 410 mn tender.<\/p>\n<p><strong>This also included local manufacturing of railway parts: <\/strong>The government plans to reach a 25% local component quota for the nation\u2019s railway system over the next two years, which will rise to 75% in six years. In preparation of this, South Korea\u2019s Hyundai Rotem and the National Egyptian Railway Industries Company (NERIC) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1a3b99d8-b931-4dac-a35c-96a82d0d3b0a\">signed an MoU<\/a> back in May to locally produce railcars, signaling systems, and control and driving equipment. The country is also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f845b95d-a802-4080-b2ab-6b30d639de46\">establishing a facility<\/a> that will produce rail cars in the Suez Canal Economic Zone, with four companies currently in the bidding.<\/p>\n<p><strong>But a whole lot went towards advanced transportation that connected our new cities: <\/strong>Plans for the high-speed electric rail began to materialize this year as construction kicked off. The high-speed railway will connect the Red Sea to the Mediterranean and the government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13c77944-a194-421e-b52d-c3ab09523df6\">signed a USD 4.5 bn agreement<\/a> with several companies to install and maintain the first 660 km line which should take <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2c1eb45-5690-4c95-9c2e-cc6491e050f5\">two years to complete<\/a>. Meanwhile, work is ongoing on the two planned monorail lines that will link 6 October City to Giza and Nasr City to the new administrative capital. A consortium of Bombardier Transportation, Orascom Construction and Arab Contractors were tapped to implement the <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/06\/egypt-signs-usd-4-5-bn-agreement-for-monorails-to-giza-and-new-capital\/\">USD 4.5 bn project<\/a> in May 2019.<\/p>\n<p><strong>Meanwhile, the light rail train (<\/strong><strong><a href=\"https:\/\/enterprise.press\/hardhats\/project-profile-el-salam-new-administrative-capital-tenth-ramadan-light-rail-train\/\">LRT<\/a><\/strong><strong>) project seems like it could be the first project to come to life<\/strong>. The 103.3 km network that runs primarily through East Cairo\u2019s new desert cities connecting El Salam, to Al Obour, Al Shorouk, Badr, Rubiki, 10th of Ramadan and Belbeis has begun test runs and is about 95% complete, Transport Minister Kamel El Wazir had said. The trials are set to wrap by the end of March, with an eye to launch in April.<\/p>\n<p><strong>But when it comes to urban transportation, the government is rethinking things, starting with the Cairo Ring Road\u2019s new <\/strong><strong><a href=\"https:\/\/enterprise.press\/hardhats\/cairos-ring-road-isnt-just-getting-wider-its-getting-a-brt-lane-heres-why-thats-a-great-idea\/\">BRT system<\/a><\/strong>. The Ring Road is undergoing a major EGP 7.3 bn overhaul which is set to widen the congested 106 km freeway to 16 lanes as well as include an exclusive BRT (bus rapid transit) lane that could soon replace microbuses and other forms of public transit. The project was previously expected to be completed by the end of this year.<\/p>\n<p><strong>But nothing seems to be more transformational than the plan to transition our cars to run on natgas: <\/strong>The government launched the multi-year natgas transition plan <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b5707a29-852e-45dd-9669-ca7ae07a58da\">in March<\/a> which aims to replace car engines powered by traditional fuels with dual-fuel engines that run on both gasoline and natural gas. The first phase was expected to see 250k outfitted with new engines by the end of 2023 while the entire initiative would affect 1.8 mn cars over the course of a decade. However, the plan soon ran into problems as the <a href=\"https:\/\/enterprise.press\/hardhats\/egypts-auto-sector-is-not-immune-to-the-global-chip-crisis\/\">global chip shortage<\/a> derailed the timeline and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91a7b5ab-6493-45f2-992b-422c294c8c39\">caused prices to increase<\/a>. Last we heard, the scheme gave out almost 7.7k natgas-run cars, almost half of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/351b97a5-2950-492f-8fb5-9032138878a3\">targeted 15k cars<\/a> for this year.<\/p>\n<p><strong>An overhaul brought to you by the private sector: <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/920c15d4-7325-4cc6-8b49-56b58a9321b8\">Back in April<\/a>, plans were announced that would allow private rail companies to be brought on as operators of new trains the government is adding to Egypt\u2019s existing railway network. The government is separately looking to set up a JV with the private sector to own Egyptian National Railways\u2019 cargo transport arm and set up companies to house several railway workshops in a bid to boost the efficiency and quality of rolling stock maintenance. Since then, nine private sector companies have been contracted to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1021af6f-e77a-4670-9ade-11eebebd1b56\">manage and operate<\/a> several of Egypt\u2019s upcoming transportation projects, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ee9f3a01-09ea-42cf-8afb-63027f892ce0\">especially those in the railway sector<\/a>.<\/p>\n<p><strong>\u2026And enabled by the PPP Act: <\/strong>The Public-Private Partnership (PPP) Act <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/352bc0fd-1485-4e6e-ba3c-1eebfb98494f\">was given final approval<\/a> by The House in mid-November. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91cf3226-5bd2-467e-bf88-05b55aad3330\">piece of legislation<\/a> aims to streamline partnership contracts between the public and private sector in fields including transport, energy, communications, and healthcare. It would add provisions meant to ensure higher quality standards and simplify the tender process through which government contracts with private businesses. Several big projects are already underway under this partnership model including several housing projects by the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd0307b2-f298-4860-aa32-8c395f14f575\">Mortgage Finance Fund<\/a>, the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40d18b27-5b81-4c55-a728-4768f13b5ee9\">Cairo monorail<\/a>, as well as the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/65e8b72c-aa5c-4929-89aa-baa9e4a8319f\">Sixth of October and Tenth of Ramadan dry ports<\/a>.<\/p>\n<p><strong>This pivot towards a private sector-managed infrastructure appears to have lured companies in: <\/strong>International companies have also jumped into the mix to do everything from constructing or operating the projects to upgrading or providing trains and metro cars. Egypt signed 21 new agreements with foreign firms <a href=\"https:\/\/enterprise.press\/hardhats\/egypt-signs-21-major-agreements-overhaul-metro-railways-maritime-transport\/\">in November<\/a> at the Transmea Conference.<\/p>\n<p><strong>\u2026And foreign funding: <\/strong>Egypt received several loans and credit lines from international finance institutions to cover the costs of implementation. The International Bank for Reconstruction and Development (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df62a14f-beeb-4512-b5df-b4c75fc9964a\">IBRD<\/a>), <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c14b3c12-052f-4efd-86c7-7bdaf219d493\">Japanese International Cooperation Agency<\/a>, European Bank for Reconstruction and Development (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6892cd42-3fe0-4e7e-9c22-7e2ebf8b825e\">EBRD<\/a>), <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e570aa9-e0d3-4108-9087-7e6656ed9fd2\">World Bank<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cdd0a072-bb1b-49be-a141-f7ed73b40f18\">JPMorgan<\/a>, and European Investment Bank (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/938de63d-cd26-42a8-991e-5deaed5d28a0\">EIB<\/a>) were among the most notable financers for our transport-related ambitions this year.<\/p>\n<p><strong>But will all this be enough to stave off railway crashes? <\/strong>Following a string of railway accidents earlier this year, we posed this question to industry insiders, <a href=\"https:\/\/enterprise.press\/hardhats\/real-problem-egypts-rail-network-probably-people-not-physical-infrastructure\/\">who told us<\/a> that while infrastructure upgrades were key, much of what is hurting us on the railway front was the lack of training afforded to its workers. This assessment was backed by the World Bank, which said about 1k train accidents happen annually in Egypt due to the lack of safety enforcement and human errors. The government has made promises since to double down on training staff and issued regulations that could see public-sector employees be automatically dismissed if they test positive for illegal substances.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Mitsubishi interested in Egypt green hydrogen projects?<\/strong> Representatives of the Japanese firm <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0393bae3-63d8-4053-935f-39e95f3e8377\">discussed working with the Oil Ministry<\/a> on clean energy projects such as green hydrogen and carbon capture.<\/li>\n<li><strong>Al Nowais eyes Egypt desalination, hydro projects:<\/strong> Emirati investment company Al Nowais is looking to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e42eaa4-72ef-4df4-9fe9-3aca1390a681\">get involved in desalination and green hydrogen projects<\/a> in Egypt.<\/li>\n<li><strong>Aswan-Toshka rail:<\/strong> The Transport Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40b8a26f-466b-4577-bc35-e525d7d1267c\">is in negotiations<\/a> with five international financial institutions to help fund the construction of the planned Aswan-Toshka railway line.<\/li>\n<li><strong>A <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0393bae3-63d8-4053-935f-39e95f3e8377\">commercial and logistical zone<\/a><\/strong><strong> is coming to Dakahlia\u2019s Talkha<\/strong>, where investors will be able to purchase units in 1Q2022.<\/li>\n<li><strong>Rebates for liquefied natural gas (LNG) carriers will be dialed back <\/strong>from 1 January until 30 June 2022, according to a Suez Canal Authority <a href=\"https:\/\/www.suezcanal.gov.eg\/Arabic\/Navigation\/NavigationCirculars\/Pages\/PC_21-12-2021.aspx\">circular<\/a>. Rebates for carriers out of Singapore and other Far East ports will now be set at 70%, while Gulf carriers will pay 35% less. Ports located between India and Singapore will get a 55% break.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aci\/\">ACI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/advanced-cargo-information\/\">Advanced Cargo Information<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/high-speed-rail\/\">high-speed rail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/light-rail-train\/\">Light rail train<\/a>\n               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id=\"post-554179\" class=\"content-area-description single-story post-554179 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>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>25 December (Saturday): Jobzella <a href=\"https:\/\/www.facebook.com\/events\/the-greek-campus\/jobzellas-fifth-career-fair\/3304920816283974\/\">Career Fair<\/a> at the GrEEK Campus, 11am-6pm.<\/p>\n<p>25 December (Saturday): Western Christmas.<\/p>\n<p>26 December (Sunday): The House of Representatives returns from recess.<\/p>\n<p>31 December (Friday): Deadline for property owners to pay second installment of real estate taxes without late fees.<\/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>1Q2022: Egypt will begin <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfe7607a-1e8a-44f3-b3bd-69a00b463d71\">exporting<\/a> natural gas to Lebanon.<\/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>1Q2022: Waste collection startup Bekia plans to expand to the UAE and Saudi Arabia.<\/p>\n<p>1H2022: Target date for IDH to close its acquisition of 50% of Islamabad Diagnostic Center.<\/p>\n<p>1H2022: The World Economic Forum annual meeting, location TBD.<\/p>\n<p>1H2022: e-Finance\u2019s digital healthcare service platform, eHealth, will launch its services.<\/p>\n<p>January 2022: Tenth of Ramadan dry port tender to be launched.<\/p>\n<p>January 2022: NilePreneurs is launching a <a href=\"https:\/\/bit.ly\/30M5x6Q\">training program<\/a> that aims to increase the industrial capacity of SMEs in the automobile manufacturing, home appliances and engineering industries.<\/p>\n<p>January 2022: <a href=\"https:\/\/alborsaanews.com\/2021\/12\/20\/1492507\">Regulations<\/a> for installing EV charging stations will be published.<\/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>Second half of January 2022: Egypt <a href=\"https:\/\/alborsaanews.com\/2021\/11\/23\/1483989\">will host<\/a> the Egyptian-Bahraini Joint Committee.<\/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>End of January 2022: The Egyptian-Romanian business forum will take place with the aim of strengthening joint investment relations.<\/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>Mid-February 2022: End of grace period to comply with new minimum wage for firms who sent in exemption requests.<\/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>15-18 June 2022: <a href=\"https:\/\/forumspb.com\/en\/\">St. Petersburg International Economic Forum<\/a> (SPIEF), St. Petersburg.<\/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>End of 1H2022: Emirati industrial company M Glory Holding and the Military Production Ministry will begin the mass production of dual fuel pickup trucks that can run on natural gas.<\/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>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish below between the actual holiday and its observance.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":554151,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-554150","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"d986d41b-8c27-489f-b997-ffbc90078cb6","teaser":"","photo_url":"https:\/\/ent.news\/2021\/12\/444.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>Thousands of companies just got a temporary reprieve on the new minimum wage - 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\/thousands-of-companies-just-got-a-temporary-reprieve-on-the-new-minimum-wage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Thousands of companies just got a temporary reprieve on the new minimum wage\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/thousands-of-companies-just-got-a-temporary-reprieve-on-the-new-minimum-wage\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T00:24:30+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\/444.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\/thousands-of-companies-just-got-a-temporary-reprieve-on-the-new-minimum-wage\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/thousands-of-companies-just-got-a-temporary-reprieve-on-the-new-minimum-wage\/\",\"name\":\"Thousands of companies just got a temporary reprieve on the new minimum wage - 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