{"id":556251,"date":"2021-10-18T04:04:57","date_gmt":"2021-10-18T04:04:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=556251"},"modified":"2025-12-16T01:13:37","modified_gmt":"2025-12-16T01:13:37","slug":"enterprise-the-finance-ministry-is-lining-up-new-business-incentives-economic-reforms","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/enterprise-the-finance-ministry-is-lining-up-new-business-incentives-economic-reforms\/","title":{"rendered":"Enterprise The Finance Ministry is lining up new business incentives + economic reforms"},"content":{"rendered":"<section id=\"556253\" 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=\"556253\">\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\/10\/18\/this-morning-senate-to-discuss-cgt-oil-keeps-climbing-new-apple-and-google-gadgets\/\">\r\n                            THIS MORNING: Senate to discuss CGT, oil keeps climbing + New Apple and Google gadgets                        <\/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\/10\/18\/this-morning-senate-to-discuss-cgt-oil-keeps-climbing-new-apple-and-google-gadgets\/\" 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\/10\/18\/this-morning-senate-to-discuss-cgt-oil-keeps-climbing-new-apple-and-google-gadgets\/')\">\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\/10\/18\/this-morning-senate-to-discuss-cgt-oil-keeps-climbing-new-apple-and-google-gadgets\/\">\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: Senate to discuss CGT, oil keeps climbing + New Apple and Google gadgets&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/this-morning-senate-to-discuss-cgt-oil-keeps-climbing-new-apple-and-google-gadgets\/\">\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\/10\/18\/this-morning-senate-to-discuss-cgt-oil-keeps-climbing-new-apple-and-google-gadgets\/&title=THIS MORNING: Senate to discuss CGT, oil keeps climbing + New Apple and Google gadgets\">\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+Senate+to+discuss+CGT%2C+oil+keeps+climbing+%2B+New+Apple+and+Google+gadgets+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F18%2Fthis-morning-senate-to-discuss-cgt-oil-keeps-climbing-new-apple-and-google-gadgets%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\/10\/18\/this-morning-senate-to-discuss-cgt-oil-keeps-climbing-new-apple-and-google-gadgets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556253\" class=\"content-area-description single-story post-556253 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-energy tag-enterpriseam tag-investment-watch tag-qatar tag-tax tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>From the biggest IPO we\u2019ve seen in years to government incentives for the private <\/strong><strong>sector and progress on a closely watched fintech bill<\/strong>, it\u2019s a really busy newsday in a city that is looking forward to the last long weekend of 2021.<\/p>\n<p><strong>And it\u2019s just going to get busier <\/strong>through Wednesday morning. Here\u2019s how it\u2019s all looking:<\/p>\n<p><strong>The CGT could soon be on the Senate\u2019s radar: <\/strong>Senator Ahmed Samir Zakaria has joined the chorus of voices speaking out against the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc92b9f8-5427-446f-a7dc-2960cc4d17a4\">10% capital gains tax<\/a>, saying in an <a href=\"https:\/\/ent.news\/2021\/10\/246238505_10158243225150866_3160645632175893053_n-converted.pdf\">official letter (pdf)<\/a> to Senate Speaker Abdel Wahab Abdel Razek that the proposed levy threatens Egypt\u2019s long-term goal to become more investor-friendly. Zakaria proposed running a series of meetings to discuss the feasibility of the capital gains tax in the upper house of parliament.<\/p>\n<p><strong>What\u2019s the CGT?<\/strong> The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc92b9f8-5427-446f-a7dc-2960cc4d17a4\">10% tithe<\/a> would hit the net realized portfolio gains each tax year of domestic investors on the EGX. After years of delays, Finance Minister Mohamed Maait has said the tax will come into effect on 1 January 2022. Many, from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c2c1caa5-fc27-44e7-951c-36c10bb90833\">fund managers<\/a> to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a18b5bd-6aa7-41b8-bc36-97b67821b333\">figures from the securities industry and MPs<\/a> have voiced concerns about the timing of introducing the tax, asking for it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1154689d-294f-4d45-95b4-84a76d67466c\">to be postponed<\/a> after having been already pushed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1154689d-294f-4d45-95b4-84a76d67466c\">several times<\/a>. Some are also suggesting replacing it with another levy, or scrapping it entirely to protect a still-recovering EGX. A related drive could put the tax <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ba26933-d9ec-412a-b7a5-dbcc9c02b840\">on the agenda of the House Planning and Budget Committee<\/a>.<\/p>\n<p><strong>SMART POLICY- The government is aiming to increase the number of prepaid water <\/strong><strong>meters<\/strong> installed in homes to 16.6 mn by 2030, in a bid to reduce water waste, cabinet said in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/251335840370177\">statement<\/a>.<\/p>\n<p><strong>THE BIG STORY ABROAD- It\u2019s all about China this morning. <\/strong>The Financial Times\u2019 exclusive that <a href=\"https:\/\/www.ft.com\/content\/ba0a3cde-719b-4040-93cb-a486e1f843fb\">China launched a hypersonic missile<\/a> that stunned the US intelligence community is still leading the FT\u2019s front page \u2014 and is now being referred to by the commentariat as <strong><a href=\"https:\/\/www.politico.com\/newsletters\/playbook\/2021\/10\/17\/a-new-sputnik-moment-494730\">a \u201cSputnik moment\u201d for the United States<\/a><\/strong> (readers will remember we flagged the missile story yesterday). Meanwhile, <strong>China\u2019s 3Q growth figures are out, and they\u2019re grim: <\/strong>Growth slowed sharply to 4.9% thanks to the twin energy and supply chain crises. The story leads the front pages everywhere from <a href=\"https:\/\/www.cnbc.com\/2021\/10\/18\/china-economy-third-quarter-gdp-data-grows-4point9percent-missing-expectations.html\">CNBC<\/a> to the <a href=\"https:\/\/www.wsj.com\/articles\/china-third-quarter-economic-growth-slows-sharply-to-4-9-11634522925?mod=hp_lead_pos3\">Wall Street Journal<\/a> and <a href=\"https:\/\/www.reuters.com\/world\/china\/china-q3-gdp-growth-hits-1-year-low-raising-heat-policymakers-2021-10-17\/\">Reuters<\/a>.<\/p>\n<p><strong>Oil prices have hit new highs around the world<\/strong>, with Brent crude (the international benchmark) touching a high <a href=\"https:\/\/www.reuters.com\/business\/energy\/oil-prices-climb-highest-years-covid-recovery-power-generators-stoke-demand-2021-10-18\/\">we haven\u2019t seen since October 2018<\/a> and WTI (the US price) reaching a peak unseen since October 2014.<\/p>\n<p><strong>Qatar smells opportunity, saying it has begun construction on <\/strong><strong>up<\/strong><strong> to<\/strong><strong> four giant new natural <\/strong><strong>gas liquefaction facilities <\/strong>it expects will help it raise its annual production of LNG to 110 mn tonnes a year from 77 mn currently, Qatargas, the world\u2019s largest LNG producer, <a href=\"https:\/\/twitter.com\/Qatargas\/status\/1449706606401245185?s=20\">said yesterday<\/a>. The gas-rich Gulf nation said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6126bde0-d771-42f4-8bb6-4f14934b71f5\">last week<\/a> that it had maxed out its production capacity despite high demand from other countries amid the ongoing energy crisis. <strong>The statement doesn\u2019t make clear when the new facilities are set to start operations<\/strong>, but it could be years depending on when construction begins \/ began.<\/p>\n<p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n<p><strong>EBRD Vice President of Banking Alain Pilloux is in town through Wednesday<\/strong> for <a href=\"https:\/\/ent.news\/2021\/10\/EBRD-Pilloux-Egypt-visit.pdf\">a series of high-level meetings (pdf).<\/a><\/p>\n<p><strong>i-Sheep PSA:<\/strong> A Mac revamp and new AirPods are among new tech <a href=\"https:\/\/www.cnbc.com\/2021\/10\/16\/apple-event-preview-macbook-pro-expected-to-get-apple-chip.html\">expected to be unveiled<\/a> at Apple\u2019s launch event today. You can catch a <a href=\"https:\/\/www.youtube.com\/watch?v=exM1uajp--A&ab_channel=Apple\">livestream here<\/a>; it kicks off tomorrow at 10 am PDT, or 7 pm CLT for the folks tuning in from home. Bloomberg\u2019s Mark Gurman <a href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2021-10-17\/when-will-new-apple-aapl-macbook-pro-launch-as-soon-as-monday-kuvjbbne\">has the rundown on everything you can expect.<\/a><\/p>\n<p><strong>Google will debut its new Pixel <\/strong>phones (the 6 and the 6 Pro) tomorrow night at the same time (<a href=\"https:\/\/pixelevent.withgoogle.com\/\">watch here<\/a>).<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>MARKET WATCH- Investors should brace themselves for a wave of market volatility<\/strong> that is bound to kick in as soon as the Fed begins to roll back its massive crisis-era stimulus, <strong>Mohamed El Erian<\/strong>, the Allianz chief economist and Queens\u2019 College president, said on Fox News yesterday (<a href=\"https:\/\/www.youtube.com\/watch?v=A3snvmWFXFE&ab_channel=EmolumentsClause\">watch, runtime: 9:10<\/a>). \u201cI worry a little bit that this wonderful world we\u2019ve been living in of low volatility \u2026 may come to a stop with higher volatility, but a lot depends on behavioral changes,\u201d El Erian said.<\/p>\n<p><strong>High inflation here to stay?<\/strong> The market sage also <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-17\/el-erian-says-investors-should-prepare-for-bigger-market-swings?sref=mmeFTDW1\">dispelled<\/a> the US Federal Reserve\u2019s much-challenged narrative that high inflation is transitory. \u201cWe should look forward to another year at least of high and persistent inflation,\u201d he says, adding that the two main problems, inflation and supply chain bottlenecks, are only partially due to transitory reasons.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Fall conference season is still going strong.<\/strong> Among the exhibitions and business events here and throughout the region:<\/p>\n<ul>\n<li><strong>The <\/strong><strong><a href=\"https:\/\/gitex.com\/\">GITEX Global<\/a><\/strong><strong> at the Dubai World Trade Center kicks off today and runs through this Thursday. <\/strong>The event brings together players in Big Tech to discuss what\u2019s next in areas such as AI, cloud, 5G, cybersecurity, blockchain, and more.<\/li>\n<li><strong><a href=\"https:\/\/www.cairowaterweek.eg\/\">Cairo Water Week<\/a><\/strong><strong> begins next Sunday, 24 October.<\/strong> The annual event will wrap next Thursday, 28 October.<\/li>\n<li>The two-day <strong><a href=\"https:\/\/platforms-root-technologies.com\/icec-2021\/\">Intelligent Cities Exhibition & Conference<\/a><\/strong><strong> takes place next Wednesday and Thursday<\/strong>, 27 and 28 October.<\/li>\n<li><strong>Later this month: <\/strong>The Middle East Angel Investment Network is hosting its <a href=\"http:\/\/mainmena.com\/conference\/4\">Angel Oasis<\/a> in El Gouna on 27-29 October, with separate pricing for in-person and virtual attendance.<\/li>\n<\/ul>\n<p><strong>Entrepreneurs in Egypt: You have one month to apply for the <\/strong><strong>acceleration<\/strong><strong> exchange program Meet Silicon Valley<\/strong>, which will take a group of entrepreneurs to California for a 10-day program to meet with tech executives and investors. The program is being implemented by Injaz Egypt and TechWadi with the support of the US Embassy in Egypt. Startup founders must be between the ages of 23 and 35 to be eligible for the program. The deadline for applications is 15 November, and you can check out the full criteria and program details <a href=\"https:\/\/msv.untapcompete.com\/?fbclid=IwAR13R-rnoig33BYTI_ncO_haWFxQ45-xba8lgRLofAtwcAlT_E9FQ0jTVZA\">here<\/a>.<\/p>\n<p><strong>(Much) further down the road:<\/strong> A conference and exhibition on MENA healthcare is coming to Egypt in June 2022, head of the Egyptian Authority for Unified Procurement Bahaa El Din Zidan said last week, according to <a href=\"https:\/\/english.ahram.org.eg\/News\/429019.aspx\">Ahram Online<\/a>.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> Egyptian universities were well represented in the newly-published QS 2022 World University Rankings: Arab Region. This continues a trend we identified last week, of more Egyptian universities being featured in prestigious ranking systems, with private universities in particular seeing notably higher levels of representation. The Times Higher Education rankings put a bigger emphasis on teaching, research and citations, while QS heavily weights academic reputation, employer reputation and faculty\/student ratios. We take a look at how Egyptian universities fared in the QS rankings, compared to other ranking systems, and examine how important these rankings actually are to universities.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/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=\"556254\" 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=\"556254\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/556254\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556254\" class=\"content-area-description single-story post-556254 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/Discover-Somabay-780.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>This is your shortcut to a comprehensive platform, designed to bring you closer to 10 mn m2 of incomparable experiences, and a colorful art gallery inspired by the natural beauty of Somabay.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"556255\" 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=\"556255\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/new-business-incentives-are-in-the-works-at-the-finance-ministry-heres-the-rundown-from-vice-minister-of-finance-ahmed-kouchouk\/\">\r\n                            New business incentives are in the works at the Finance Ministry \u2014 here\u2019s the rundown from Vice Minister of Finance Ahmed Kouchouk                        <\/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\/10\/18\/new-business-incentives-are-in-the-works-at-the-finance-ministry-heres-the-rundown-from-vice-minister-of-finance-ahmed-kouchouk\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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And while a significant portion of that during the 2016 economic reform agenda had been focused on roping in as many business into the tax rolls, the ministry is now planning a series of incentives designed to help businesses in sectors it identifies as key grow \u2014 consequently, raising tax revenues, Vice Minister of Finance Ahmed Kouchouk tells us in Part 2 of our exclusive interview.<\/p>\n<p><strong>Among the ministry\u2019s priorities on the incentive front:<\/strong><\/p>\n<ul>\n<li>Extending the current freeze on electricity prices for industry;<\/li>\n<li>A new incentive program for local automotive assembly (in the works <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e559ec44-1e09-432a-9abe-5e72d489b72e\">since 2016<\/a>)<\/li>\n<li>\u201cEconomic Reform Program 2.0,\u201d which will pick up where the IMF-led program Egypt completed two years ago left off.<\/li>\n<li>A revamped export subsidies program<\/li>\n<\/ul>\n<p><strong>THE BIG THEME- Kouchouk says the programs are being revamped to reward high-performing companies<\/strong> that build on the value-added components of their products and grow exports.<\/p>\n<p>Below are edited excerpts from our conversation:<\/p>\n<p><strong>AUTOMOTIVE INDUSTRY- The government is working on a new incentive program that targets the auto assemblers<\/strong>, Kouchouk said. The aim is to target larger auto assemblers with output of over 10k cars a year and who source over 45% of inputs locally.<\/p>\n<p><strong>The new program is designed to replace the now-defunct automotive directive<\/strong>, which we note <a href=\"https:\/\/enterprise.press\/stories\/2018\/03\/13\/what-were-tracking-on-13-march-2018\/\">never saw the light of day<\/a> after it drew criticism from the EU for breaching trade terms. Draft legislation to move forward with the new incentive program made its way to the House after getting a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6bd36341-d6ce-4392-a88a-095b88199fe2\">nod from cabinet in 2020<\/a>, but was recalled by authorities from the hands of legislators <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/96fac44d-23ee-4009-98e8-f5851dfb1b80\">earlier this year<\/a> for a closer look. The legislative framework is expected to boost the auto industry through infrastructure improvements and trade agreements with other countries.<\/p>\n<p><strong>ENERGY PRICES- The brewing global energy crisis will only bring more attention to Egypt\u2019s use of energy<\/strong>, which has been an issue for the Sisi administration since the president\u2019s first term as it has tackled decades of ruinous energy subsidies. Now, the government is looking to help keep energy bills affordable for industry at a great cost to the state, Kouchouk says.<\/p>\n<p><strong>Now, manufacturers can look forward to a few more years without electricity price hikes:<\/strong> The government plans to keep electricity price fixed for another few years. Factories were\u00a0 spared the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8524ce4-c8d0-4b1d-b450-a125c9879398\">most recent hikes<\/a> in electricity prices.<\/p>\n<p><strong>This had come at a great cost to the state coffers, as keeping prices fixed has so far cost the state EGP 10 bn,<\/strong> Kouchouk noted.<\/p>\n<p><strong>This will likely shield factories from the worst of the global energy crisis<\/strong>, which has seen Natgas futures rise to USD 5.4 \/ mmbtu, and Brent crude futures rising to USD 84.86\/bbl.<\/p>\n<p><strong>EXPORT SUBSIDIES- The government is planning to dole out EGP 8 bn this fiscal year <\/strong>for the new export subsidies plan, which received the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fce00ffd-bb84-45f5-a94c-45dec89571da\">greenlight from the cabinet last June<\/a>, Kouchouk tells us.<\/p>\n<p><strong>The new export subsidy program will care very much about performance: <\/strong>The new system will focus more closely on \u201cthe performance of exporters\u201d \u2014 and introduce a sliding scale of incentives that become larger as an exporter\u2019s use of local components increases, he added.<\/p>\n<p><strong>The program also targets new industries in governorates selling to new destinations:<\/strong> The revamped program aims to boost domestic manufacturing, push for export growth from Upper Egypt and other regions outside of Cairo and Alexandria, as well as drive sales to Africa. The new program will replace an EGP 6 bn plan that fell out of favor with the nation\u2019s exporters shortly after the government started it in FY2019-2020 \u2014 mainly due to a <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/02\/egypt-to-get-more-clarity-on-export-subsidies-program-as-govt-issues-executive-regs-7497\/\">lack of clarity in its executive regulations<\/a> and delays in doling out the subsidies.<\/p>\n<p><strong>On that front, the government has already paid out some EGP 23 bn in overdue export subsidies<\/strong>, Kouchouk tells us.<\/p>\n<p><strong>ECONOMIC REFORM 2.0 will also target new industries, <\/strong>including agriculture and tech, Kouchouk said. You can read a refresher on the new three-year program <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/880fe75b-3a07-477a-93c3-c87eaad7936f\">here<\/a>.<\/p>\n<p><strong>MISSED PART 1?<\/strong> Kouchouk discussed how Egypt\u2019s debt strategy is adapting to the new times, including the timing of our next eurobond issuance, new debt instruments in the works and how Egypt can withstand a Fed stimulus tempering. You can read the full interview <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e057d921-0f82-4059-a155-a4a702146e2a\">here<\/a>.<\/p>\n<p>\u00a0<\/p>\n<p><em>CORRECTED ON 18 October\u00a0<\/em><\/p>\n<p>The government is keeping electricity prices frozen for the next two years, not natural gas prices (which we incorrectly said it would hold for five years) as was previously written.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-kouchouk\/\">Ahmed Kouchouk<\/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\/finance-ministry\/\">Finance 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=\"556257\" 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=\"556257\">\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\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/no-entry-into-government-institutions-for-the-unvaccinated-starting-december\/\">\r\n                            No entry into government institutions for the unvaccinated starting December                        <\/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\/10\/18\/no-entry-into-government-institutions-for-the-unvaccinated-starting-december\/\" 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\/10\/18\/no-entry-into-government-institutions-for-the-unvaccinated-starting-december\/')\">\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\/10\/18\/no-entry-into-government-institutions-for-the-unvaccinated-starting-december\/\">\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=No entry into government institutions for the unvaccinated starting December&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/no-entry-into-government-institutions-for-the-unvaccinated-starting-december\/\">\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\/10\/18\/no-entry-into-government-institutions-for-the-unvaccinated-starting-december\/&title=No entry into government institutions for the unvaccinated starting December\">\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=No+entry+into+government+institutions+for+the+unvaccinated+starting+December+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F18%2Fno-entry-into-government-institutions-for-the-unvaccinated-starting-december%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\/10\/18\/no-entry-into-government-institutions-for-the-unvaccinated-starting-december\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556257\" class=\"content-area-description single-story post-556257 post type-post status-publish format-standard hentry category-covid-watch tag-covid-19 tag-enterpriseam tag-health-ministry tag-vaccines 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>Starting 1 December<\/strong><strong>, unvaccinated folks won\u2019t be allowed into government institutions<\/strong>, the Health Ministry said in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/251376760366085\">statement<\/a> yesterday. The new decision will apply first to government employees, who won\u2019t be allowed into their workplaces unjabbed starting 15 November, unless they get a negative PCR test every week, the ministry said. The news is getting plenty of attention from the domestic press and on the state\u2019s various social media feeds.<\/p>\n<p><strong>New EGP 1 bn spending package for covid: <\/strong>The government has set aside EGP 1 bn it plans to use for covid-related spending, the ministry said without revealing further details.<\/p>\n<p><strong>The Health Ministry reported 871 new covid-19 infections yesterday<\/strong>, down from 874 the day before. Egypt has now disclosed a total of 318,456 confirmed cases of covid-19. The ministry also reported 44 new deaths, bringing the country\u2019s total death toll to 17,970.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/health-ministry\/\">Health Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vaccines\/\">vaccines<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"556258\" 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=\"556258\">\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\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/foreign-institutions-lining-up-for-e-finances-ipo-sarhan\/\">\r\n                            Foreign institutions lining up for e-Finance\u2019s IPO \u2013Sarhan                        <\/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\/10\/18\/foreign-institutions-lining-up-for-e-finances-ipo-sarhan\/\" 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\/10\/18\/foreign-institutions-lining-up-for-e-finances-ipo-sarhan\/')\">\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\/10\/18\/foreign-institutions-lining-up-for-e-finances-ipo-sarhan\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Foreign institutions lining up for e-Finance\u2019s IPO \u2013Sarhan&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/foreign-institutions-lining-up-for-e-finances-ipo-sarhan\/\">\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\/10\/18\/foreign-institutions-lining-up-for-e-finances-ipo-sarhan\/&title=Foreign institutions lining up for e-Finance\u2019s IPO \u2013Sarhan\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Foreign+institutions+lining+up+for+e-Finance%E2%80%99s+IPO+%E2%80%93Sarhan+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F18%2Fforeign-institutions-lining-up-for-e-finances-ipo-sarhan%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\/10\/18\/foreign-institutions-lining-up-for-e-finances-ipo-sarhan\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/190.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"556259\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/foreign-institutions-lining-up-for-e-finances-ipo-sarhan\/190-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/190.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"190.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/190.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/190.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556258\" class=\"content-area-description single-story post-556258 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-e-finance tag-enterpriseam tag-healthcare tag-ipo-watch tag-universal-healthcare-scheme 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>Foreing investors had heavy appetite for shares of e-Finance<\/strong>, the state-owned fintech platform and payments infrastructure provider whose ongoing offering on the Egyptian Exchange is set to be the largest IPO that Egypt has seen in years. The bankers quarterbacking the transaction have yet to release official figures, but you can expect to hear that <strong>foreign fund managers accounted for about 70% of demand for the offering to institutional investors<\/strong>, according to a chat last night between e-Finance Chairman and CEO Ibrahim Sarhan and nighttime talkshow queen Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=u1d8SzwryKg\">watch, runtime: 6:50<\/a>). <strong>The institutional offering was covered about 6.8x over<\/strong>, Sarhan added.<\/p>\n<p><strong>Look for trading of e-Finance shares to begin on Wednesday<\/strong>, Sarhan told El Hadidi. Shares will open at EGP 13.98 each, meaning the IPO is worth about EGP 5.8 bn (USD 367 mn).<\/p>\n<p><strong>The offering to individual investors was as heavily oversubscribed as you would <\/strong><strong>expect given (a) intense retail interest and (b) the small size of the offering <\/strong>to folks who aren\u2019t running institutional or quasi-institutional money. The retail component of the IPO officially closed yesterday 61.4x oversubscribed, the <a href=\"https:\/\/ent.news\/2021\/10\/e-Finance-subscription-17-Oct21.jpg\">EGX said<\/a> in a bulletin at the end of trading. Retail investors placed bids for a total of 1.6 bn shares. The company offered just 25.78 mn shares to individual investors. The IPO will see e-Finance selling 417.8 mn shares (or 26.1% of the company). e-Finance had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/38a6850e-751d-4b79-b6cd-62dc9a9de56e\">raised the size of its offering<\/a> from 257.8 mn shares (16.1%) last week.<\/p>\n<p><strong>Advisors:<\/strong> Renaissance Capital, CI Capital and Al Ahly Pharos are quarterbacking e-Finance\u2019s IPO as co-lead managers. NI Capital is acting as the IPO advisor for the listing. Zaki Hashem & Partners has been appointed as counsel to e-Finance, while Norton Rose Fulbright is acting as US counsel to the co-lead managers. Inktank is the investor relations advisor.<\/p>\n<p><strong>Ahead of its highly anticipated EGX debut, e-finance has launched a digital healthcare<\/strong><strong> service platform<\/strong> with the <a href=\"http:\/\/www.uhia.gov.eg\/\">Universal<\/a><a href=\"http:\/\/www.uhia.gov.eg\/\">Health Ins. Authority (UHIA)<\/a>, according to a <a href=\"https:\/\/ent.news\/2021\/10\/e-health-company-annoucment.pdf\">company statement (pdf)<\/a>. The company, named eHealth, is a platform that provides comprehensive and integrated services to the healthcare sector, from managing and operating the daily operations of ins. and health technology systems to technical support services and consulting. The platform will manage and operate the tech backbone of the government\u2019s universal healthcare scheme.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/e-finance\/\">e-finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/universal-healthcare-scheme\/\">universal healthcare scheme<\/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=\"556260\" 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=\"556260\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/house-committee-gives-final-nod-to-proposed-fintech-law\/\">\r\n                            House committee gives final nod to proposed fintech law                        <\/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\/10\/18\/house-committee-gives-final-nod-to-proposed-fintech-law\/\" 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\/10\/18\/house-committee-gives-final-nod-to-proposed-fintech-law\/')\">\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\/10\/18\/house-committee-gives-final-nod-to-proposed-fintech-law\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=House committee gives final nod to proposed fintech law&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/house-committee-gives-final-nod-to-proposed-fintech-law\/\">\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\/10\/18\/house-committee-gives-final-nod-to-proposed-fintech-law\/&title=House committee gives final nod to proposed fintech law\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=House+committee+gives+final+nod+to+proposed+fintech+law+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F18%2Fhouse-committee-gives-final-nod-to-proposed-fintech-law%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\/10\/18\/house-committee-gives-final-nod-to-proposed-fintech-law\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556260\" class=\"content-area-description single-story post-556260 post type-post status-publish format-standard hentry category-legislation-watch tag-enterpriseam tag-financial-regulatory-authority tag-fintech tag-legislation-watch tag-non-banking-financial-services 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> The House of Representatives\u2019 CIT Committee yesterday gave final approval to a<\/strong> <strong>draft law to regulate Egypt\u2019s fintech sector<\/strong>, <a href=\"https:\/\/bit.ly\/3FUVonT\">Al Mal<\/a> reports. The proposed law would govern fintech use by non-banking financial services (NBFS) providers, as well as put the Financial Regulatory Authority in charge of overseeing the fintech space. Under the draft approved yesterday, NBFS players that want to use fintech will need to obtain approval from the FRA by submitting a standard request form, along with proof the company has sufficient capital.<\/p>\n<p><strong>The bill also mandates that the FRA set up a lab to test new fintech products<\/strong> \u2014 and that it put in place provisions for digital identification systems, as well as regulations for issuing digital contracts. The bill also reportedly covers crowdfunding, robo-advisory, nano-finance and insurtech, and introduces penalties that include imprisonment of at least six months or fines of EGP 200k-1 mn for unlicensed operators.<\/p>\n<p><strong>What\u2019s next for the law? <\/strong>It will be handed over soon, along with a committee report, to the House general assembly for a final discussion and vote, after which it can be signed into law.<\/p>\n<p><strong>Background: <\/strong>The bill \u2014 which received Cabinet approval <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4da67185-faac-4351-a33d-5c9fc7718ddd\">last April<\/a>, and was given a preliminary nod by the house <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30d15bee-ceda-4044-aefc-8e2c73d6ef1c\">in May<\/a> \u2014 is a bid to expand the sector\u2019s beneficiaries and promote financial inclusion by granting the Financial Regulatory Authority (FRA) the power to license and regulate NBFS businesses and fintech startups. Under the law, the FRA would have supervisory powers over the sector to ensure companies adhere to transparency and governance standards, in addition to protecting consumer rights. The FRA had drafted and approved the bill <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d59b8d8-cfa8-4d41-8c9e-af80e1620e1e\">last year<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>ALSO FROM THE HOUSE- Some good news for the private sector: <\/strong>The House of Representatives\u2019 general assembly gave preliminary approval yesterday to proposed amendments to the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91cf3226-5bd2-467e-bf88-05b55aad3330\">Public-Private Partnership (PPP) Act<\/a>, according to a <a href=\"http:\/\/www.parliament.gov.eg\/News_Show.aspx?frm=4157\">statement<\/a>. The entire bill was approved \u201cin principle\u201d except for article 17, which still needs further review to square it in with a recently-ratified law governing the Sovereign Fund of Egypt, whose investment mandate focuses on partnerships with the private sector, <a href=\"https:\/\/bit.ly\/30AbLGu\">Al Mal<\/a> reported yesterday.<\/p>\n<p><strong>What we know about the law: <\/strong>The proposed amendments would explicitly state that government authorities are allowed to partner with private companies on infrastructure and utility developments in sectors including transport, energy, communications, and healthcare. The House Planning Committee <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e481d6d-5609-4deb-8157-cde1af2d0196\">approved amendments<\/a> to the PPP Act early this year.<\/p>\n<p><strong>Other details we know about the changes:<\/strong> <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/09\/egypt-parliament-committees-approve-ppp-act-amendments-dispute-resolution-bill-8013\/\">The amendments<\/a> would cut the time to issue tenders for PPP projects and introduce new mechanisms for private sector contracting, including allowing private sector players to submit unsolicited proposals. The government would also be allowed to negotiate directly with a sole bidder without needing to take the project through the competitive bidding process. The government is looking to encourage private sector involvement in infrastructure, public services, and utility developments, particularly in the new cities.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/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=\"556261\" 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=\"556261\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/\">\r\n                            Construction tech outfit Elmawkaa and mobile security startup MagicCube close rounds                        <\/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\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/\" 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\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/')\">\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\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/\">\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=Construction tech outfit Elmawkaa and mobile security startup MagicCube close rounds&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/\">\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\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/&title=Construction tech outfit Elmawkaa and mobile security startup MagicCube close rounds\">\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=Construction+tech+outfit+Elmawkaa+and+mobile+security+startup+MagicCube+close+rounds+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F18%2Fconstruction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds%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\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/192.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"556262\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/construction-tech-outfit-elmawkaa-and-mobile-security-startup-magiccube-close-rounds\/192-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/192.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"192.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/192.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/192.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556261\" class=\"content-area-description single-story post-556261 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-chip-shortage tag-construction tag-enterpriseam tag-magiccube tag-startup-watch tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Egyptian construction tech startup <\/strong><strong><a href=\"https:\/\/elmawkaa.com\/index_en\">Elmawkaa<\/a><\/strong><strong> has raised an undisclosed USD<\/strong><strong> six-figure sum in a seed round<\/strong> led by <a href=\"https:\/\/flat6labs.com\/\">Flat6Labs<\/a>, with the participation of a group of Saudi investors from the <a href=\"https:\/\/oqal.org\/en\/\">OQAL Angel Investors<\/a> network, the startup said in an emailed <a href=\"https:\/\/ent.news\/2021\/10\/Elmawkaa-startup-fundraising-round-announcement-.pdf\">statement (pdf)<\/a>. The company is looking to onboard 2k suppliers and process 4k transactions worth USD 2 mn next year, CTO Mahmoud Habib said.<\/p>\n<p><strong>Local and regional expansion ahead: <\/strong>The company is planning to expand across the country and have a presence in all Egyptian cities by 2023, before setting its eyes on cross-border expansion to Saudi\u2019s Riyadh the following year. Egypt\u2019s building materials market is worth USD 17.5 bn \u2014 accounting for 30% of the sector in MENA \u2014 and is expected to grow to more than USD 62.3 bn by 2029, according to Habib.<\/p>\n<p><strong>What does Elmawkaa do?<\/strong> The company\u2019s platform uses matching algorithms to help users buy and sell building materials, allowing customers to request quotations from suppliers before choosing the best bid. Founded in 2017, Elmawkaa was part of a <a href=\"https:\/\/500.co\/\">500 Startups<\/a> accelerator in late 2019 and has since onboarded more than 1k suppliers and 4.5k contractors, facilitating sales of more than USD 1 mn. \u201cWe are not a listing or ordinary marketplace, we are digitizing and innovating the process of buying building materials,\u201d said co-founder and CEO Ebrahem Anwar.<\/p>\n<p><strong>ALSO FROM PLANET STARTUP-<\/strong> <strong>California-based mobile security startup <\/strong><strong><a href=\"https:\/\/magiccube.co\/\">MagicCube<\/a><\/strong><strong> \u2014 co-founded by Egyptians Sam Shawki and Nancy<\/strong><strong> Zayed \u2014 raised USD 15 mn <\/strong>in a funding round led by <a href=\"https:\/\/mosaikpartners.com\/\">Mosaik Partners<\/a>, with the participation of <a href=\"https:\/\/www.boldcapitalpartners.com\/\">Bold Capital<\/a>, <a href=\"https:\/\/epicvc.com\/\">Epic Ventures<\/a>, payments-hardware maker <a href=\"https:\/\/idtechproducts.com\/\">ID Tech<\/a> and unnamed individual investors, <a href=\"https:\/\/techcrunch.com\/2021\/10\/14\/what-chip-shortage-magiccube-raises-15m-to-replace-all-chips\/\">TechCrunch<\/a>reported.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c9f32cf0-5cd2-4c05-b43d-461c051dab1d\">global chip shortage<\/a><\/strong><strong> is good news for MagicCube: <\/strong>The company\u2019s software-based mobile technology allows businesses to securely process payments, theoretically making security chips obsolete. \u201cThe chip shortage that is halting entire industries and hiking device prices has exposed how antiquated the current approach is and how valuable MagicCube\u2019s solution is to tackle this issue \u2014 this round reflects that,\u201d Shawki (<a href=\"https:\/\/www.linkedin.com\/in\/shawki\/\">LinkedIn<\/a>) said.<\/p>\n<p><strong>Background: <\/strong>MagicCube has raised USD 30 mn to date since its debut in 2014, having <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b8348798-e21e-4daf-8234-4e7f15c3a6ec\">previously secured two investments from Visa<\/a> as well as backing from Azure Capital Partners, Epic Ventures, NTT Data, Silicon Valley Bank and the Sony Innovation Fund among others, according to TechCrunch. The company\u2019s co-founders, CTO Zayed (<a href=\"https:\/\/www.linkedin.com\/in\/nancyzayed\/\">LinkedIn<\/a>) and Shawki, are an Egyptian power couple whose careers have taken them from an Egyptian startup to major tech companies including Apple and Netscape \u2014 back to a startup, this time in the heart of Silicon Valley.<\/p>\n<p><strong>Want to hear more about MagicCube?<\/strong> We sat down with Zayed and Shawki last year on our podcast, <a href=\"https:\/\/plinkhq.com\/i\/1487974619?to=page\">Making It<\/a>, to learn how they went from building software in Egypt to working at tech companies that arguably changed the world (<a href=\"https:\/\/plinkhq.com\/i\/1487974619\/e\/1000497199169\">listen, runtime: 42:18<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chip-shortage\/\">chip shortage<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/magiccube\/\">MagicCube<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"556263\" 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=\"556263\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/mashreq-capital-favors-oman-bahrain-investment-over-egypt-turkey\/\">\r\n                            Mashreq Capital favors Oman, Bahrain investment over Egypt, Turkey                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/mashreq-capital-favors-oman-bahrain-investment-over-egypt-turkey\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/mashreq-capital-favors-oman-bahrain-investment-over-egypt-turkey\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/mashreq-capital-favors-oman-bahrain-investment-over-egypt-turkey\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Mashreq Capital favors Oman, Bahrain investment over Egypt, Turkey&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/mashreq-capital-favors-oman-bahrain-investment-over-egypt-turkey\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/mashreq-capital-favors-oman-bahrain-investment-over-egypt-turkey\/&title=Mashreq Capital favors Oman, Bahrain investment over Egypt, Turkey\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Mashreq+Capital+favors+Oman%2C+Bahrain+investment+over+Egypt%2C+Turkey+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F18%2Fmashreq-capital-favors-oman-bahrain-investment-over-egypt-turkey%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/mashreq-capital-favors-oman-bahrain-investment-over-egypt-turkey\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/193.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"556264\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/mashreq-capital-favors-oman-bahrain-investment-over-egypt-turkey\/193-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/193.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"193.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/193.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/193.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556263\" class=\"content-area-description single-story post-556263 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-bahrain tag-enterpriseam tag-investment-watch tag-oman tag-turkey wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Egypt is \u201cfantastic\u201d but overcrowded, says Mashreq Capital:<\/strong> The asset management arm of UAE-based Mashreq Bank prefers the current investment climate in Oman and Bahrain over Egypt and Turkey, head of Fixed Income and Global Portfolios Oliver Kettlewell told Bloomberg Daybreak (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2021-10-17\/mena-impact-of-energy-price-spike-video?sref=mmeFTDW1\">watch, runtime: 8:23<\/a>). \u201cWe\u2019d rather invest in the two GCC countries [Oman and Bahrain] sovereigns than Egypt and Turkey right now,\u201d he said.<\/p>\n<p><strong>The rationale: <\/strong>Kettlewell says that while others are right to say Egypt is \u201cfantastic,\u201d the market is overcrowded, \u201cso if we\u2019re getting more capital \u2026 we won\u2019t be putting it to work in Egypt.\u201d The case against Turkey is obvious because of the high risk from \u201call of the shenanigans with misfiring central bankers,\u201d Kettlewell said. Oman and Bahrain, meanwhile, have solid-looking fiscal balances and have also made decent strides in terms of fiscal reforms. He said Bahrain could potentially double its VAT, while Oman\u2019s government is discussing introducing income taxes.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bahrain\/\">Bahrain<\/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\/oman\/\">Oman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"556265\" 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=\"556265\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/palm-hills-board-signs-off-on-egp-1-bn-securitized-bond-issuance\/\">\r\n                            Palm Hills board signs off on EGP 1 bn securitized bond issuance                        <\/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\/10\/18\/palm-hills-board-signs-off-on-egp-1-bn-securitized-bond-issuance\/\" 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\/10\/18\/palm-hills-board-signs-off-on-egp-1-bn-securitized-bond-issuance\/')\">\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\/10\/18\/palm-hills-board-signs-off-on-egp-1-bn-securitized-bond-issuance\/\">\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=Palm Hills board signs off on EGP 1 bn securitized bond issuance&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/palm-hills-board-signs-off-on-egp-1-bn-securitized-bond-issuance\/\">\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\/10\/18\/palm-hills-board-signs-off-on-egp-1-bn-securitized-bond-issuance\/&title=Palm Hills board signs off on EGP 1 bn securitized bond issuance\">\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=Palm+Hills+board+signs+off+on+EGP+1+bn+securitized+bond+issuance+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F18%2Fpalm-hills-board-signs-off-on-egp-1-bn-securitized-bond-issuance%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\/10\/18\/palm-hills-board-signs-off-on-egp-1-bn-securitized-bond-issuance\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556265\" class=\"content-area-description single-story post-556265 post type-post status-publish format-standard hentry category-debt-watch tag-debt-watch tag-enterpriseam tag-palm-hills-developments tag-yasseen-mansour wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Palm Hills Developments (PHD) will issue EGP 1.1 bn in securitized<\/strong><strong> bonds<\/strong>, after the property developer\u2019s board signed off on the move at a meeting yesterday, according to a <a href=\"https:\/\/ent.news\/2021\/10\/Palm-Hills-Board-Meeting-EGX-Disclosure-Securitized-Bonds.pdf\">regulatory filing (pdf)<\/a>. Sarwa Securitization is managing the issuance for Palm Hills.<\/p>\n<p><strong>The bond issuance comes as part of several financing arrangements<\/strong> PHD is looking to finalize by the end of this year \u201cin the form of on and off-balance sheet financing including the securitization of receivables, syndications with banks,\u201d as well as the company\u2019s first long-term <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a40d14db-a58a-4cdc-8938-0232d8068c6e\">sukuk issuance worth EGP 5.5 bn<\/a>, Executive Chairman Yasseen Mansour said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f42ecb50-4725-4b6f-93ee-fa43cb279933\">previously<\/a>. The company reported annual growth of 41% to reach EGP 278.2 mn in 2Q2021, with revenues more than doubling due to new residential and commercial sales.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palm-hills-developments\/\">Palm Hills Developments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/yasseen-mansour\/\">Yasseen Mansour<\/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=\"556266\" 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=\"556266\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/oil-ministry-gets-new-heads-at-its-agencies-affiliated-firms\/\">\r\n                            Oil Ministry gets new heads at its agencies, affiliated firms                        <\/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\/10\/18\/oil-ministry-gets-new-heads-at-its-agencies-affiliated-firms\/\" 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\/10\/18\/oil-ministry-gets-new-heads-at-its-agencies-affiliated-firms\/')\">\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\/10\/18\/oil-ministry-gets-new-heads-at-its-agencies-affiliated-firms\/\">\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=Oil Ministry gets new heads at its agencies, affiliated firms&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/oil-ministry-gets-new-heads-at-its-agencies-affiliated-firms\/\">\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\/10\/18\/oil-ministry-gets-new-heads-at-its-agencies-affiliated-firms\/&title=Oil Ministry gets new heads at its agencies, affiliated firms\">\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=Oil+Ministry+gets+new+heads+at+its+agencies%2C+affiliated+firms+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F18%2Foil-ministry-gets-new-heads-at-its-agencies-affiliated-firms%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\/10\/18\/oil-ministry-gets-new-heads-at-its-agencies-affiliated-firms\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556266\" class=\"content-area-description single-story post-556266 post type-post status-publish format-standard hentry category-moves tag-enppi tag-enterpriseam tag-moves tag-oil-ministry tag-public-enterprises-ministry tag-tarek-el-molla wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Shake-up at Oil Ministry agencies and affiliated firms<\/strong>: Minister Tarek El Molla tapped a number of new executives and officials to fill positions that were left vacant after the retirement of previous holders, the ministry announced in a <a href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/176210994693880\">statement<\/a>. The moves included the ministry\u2019s <strong>central administration for projects<\/strong> \u2014 which will now be headed by Ahmed Mohamed El Khalifa, <strong>Enppi<\/strong> \u2014 which now counts Mohamed Abdel Aziz as its chief executive, and state-owned <strong>Egyptian Maintenance Company<\/strong> \u2014 which tapped Ashraf Bahaa El Din Abou El Fotouh as its new chairman and managing director.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enppi\/\">Enppi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-ministry\/\">Oil Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-enterprises-ministry\/\">Public Enterprises Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-el-molla\/\">Tarek El Molla<\/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=\"556267\" 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=\"556267\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/556267\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556267\" class=\"content-area-description single-story post-556267 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/Tactical-Male-1600WX800H-for-web.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"556268\" 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=\"556268\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/continued-austerity-measures-and-mandatory-vaccination-for-govt-employees-on-the-airwaves\/\">\r\n                            Continued austerity measures and mandatory vaccination for gov\u2019t employees on the airwaves                        <\/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\/10\/18\/continued-austerity-measures-and-mandatory-vaccination-for-govt-employees-on-the-airwaves\/\" 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\/10\/18\/continued-austerity-measures-and-mandatory-vaccination-for-govt-employees-on-the-airwaves\/')\">\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\/10\/18\/continued-austerity-measures-and-mandatory-vaccination-for-govt-employees-on-the-airwaves\/\">\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=Continued austerity measures and mandatory vaccination for gov\u2019t employees on the airwaves&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/continued-austerity-measures-and-mandatory-vaccination-for-govt-employees-on-the-airwaves\/\">\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\/10\/18\/continued-austerity-measures-and-mandatory-vaccination-for-govt-employees-on-the-airwaves\/&title=Continued austerity measures and mandatory vaccination for gov\u2019t employees on the airwaves\">\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=Continued+austerity+measures+and+mandatory+vaccination+for+gov%E2%80%99t+employees+on+the+airwaves+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F18%2Fcontinued-austerity-measures-and-mandatory-vaccination-for-govt-employees-on-the-airwaves%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\/10\/18\/continued-austerity-measures-and-mandatory-vaccination-for-govt-employees-on-the-airwaves\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556268\" class=\"content-area-description single-story post-556268 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-austerity tag-covid-19 tag-enterpriseam tag-last-nights-talk-shows tag-policy wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Recent government decisions dominated the airwaves last night<\/strong>, with the talking heads each taking turns phoning government officials for their two cents. Among the highlights:<\/p>\n<p><strong>Renewed austerity measures: <\/strong>A six-month extension of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/73e73585-9a6d-4f42-a5ca-4f1a8f3e0eae\">pandemic-era austerity measures<\/a> to streamline public spending, after Prime Minister Moustafa Madbouly <a href=\"https:\/\/ent.news\/2021\/10\/Official-Gazette-October-11.pdf\">signed the decision into law<\/a>. The story made the rounds on Kelma Akhira, with Lamees El Hadidi phoning Hany Mahmoud, the prime minister advisor for administrative reform to weigh in (<a href=\"https:\/\/www.youtube.com\/watch?v=yX0ble_REeE&ab_channel=%D9%83%D9%84%D9%85%D8%A9%D8%A3%D8%AE%D9%8A%D8%B1%D8%A9%D9%85%D8%B9%D9%84%D9%85%D9%8A%D8%B3%D8%A7%D9%84%D8%AD%D8%AF%D9%8A%D8%AF%D9%8A\">watch, runtime: 4:40<\/a>). Mahmoud said the measures, which also include putting a freeze on government hiring and promotions, target \u201cunnecessary expenses\u201d and will not affect employees or the performance of their agencies. The extension was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2290ee3e-bfb7-4045-be5b-9e6188518c83\">approved<\/a> by the cabinet last month.<\/p>\n<p><strong>Vaccination deadline for gov\u2019t employees:<\/strong> El Hadidi also spoke to cabinet spokesperson Nader Saad to discuss yesterday\u2019s Health Ministry decision to make vaccines mandatory for government employees and for anyone entering government agencies (<a href=\"https:\/\/www.youtube.com\/watch?v=-4uqQFh68BY&ab_channel=%D9%83%D9%84%D9%85%D8%A9%D8%A3%D8%AE%D9%8A%D8%B1%D8%A9%D9%85%D8%B9%D9%84%D9%85%D9%8A%D8%B3%D8%A7%D9%84%D8%AD%D8%AF%D9%8A%D8%AF%D9%8A\">watch, runtime: 6:18<\/a>). According to Saad, the decision was made possible off the back of Egypt significantly increasing its stock of vaccine doses in recent months. El Hekaya\u2019s Amr Adib also took note of the decision (<a href=\"https:\/\/www.youtube.com\/watch?v=RCU8KbXJICc&ab_channel=%D8%A7%D9%84%D8%AD%D9%83%D8%A7%D9%8A%D8%A9\">watch, runtime: 8:42<\/a>), which we recap in Covid Watch, above.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/austerity\/\">austerity<\/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\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span 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href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 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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=\"556270\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/late-president-sadats-nephew-advocates-for-detainees-release\/\">\r\n                            Late President Sadat\u2019s nephew advocates for detainees\u2019 release                        <\/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 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<\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/late-president-sadats-nephew-advocates-for-detainees-release\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556270\" class=\"content-area-description single-story post-556270 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a quiet morning for Egypt in the foreign press. The sole story of note<\/strong><strong>:<\/strong> Late Egyptian President Anwar El Sadat\u2019s nephew Mohamed El Sadat is negotiating in an unofficial capacity for the release of prisoners in Egypt by liaising with security officials and the families of detainees, <a href=\"https:\/\/www.timesofisrael.com\/sadats-nephew-emerges-as-negotiator-for-release-of-egyptian-political-prisoners\/\">AFP<\/a> reports.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"556271\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"556272\" 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=\"556272\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/elsewedy-electric-signs-agreement-to-build-monorail-substations\/\">\r\n                            Elsewedy Electric signs agreement to build monorail substations                        <\/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\/10\/18\/elsewedy-electric-signs-agreement-to-build-monorail-substations\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The contract will see the latter construct a 66\/22-kilovolt (kV) substation that will power the part of the monorail passing through the 6th of October area.<\/p>\n<p><strong>The EU is in talks with Cairo to approve its new EU-Egypt Association Agreement<\/strong>, before finalizing the updated agreement at an upcoming Association Council meeting, said head of the EU Delegation to Egypt, Christian Berger said, according to <a href=\"https:\/\/www.dostor.org\/3600606\">Al Dostor<\/a>. The agreement has been updated to prioritize covid response, health and vaccines, green energy and the digitization of the economy.<\/p>\n<p><strong>European travel operator TUI <\/strong><strong><a href=\"https:\/\/bit.ly\/3BUhvJ0\">is targeting<\/a><\/strong><strong> making 40 trips to Red Sea resorts from <\/strong><strong>UK cities<\/strong> before the end of the year, after landing its first flights to Hurghada and Sharm El Sheikh last Saturday.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eetc\/\">EETC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/red-sea\/\">Red Sea<\/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\/tui\/\">TUI<\/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=\"556273\" 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=\"556273\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/the-taxman-is-coming-for-ride-hailing-apps-in-saudi\/\">\r\n                            The taxman is coming for ride-hailing apps in Saudi                        <\/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\/10\/18\/the-taxman-is-coming-for-ride-hailing-apps-in-saudi\/\" 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\/10\/18\/the-taxman-is-coming-for-ride-hailing-apps-in-saudi\/')\">\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\/10\/18\/the-taxman-is-coming-for-ride-hailing-apps-in-saudi\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=The taxman is coming for ride-hailing apps in Saudi&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/the-taxman-is-coming-for-ride-hailing-apps-in-saudi\/\">\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\/10\/18\/the-taxman-is-coming-for-ride-hailing-apps-in-saudi\/&title=The taxman is coming for ride-hailing apps in Saudi\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+taxman+is+coming+for+ride-hailing+apps+in+Saudi+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F18%2Fthe-taxman-is-coming-for-ride-hailing-apps-in-saudi%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\/10\/18\/the-taxman-is-coming-for-ride-hailing-apps-in-saudi\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556273\" class=\"content-area-description single-story post-556273 post type-post status-publish format-standard hentry category-planet-finance tag-careem tag-enterpriseam tag-financial-markets tag-planet-finance tag-saudi-arabia tag-tax tag-uber 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>Uber + Careem just got hit with a massive tax bill in KSA.<\/strong> The ride-hailing companies will be charged a combined USD 100 mn in taxes in Saudi Arabia as the kingdom resolves disputes on how to calculate VAT by gig economy firms over the past few years, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-17\/uber-careem-said-to-face-100-million-bill-in-saudi-tax-squeeze?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports, citing sources in the know. The additional taxes, which \u201cinclude hefty penalties for late payment,\u201d may scare off investors at a time when Saudi authorities are looking to attract foreign investment. Earlier this month, a top Dubai investor in courier app Fetchr announced that it was considering filing for liquidation due to a USD 100 mn tax bill in Saudi Arabia, according to the business information service.<\/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>11155.57<\/p>\n<\/td>\n<td>\n<p>+1.5% (YTD: 2.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,773.4<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: 35.5%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>7,834.7<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: 55.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,802.1<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: 12.5%)<\/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>4,471.4<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: 19%)<\/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>7,234.0<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: 12%)<\/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 84.86<\/p>\n<\/td>\n<td>\n<p>+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 5.41<\/p>\n<\/td>\n<td>\n<p>-4.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,768.30<\/p>\n<\/td>\n<td>\n<p>-1.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 60,814.31<\/p>\n<\/td>\n<td>\n<p>+0.3% (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 1.5% at yesterday\u2019s close<\/strong> on turnover of EGP 1.3 bn (13.1% below the 90-day average). Local investors were net buyers. The index is up 2.9% YTD.<\/p><p><strong>In the green: <\/strong>Ezz Steel (+10.3%), Qalaa Holding (+6.4%) and Raya (+4.0%).<\/p><p><strong>In the red: <\/strong>CIRA (-2.1%), Aspire Capital (-1.8%) and Eastern Company (-1.8%).<\/p><p><strong>Asian markets are starting the trading week in the red<\/strong>, with everything from the Kopsi to the Nikkei, Hang Seng and Shanghai down by less than 1%. Futures suggest a mixed open for major benchmarks in Europe later this morning. The outlook for Wall Street is similarly mixed, suggesting the Dow will open (barely) in the green while the S&amp;P and Nasdaq will open (just barely) in the red.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/careem\/\">Careem<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uber\/\">Uber<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"556274\" 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=\"556274\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/fm-shoukry-talks-regional-politics-with-uks-minister-of-state-for-mena\/\">\r\n                            FM Shoukry talks regional politics with UK\u2019s Minister of State for MENA                        <\/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\/10\/18\/fm-shoukry-talks-regional-politics-with-uks-minister-of-state-for-mena\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The two officials also touched on the recent string of events in Lebanon, which led to last week\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d61fc06b-e3a2-46e6-8e85-64eb2da99a48\">gun assaults<\/a> that killed seven people on the streets of Beirut.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-affairs\/\">foreign affairs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lebanon\/\">Lebanon<\/a>\n                <!-- <span 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<\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"556275\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27466.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/blackboard\/\">\r\n                            Read Blackboard                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">14<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/new-qs-2022-arab-university-rankings-show-egypt-continuing-to-make-strides-with-more-private-unis-featured\/\">\r\n                            New QS 2022 Arab university rankings show Egypt continuing to make strides, with more private unis featured<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/new-qs-2022-arab-university-rankings-show-egypt-continuing-to-make-strides-with-more-private-unis-featured\/\" target=\"_blank\">\n                    Open in new tab     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with more private unis featured\">\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=New+QS+2022+Arab+university+rankings+show+Egypt+continuing+to+make+strides%2C+with+more+private+unis+featured+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fblackboards%2Fnew-qs-2022-arab-university-rankings-show-egypt-continuing-to-make-strides-with-more-private-unis-featured%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>                    <\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/new-qs-2022-arab-university-rankings-show-egypt-continuing-to-make-strides-with-more-private-unis-featured\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/195.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"556276\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/new-qs-2022-arab-university-rankings-show-egypt-continuing-to-make-strides-with-more-private-unis-featured\/195-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/195.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"195.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/195.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/195.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-556275\" class=\"content-area-description post-556275 blackboard type-blackboard status-publish has-post-thumbnail hentry tag-arab-universities tag-auc tag-education tag-education-reform-2-0 tag-enterprise-blackboard tag-enterpriseam tag-qs tag-saudi-arabia tag-tarek-shawky tag-times-higher-education-the 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> New QS 2022 Arab university rankings show Egypt continuing to make strides, <\/strong><strong>with more private unis represented:<\/strong> After our look<a href=\"https:\/\/enterprise.press\/blackboards\/egyptian-universities-are-going-from-strength-to-strength\/\">last week<\/a> at how Egypt is raised its profile in international university rankings, Egypt\u2019s universities continue their ranking ascension with the <a href=\"https:\/\/www.topuniversities.com\/university-rankings\/arab-region-university-rankings\/2022\">QS 2022 World University Rankings: Arab Region<\/a>, released last week. The latest rankings, in which Egypt tied with Saudi Arabia for the largest number of universities included, saw 31 Egyptian institutions featured, including six new entrants.<\/p>\n<p><strong>AUC, Cairo University and Ain Shams were the three top-scoring Egyptian universities in the newly-released rankings<\/strong>, with AUC and Cairo University maintaining their 11th and 12th positions for a second year, while Ain Shams inched up one spot from the <a href=\"https:\/\/www.topuniversities.com\/university-rankings\/arab-region-university-rankings\/2021\">2021 list<\/a>.<\/p>\n<p><strong>Private universities have upped their game in this one as well: <\/strong>Eight of the 31 Egyptian universities in this year\u2019s QS Arab university regional rankings are private institutions \u2014 up from five out of 25 Egyptian universities that made the cut last year. Along with AUC, we have Future University (51-60), GUC (71-80), Nile University (91-100), AASTMT (101-110), BUE (101-110), 6 October University (151-180), and Pharos University (151-180).<\/p>\n<p><strong>But while more Egyptian unis were featured this year, some of the strongest performers slipped a little. <\/strong>The number of Egyptian institutions featured in the top 50 of this year\u2019s QS regional rankings slipped to six in 2022, from seven in 2021, continuing a downward trend <a href=\"https:\/\/www.topuniversities.com\/university-rankings\/arab-region-university-rankings\/2020\">from 2020<\/a>, when nine Egyptian institutions were among the region\u2019s top 50. Among top-50 institutions, Alexandria University slipped from 18th to 21st place, Mansoura University fell one spot to land in 29th, and Assiut University dropped from 32nd to 35th.<\/p>\n<p><strong>Egyptian universities\u2019 performance in the regional rankings follows the same trend seen in the QS global rankings:<\/strong> The QS World University Rankings 2022, released in June, noted <a href=\"https:\/\/www.universityworldnews.com\/post.php?story=20210607100305952\">strong overall gains<\/a> from Egypt\u2019s universities. 13 Egyptian universities were featured out of roughly 1.3k universities from all over the world ranked by QS <a href=\"https:\/\/www.topuniversities.com\/university-rankings\/world-university-rankings\/2022\">this year<\/a>, up from nine <a href=\"https:\/\/www.topuniversities.com\/university-rankings\/world-university-rankings\/2021\">last year<\/a>. But Egypt\u2019s top performers were down: AUC fell to 445 from 411 in 2021 and Cairo University to 571-580 from 561-570. Ain Shams remained steady at 801-1000.<\/p>\n<p><strong>The results differ substantially from the newly-launched THE Arab University Rankings: <\/strong>Egypt generally fared better in the <a href=\"https:\/\/www.timeshighereducation.com\/world-university-rankings\/2021\/arab-university-rankings#!\/page\/0\/length\/25\/sort_by\/rank\/sort_order\/asc\/cols\/undefined\">Times Higher Education Arab University Rankings<\/a>, inaugurated in July, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69a0d850-9c93-4012-8ad4-0733a128acf9\">as we noted<\/a> last week. THE includes 19 Egyptian universities in the region\u2019s top 50 \u2014 and puts different names in Egypt\u2019s top spots. Zewail City of Science and Technology is ranked number 10, Egypt-Japan University of Science and Technology (E-JUST) is number 11, and Mansoura University is number 13.<\/p>\n<p><strong>Why the discrepancy? There are major differences in the two ranking systems\u2019 methodologies,<\/strong> as we\u2019ve <a href=\"https:\/\/enterprise.press\/blackboards\/egypts-international-private-universities-lag-global-rankings-even-matter\/\">noted previously<\/a>. THE puts a bigger emphasis on teaching, research and citations, while QS heavily weights academic reputation, employer reputation and faculty\/student ratios. QS designs their rankings primarily for students, but other systems are more aimed at university leadership, a <a href=\"https:\/\/www.theguardian.com\/higher-education-network\/blog\/2013\/sep\/10\/university-rankings-influence-government-policy\">2013 Guardian piece<\/a> notes.<\/p>\n<p><strong>Both QS and THE use the same data for their World rankings and their Arab regional university lists \u2014 but it\u2019s weighted differently. <\/strong>QS gives employer reputation \u2014 or how successfully a university prepares its students for the labor market \u2014 more weight in its Arab university rankings, while academic reputation and faculty-student ratio are less heavily weighted. THE gives more weight to teaching, research, and international outlook, and less to citations, in its Arab university rankings.<\/p>\n<p><strong>Having separate Arab university rankings shows ranking bodies are trying to assess universities within a distinct regional context: <\/strong>When QS piloted its Arab region rankings <a href=\"http:\/\/www.iu.qs.com\/pilot-arab-region-ranking-launched\/\">in 2014<\/a>, it noted that \u201cextensive consultation has been undertaken with university leaders in the region to identify a suitable methodology.\u201d And when THE launched its regional rankings earlier this year, it said \u201cthe new regional table will also introduce metrics that are specific to the missions of universities across the Arab world.\u201d This includes work on sustainability, and an academic reputation survey on universities in the region completed by published scholars. The methodology is expected to keep evolving, to reflect the changing higher education landscape in the region, <a href=\"https:\/\/www.timeshighereducation.com\/world-university-rankings\/launch-new-arab-university-rankings\">THE said<\/a> when announcing the new rankings.<\/p>\n<p><strong>But just how important are these rankings for universities, anyway? <\/strong>Rankings do matter, but it\u2019s important to view them in context, as we\u2019ve <a href=\"https:\/\/enterprise.press\/blackboards\/egypts-international-private-universities-lag-global-rankings-even-matter\/\">discussed previously<\/a>. \u201cNo institution wishing to compete globally \u2014 or even nationally \u2014 can afford to ignore [rankings],\u201d <a href=\"https:\/\/www.theguardian.com\/science\/occams-corner\/2015\/oct\/06\/worlds-best-university-rankings\">writes Imperial College professor<\/a> Stephen Curry. But as well as looking at the numbers themselves, we need to be aware of the limitations of what they can measure, he adds.<\/p>\n<p><strong>Rankings focus on quantifiable metrics \u2014 which means they can\u2019t really measure overall education quality<\/strong>, experts note.<\/p>\n<p><strong>Still, a strong performance in international rankings could help Egypt\u2019s universities attract talented staff and students<\/strong>, Yehia Bahei El Din, BUE\u2019s Vice President for Research & Postgraduate Studies, previously told Enterprise. In this sense, rankings are arguably more important for private universities \u2014 which recruit students \u2014 than for public ones. And strong research departments are a big pull for prospective staff members, he noted.<\/p>\n<p><strong>Your top education stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Grade 4-6 students are getting classroom materials from NatGeo: <\/strong>National Geographic is set to provide print and digital classroom materials for 7 mn Egyptian students in grades 4-6, according to an Education Ministry <a href=\"https:\/\/moe.gov.eg\/\/what-s-on\/news\/signs-a-long-term-partnership-agreement-with-national-geographic\/\">statement<\/a>. The materials will cover English, Social Students, Career Skills and ICT.<\/li>\n<li><strong>Overpopulation at the nation\u2019s schools<\/strong>: High density in public schools was the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36d8f8f6-26e9-4482-8a50-cc3ecb44070c\">talk of the town<\/a> over the week as the 2021-2022 academic year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ea2765b-4f66-4cd7-ab6f-3e60f49cb0eb\">kicked into full swing<\/a>.<\/li>\n<li><strong>House throws back at Education Ministry for restricting student access to books: <\/strong>The Education Ministry faced <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2438684\">backlash<\/a> from the House of Representatives after a decision to hand out curriculum textbooks only to students that had paid tuition fees.<\/li>\n<li><strong>Decision to ban photography in schools also prompted a debate: <\/strong>The nation also <a href=\"https:\/\/www.bbc.com\/arabic\/trending-58941517\">plunged into debate<\/a> following a parallel decision <a href=\"https:\/\/bit.ly\/3DJJRpE\">banning people from taking photos and videos<\/a> in public schools without the ministry\u2019s permission.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-universities\/\">Arab universities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/auc\/\">AUC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education-reform-2-0\/\">Education Reform 2.0<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qs\/\">QS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-shawky\/\">Tarek Shawky<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/times-higher-education-the\/\">Times Higher Education (THE)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"556277\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/your-essential-business-calendar-on-18-october\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556277\" class=\"content-area-description single-story post-556277 post type-post status-publish format-standard hentry category-calendar tag-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>October: Romanian President Klaus Iohannis <a href=\"https:\/\/bit.ly\/3z0gaic\">could visit Egypt<\/a> mid this month to discuss ways to boost tourism cooperation between the two countries.<\/p>\n<p>14-22 October (Thursday- Friday): <a href=\"http:\/\/elgounafilmfestival.com\/\">El Gouna Film Festival<\/a>.<\/p>\n<p>Mid-October: The Egyptian Banking Institute, the Financial Services Institute, and I-Score will begin airing in mid-October the Digital Credit Scoring Webinar Series, a line-up of webinars on the banking sector and banking regulations.<\/p>\n<p>18 October (Monday): Prophet\u2019s Birthday.<\/p>\n<p> 20 October (\u064bWednesday): E-Finance begins trading on EGX.<sup><\/sup><\/p>\n<p>21 October (Thursday): National holiday in observance of the Prophet\u2019s Birthday.<\/p>\n<p>24-28 October (Sunday-Thursday): <a href=\"https:\/\/www.cairowaterweek.eg\/\">Cairo Water Week<\/a>, Cairo, Egypt.<\/p>\n<p>27-28 October (Wednesday-Thursday): <a href=\"https:\/\/platforms-root-technologies.com\/icec-2021\/\">Intelligent Cities Exhibition & Conference<\/a>, Royal Maxim Palace Kempinski, Cairo, Egypt.<\/p>\n<p>28 October (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>28 October (Thursday): Second tranche of overdue subsidy payouts <a href=\"https:\/\/bit.ly\/3BSLyAg\">will be handed<\/a> to eligible exporters.<\/p>\n<p>30 October - 4 November (Saturday-Thursday): The first edition of <a href=\"https:\/\/globalswimseries.com\/ryan-lochte-announces-first-race-the-legends-event-in-egypt\/\">Race The Legends<\/a>, Egypt.<\/p>\n<p>30-31 October (Saturday-Sunday): <a href=\"http:\/\/sdg.iisd.org\/events\/g20-leaders-summit-2021\/\">G20 Leaders\u2019 Summit<\/a>, Rome, Italy.<\/p>\n<p>31 October (Saturday): <a href=\"https:\/\/urbanoctober.unhabitat.org\/wcd\">World Cities Day<\/a>, Luxor, Egypt.<\/p>\n<p>November: The French-Egyptian Business Forum is set to take place in the Suez Canal Economic Zone.<\/p>\n<p>November: Egypt will <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/163314772505618\">host another round of talks<\/a> to reach a potential Egyptian-Eurasian trade agreement, which can significantly contribute to increasing the volume of Egyptian exports to the Russia-led bloc that includes Armenia, Belarus, Kazakhstan and Kyrgyzstan.<\/p>\n<p>1-3 November (Monday-Wednesday): Egypt Energy exhibition on power and renewable energy, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>1-12 November (Monday-Friday): 2021 United Nations Climate Change Conference (COP26), Glasgow, United Kingdom.<\/p>\n<p>2-3 November (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.<\/p>\n<p>7-10 November (Sunday-Wednesday): Cairo ICT 2021, Egypt International Exhibition Center, New Cairo.<\/p>\n<p>15-21 November (Monday-Sunday): <a href=\"https:\/\/www.intrafricantradefair.com\/en\">Intra-African Trade Fair 2021<\/a>, Durban, KwaZulu-Natal, South Africa.<\/p>\n<p>16-17 November (Tuesday-Wednesday):<a href=\"https:\/\/africafintechsummit.com\">Africa fintech summit<\/a>, Cairo.<\/p>\n<p>25-27 November (Thursday-Saturday): <a href=\"https:\/\/www.facebook.com\/events\/857701738279267\/\">RiseUp Summit<\/a>, Cairo, Egypt.<\/p>\n<p>26 November-5 December (Friday-Sunday): <a href=\"https:\/\/www.facebook.com\/CairoFilms\/photos\/a.386668088207064\/1611462495727611\/\">The 43rd Cairo International Film Festival<\/a>.<\/p>\n<p>29 November-2 December (Monday-Thursday): <a href=\"https:\/\/www.egyptdefenceexpo.com\/\">Egypt Defense Expo<\/a>, Egypt International Exhibition Centre.<\/p>\n<p>7-8 December (Tuesday-Wednesday): <a href=\"https:\/\/northafricatradefinance.com\/\">North Africa Trade Finance Summit<\/a>.<\/p>\n<p>8-10 December (Wednesday-Thursday): <a href=\"https:\/\/www.gfhsegypt.com\/\">Global Forum for Higher Education and Scientific Research (GFHS)<\/a>, Cairo, Egypt.<\/p>\n<p>12-14 December (Sunday-Tuesday): <a href=\"http:\/\/www.foodafrica-expo.com\/\">Food Africa Cairo<\/a> trade exhibition, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>13-17 December: United Nations Convention against Corruption, Sharm El Sheikh, Egypt.<\/p>\n<p>14-19 December (Tuesday-Sunday): <a href=\"https:\/\/www.facebook.com\/cifcet\/\">The Cairo International Festival for Experimental Theater<\/a>.<\/p>\n<p>14-15 December (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.<\/p>\n<p>15 December (Wednesday): Deadline for joint stock companies and investment companies in Cairo to join e-invoicing platform.<\/p>\n<p>16 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/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>14-16 February 2022 (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.<\/p>\n<p>19 February 2022 (Saturday): Public universities begin the second term of the 2021-2022 academic year.<\/p>\n<p>1H2022: The World Economic Forum annual meeting, location TBD.<\/p>\n<p>22-24 April 2022:<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>May 2022: Investment in Logistics Conference, Cairo, Egypt<\/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>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>18-20 October 2022 (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, 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\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":556252,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-556251","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"4666b172-7ca6-485d-bd68-6b224d3b1e5c","teaser":"","photo_url":"https:\/\/ent.news\/2021\/10\/186.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>Enterprise The Finance Ministry is lining up new business incentives + economic reforms - 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\/enterprise-the-finance-ministry-is-lining-up-new-business-incentives-economic-reforms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enterprise The Finance Ministry is lining up new business incentives + economic reforms\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/enterprise-the-finance-ministry-is-lining-up-new-business-incentives-economic-reforms\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T01:13:37+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/186.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\/enterprise-the-finance-ministry-is-lining-up-new-business-incentives-economic-reforms\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/enterprise-the-finance-ministry-is-lining-up-new-business-incentives-economic-reforms\/\",\"name\":\"Enterprise The Finance Ministry is lining up new business incentives + economic reforms - 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