{"id":556466,"date":"2021-10-27T04:18:45","date_gmt":"2021-10-27T04:18:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=556466"},"modified":"2025-12-16T01:18:42","modified_gmt":"2025-12-16T01:18:42","slug":"maait-to-meet-senate-over-capital-gains-tax-on-egx-trades","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/maait-to-meet-senate-over-capital-gains-tax-on-egx-trades\/","title":{"rendered":"Maait to meet Senate over capital gains tax on EGX trades"},"content":{"rendered":"<section id=\"556468\" 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=\"556468\">\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\/27\/this-morning-health-minister-hala-zayed-in-stable-condition-senate-to-talk-about-the-capital-gains-tax-next-week\/\">\r\n                            THIS MORNING: Health Minister Hala Zayed in stable condition + Senate to talk about the capital gains tax next week                        <\/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\/27\/this-morning-health-minister-hala-zayed-in-stable-condition-senate-to-talk-about-the-capital-gains-tax-next-week\/\" 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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We suggest it would be nice if you had a good thought for Health <\/strong><strong>Minister Hala Zayed, who is reportedly in stable condition <\/strong>after suffering a heart attack yesterday, according to broadcaster MBC (<a href=\"https:\/\/youtu.be\/lO4oCkvXdyI\">watch, runtime 1:45<\/a>). The minister is reportedly being treated at the Wadi El Nil hospital. The Health Ministry had made no official statement on her condition as of dispatch time, but Presidential Health Advisor Mohamed Awad Tag El Din told <a href=\"https:\/\/bit.ly\/3pDLVf1\">Masrawy<\/a> that Zayed\u2019s condition was improving and that she would soon be discharged.<\/p><p><strong>The covid-19 vaccination drive that Zayed is leading has so far seen 24 mn citizens get <\/strong><strong>jabbed<\/strong>, Tag El Din said in <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/1236\/436599\/Egypt\/Health\/Egypt-vaccinated-up-to--million-citizens-against-c.aspx\">separate remarks yesterday<\/a> amid signs that we may be reaching the peak of the fourth wave of the pandemic.<\/p><p><strong>BIG NEWS FOR TRADERS- Maait to discuss CGT with Senate next week:<\/strong> The upper house of parliament\u2019s economy and finance committee will hold a meeting with the finance minister next week to discuss the implications of a capital gains tax on EGX transactions, according to <a href=\"https:\/\/bit.ly\/3vNSs86\">Al Mal<\/a>. Committee members held a meeting yesterday as part of a series of discussions on the feasibility of the CGT, which they argue could be counter to Egypt\u2019s long-term goal of becoming more investor-friendly. 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 and is set to come into effect as of 2022, after years of delays. 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 in the securities industry and MPs<\/a> have voiced concerns about the timing of the tax\u2019s introduction and have asked <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1154689d-294f-4d45-95b4-84a76d67466c\">for its postponement<\/a> yet again.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p><p>The two-day <strong><a href=\"https:\/\/platforms-root-technologies.com\/icec-2021\/\">Intelligent Cities Exhibition &amp; Conference<\/a><\/strong><strong> takes place today and tomorrow<\/strong> at the Intercontinental Cairo Citystars.<\/p><p><strong>Today is the last day for grassroots community leaders<\/strong> aged 25-38 to apply for the US State Department\u2019s <strong><a href=\"https:\/\/www.facebook.com\/communitysolutionsprogram\/\">Community Solutions Program<\/a><\/strong>. Applications can be submitted <a href=\"https:\/\/bit.ly\/csp2022apply\">here<\/a>.<\/p><p><strong>GASC is likely to be buying European wheat for the foreseeable future<\/strong>, as weak harvests in other major export hubs are seeing grain traders flocking to the bloc, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-26\/the-world-is-gobbling-up-european-wheat-like-never-before?sref=mmeFTDW1\">Bloomberg<\/a> reports. Wheat grown in Europe is projected to hit record sales by the end of this month, on the back of both the poor harvest and as Russia, the world\u2019s largest exporter, is being slowed down by its export tax. <strong>Egypt\u2019s latest pivot to Romanian wheat demonstrates this shift<\/strong>. Our state grain buyer, GASC, is the largest wheat importer in the world, and has been reliant on supplies from the Black Sea region.<\/p><p><strong>Big Surprise: Not enough is being done to combat climate change<\/strong>. Combined commitments by countries to curb carbon emissions still put the planet on track to heat up by 2.7\u00b0C before the turn of the century, a United Nations report out yesterday ahead of next week's COP26 conference in Glasgow said, according to <a href=\"https:\/\/www.reuters.com\/business\/cop\/un-warns-world-set-27c-rise-todays-emissions-pledges-2021-10-26\/\">Reuters<\/a>. Naturally, many eyes will turn to China, the world\u2019s biggest energy consumer, in the coming years. Beijing was out yesterday with a new climate change plan that promises to hit peak emissions before 2030 and then aim for net zero emissions by 2060, while expanding hydropower and energy storage, the <a href=\"https:\/\/www.ft.com\/content\/bb5e8f78-59bd-4327-9710-6dce1a42088f\">Financial Times<\/a> reported. China wasn\u2019t the only major power to release a climate blueprint ahead of COP26, with laggards Australia and Saudi Arabia also announcing plans this week.<\/p><p><strong>And Big Oil is also about to have its best <\/strong><strong>cashflow<\/strong><strong> in more than a decade<\/strong>, with data from <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-26\/big-oil-is-about-to-post-highest-cash-flow-in-more-than-13-years?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> showing that the biggest oil and gas majors \u2014 including Royal Dutch Shell and Total \u2014 are due to post some USD 29 bn in FCF, the largest amount since 2008. Shareholders are waiting to see whether they\u2019ll be raking in dividends, or whether the extra dough will be put towards further oil and gas exploration.<\/p><p><strong>ALSO- Retail brands we (as a country) seem to like:<\/strong> Carrefour topped this year\u2019s <a href=\"https:\/\/mena.yougov.com\/en\/news\/2021\/10\/26\/carrefour-tops-yougovs-retail-rankings-2021-egypt\/\">YouGov\u2019s Retail<\/a><a href=\"https:\/\/mena.yougov.com\/en\/news\/2021\/10\/26\/carrefour-tops-yougovs-retail-rankings-2021-egypt\/\"><\/a><a href=\"https:\/\/mena.yougov.com\/en\/news\/2021\/10\/26\/carrefour-tops-yougovs-retail-rankings-2021-egypt\/\">Rankings<\/a> in Egypt, followed by Souq.com and its parent company Amazon.com. Aswaq Fathallah Markets and HyperOne round out the top five. <strong>Also in the top 10 are home-grown brands Awlad Ragab, B.Tech and Kazyon.<\/strong><\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>THE BIG STORY ABROAD- Google parent company Alphabet and Microsoft blew past <\/strong><strong>analyst expectations <\/strong>as they reported their 3Q2021 earnings. The story leads the front pages of the <a href=\"https:\/\/www.ft.com\/content\/273aeecb-57a8-40f8-a2ba-8a21a635b289\">Financial Times<\/a> and <a href=\"https:\/\/www.wsj.com\/articles\/google-alphabet-googl-q3-earnings-report-2021-11635212409\">Wall Street Journal<\/a>, and we have more in Planet Finance, below.<\/p><p><strong>The latest from Sudan:<\/strong> Sudanese Prime Minister Abdalla Hamdok was released from custody, according to the <a href=\"https:\/\/m.facebook.com\/story.php?story_fbid=413090143735361&amp;id=112669393777439&amp;m_entstream_source=timeline&amp;anchor_composer=false\">Facebook page<\/a> of Sudan\u2019s cabinet, though the whereabouts of some 20 government ministers who had been detained by security forces since the beginning of an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d9078a39-f115-4aab-b94c-f3f656f9c82d\">ongoing military takeover<\/a> in the early hours of Monday morning remains unknown. Flights to and from Khartoum airport have been temporarily halted until Saturday 30 October, the country\u2019s civil aviation authority told <a href=\"https:\/\/www.reuters.com\/world\/africa\/sudans-aviation-authority-suspends-flights-until-oct-30-2021-10-26\/\">Reuters<\/a>.<\/p><p><strong>US Secretary of State Antony Blinken spoke with Hamdok <\/strong>according to a State Department <a href=\"https:\/\/www.state.gov\/secretary-blinkens-call-with-sudanese-prime-minister-hamdok\/\">readout released overnight<\/a> in which Blinken \u201cwelcomed [Hamdok\u2019s] release from custody and reiterated his call on Sudanese military forces to release all civilian leaders in detention and to ensure their safety.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>It\u2019s almost the end of October.<\/strong> Here are dates for some key news triggers next month:<\/p><ul>\n<li><strong>PMI:<\/strong> November\u2019s purchasing managers\u2019 indexes for Egypt, Saudi Arabia and the UAE will land on Wednesday, November 3.<\/li>\n<li><strong>Foreign reserves:<\/strong> October\u2019s foreign reserves figures will be out sometime during the first week of November.<\/li>\n<li><strong>Inflation: <\/strong>Inflation figures for October will be released on Wednesday, 10 November.<\/li>\n<\/ul><p><strong>The Middle East Angel Investment Network\u2019s <\/strong><strong><a href=\"http:\/\/mainmena.com\/conference\/4\">Angel\u2019s Oasis<\/a><\/strong><strong> retreat runs tomorrow and <\/strong><strong>Friday in El Gouna<\/strong>, with separate pricing for in-person and virtual attendance.<\/p><p><strong>BOOK LAUNCH- <\/strong><strong><a href=\"https:\/\/www.amazon.com\/Justo-Tiempo-historia-p%C3%A9rdida-comienzo-ebook\/dp\/B09HPRPHR4\">Justo a Tiempo<\/a><\/strong><strong>,<\/strong> a memoir penned by our friend \u200b\u200bMaria Laura Sanchez Puerta (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af34f74d-0aa1-4166-9355-e86880dd7e70\">Morning Routine<\/a>) about her family\u2019s battle against cancer. Sanchez Puerta, who is the World Bank\u2019s human development program leader in Egypt, is launching her memoir on Sunday, 7 November at Osana in Maadi. Argentinian Ambassador Eduardo Varela and Cairo University Professor Rasha Abboudy will also be speaking at the event.<\/p><p><strong>Women entrepreneurs have until 6 November to apply to a new accelerator program <\/strong><strong>launched by NGO Nahdet El Mahrousa<\/strong> offering up to EGP 200k in grants, mentorship, and other business support. Founders and social enterprise leaders working in ICT, creative industries, or on projects that support gender equality are eligible to apply. The program, Rabeha, was launched in partnership with UN Women Egypt, the Egyptian National Council for Women, Global Affairs Canada, and other partners. You can <a href=\"https:\/\/l.facebook.com\/l.php?u=https%3A%2F%2Fbit.ly%2F3DWmlG5%3Ffbclid%3DIwAR0CgpdQDltgFGzhoGJmuKRr5AdNL_bxkQIE7ejiUngECbkxK-Qg3WQ1LAs&amp;h=AT03bTcEWHO7_ifSyWY3bzUc-4W2xyBotj8E6jDvCOL2g53DHT_1O-x-6WJEHQmxMXlxAvB-DaYAdjcjN1G0nWZBboNwVUPZ69Ua7N1_VRuZTOXC_gPJRuv0i4eqb8Sxzl7K&amp;__tn__=-UK-R&amp;c%5B0%5D=AT1HqXk_X4HRQoevTN35Wj-0uhLHrBeazxBScbrfhO3vQVPEgiiCAGC1QpNkyytUpdrdEmhOyhxjQU2yUeKNtV12aIbQoco90gnb9pzz2WJj9o-nFnvIGq21LI5OeTpfeJZ2jrjus2lOZqRLTUHrcLXrIhu6TpLQm0zXJzSAUdUSEzwfnrSJWdcx_K8duqOHSxQSNNw\">apply here<\/a>.<\/p><p><strong>GIZ and KfW are launching a call for green project proposals: <\/strong>Companies and public bodies working on projects related to the green economy transformation can as of 30 November submit proposals to the KfW Development Bank and GIZ\u2019s Investing for Employment facility, which will see co-financing grants ranging from 1 mn to 10 mn EUR awarded to to each project, the GIZ said in a <a href=\"https:\/\/ent.news\/2021\/10\/2021-10-25_FINAL_EGY-announcement-en.pdf\">press release (pdf)<\/a>. The facility will award grants to projects that contribute towards job creation. You can find out more about the facility and the application process <a href=\"https:\/\/invest-for-jobs.com\/en\/investing-for-employment#top\">here<\/a>.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, urban development as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>Water infrastructure has been a key priority for the government in recent years. With the fourth edition of <a href=\"https:\/\/www.cairowaterweek.eg\/\">Cairo Water Week<\/a> entering its final days, we recap what\u2019s been happening on the water-saving front just as President Abdel Fattah El Sisi finally signs into law the long-awaited Water Resources Act.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate-change\/\">climate change<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hala-zayed\/\">Hala Zayed<\/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=\"556469\" 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=\"556469\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/556469\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556469\" class=\"content-area-description single-story post-556469 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\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=\"556470\" 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=\"556470\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/bariq-now-officially-belongs-to-intro-group\/\">\r\n                            BariQ now officially belongs to Intro Group                        <\/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\/27\/bariq-now-officially-belongs-to-intro-group\/\" 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\/27\/bariq-now-officially-belongs-to-intro-group\/')\">\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\/27\/bariq-now-officially-belongs-to-intro-group\/\">\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=BariQ now officially belongs to Intro Group&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/bariq-now-officially-belongs-to-intro-group\/\">\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\/27\/bariq-now-officially-belongs-to-intro-group\/&title=BariQ now officially belongs to Intro Group\">\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=BariQ+now+officially+belongs+to+Intro+Group+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F27%2Fbariq-now-officially-belongs-to-intro-group%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\/27\/bariq-now-officially-belongs-to-intro-group\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/283.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"556471\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/bariq-now-officially-belongs-to-intro-group\/283-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/283.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"283.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/283.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/283.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556470\" class=\"content-area-description single-story post-556470 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-bariq tag-enterpriseam tag-intro-group tag-ma-watch tag-raya-holding wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Raya Holding has completed the EGP 571 mn sale of 100% of its recycling <\/strong><strong>subsidiary BariQ to Intro Group<\/strong> subsidiary Intro Waste Management and Material Recovery, according to a bourse <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%d8%b1%d8%a7%d9%8a%d8%a9%20%d8%a8%d9%8a%d8%a7%d9%86%20%d8%a7%d9%86%d8%ac%d9%84%d9%8a%d8%b2%d9%89%2026-10-2021.pdf\">disclosure (pdf)<\/a>. Raya <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0471f41-7075-4dd6-8a0a-5f768910dca7\">announced initial plans<\/a> to sell off BariQ in November of last year, which the company said in yesterday\u2019s disclosure is part of a 2019 plan to divest non-core assets and focus investment on the group\u2019s core operations. Raya signed an agreement with Intro Group to sell 100% of BariQ in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/986aa556-52ba-44c4-9f39-6ea3ff80b860\">May of this year<\/a>.<\/p>\n<p><strong>Advisors:<\/strong> Al Ahly Pharos had sell-side duties, while Compass Capital was buy-side advisor. RSM did buy-side financial and tax due diligence duties. Zaki Hashem and Partners provided counsel on the sell-side and Al Tamimi and Co were buy-side counsel. Al Ahly Pharos Brokerage executed for the sell-side and Beltone Brokerage did the work on the buy-side. CIB was escrow agent for the transaction.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bariq\/\">BariQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/intro-group\/\">Intro Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/raya-holding\/\">Raya Holding<\/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=\"556472\" 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=\"556472\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/madinet-nasr-to-acquire-real-estate-firm-minka-gets-new-ceo-as-part-of-the-transaction\/\">\r\n                            Madinet Nasr to acquire real estate firm Minka, gets new CEO as part of the transaction                        <\/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\/27\/madinet-nasr-to-acquire-real-estate-firm-minka-gets-new-ceo-as-part-of-the-transaction\/\" 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\/27\/madinet-nasr-to-acquire-real-estate-firm-minka-gets-new-ceo-as-part-of-the-transaction\/')\">\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\/27\/madinet-nasr-to-acquire-real-estate-firm-minka-gets-new-ceo-as-part-of-the-transaction\/\">\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=Madinet Nasr to acquire real estate firm Minka, gets new CEO as part of the transaction&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/madinet-nasr-to-acquire-real-estate-firm-minka-gets-new-ceo-as-part-of-the-transaction\/\">\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\/27\/madinet-nasr-to-acquire-real-estate-firm-minka-gets-new-ceo-as-part-of-the-transaction\/&title=Madinet Nasr to acquire real estate firm Minka, gets new CEO as part of the transaction\">\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=Madinet+Nasr+to+acquire+real+estate+firm+Minka%2C+gets+new+CEO+as+part+of+the+transaction+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F27%2Fmadinet-nasr-to-acquire-real-estate-firm-minka-gets-new-ceo-as-part-of-the-transaction%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\/27\/madinet-nasr-to-acquire-real-estate-firm-minka-gets-new-ceo-as-part-of-the-transaction\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556472\" class=\"content-area-description single-story post-556472 post type-post status-publish format-standard hentry category-ma-watch tag-enterpriseam tag-ma-watch tag-madinet-masr-for-housing-and-development tag-real-estate 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><a href=\"https:\/\/mnhd.com\/\">Madinet Nasr Housing and Development (MNHD)<\/a><\/strong><strong> is looking to acquire real estate <\/strong><strong>firm <\/strong><strong><a href=\"https:\/\/minkaegypt.com\/index.php\">Minka Development<\/a><\/strong><strong> for EGP 200-220 mn, <\/strong>the company\u2019s head of investor relations, Salah Katamish, told us yesterday following a <a href=\"https:\/\/ent.news\/2021\/10\/MNHD.pdf\">regulatory filing (pdf)<\/a> from the company on Sunday. MNHD has appointed Baker Tilly Wahid Abdel Ghaffar & Co to conduct a fair value study of Minka and expects the results within four weeks, Katamish said, without disclosing when MNHD expects to complete acquisition.<\/p>\n<p><strong>MNHD and Minka know each other well:<\/strong> Minka agreed to purchase two land plots in MNHD\u2019s Taj City development over the past two years for EGP 1.33 bn: The Hoft <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/27\/mnhd-approves-minka-real-estate-investment-offer-for-land-plot-in-taj-city\/\">for<\/a><a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/27\/mnhd-approves-minka-real-estate-investment-offer-for-land-plot-in-taj-city\/\">EGP 184.8<\/a><a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/27\/mnhd-approves-minka-real-estate-investment-offer-for-land-plot-in-taj-city\/\">mn<\/a> in 2019, and the larger Kinda project for <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9501f366-48a4-45fb-b4c6-ff8969043091\">EGP 1.15 bn<\/a> last year.<\/p>\n<p><strong>So why is the transaction in the EGP 200 mn range?<\/strong> So far, Minka has only paid EGP 200-220 mn for the plots, Katamish tells us. By acquiring the company, MNHD is essentially buying back the two plots it originally sold. The third project owned by Minka \u2014 <a href=\"https:\/\/minkaegypt.com\/developments\/kensington.php\">Kensington<\/a>, outside Taj City \u2014 will be separated from Minka ahead of the acquisition.<\/p>\n<p><strong>How is the acquisition being funded?<\/strong> MNHD will go ahead with a EGP 374.4 mn capital increase, part of which will be used to fund the acquisition, it said in <a href=\"https:\/\/ent.news\/2021\/10\/MNHD-follow-up.pdf\">a separate disclosure (pdf)<\/a> yesterday. The remaining EGP 154-174 mn will go towards MNHD\u2019s <a href=\"https:\/\/bit.ly\/3meoXcg\">residential project in West Assiut<\/a><strong>.<\/strong><\/p>\n<p><strong>Minka\u2019s owners will then reinvest in MNHD: <\/strong>The Sallam family will use the proceeds from the sale of their company \u2014 plus an additional EGP 50 mn \u2014 to purchase a minimum 5% stake in MNHD. This will make them the third largest minority shareholder in the company after BPE Partners\u2019 managed fund\u2019s 29% and National Company for Construction and Developments\u2019 15%.<\/p>\n<p><strong>Minka\u2019s CEO has also become MNHD\u2019s CEO:<\/strong> MNHD\u2019s board also approved the appointment of Minka head Abdallah Sallam (<a href=\"https:\/\/eg.linkedin.com\/in\/m-abdallah-sallam-6a6aa018\">LinkedIn<\/a>) as its CEO, according to <a href=\"https:\/\/ent.news\/2021\/10\/MNHD-New-CEO.pdf\">another filing (pdf)<\/a> on Monday. He will start his term on Sunday, Katamish said.<\/p>\n<p><strong>Market reaction: <\/strong>MNHD\u2019s shares are off 16% this trading week so far, closing at EGP 2.22 yesterday, down from EGP 2.64 before the long weekend, according to data from Reuters. MNHD\u2019s 52-week high was EGP 3.96.<\/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\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madinet-masr-for-housing-and-development\/\">Madinet Masr for Housing and Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/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=\"556473\" 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=\"556473\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Healthcare<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/cleopatra-hospitals-to-develop-a-400-bed-medical-facility-in-east-cairo\/\">\r\n                            Cleopatra Hospitals to develop a 400-bed medical facility in East Cairo                        <\/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\/27\/cleopatra-hospitals-to-develop-a-400-bed-medical-facility-in-east-cairo\/\" 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\/27\/cleopatra-hospitals-to-develop-a-400-bed-medical-facility-in-east-cairo\/')\">\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\/27\/cleopatra-hospitals-to-develop-a-400-bed-medical-facility-in-east-cairo\/\">\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=Cleopatra Hospitals to develop a 400-bed medical facility in East Cairo&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/cleopatra-hospitals-to-develop-a-400-bed-medical-facility-in-east-cairo\/\">\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\/27\/cleopatra-hospitals-to-develop-a-400-bed-medical-facility-in-east-cairo\/&title=Cleopatra Hospitals to develop a 400-bed medical facility in East Cairo\">\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=Cleopatra+Hospitals+to+develop+a+400-bed+medical+facility+in+East+Cairo+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F27%2Fcleopatra-hospitals-to-develop-a-400-bed-medical-facility-in-east-cairo%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\/27\/cleopatra-hospitals-to-develop-a-400-bed-medical-facility-in-east-cairo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/287.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"556474\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/cleopatra-hospitals-to-develop-a-400-bed-medical-facility-in-east-cairo\/287-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/287.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"287.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/287.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/287.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556473\" class=\"content-area-description single-story post-556473 post type-post status-publish format-standard has-post-thumbnail hentry category-healthcare tag-cleopatra-hospitals-group tag-enterpriseam tag-healthcare 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>Cleopatra Hospitals Group purchased a brownfield project in East Cairo to <\/strong><strong>develop into a 400-bed medical facility<\/strong>, according to a <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%d9%83%d9%84%d9%8a%d9%88%20%d8%a8%d9%8a%d8%a7%d9%86%20%d8%a7%d9%86%d8%ac%d9%84%d9%8a%d8%b2%d9%8a%2026-10-2021.pdf\">disclosure to the bourse (pdf)<\/a>. The disclosure did not specify how much Cleopatra is paying for the facility. The EGX-listed healthcare group had signed the agreement with an undisclosed seller earlier this month and is now seeking approval from the Health Ministry and satisfying other conditions precedent before completing the purchase.<\/p>\n<p><strong>The development is expected to take 18-24 months to complete once the approvals come through<\/strong>, CHG Corporate Strategy and Investor Relations Director Hassan Fikry told Enterprise. The brownfield project currently lacks facilities, including beds and medical equipment, but would not require as much time to complete as would a greenfield.<\/p>\n<p><strong>The agreement, if approved, would mark the group\u2019s first major development in East Cairo<\/strong>, save for one <a href=\"http:\/\/www.cleopatrahospitals.com\/en\/polyclinics\/new-cairo-polyclinics\/overview\/\">polyclinic project<\/a>. The move is part of CHG\u2019s larger plan for geographical expansion across Cairo that would see the company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c03c3d60-e8b2-4ec2-9f49-697b0e50807a\">expanding its footprint and services<\/a>. The EGX-listed company is the largest hospital group in Egypt, with six hospitals and two polyclinics under its belt. CHG had previously eyed expansion through a mega-merger with private healthcare group Alameda, but the transaction <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/80133ec1-19f8-45b2-a5a7-d96d16b62242\">fell through<\/a> earlier this year. Cleopatra had also previously <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31d9479c-6da0-4c9c-9212-833fc6ba94b4\">acquired<\/a> a 60% stake in Bedaya Hospital last year.<\/p>\n\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\/cleopatra-hospitals-group\/\">Cleopatra Hospitals Group<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"556475\" 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=\"556475\">\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\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/ghazl-el-mahalla-fc-lines-up-egxs-second-ipo-this-quarter\/\">\r\n                            Ghazl El Mahalla FC lines up EGX\u2019s second IPO this quarter                        <\/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\/27\/ghazl-el-mahalla-fc-lines-up-egxs-second-ipo-this-quarter\/\" 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\/27\/ghazl-el-mahalla-fc-lines-up-egxs-second-ipo-this-quarter\/')\">\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\/27\/ghazl-el-mahalla-fc-lines-up-egxs-second-ipo-this-quarter\/\">\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=Ghazl El Mahalla FC lines up EGX\u2019s second IPO this quarter&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/ghazl-el-mahalla-fc-lines-up-egxs-second-ipo-this-quarter\/\">\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\/27\/ghazl-el-mahalla-fc-lines-up-egxs-second-ipo-this-quarter\/&title=Ghazl El Mahalla FC lines up EGX\u2019s second IPO this quarter\">\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=Ghazl+El+Mahalla+FC+lines+up+EGX%E2%80%99s+second+IPO+this+quarter+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F27%2Fghazl-el-mahalla-fc-lines-up-egxs-second-ipo-this-quarter%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\/27\/ghazl-el-mahalla-fc-lines-up-egxs-second-ipo-this-quarter\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/288.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"556476\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/ghazl-el-mahalla-fc-lines-up-egxs-second-ipo-this-quarter\/288-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/288.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"288.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/288.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/288.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556475\" class=\"content-area-description single-story post-556475 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-egx tag-enterpriseam tag-ghazl-el-mahalla tag-ipo-watch tag-privatization-watch tag-sports tag-state-privatization-program wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Two IPOs on the EGX in as many months?<\/strong> State-owned sports club Ghazl El Mahalla could debut on the EGX in November, a month after fintech firm e-Finance <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/23beb734-9f6f-4c55-9143-7c6935ecf804\">completed the exchange\u2019s largest IPO in six years<\/a>, according to <a href=\"https:\/\/bit.ly\/3jE3M1w\">Masrawy<\/a>, citing the head of bookrunner Prime Holding. Prime\u2019s investment banking arm has begun promoting the share sale to institutional players and hopes to initiate the offering on the exchange at the beginning of next month, CEO Mohamed Maher told the newspaper, without providing further information. Enterprise was unable to reach Prime or club owner El Mahalla Spinning and Weaving Company for comment.<\/p>\n<p><strong>Let\u2019s keep size in context:<\/strong> The sale is expected to raise <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0332f74e-7f53-457b-baa2-6184452c631b\">EGP 135 mn<\/a>, which would be done via newly-issued shares that would see up to two-thirds of the club listed on the exchange. Prime will place EGP 37 mn worth of shares in a sale to institutional investors, while another EGP 98 mn will be earmarked for sale to individual retail investors, Maher had told us over the summer. E-Finance\u2019s EGP 5.8 mn (USD 370 mn) IPO was the largest the market has seen since 2015; that\u2019s when TMG raised about EGP 4.5 bn (or about USD 850 mn given the exchange rate at the time).<\/p>\n<p><strong>The biggest-ever IPO in Egypt?<\/strong> That would be Telecom Egypt, which raised the equivalent of nearly USD 900 mn in 2005.<\/p>\n<p><strong>Ghazl El Mahalla FC is spinning off from its parent company<\/strong> (the state-owned textiles business of the same name) and will be listed as a new company with initial capital of EGP 200 mn. The remaining capital not issued in freefloat shares will come in the form of an in-kind contribution from Spinning and Weaving to give it a stake.<\/p>\n<p><strong>e-Finance\u2019s success on the EGX has given energy to the state privatization program. <\/strong>The state-owned firm\u2019s listing this month encouraged Ghazl El Mahalla to go ahead with its own IPO, Maher told Masrawy. E-Finance met with substantial institutional and retail appetite. Four more state-owned companies could hit the bourse before the end of the current fiscal year in June, Public Enterprise Minister Hisham Tawfik <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b90b5254-2ce1-47f0-b1a9-f1082077ef28\">said previously<\/a>. Aside from the football club, Banque du Caire is a candidate, after its IPO was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/73e68855-c8b6-40b1-a34f-a562b93f8ea0\">postponed<\/a> in the wake of covid-induced market turmoil. There are also offerings in the pipeline for several large government-owned firms beyond that date, Tawfik said.<\/p>\n<p><strong>But the real question is which private-sector companies are in the funnel to go public.<\/strong> The parent company of health foods brand <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98bcedd8-3687-4806-9a48-9efe1527cb04\">Abu Auf<\/a><\/strong> said earlier this fall it will list in the first half of 2022, with EFG Hermes in the driver\u2019s seat. <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/41f12ac1-51f9-49c7-ad9e-9955e248aa88\">Macro Pharma<\/a><\/strong> also has plans to list, having made a last-minute u-turn on its IPO in April and later hired EFG Hermes to quarterback the sale. And non-bank financial services player <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2288438-1757-4a28-b7a4-8060a362753b\">Ebtikar<\/a><\/strong> has also said it plans to go public.<\/p>\n<p><strong>Okay, but is Ghazl El Mahalla even a good football club? <\/strong>After being relegated for several years, Ghazl El Mahalla made it back into the Egyptian Premier League last season and finished the year in the lower-middle of the table. <strong>They play their first match of the new season (which got underway on Monday) tomorrow against Al Masry. <\/strong>Ghazl El Mahalla won the league once, back in 1973, and remain a team with a large and loyal local fan base. The IPO would make it Mahalla the first Egyptian football club to go public.<\/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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ghazl-el-mahalla\/\">Ghazl El Mahalla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"556477\" 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=\"556477\">\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\/27\/shorooq-partners-launches-mena-wide-venture-debt-fund\/\">\r\n                            Shorooq Partners launches MENA-wide venture debt fund                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/shorooq-partners-launches-mena-wide-venture-debt-fund\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/shorooq-partners-launches-mena-wide-venture-debt-fund\/')\">\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\/27\/shorooq-partners-launches-mena-wide-venture-debt-fund\/\">\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=Shorooq Partners launches MENA-wide venture debt fund&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/shorooq-partners-launches-mena-wide-venture-debt-fund\/\">\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\/27\/shorooq-partners-launches-mena-wide-venture-debt-fund\/&title=Shorooq Partners launches MENA-wide venture debt fund\">\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=Shorooq+Partners+launches+MENA-wide+venture+debt+fund+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F27%2Fshorooq-partners-launches-mena-wide-venture-debt-fund%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\/27\/shorooq-partners-launches-mena-wide-venture-debt-fund\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/290.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"556478\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/shorooq-partners-launches-mena-wide-venture-debt-fund\/290-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/290.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"290.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/290.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/290.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556477\" class=\"content-area-description single-story post-556477 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-shorooq-partners tag-startup-watch tag-startups tag-venture-debt 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>Shorooq Partners has launched what it\u2019s calling the first MENA-focused venture debt fund<\/strong>, <a href=\"https:\/\/ent.news\/2021\/10\/211024-NFI-Launch-vF.pdf\">Nahda Fund I (pdf)<\/a>. The firm hit its fundraising target in just four weeks and Shorooq is planning to fully deploy it by the end of the year, partner Samir Yamani tells us, without disclosing the size of the fund.<\/p>\n<p><strong>What is venture debt?<\/strong> Think of it as a loan made to startups by investors, who are repaid in installments and interest. Unlike venture capital, where investors provide financing in return for equity in the company, venture debt provides entrepreneurs access to finance without being diluted.<\/p>\n<p><strong>Shorooq is looking to provide financing to six or seven startups before the end of the year<\/strong>, with each ticket size ranging between USD 5-10 mn, Yamani tells us. The fund is targeting companies operating in the agtech, e-commerce, logistics and fintech sectors, he says, without revealing names. The statement says that the fund has already committed \u201ca majority of its capital,\u201d and reveals one startup that has received funding: UAE-based agtech company Pure Harvest.<\/p>\n<p><strong>Any Egyptian companies among them?<\/strong> Yamani wouldn\u2019t say, but did note that Egypt is a huge market that could be a focal point for the fund. \u201cThe tech startup scene, the demographic situation and the talent that is available makes Egypt very attractive. Now over and above that, if these startups also have exposure to the GCC or USD-pegged economies, that makes them even more attractive,\u201d Yamani says. <strong>Shorooq\u2019s local partner<\/strong> is seasoned VC Tamer Azer (<a href=\"https:\/\/www.linkedin.com\/in\/tamerazer\/\">LinkedIn<\/a>).<\/p>\n<p><strong>Expect the announcement of another fund next year<\/strong>, Yamani says. The second round has already received \u201csignificant interest from sovereign wealth funds in the region,\u201d he added.<\/p>\n<p><strong>Egypt is about to get a venture debt scene of its own:<\/strong> In Egypt, <a href=\"https:\/\/www.dfinholding.com\/\">Digital Finance Holding (DFin)<\/a> is looking to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c852723-3aab-4603-b7a4-6a79d36bf264\">launch its venture debt vehicle Camel Ventures<\/a> at the beginning of December. While it was initially planning to kickstart in 2Q2021, the vehicle \u2014 which will soon be registered with and approved by the Financial Regulatory Authority \u2014 is currently finalizing agreements with their investors, founder and CEO Shehab Marzban (<a href=\"https:\/\/www.linkedin.com\/in\/shehabmarzban\/\">LinkedIn<\/a>) tells us.<\/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\/shorooq-partners\/\">Shorooq Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-debt\/\">venture debt<\/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=\"556479\" 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=\"556479\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/efg-hermes-corp-solutions-plans-egp-1-bn-bond-issuance-early-2022\/\">\r\n                            EFG Hermes Corp-Solutions plans EGP 1 bn bond issuance early 2022                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/efg-hermes-corp-solutions-plans-egp-1-bn-bond-issuance-early-2022\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/efg-hermes-corp-solutions-plans-egp-1-bn-bond-issuance-early-2022\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/efg-hermes-corp-solutions-plans-egp-1-bn-bond-issuance-early-2022\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=EFG Hermes Corp-Solutions plans EGP 1 bn bond issuance early 2022&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/efg-hermes-corp-solutions-plans-egp-1-bn-bond-issuance-early-2022\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/efg-hermes-corp-solutions-plans-egp-1-bn-bond-issuance-early-2022\/&title=EFG Hermes Corp-Solutions plans EGP 1 bn bond issuance early 2022\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=EFG+Hermes+Corp-Solutions+plans+EGP+1+bn+bond+issuance+early+2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F27%2Fefg-hermes-corp-solutions-plans-egp-1-bn-bond-issuance-early-2022%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/efg-hermes-corp-solutions-plans-egp-1-bn-bond-issuance-early-2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/291.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"556480\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/efg-hermes-corp-solutions-plans-egp-1-bn-bond-issuance-early-2022\/291-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/291.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"291.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/291.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/291.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556479\" class=\"content-area-description single-story post-556479 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-bonds tag-debt-watch tag-efg-hermes tag-efg-hermes-corp-solutions tag-enterpriseam tag-securitization tag-talaat-moustafa-group tag-talal-elayat 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>EFG Hermes Corp-Solutions is planning a EGP 1 bn securitized bond sale early <\/strong><strong>next year<\/strong> in early 2022, CEO Talal Elayat <a href=\"https:\/\/bit.ly\/2ZmQ7Vm\">told Al Mal<\/a>. This is in addition to a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f074b677-501b-4238-9789-fd2db1308d5b\">EGP 700 mn issuance<\/a> the company is still planning to take to market later this quarter provided it gets regulatory approval, he said.<\/p>\n<p><strong>This could be slightly above what we were expecting: <\/strong>Elayat <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f074b677-501b-4238-9789-fd2db1308d5b\">told us earlier this year<\/a> that the company was looking at a EGP 500 mn issuance for the second half of 2021, and that this would be a part of a larger round of securitization. The company\u2019s first securitization bond program was issued in 2018 with a value of EGP 350 mn.<\/p>\n<p><strong>IN OTHER DEBT NEWS- Talaat Moustafa Group is reportedly planning to take to market EGP 700 mn in securitized bonds before the year is out<\/strong>, <a href=\"https:\/\/alborsaanews.com\/2021\/10\/26\/1475433\">Al Borsa<\/a> reports, quoting unnamed sources. The sale would be part of a three-year EGP 6 bn securitization program TMG plans to push ahead with, that would involve several issuances, the sources say. EFG will reportedly act as the financial advisor for the program, while Dreny and Partners will act as legal counsel.<\/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\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes-corp-solutions\/\">EFG Hermes Corp Solutions<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/talaat-moustafa-group\/\">Talaat Moustafa Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/talal-elayat\/\">Talal Elayat<\/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=\"556481\" 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=\"556481\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/natgas-vehicles-are-getting-a-little-bit-pricier\/\">\r\n                            Natgas vehicles are getting a little bit pricier                        <\/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\/27\/natgas-vehicles-are-getting-a-little-bit-pricier\/\" 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\/27\/natgas-vehicles-are-getting-a-little-bit-pricier\/')\">\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\/27\/natgas-vehicles-are-getting-a-little-bit-pricier\/\">\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=Natgas vehicles are getting a little bit pricier&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/natgas-vehicles-are-getting-a-little-bit-pricier\/\">\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\/27\/natgas-vehicles-are-getting-a-little-bit-pricier\/&title=Natgas vehicles are getting a little bit pricier\">\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=Natgas+vehicles+are+getting+a+little+bit+pricier+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F27%2Fnatgas-vehicles-are-getting-a-little-bit-pricier%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\/27\/natgas-vehicles-are-getting-a-little-bit-pricier\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/292.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"556482\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/natgas-vehicles-are-getting-a-little-bit-pricier\/292-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/292.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"292.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/292.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/292.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556481\" class=\"content-area-description single-story post-556481 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-automotive tag-chip-shortage tag-enterpriseam tag-finance-ministry tag-fuel tag-natgas-transition-scheme tag-oil-and-gas 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>Some dual-fuel vehicles delivered through the government\u2019s natgas transition <\/strong><strong>scheme will be EGP 3-5k more expensive<\/strong> after the Finance Ministry approved three manufacturers\u2019 requests to raise their prices, the official spokesperson for the initiative, Ahmed Abdelrazek, told Enterprise. Nissan, Alamal Group (which is delivering BYD and Lada cars), and Zemex microbus manufacturer the Egyptian-British Automobile Manufacturing Company all got permission to hike prices. EGX-listed GB Auto, the assembler and distributor for Hyundai, also submitted a request to raise prices, but the ministry has yet to approve it, according to Abdelrazek.<\/p>\n<p><strong>The price increase comes on the back of an increasingly debilitating global supply chain crunch<\/strong>, which is leading to a hike <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de33c454-7bba-4129-85ae-0c044abeef49\">in shipment costs<\/a>, as well as shipment delays of chips and other car components, Abdelrazek tells us. The scheme dictates that manufacturers can only raise prices if six months have passed since their last price increase, or if the ministry finds \u201cjust cause\u201d for a hike. It also places a 10% cap on price increases.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/enterprise.press\/hardhats\/feasible-plan-convert-vehicles-natgas-gasoline-national-scale\/\">natgas transition scheme<\/a><\/strong><strong> has so far given out almost 7.7k natgas-run cars<\/strong>, according to Abdelrazek. The multi-year scheme, which first saw the light <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b5707a29-852e-45dd-9669-ca7ae07a58da\">earlier this year<\/a>, also has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c569a8ad-4826-4eb2-92a1-f2f4bf44ff52\">financial incentives<\/a> in place to drive more people to take part. The initiative aims to take <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36da7b9d-7072-49b6-b723-f2c06effd23d\">1.8 mn cars<\/a> off the road to be outfitted with dual-fuel engines over the course of a decade.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chip-shortage\/\">chip shortage<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fuel\/\">fuel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/natgas-transition-scheme\/\">natgas transition scheme<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"556483\" 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=\"556483\">\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\">Suez Canal<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/suez-canal-authority-to-reduce-discount-for-lng-carriers\/\">\r\n                            Suez Canal Authority to reduce discount for LNG carriers                        <\/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\/27\/suez-canal-authority-to-reduce-discount-for-lng-carriers\/\" 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\/27\/suez-canal-authority-to-reduce-discount-for-lng-carriers\/')\">\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\/27\/suez-canal-authority-to-reduce-discount-for-lng-carriers\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Suez Canal Authority to reduce discount for LNG carriers&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/suez-canal-authority-to-reduce-discount-for-lng-carriers\/\">\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\/27\/suez-canal-authority-to-reduce-discount-for-lng-carriers\/&title=Suez Canal Authority to reduce discount for LNG carriers\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Suez+Canal+Authority+to+reduce+discount+for+LNG+carriers+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F27%2Fsuez-canal-authority-to-reduce-discount-for-lng-carriers%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\/27\/suez-canal-authority-to-reduce-discount-for-lng-carriers\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556483\" class=\"content-area-description single-story post-556483 post type-post status-publish format-standard hentry category-suez-canal tag-energy tag-enterpriseam tag-oil-and-gas tag-suez-canal wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>LNG carriers crossing the Suez Canal will only be getting a 15% cut to transit <\/strong><strong>fees starting 1 November<\/strong>, down from 25% previously, according to <a href=\"https:\/\/www.suezcanal.gov.eg\/English\/Navigation\/NavigationCirculars\/Documents\/PC_2-2015.pdf\">a circular (pdf)<\/a> the Suez Canal Authority released yesterday. The decision to effectively hike fees for LNG carriers comes amid the global shortage of natural gas, which has sent prices to a <a href=\"https:\/\/www.wsj.com\/articles\/natural-gas-prices-fall-from-peak-as-warm-autumn-buoys-stockpiles-11634895001\">13-year high<\/a> last month, the authority said. The canal <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64991da9-28f7-4e47-96f0-b9c893c2252b\">earlier this year<\/a> was reported to be the preferred shipping route for US LNG carriers heading to East Asia and looking to avoid a highly congested Panama Canal.<\/p>\n<p><strong>Why is the SCA doing this?<\/strong> In a word, the market opportunity to start restoring prices after cutting them to keep market share as the price of oil fell in the early days of the pandemic. The rise in oil to record highs to cross <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-24\/brent-oil-holds-above-85-as-saudi-arabia-vows-caution-on-supply\">USD 85 a barre<\/a><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-24\/brent-oil-holds-above-85-as-saudi-arabia-vows-caution-on-supply\">l<\/a> for the first time since 2014 amid a global energy shortage is driving higher demand for natural gas and other fuels.<\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/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=\"556484\" 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=\"556484\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/farouk-el-okda-joins-sfes-board-of-directors\/\">\r\n                            Farouk El Okda joins SFE\u2019s board of directors                        <\/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\/27\/farouk-el-okda-joins-sfes-board-of-directors\/\" 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\/27\/farouk-el-okda-joins-sfes-board-of-directors\/')\">\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\/27\/farouk-el-okda-joins-sfes-board-of-directors\/\">\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=Farouk El Okda joins SFE\u2019s board of directors&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/farouk-el-okda-joins-sfes-board-of-directors\/\">\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\/27\/farouk-el-okda-joins-sfes-board-of-directors\/&title=Farouk El Okda joins SFE\u2019s board of directors\">\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=Farouk+El+Okda+joins+SFE%E2%80%99s+board+of+directors+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F27%2Ffarouk-el-okda-joins-sfes-board-of-directors%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\/27\/farouk-el-okda-joins-sfes-board-of-directors\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556484\" class=\"content-area-description single-story post-556484 post type-post status-publish format-standard hentry category-moves tag-enterpriseam tag-moves tag-sovereign-fund-of-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The <strong>Sovereign Fund of Egypt<\/strong> (SFE) has reportedly tapped former Central Bank of Egypt Governor <strong>Farouk El Okda<\/strong> to join the SFE\u2019s board of directors, <a href=\"https:\/\/www.elwatannews.com\/news\/details\/5764819\">El Watan<\/a> reports, citing unnamed Planning Ministry sources. El Okda joins the board as the SFE <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08d65721-144d-499e-8b3c-b99a6f339002\">plans to launch new sub-funds<\/a> and moves ahead with other investment plans, including revamping the Mogamma.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"556485\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"556485\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/556485\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556485\" class=\"content-area-description single-story post-556485 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/10\/Tactical-Male-1600WX800H-for-web.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"556486\" 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=\"556486\">\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\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/egypt-letting-go-of-emergency-rules-was-good-news-for-the-egx\/\">\r\n                            Egypt letting go of emergency rules was good news for the EGX                        <\/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\/27\/egypt-letting-go-of-emergency-rules-was-good-news-for-the-egx\/\" 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\/27\/egypt-letting-go-of-emergency-rules-was-good-news-for-the-egx\/')\">\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\/27\/egypt-letting-go-of-emergency-rules-was-good-news-for-the-egx\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt letting go of emergency rules was good news for the EGX&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/egypt-letting-go-of-emergency-rules-was-good-news-for-the-egx\/\">\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\/27\/egypt-letting-go-of-emergency-rules-was-good-news-for-the-egx\/&title=Egypt letting go of emergency rules was good news for the EGX\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+letting+go+of+emergency+rules+was+good+news+for+the+EGX+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F27%2Fegypt-letting-go-of-emergency-rules-was-good-news-for-the-egx%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\/27\/egypt-letting-go-of-emergency-rules-was-good-news-for-the-egx\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556486\" class=\"content-area-description single-story post-556486 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-egx tag-emergency-act tag-enterpriseam tag-last-nights-talk-shows tag-mohamed-farid wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It wasn\u2019t a particularly eventful night on the airwaves<\/strong>, with President Abdel Fattah El Sisi\u2019s decision yesterday to not renew the state of emergency still getting airtime.<\/p>\n<p><strong>The decision was good for stocks: <\/strong>Al Hayah Al Youm\u2019s Mohamed Sherdy and Ala Mas\u2019ouleety\u2019s Ahmed Moussa both spoke to EGX boss Mohamed Farid for his two cents on whether the decision was linked to the EGX closing 0.7% in the green yesterday (watch, <a href=\"https:\/\/www.youtube.com\/watch?v=z96WntiFlfE\">runtime: 6:43<\/a> and <a href=\"https:\/\/www.youtube.com\/watch?v=53UQXCh-8Qg\">runtime: 6:11<\/a>). The takeaway: Not renewing the state of emergency sent an important message to investors that the country is the safest and most stable it has been in recent years.<\/p>\n<p><strong>Also on the airwaves last night: <\/strong>The three-year program Prime Minister Mostafa Madbouly signed in Paris with the OECD yesterday to support <strong>Egypt\u2019s structural economic reform agenda<\/strong> (<a href=\"https:\/\/www.youtube.com\/watch?v=Kg7Hid5HOAs\">watch, runtime: 5:50<\/a>) and <strong>Eni\u2019s three new oil and gas discoveries<\/strong> in the Western Desert (<a href=\"https:\/\/www.youtube.com\/watch?v=dAROl0t2j80\">watch, runtime: 9:02<\/a>). We have more in both those stories in Also on Our Radar, below.<\/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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emergency-act\/\">Emergency Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-farid\/\">Mohamed Farid<\/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=\"556487\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" 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class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-pgfun0w\" data-v=\"4\" data-block-id=\"pgfun0w\"><div 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      <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-mjyhkzl\" data-v=\"4\" data-block-id=\"mjyhkzl\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-mjyhkzl-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-mjyhkzl-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/egypt-ending-state-of-emergency-tops-foreign-press-headlines\/&title=Egypt ending state of emergency tops foreign press headlines\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+ending+state+of+emergency+tops+foreign+press+headlines+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F27%2Fegypt-ending-state-of-emergency-tops-foreign-press-headlines%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\/27\/egypt-ending-state-of-emergency-tops-foreign-press-headlines\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556488\" class=\"content-area-description single-story post-556488 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-abdel-fattah-el-sisi tag-emergency-act tag-enterpriseam tag-new-york wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>President Abdel Fattah El Sisi\u2019s decision to lift the state of emergency for the first <\/strong><strong>time in four years<\/strong> continues to lead the conversation in the foreign press, getting coverage from <a href=\"https:\/\/www.thetimes.co.uk\/article\/president-sisi-lifts-egypts-state-of-emergency-after-four-years-z7cxwlcsd\">The Times<\/a> | <a href=\"https:\/\/apnews.com\/article\/middle-east-africa-egypt-bombings-80b2eadf00af6769cb044e26c38d8c83\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/article\/idUSKBN2HF1VX\">Reuters<\/a> | <a href=\"https:\/\/www.nytimes.com\/2021\/10\/25\/world\/middleeast\/egypt-sisi-state-emergency.html?searchResultPosition=2\">New York Times<\/a>. <a href=\"https:\/\/www.hrw.org\/news\/2021\/10\/26\/egypt-ending-state-emergency-start-insufficient\">Human Rights Watch<\/a>meanwhile, called the move, \u201ca start, but insufficient.\u201d<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>Egyptian surrealist Ahmed Morsi\u2019s work capturing New York\u2019s essence <\/strong>landed him a spot in the fifth edition of <a href=\"https:\/\/www.moma.org\/calendar\/exhibitions\/5352\">Greater New York<\/a>, MoMA PS1\u2019s recurring exhibition. (<a href=\"https:\/\/www.ft.com\/content\/aa8e39eb-1929-4da0-8e65-d4ac13f9c787\">The Financial Times<\/a>)<\/li>\n<li><strong>Liverpool star striker Mohamed Salah is now part of the English curriculum in <\/strong><strong>Egyptian public sector schools<\/strong>, which <a href=\"https:\/\/bit.ly\/3E8Hg8W\">the government hopes<\/a> will increase interest in learning the English language. (<a href=\"https:\/\/www.thetimes.co.uk\/article\/mohamed-salah-added-to-school-curriculum-in-egypt-jds2r7gk0\">The Times<\/a>)<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emergency-act\/\">Emergency Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-york\/\">New York<\/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=\"556489\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"556490\" 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=\"556490\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/eni-makes-3-new-oil-and-gas-discoveries-in-western-desert\/\">\r\n                            Eni makes 3 new oil and gas discoveries in Western desert                        <\/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\/27\/eni-makes-3-new-oil-and-gas-discoveries-in-western-desert\/\" 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 three discoveries have a collective potential daily output of 6k barrels of oil, while the collective size of the deposits is estimated at 50 mn barrels. \u201cThe new discoveries have potential for additional appraisal and production wells that will be immediately planned in order to sustain the Agiba production plateau,\u201d the company wrote in a <a href=\"https:\/\/ent.news\/2021\/10\/PR_Eni_EGP-final.pdf\">press release (pdf)<\/a>. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b7a472c-2409-427b-b8c4-415a073d10f1\">Earlier this year<\/a>, Eni merged its Meleiha and Meleiha Deep concessions in the Western Desert, creating the Merged Meleiha concession. Eni operates some of Egypt\u2019s most important oil and gas resources including the giant Zohr natural gas field, the Noor concession, and the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad5970a1-92ff-4549-8f1e-39e6ebc941a1\">Damietta LNG plant<\/a>.<\/p><p><strong>S&amp;P maintains Egypt\u2019s B credit rating with stable outlook:<\/strong> S&amp;P Global Ratings has maintained Egypt\u2019s B credit rating with a stable outlook, while forecasting a return to pre-covid levels of economic growth in two years, the Finance Ministry said in a <a href=\"https:\/\/www.mof.gov.eg\/ar\/posts\/media\/6177e60bd331e2000a47772b\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9..-%D8%B9%D9%82%D8%A8-%D8%AA%D8%AB%D8%A8%D9%8A%D8%AA-%C2%AB%D8%B3%D8%AA%D8%A7%D9%86%D8%AF%D8%B1%D8%AF-%D8%A2%D9%86%D8%AF-%D8%A8%D9%88%D8%B1%D8%B2%C2%BB-%D8%A7%D9%84%D8%AA%D8%B5%D9%86%D9%8A%D9%81-%D8%A7%D9%84%D8%A7%D8%A6%D8%AA%D9%85%D8%A7%D9%86%D9%89-%D9%84%D9%85%D8%B5%D8%B1-%D9%84%D9%84%D9%85%D8%B1%D8%A9-%D8%A7%D9%84%D8%B1%D8%A7%D8%A8%D8%B9%D8%A9-%D8%B9%D9%84%D9%8A-%D8%A7%D9%84%D8%AA%D9%88%D8%A7%D9%84%D9%89-%D9%85%D9%86%D8%B0-%D8%A8%D8%AF%D8%A1-%C2%AB%D8%A7%D9%84%D8%AC%D8%A7%D8%A6%D8%AD%D8%A9%C2%BB%3A-%D8%B4%D9%87%D8%A7%D8%AF%D8%A9-%D8%AB%D9%82%D8%A9-%D8%A5%D8%B6%D8%A7%D9%81%D9%8A%D8%A9-%D9%81%D9%89-%D8%B5%D9%84%D8%A7%D8%A8%D8%A9-%D9%88%D8%AA%D9%86%D9%88%D8%B9-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%89-%D9%88%D9%82%D8%AF%D8%B1%D8%AA%D9%87-%D8%B9%D9%84%D9%89-%D9%85%D9%88%D8%A7%D8%AC%D9%87%D8%A9-%D8%AA%D8%AF%D8%A7%D8%B9%D9%8A%D8%A7%D8%AA-%C2%AB%D9%83%D9%88%D8%B1%D9%88%D9%86%D8%A7%C2%BB-\">statement<\/a>. The ratings agency \u2014 which kept the country\u2019s sovereign rating <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad09d503-ab98-4933-a71d-ef71b7ab2ce8\">unchanged<\/a> despite covid \u2014 sees Egypt\u2019s economy growing at a 5.5% clip in FY2023-2024. It also said it expects the overall budget deficit to narrow to 6.8% at the end of the current fiscal year, compared to 7.3% in FY2020-2021, thanks to a wider tax base. S&amp;P expects the country to achieve a primary surplus of 1.5% in the current fiscal year.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/amazon\/\">Amazon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/carrefour\/\">Carrefour<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eni\/\">Eni<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jumia\/\">Jumia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sp\/\">S&amp;P<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/souq\/\">Souq<\/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=\"556491\" 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=\"556491\">\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\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/another-250k-doses-of-astrazeneca-courtesy-of-hungary\/\">\r\n                            Another 250k doses of Astrazeneca, courtesy of Hungary                        <\/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\/27\/another-250k-doses-of-astrazeneca-courtesy-of-hungary\/\" 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\/27\/another-250k-doses-of-astrazeneca-courtesy-of-hungary\/')\">\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\/27\/another-250k-doses-of-astrazeneca-courtesy-of-hungary\/\">\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=Another 250k doses of Astrazeneca, courtesy of Hungary&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/another-250k-doses-of-astrazeneca-courtesy-of-hungary\/\">\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\/27\/another-250k-doses-of-astrazeneca-courtesy-of-hungary\/&title=Another 250k doses of Astrazeneca, courtesy of Hungary\">\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=Another+250k+doses+of+Astrazeneca%2C+courtesy+of+Hungary+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F27%2Fanother-250k-doses-of-astrazeneca-courtesy-of-hungary%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\/27\/another-250k-doses-of-astrazeneca-courtesy-of-hungary\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556491\" class=\"content-area-description single-story post-556491 post type-post status-publish format-standard hentry category-covid-watch tag-astrazeneca tag-covid-19 tag-enterpriseam tag-fda tag-us tag-vaccines wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/www.facebook.com\/photo\/?fbid=191849829792906&set=a.113299807647909\">reported<\/a><\/strong> <strong>871 new covid-19 infections yesterday<\/strong>, down from 889 the day before. Egypt has now disclosed a total of 326,379 confirmed cases of covid-19. The ministry also reported 42 new deaths, bringing the country\u2019s total death toll to 18,375.<\/p>\n<p><strong>Egypt received 250k doses of the AstraZeneca vaccine from Hungary yesterday<\/strong>, adding to its growing stocks of jabs, <a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/191393309838558\">the Health Ministry<\/a> said in a statement. The shipment comes just after we got our hands on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8edcdfea-7d4c-4776-8e86-4ecd40b7d117\">1.06 mn Johnson & Johnson vaccine doses<\/a> on Monday. We\u2019re expected to receive another 3 mn doses before the end of the month.<\/p>\n<p><strong>A US FDA panel voted almost unanimously to allow 5-11 year-old to receive Pfizer <\/strong><strong>vaccines<\/strong>, making the US the first country to authorize vaccine use for this age group, according to the <a href=\"https:\/\/www.ft.com\/content\/71f07d95-aba5-48b5-b103-a8875644d068\">Financial Times<\/a>. The move comes as the US looks to further grow its vaccine rollout and help prevent the spread of covid-19 at schools.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/astrazeneca\/\">AstraZeneca<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fda\/\">FDA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"556492\" 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=\"556492\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">15<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/big-tech-had-a-particularly-great-quarter\/\">\r\n                            Big Tech had a particularly great quarter                        <\/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\/27\/big-tech-had-a-particularly-great-quarter\/\" 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\/27\/big-tech-had-a-particularly-great-quarter\/')\">\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\/27\/big-tech-had-a-particularly-great-quarter\/\">\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=Big Tech had a particularly great quarter&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/big-tech-had-a-particularly-great-quarter\/\">\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\/27\/big-tech-had-a-particularly-great-quarter\/&title=Big Tech had a particularly great quarter\">\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=Big+Tech+had+a+particularly+great+quarter+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F27%2Fbig-tech-had-a-particularly-great-quarter%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\/27\/big-tech-had-a-particularly-great-quarter\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556492\" class=\"content-area-description single-story post-556492 post type-post status-publish format-standard hentry category-planet-finance tag-bonds tag-china tag-enterpriseam tag-evergrande tag-financial-markets tag-hong-kong tag-modern-land tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>MARKET WATCH- Alphabet and Microsoft smash estimates as they release 3Q financials: <\/strong>Google\u2019s parent blew past expectations, posting 41% growth in revenues y-o-y <a href=\"https:\/\/abc.xyz\/investor\/static\/pdf\/2021Q3_alphabet_earnings_release.pdf?cache=f1ba3f6\">to USD 65.1 bn (pdf)<\/a>, while the Windows maker saw its top line rise 22% <a href=\"https:\/\/www.microsoft.com\/en-us\/investor\/earnings\/fy-2022-q1\/press-release-webcast\">to USD 45.3 bn<\/a>, also above analyst forecasts. Twitter, meanwhile, slid to a <a href=\"https:\/\/s22.q4cdn.com\/826641620\/files\/doc_financials\/2021\/q3\/Final-Q3'21-earnings-release.pdf\">USD 537 mn net loss (pdf)<\/a> after settling a shareholder class action lawsuit and as it ramps up investment in product development.<\/p><p><strong>The US junk bond market is bigger than ever:<\/strong> A record 149 companies have joined the US junk bond market so far in 2021 as businesses take advantage of the huge demand for yield amid an environment of ultra-low interest rates, the <a href=\"https:\/\/www.ft.com\/content\/b76e2d6f-5e40-479a-bcf9-1e27181a9d67\">Financial Times reports<\/a>. As the Fed continues to <a href=\"https:\/\/www.cnbc.com\/2021\/07\/07\/federal-reserve-releases-minutes-of-its-june-15-16-meeting.html\">hold interest rates at historic lows<\/a>, lower-rated issuers seeking capital and yield-hungry investors have flocked to the market, with 26 new corporate issuers arriving in September, followed by 13 so far this month. This has sent the high-yield bond market to a record size, topping more than USD 1.5 tn for the first time ever.<\/p><p><strong>The Evergrande contagion isn\u2019t quite over yet:<\/strong> Chinese property developer Modern Land defaulted on a bond payment citing \u201cliquidity issues,\u201d making it the latest in a growing list of Chinese property developers to default on payments, reported <a href=\"https:\/\/www.reuters.com\/business\/china-evergrandes-ev-unit-shares-surge-business-shift-evergrande-sinks-2021-10-26\/\">Reuters<\/a>. Developers are defaulting on payments \u201cone by one,\u201d an unnamed investor told the newswire, as the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/914a40cb-ac49-43f8-9b46-cb90bdcfca6f\">Evergrande crisis<\/a> and concerns over plans to introduce a real estate tax have dragged down the Chinese property market crisis. Evergrande, which has more than USD 300 mn in liabilities, made good on its last debt payment <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/135570d9-0b5a-43e6-a3bc-f47f667d1b46\">this week<\/a>.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11256.54<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +3.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,846.69<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +36.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>7,902.98<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +56.6%)<\/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>2,866.12<\/p>\n<\/td>\n<td>\n<p>+0.02% (YTD: +15%)<\/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>4,583.68<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +22%)<\/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>7,277.62<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: +12.7%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 86.35<\/p>\n<\/td>\n<td>\n<p>+0.4%<\/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 5.87<\/p>\n<\/td>\n<td>\n<p>-0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,794.40<\/p>\n<\/td>\n<td>\n<p>-0.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 61,343.97<\/p>\n<\/td>\n<td>\n<p>-2.4% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.7% at yesterday\u2019s close<\/strong> on turnover of EGP 1.58 bn (3.6% above the 90-day average). Foreign investors were net sellers. The index is up 3.8% YTD.<\/p><p><strong>In the green: <\/strong>Fawry (+6.8%), Sidi Kerir Petrochemicals (+6.6%) and AMOC (+4.8%).<\/p><p><strong>In the red: <\/strong>Madinet Nasr Housing (-9.0%), Gadwa Industrial Development (-6.4%) and Egypt Resorts Company (-6.4%).<\/p><p><strong>Shares in Hong Kong, Seoul, Tokyo and Shanghai are all in the red this morning<\/strong>, and the EuroStoxx, FTSE and DAX all seem on track to follow suit when European markets open later this morning. Futures suggest Wall Street is likely to open flat later today.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evergrande\/\">Evergrande<\/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\/hong-kong\/\">Hong Kong<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/modern-land\/\">Modern Land<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"556493\" 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=\"556493\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">16<\/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\/27\/oecd-to-support-structural-econ-reform-through-three-year-program\/\">\r\n                            OECD to support structural econ reform through three year program                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/oecd-to-support-structural-econ-reform-through-three-year-program\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/oecd-to-support-structural-econ-reform-through-three-year-program\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/oecd-to-support-structural-econ-reform-through-three-year-program\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=OECD to support structural econ reform through three year program&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/oecd-to-support-structural-econ-reform-through-three-year-program\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/oecd-to-support-structural-econ-reform-through-three-year-program\/&title=OECD to support structural econ reform through three year program\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=OECD+to+support+structural+econ+reform+through+three+year+program+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F10%2F27%2Foecd-to-support-structural-econ-reform-through-three-year-program%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/oecd-to-support-structural-econ-reform-through-three-year-program\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556493\" class=\"content-area-description single-story post-556493 post type-post status-publish format-standard hentry category-diplomacy tag-diplomacy tag-enterpriseam tag-france tag-moustafa-madbouly tag-oecd tag-policy wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Prime Minister Moustafa Madbouly signed an <\/strong><strong><a href=\"https:\/\/www.oecd.org\/newsroom\/oecd-and-arab-republic-of-egypt-inaugurate-three-year-programme-to-support-key-reforms.htm\">MoU<\/a><\/strong><strong>with OECD Secretary-General <\/strong><strong>Matthias Cormann for a three-year <\/strong><strong><a href=\"https:\/\/www.oecd.org\/mena\/economies\/egypt\/\">country program<\/a><\/strong> to support Egypt\u2019s structural economic reform agenda, according to a cabinet <a href=\"https:\/\/www.facebook.com\/photo.php?fbid=258082459695515&set=a.144073981096364&type=3\">statement<\/a>. The program lays out a plan for Egypt and the OEC to roll out 35 projects under five pillars: Inclusive and sustainable economic growth, innovation and digital transformation, governance and anti-corruption, statistics, and sustainable development. \u201cAll pillars will have a strong focus on gender equality and the inclusion of women and young people in the economy and society, as well as on supporting the formalisation of SMEs,\u201d the OECD said. The PM signed the MoU in OECD\u2019s Paris headquarters during his current visit to the French capital.<\/p>\n<p><strong>Egypt could help Somalia build rainwater harvesting dams<\/strong>, after Somali Agriculture Minister Saeed Hussein requested Egypt\u2019s support with its expertise in this area during a meeting with Irrigation Minister Mohamed Abdel Ati on Monday, according to a ministry <a href=\"https:\/\/www.facebook.com\/mwrifb\/posts\/241210148043564\">statement<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/france\/\">France<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oecd\/\">OECD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/policy\/\">policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"556494\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">16<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/with-cairo-water-week-underway-whats-the-latest-in-water-infrastructure\/\"> \r\n                            With Cairo Water Week underway, what\u2019s the latest in water infrastructure?<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/with-cairo-water-week-underway-whats-the-latest-in-water-infrastructure\/\" 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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With Cairo Water Week underway, we have a rundown of key happenings from the five-day event, which enters its final day tomorrow. <a href=\"https:\/\/enterprise.press\/hardhats\/counting-costs-govts-usd-50-bn-water-saving-plan\/\">In our inaugural issue of Hardhat<\/a>, we noted the government\u2019s efforts to bolster water infrastructure, and today we\u2019ll take a look at the latest developments since then.<\/p>\n<p><strong>A quick refresher: <\/strong>Egypt has recently estimated that its ambitious water-saving plan could cost nearly USD 50 bn through 2037. The plan comes at a critical time: Climate change is a growing threat that\u2019s gradually drying up water bodies including our very own Nile, and Ethiopia is pushing ahead with its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f9bac17b-7239-47c1-bef4-22223142b14b\">GERD-filling plans<\/a>, and refusing to budge on Egypt and Sudan\u2019s requests for a binding agreement for the filling and operation of the dam.<\/p>\n<p><strong>So, what\u2019s the government doing about this? <\/strong>President Abdel Fattah El Sisi <a href=\"https:\/\/gate.ahram.org.eg\/News\/3076560.aspx\">ratified yesterday<\/a> the long-awaited <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91feb202-b605-493a-8d72-ab4ab70aeb10\">Water Resources Act<\/a>, signing it into law after much back and forth with legislators that ended with final approval only <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31853750-db6d-4cb2-bfcb-4ed17c2133ed\">last summer<\/a>. The law has been in the works since at least 2017, when it received cabinet approval, but was delayed several times until the draft got a nod from the House Agriculture Committee in 2019. The new law aims to regulate how the country utilizes its water resources, through means including regulations on groundwater management and storage, provisions against acts of vandalism near coasts, modernizing the irrigation system, and fees for pumping stations on the Nile and canals.<\/p>\n<p><strong>Funding for infrastructure projects, starring the European Union: <\/strong>Alongside legislation, authorities have begun overhauling our ailing water infrastructure, which leaks bns of cubic meters, making water-saving a challenge.<\/p>\n<p><strong>The EU has been one of the main sponsors of this plan<\/strong>, and is currently in talks with the Egyptian government to launch a \u201cflagship initiative\u201d which would see all EU member states and the EU Commission pool their resources together to fund infrastructure, as well as food and water security projects in Egypt, head of the EU Delegation to Egypt Christian Berger said yesterday during a seminar that was part of Cairo Water Week. His statements came after EU Commissioner for Neighborhood and Enlargement Oliver Varhelyi that Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ef5bb7ad-6f4d-41d0-9f8c-1bca27980648\">could receive up to EUR 1 bn<\/a> from the bloc in the next six years to help drive \u201clong-term socio-economic development and recovery.\u201d Water security is one of the priority areas of this plan, which comes as part of a wider EUR 7 bn deployment of funds to the southern Mediterranean.<\/p>\n<p><strong>Talks between Egypt and the EU aim to set a 2021-2027 framework that will contribute to sustainable development<\/strong>, particularly with projects including desalination plants, applying renewable energy to infrastructure, rain water harvesting, and rehabilitating drainage facilities, head of cooperation at EU Delegation to Egypt Ibrahim Laafia said.<\/p>\n<p><strong>EU and European financial institutions have contributed a total of EUR 3 bn to water projects in Egypt since 2007 <\/strong>largely towards labor-intensive infrastructure projects, with the EU alone contributing EUR 550 mn in grants, Varhelyi said this week. Projects sponsored by the bloc include water treatment in Alexandria and Kafr El Sheikh, as well as projects to combat pollution in several lakes, along the Mediterranean, and in Fayoum, Flavia Palanza, who heads operations for neighbouring countries at the EIB, said during the Water Week seminar.<\/p>\n<p><strong>Priority areas: <\/strong>The European Investment Bank and member states are interested in supporting three specific government projects: a 2008-2037 strategy to boost water treatment capacity, a parallel 2017-2037 plan to improve sewage treatment in rural areas, and the <a href=\"http:\/\/bwadc.com.eg\/ws\/en\/project\/sustainable-rural-sanitation-project-based-on-linking-results-financing-srssp-p-for-r\/\">National Program for Rural Sanitation in Rural Areas (NRSP)<\/a>, Palanza said. Priority areas also include projects for Egypt as part of the EIB\u2019s Mediterranean Hot Spots Investment Programme (<a href=\"https:\/\/www.eib.org\/en\/publications\/mediterranean-hot-spots-investment-programme\">MeHSIP<\/a>).<\/p>\n<p><strong>Desalination plans in full flow:<\/strong> Separately, the Sovereign Fund of Egypt issued tenders for private companies to build 17 government-subsidized solar-powered desalination plants, part of a USD 2.5 bn plan to quadruple our desalination capacity in the next five years, fund chief executive Ayman Soliman <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/230ab7eb-25c7-4298-b601-6c6e298eac0a\">said last week<\/a>. The government <a href=\"https:\/\/enterprise.press\/hardhats\/water-leakage-agriculture-pressing-water-infrastructure-problem\/\">plans to spend<\/a> some EGP 134.2 bn through 2050 to build seawater desalination plants providing some 6.4 mn cbm\/d of water.<\/p>\n<p><strong>A water treatment \u201calliance\u201d: <\/strong>The Military Production Ministry\u2019s National Authority for Military <sup><\/sup><sup><\/sup>Production signed yesterday an agreement with US firms <a href=\"https:\/\/www.aquatech.com\/\">Aquatech<\/a>, MPS and AvsecPro to partner on designing, building and managing Egyptian water desalination and wastewater treatment facilities, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/257868486383579\">statement<\/a>. The three US companies will help the ministry make desalination plant components locally, as well as train military production staff on how to run and maintain them, the statement said without mentioning specifics or investment values.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Desalination nation:<\/strong> Egypt\u2019s sovereign wealth fund <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/230ab7eb-25c7-4298-b601-6c6e298eac0a\">has issued tenders<\/a> for private companies to build 17 solar-powered desalination plants, part of a USD 2.5 bn plan to quadruple our desalination capacity in the next five years.<\/li>\n<li><strong>New gas pipeline with Israel?<\/strong> Egypt and Israel <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03e23113-0f26-4a12-8d78-f0704c819c51\">are considering<\/a> connecting their gas grids through a new USD 200 mn onshore pipeline that would run through North Sinai and could \u200b\u200bboost exports by 3-5 bn bcm annually.<\/li>\n<li>\u200b\u200b<strong>Egypt seeks funding for Lake Victoria-Mediterranean river link:<\/strong> Egypt and several Nile Basin countries <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aec62253-e782-4eb0-9277-7f11fc39a545\">are on the lookout<\/a> for USD 11.7 mn to fund the second phase of feasibility studies to move ahead with the proposed Lake Victoria-Mediterranean Sea river transport route.<\/li>\n<li><strong>A more accessible Cairo on the horizon:<\/strong> Officials <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/135570d9-0b5a-43e6-a3bc-f47f667d1b46\">are working<\/a> on converting Cairo\u2019s main streets to improve accessibility for persons with disabilities, starting with 28 streets in Maadi.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/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\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sustainability\/\">sustainability<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"556496\" 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\/27\/your-essential-business-calendar-for-27-october-2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-556496\" class=\"content-area-description single-story post-556496 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>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>23-28 October (Saturday-Thursday): A high-level delegation of the UN\u2019s International Fund for Agricultural Development (IFAD) <a href=\"https:\/\/www.ifad.org\/en\/web\/latest\/-\/high-level-un-delegation-to-visit-egypt?utm_source=miragenews&utm_medium=miragenews&utm_campaign=news\">will visit Egypt<\/a> to meet with government officials and travel to IFAD-supported projects in the country.<\/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>27 October (Wednesday): <a href=\"https:\/\/tresconglobal.com\/conferences\/cloud\/egypt\/\">World Cloud Show<\/a>.<\/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>6 November (Saturday): Deadline to apply to Nahdet El Mahrousa\u2019s Rabeha, a women entrepreneurship <a href=\"https:\/\/l.facebook.com\/l.php?u=https%3A%2F%2Fbit.ly%2F3DWmlG5%3Ffbclid%3DIwAR0CgpdQDltgFGzhoGJmuKRr5AdNL_bxkQIE7ejiUngECbkxK-Qg3WQ1LAs&h=AT03bTcEWHO7_ifSyWY3bzUc-4W2xyBotj8E6jDvCOL2g53DHT_1O-x-6WJEHQmxMXlxAvB-DaYAdjcjN1G0nWZBboNwVUPZ69Ua7N1_VRuZTOXC_gPJRuv0i4eqb8Sxzl7K&__tn__=-UK-R&c%5B0%5D=AT1HqXk_X4HRQoevTN35Wj-0uhLHrBeazxBScbrfhO3vQVPEgiiCAGC1QpNkyytUpdrdEmhOyhxjQU2yUeKNtV12aIbQoco90gnb9pzz2WJj9o-nFnvIGq21LI5OeTpfeJZ2jrjus2lOZqRLTUHrcLXrIhu6TpLQm0zXJzSAUdUSEzwfnrSJWdcx_K8duqOHSxQSNNw\">accelerator program<\/a>.<\/p>\n<p>7-10 November (Sunday-Wednesday): Cairo ICT 2021, Egypt International Exhibition Center, New Cairo.<\/p>\n<p>8 November (Monday): <a href=\"https:\/\/www.egyptcsrforum.com\/\">Egypt CSR Forum<\/a>, International Citystars, 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>18-19 November (Thursday-Friday) British royal family members Prince Charles and the Duchess of Cornwall visit 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>30 November (Tuesday): Launch of open call by GIZ and KfW for green project proposals in Egypt as part of their <a href=\"https:\/\/ent.news\/2021\/10\/2021-10-25_FINAL_EGY-announcement-en.pdf\">Investing for Employment facility (pdf).<\/a><\/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>7 January 2022 (Friday): Coptic Christmas.<\/p>\n<p>27 January 2022 (Tuesday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/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>2 April 2022 (Saturday): First day of Ramadan (TBC).<\/p>\n<p>22-24 April 2022 (Friday-Sunday):<a href=\"http:\/\/sdg.iisd.org\/events\/2022-spring-meetings-of-the-world-bank-group-and-the-international-monetary-fund\/\">World Bank-IMF spring meeting<\/a>, Washington D.C.<\/p>\n<p>24 April 2022 (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).<\/p>\n<p>25 April 2022 (Monday): Sham El Nessim.<\/p>\n<p>25 April 2022 (Monday): Sinai Liberation Day.<\/p>\n<p>May 2022: Investment in Logistics Conference, Cairo, Egypt.<\/p>\n<p>2 May 2022 (Monday): Eid El Fitr (TBC).<\/p>\n<p>16 June 2022 (Thursday): End of 2021-2022 academic year for public schools.<\/p>\n<p>27 June-3 July 2022 (Monday-Sunday): World University Squash Championships, New Giza.<\/p>\n<p>30 June 2022 (Thursday): June 30 Revolution Day, national holiday.<\/p>\n<p>2H2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>8 July (Friday): Arafat Day.<\/p>\n<p>9-13 July (Saturday-Wednesday): Eid Al Adha, national holiday.<\/p>\n<p>30 July (Saturday): Islamic New Year.<\/p>\n<p>6 October (Thursday): Armed Forces Day, national holiday.<\/p>\n<p>8 October (Saturday): Prophet Muhammad\u2019s birthday.<\/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\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":556467,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-556466","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"36c79952-6e19-48da-b3a2-cd9b27fad7b2","teaser":"","photo_url":"https:\/\/ent.news\/2021\/10\/281.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Maait to meet Senate over capital gains tax on EGX trades - 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\/maait-to-meet-senate-over-capital-gains-tax-on-egx-trades\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maait to meet Senate over capital gains tax on EGX trades\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/maait-to-meet-senate-over-capital-gains-tax-on-egx-trades\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T01:18:42+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\/281.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/maait-to-meet-senate-over-capital-gains-tax-on-egx-trades\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/maait-to-meet-senate-over-capital-gains-tax-on-egx-trades\/\",\"name\":\"Maait to meet Senate over capital gains tax on EGX trades - 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