{"id":557222,"date":"2021-09-12T04:00:26","date_gmt":"2021-09-12T04:00:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=557222"},"modified":"2025-12-16T01:36:25","modified_gmt":"2025-12-16T01:36:25","slug":"our-poll-sees-cbe-leaving-rates-on-hold-this-week-as-egypt-maait-says-egypt-is-ready-for-us-feds-taper","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/our-poll-sees-cbe-leaving-rates-on-hold-this-week-as-egypt-maait-says-egypt-is-ready-for-us-feds-taper\/","title":{"rendered":"Our poll sees CBE leaving rates on hold this week as Egypt + Maait says Egypt is ready for US Fed\u2019s taper"},"content":{"rendered":"<section id=\"557224\" 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=\"557224\">\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\/09\/12\/this-morning-el-araby-founder-mahmoud-el-araby-dies-aged-89-ever-given-2-0-averted-another-busy-week-of-conferences\/\">\r\n                            THIS MORNING: El Araby founder Mahmoud El Araby dies, aged 89; Ever Given 2.0 averted; Another busy week of conferences.                        <\/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\/09\/12\/this-morning-el-araby-founder-mahmoud-el-araby-dies-aged-89-ever-given-2-0-averted-another-busy-week-of-conferences\/\" 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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Ever Given 2.0 averted; Another busy week of conferences.\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+El+Araby+founder+Mahmoud+El+Araby+dies%2C+aged+89%3B+Ever+Given+2.0+averted%3B+Another+busy+week+of+conferences.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F09%2F12%2Fthis-morning-el-araby-founder-mahmoud-el-araby-dies-aged-89-ever-given-2-0-averted-another-busy-week-of-conferences%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\/09\/12\/this-morning-el-araby-founder-mahmoud-el-araby-dies-aged-89-ever-given-2-0-averted-another-busy-week-of-conferences\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-557224\" class=\"content-area-description single-story post-557224 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-antonio-guterres tag-elaraby-group tag-enterpriseam tag-ever-given tag-finance-ministry tag-income-tax tag-suez-canal tag-suez-canal-authority tag-tax tag-un tag-vat tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, wonderful people, and welcome to an incredibly busy news day. <\/strong>It\u2019s a fitting way to begin a week that will include the central bank\u2019s review on Thursday of interest rates \u2014 and that could see a big announcement on the manufacturing in Egypt of Moderna\u2019s mRNA jab against covid-19.<\/p><p><strong>Also happening this week:<\/strong> new iPhones, EFG Hermes\u2019 latest virtual investor conference, and a potential visit to Cairo by Israel\u2019s PM. We have all of this and more below.<\/p><p><strong>MEANWHILE- Income tax and VAT offices will begin to be merged nationwide this <\/strong><strong>month<\/strong> as the government begins to streamline its physical outposts alongside the rollout of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/264efa9e-21cf-463d-9bcd-be3a9b1e9db4\">new digital tax system<\/a>, the Finance Ministry said in <a href=\"https:\/\/bit.ly\/3llbKwW\">a statement<\/a>. Fourteen tax offices in Greater Cairo will be merged into 10 in a first phase, said Egyptian Tax Authority head Reda Abdelkader, urging taxpayers to check the authority\u2019s <a href=\"https:\/\/www.facebook.com\/incometax.gov.eg\">Facebook page<\/a> for updates.<\/p><p><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c7bfb10-9563-4be2-adea-880775d4c867\">This month<\/a><\/strong><strong> companies in a limited number of tax jurisdictions in Cairo will be able to pay income tax and VAT via the digital tax portal<\/strong> ahead of a nationwide rollout by the end of the current fiscal year next June.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Ever Given 2.0 averted: Panamanian bulk carrier Coral Crystal was briefly <\/strong><strong>grounded in the Suez Canal on Thursday<\/strong>, but was quickly refloated using the canal\u2019s tugboats, Suez Canal Authority (SCA) head Osama Rabie said in a <a href=\"https:\/\/bit.ly\/3E8VAir\">statement<\/a>. Traffic in the canal was uninterrupted, and the Coral Crystal was redirected to the El-Ballah bypass, where it resumed its journey. The SCA has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3e6af08d-5696-4f80-bbb9-9f3cb4a0e816\">said<\/a> it will expand the southern section of the canal after the Ever Given became lodged for a week earlier this year.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a><strong> WHAT\u2019S HAPPENING TODAY- <\/strong><\/p><p><strong>Your commute is probably going to suck \u2014 schools are back in session. <\/strong>International schools regulated by the Education Ministry are set to start the 2021-2022 academic year today.<\/p><p><strong>Sahara Expo:<\/strong> The four-day agricultural conference, the <a href=\"https:\/\/www.saharaexpo.com\/en\/home.html\">Sahara Expo<\/a>, starts today at the Egypt International Exhibition Center.<\/p><p><strong>FOR TOMORROW- <\/strong><\/p><p><strong>EFG Hermes\u2019 fourth Virtual Investor Conference<\/strong> kicks off tomorrow and runs through to 21 September with the theme of \u201cAfter Reflation \u2014 FEMs in 2022.\u201d<\/p><p><strong>Environment minister at AmCham:<\/strong> Environment Minister Yasmine Fouad will give a speech on strategies for generating green, private sector-led growth at AmCham\u2019s virtual monthly event tomorrow. <a href=\"https:\/\/www.amcham.org.eg\/events-activities\/events\/online-registration\/1385\">Register here<\/a>.<\/p><p><strong>THIS WEEK-<\/strong><\/p><p><strong>iSheep rejoice:<\/strong> Apple is holding a virtual event on Tuesday where we can expect a new iPhone, new AirPods and probably a new watch. Apple has scheduled the event for 7pm CLT and shows it running for two hours. <a href=\"https:\/\/www.apple.com\/apple-events\/\">You can stream it here.<\/a><\/p><p><strong>Also on Tuesday: <\/strong><strong><a href=\"https:\/\/cweb.canon.jp\/eos\/your-eos\/article\/21090701\/\">Canon<\/a><\/strong><strong> is expected to announce its EOS R3<\/strong>, a hotly anticipated \u201cpro\u201d body aimed primarily at sports and wildlife photographers.<\/p><p><strong>Interest rates:<\/strong> The Central Bank of Egypt will meet to review interest rates on Thursday, 16 September.<\/p><p><strong>Israeli PM <\/strong><strong>to visit<\/strong><strong> Cairo this week?<\/strong> <a href=\"https:\/\/www.axios.com\/israel-pm-bennett-rare-public-visit-egypt-498608d1-eb33-4a0c-8b0d-1d83847bd0d9.html\">Axios<\/a>\u2019 Barak Ravid reports that Naftali Bennett will make an official diplomatic visit to Egypt for talks with President Abdel Fattah El Sisi, which would be the first official visit to Egypt by an Israeli leader in more than a decade, and a first for El Sisi. The last Egyptian president to host an Israeli prime minister was Hosni Mubarak, who met Benjamin Netanyahu in <a href=\"https:\/\/mfa.gov.il\/mfa\/pressroom\/2011\/pages\/pm_netanyahu_meets_egyptian_president_mubarak_6-jan-2011.aspx\">January 2011<\/a>.<\/p><p><strong>The rumored visit comes amid <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5919e87-4dc7-476b-b6fe-dfee6aeb4f6a\">reports<\/a><\/strong><strong> that Egypt is preparing a new roadmap to restart Israel-Palestine peace talks<\/strong>, while cordial bilateral relations have recently been on public display. The Egyptian president <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/377675bd-85de-4e19-9705-84668f9baeb7\">in August<\/a> extended the invitation to Bennett to visit, before earlier this week calling Israeli President Isaac Herzog to wish him a happy Rosh Hashanah.<\/p><p><strong>The <\/strong><strong><a href=\"https:\/\/www.un.org\/en\/ga\/\">UN General Assembly<\/a><\/strong><strong> kicks off later this week,<\/strong> opening on Tuesday 14 September and running through to 30 September.<\/p><p><strong>The UN chief has a dire warning ahead of this year\u2019s meetings:<\/strong> UN Secretary-General Antonio Guterres has urged world leaders to choose <a href=\"https:\/\/apnews.com\/article\/technology-health-coronavirus-pandemic-united-nations-covid-19-pandemic-dcabfc7526f46940dc5a992d52737c8b\">\u201cthe breakthrough scenario\u201d<\/a> to avert a future of back-to-back global catastrophes. In a <a href=\"https:\/\/www.un.org\/en\/un75\/common-agenda\">special report<\/a> presented to the UN General Assembly on Friday, Guterres warned that the world is facing a \u201cpivotal moment\u201d and called for a radical rethink to address the \u201cenormous stress\u201d facing societies across the world from the pandemic, rampant wealth inequality, and the destruction of the environment.<\/p><hr class=\"grey-line\"><p><strong>THE BIG STORIES ABROAD-<\/strong><\/p><p><strong>There are two competing narratives on where the global economy is heading. <\/strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-09-11\/global-capex-booms-as-companies-prepare-for-post-pandemic-era?srnd=premium-middle-east\">Bloomberg<\/a><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-09-11\/global-capex-booms-as-companies-prepare-for-post-pandemic-era?srnd=premium-middle-east\">sounds an optimistic note<\/a>, writing that \u201cglobal companies from noodle makers to semiconductor giants are spending on new plants and machinery in ways they haven\u2019t done for years,\u201d signaling optimism about pent-up demand despite looming economic and supply-side challenges. The <a href=\"https:\/\/www.ft.com\/content\/fdc129e5-57f4-4981-a901-b2fbc244a6c3\">Financial Times<\/a> takes the opposite tack, writing that the mood is \u201cdarkening\u201d in the United States as the delta variant of covid-19 \u201cupends forecasts\u201d and changes \u201cexpectations of a quick economic recovery.\u201d<\/p><p><strong>ALSO BIG- The <\/strong><strong><a href=\"https:\/\/www.reuters.com\/world\/us\/a-message-resilience-americans-reflect-20th-anniversary-sept-11-2021-09-11\/\">20-year anniversary<\/a><\/strong><strong> of the 9\/11 attacks on the United States was<\/strong> <strong>yesterday.<\/strong> The FT notes that US \u201c<a href=\"https:\/\/www.ft.com\/content\/735a9b67-12c7-4b20-a4ba-4de4422a9b77\">leaders lament [a] lost sense of unity<\/a>\u201d on the anniversary, while the WSJ looks at memorial ceremonies yesterday as well as \u201c<a href=\"https:\/\/www.wsj.com\/articles\/why-there-hasnt-been-another-9-11-11631332860\">why there hasn\u2019t been another<\/a>9\/11.\u201d The anniversary dominates the front page of the <a href=\"https:\/\/www.nytimes.com\/live\/2021\/09\/11\/nyregion\/9-11-20th-anniversary\">New York Times<\/a>, which also has a <a href=\"https:\/\/www.nytimes.com\/2021\/09\/11\/us\/9-11-photos-images.html\">strong gallery of photography from the day<\/a>.<\/p><hr class=\"grey-line\"><p><strong>***IN CASE YOU MISSED IT-<\/strong><\/p><ul>\n<li><strong>Banque Misr is backing out of selling its 15% stake in Fawry Plus to Fawry,<\/strong> as it sees value in its stake in the company, sources from the bank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3efc3555-da02-4ba6-b66b-93e2014e3d74\">told Enterprise<\/a>. The move comes a few days after Fawry announced in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34e72f65-ee74-42c9-8832-c4013fe7193d\">a bourse filing<\/a> that it will buy Banque Misr\u2019s 15% stake and CIB\u2019s 15% stake in Fawy Plus at EGP 1.15 per share, for a total of EGP 16.2 mn per acquisition.<\/li>\n<li><strong>Overdue subsidies to be paid out this and next month: <\/strong>Exporters who are eligible for overdue subsidy payments under the latest incarnation of the subsidy program that launched in July will receive payouts on 30 September and on 28 October, Finance Minister Mohamed Maait <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3efc3555-da02-4ba6-b66b-93e2014e3d74\">said in a statement<\/a>.<\/li>\n<li><strong>Record high natgas prices are <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9dfa3a2-2682-40d8-b5fa-d2129392d94a\">threatening<\/a><\/strong><strong> the global recovery<\/strong>, with an uptick in prices of sugar, ceramics, steel and almost everything in between leaving European countries increasingly unable to refill depleted storage supplies, and leaving end consumers with a higher bill to foot.<\/li>\n<\/ul><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>OBITUARY- Veteran businessman Mahmoud El Araby died on Thursday at age 89<\/strong>, El Araby Group <a href=\"https:\/\/www.facebook.com\/elarabygroup\/posts\/4529407880415238\">announced<\/a>. Since founding El Araby Industrial Group in 1964, El Araby had been a fixture in the Egyptian business community for decades, growing his company to become one of the largest in the country and becoming the chair of the Federation of the Chambers of Commerce. Thousands of people attended his funeral on Friday, which was held at his village Abu Raqaba in Menoufia. El Araby is best known for its long association with Toshiba and controls a portfolio of consumer brands that also includes Sharp, Tornado, Sony and Dynabook.<\/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\/antonio-guterres\/\">Antonio Guterres<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elaraby-group\/\">Elaraby Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ever-given\/\">Ever Given<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/income-tax\/\">income tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-authority\/\">Suez Canal Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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\/un\/\">UN<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vat\/\">VAT<\/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=\"557225\" 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=\"557225\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/557225\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-557225\" class=\"content-area-description single-story post-557225 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\/9\/SOMA-ENTERPRISECASFIN-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"557226\" 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=\"557226\">\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\">POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/enterprise-poll-cbe-to-keep-rates-on-hold-in-september-meeting\/\">\r\n                            ENTERPRISE POLL- CBE to keep rates on hold in September meeting                        <\/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\" 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      \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/enterprise-poll-cbe-to-keep-rates-on-hold-in-september-meeting\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/137.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"557227\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/enterprise-poll-cbe-to-keep-rates-on-hold-in-september-meeting\/137-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/137.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"137.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/137.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/137.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-557226\" class=\"content-area-description single-story post-557226 post type-post status-publish format-standard has-post-thumbnail hentry category-poll tag-carry-trade tag-enterprise-poll tag-enterpriseam tag-inflation tag-interest-rates tag-poll 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>ENTERPRISE POLL-<\/strong> <strong>The Central Bank of Egypt will likely leave interest rates <\/strong><strong>unchanged at its meeting this Thursday<\/strong> as it looks to keep inflation in check, according to a poll conducted by Enterprise. All 10 analysts surveyed said they expected the CBE to maintain its cautious approach for its seventh consecutive meeting and hold rates as it monitors the uptick in local and global inflation \u2014 as well as the effect of possible US tapering on the appeal of Egyptian debt to global investors who have been a key source of foreign currency.<\/p>\n<p><sup><\/sup><\/p>\n<p><strong>Where rates currently stand:<\/strong> The overnight deposit rate is at 8.25%, the lending rate at 9.25% and the main operation and discount rates are at 8.75%. The central bank slashed rates by 400 bps last year, including an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2e78eb3-6978-4eb5-a04f-a3b7247293ed\">emergency 300 bps cut in<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2e78eb3-6978-4eb5-a04f-a3b7247293ed\">March<\/a>, to protect the economy from the fallout from covid-19. It has since maintained rates for six consecutive meetings, including its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/597c7a82-ab0a-4b2c-a706-8bd715c974fe\">most recent in August<\/a>, amid concerns about an increase in inflation<\/p>\n<p><strong>Higher inflation here at home means the CBE can afford to delay a cut: <\/strong>Egypt recorded its highest rate of headline inflation since <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/790c7907-afb4-4e0c-9338-260b3db35554\">November<\/a>, with the rate rising to 5.7% in August from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/abf567b4-dda5-496a-8f9a-a388342de376\">5.4% in July<\/a>. The overall rate in both urban and rural areas rose to 6.4% in August from 6.1% a month earlier.<\/p>\n<p><strong>And the global uptick in commodity prices is keeping policymakers cautious: <\/strong>Global food prices resumed their climb in August after witnessing a retreat in June and July, while factory closures and supply chain issues off the back of the delta variant have driven up commodity prices, putting the CBE on guard over stimulating inflation through a policy cut, said Prime Holding\u2019s Mona Bedeir.<\/p>\n<p><strong>Inflation transitory?<\/strong> Speaking to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-09-09\/egypt-has-crisis-experience-to-handle-a-fed-taper-minister-says?sref=mmeFTDW1\">Bloomberg<\/a> last week, Finance Minister Mohamed Maait said he expected the pickup in inflation to be \u201ctransitory.\u201d \u201cI\u2019m expecting inflation to start coming down and things will move to normal,\u201d he said, attributing the recent upward trend to the global markets.<\/p>\n<p><strong>Foreign investors continue to buy Egyptian debt, attracted by some of the highest <\/strong><strong>effective interest rates in the world<\/strong>, a fact that has kept foreign inflows high and contributed to stability in the EGP : USD exchange rate. Foreign holdings of Egyptian domestic debt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77f1fef1-7022-4da7-a44e-d3ae01256eac\">increased to a record USD 33 bn<\/a> at the beginning of August as the country\u2019s real interest rate kept yield-hungry investors buying into the local market. Inflows have surged by some USD 23 bn since the emerging-market sell-off triggered by the pandemic last year, during which holdings of EGP bonds slumped.<\/p>\n<p><strong>But US tapering is still a downside risk:<\/strong> The tapering of US Federal Reserve\u2019s bond buying program \u2014 expected as early as the end of this year \u2014 could weigh on emerging markets, said Pharos\u2019 Esraa Ahmed, who sees a case for a hold by the CBE at this meeting and \u201cin the near future.\u201d The CBE will likely leave rates on hold to maintain the attractiveness to investors of Egyptian debt in the face of a possible hike in US interest rates soon after, independent analyst Hany Aboul Fotouh tells us. HC Securities\u2019 Monette Doss says the Fed\u2019s repeated assurances that <a href=\"https:\/\/www.cnbc.com\/2021\/08\/18\/fed-minutes-july.html\">US interest rate hikes are unlikely<\/a> in the imminent future has relieved pressure on EM treasuries and maintained the appeal of the carry trade \u2014 for now.<\/p>\n<p><strong>A cooling of the US economy could work in our favor: <\/strong>The Fed may delay hiking interest rates after payroll figures showed that <a href=\"https:\/\/www.nytimes.com\/2021\/09\/03\/business\/economy\/august-2021-jobs-report.html\">only a third<\/a> of the expected number of new jobs were added to the economy in August, indicating that the rate of recovery is slowing, said head of research at Mubasher Trade Hesham El Shebeini.<\/p>\n<p><strong>Also helping matters: an expected growth in tourism receipts: <\/strong>\u201cA rebound in foreign currency receipts from tourism following the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/520695d4-931e-4ae8-98f9-a02ccf19a980\">resumption of Russian flights<\/a> to Egypt's Red Sea resorts released some interest rate pressure on the EGP,\u201d said HC Securities\u2019 Monette Doss.<\/p>\n<p><strong>Interest rates could be kept on ice through the end of the year: <\/strong>The CBE is likely to leave interest rates untouched until the end of 2021, said Bedeir, citing a need to maintain stable inflation within the CBE\u2019s target range. Meanwhile, Arqaam Capital analyst Noaman Khalid has revised his expectation for a rate cut from the end of 2021 to the beginning of 2022 due to inflation and the global spread of the delta variant.<\/p>\n<p><strong>And what happens in other EMs could reverberate here at home:<\/strong> Returns on Egyptian debt in relation to other EMs will also influence the CBE\u2019s decision. A number of emerging market central banks have already moved to tighten monetary policy in recent months, with Russia <a href=\"https:\/\/www.reuters.com\/business\/finance\/russia-raises-key-rate-65-sharpest-move-since-2014-2021-07-23\/\">hiking<\/a> its interest rates by 100 basis points in July \u2014 its biggest jump since 2014 \u2014 in a bid to curb rising inflation. Central banks in Latin America, South Korea, and in emerging Europe are likely to follow suit, Bedeir said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/carry-trade\/\">carry trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-poll\/\">Enterprise Poll<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/poll\/\">POLL<\/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=\"557228\" 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=\"557228\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/egypt-can-withstand-a-us-taper-says-maait\/\">\r\n                            Egypt can withstand a US taper, says Maait                        <\/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\/09\/12\/egypt-can-withstand-a-us-taper-says-maait\/\" 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\/09\/12\/egypt-can-withstand-a-us-taper-says-maait\/')\">\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\/09\/12\/egypt-can-withstand-a-us-taper-says-maait\/\">\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 can withstand a US taper, says Maait&url=https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/egypt-can-withstand-a-us-taper-says-maait\/\">\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\/09\/12\/egypt-can-withstand-a-us-taper-says-maait\/&title=Egypt can withstand a US taper, says Maait\">\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+can+withstand+a+US+taper%2C+says+Maait+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F09%2F12%2Fegypt-can-withstand-a-us-taper-says-maait%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\/09\/12\/egypt-can-withstand-a-us-taper-says-maait\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/138.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"557229\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/egypt-can-withstand-a-us-taper-says-maait\/138-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/138.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"138.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/138.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/138.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-557228\" class=\"content-area-description single-story post-557228 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-debt tag-economy tag-enterpriseam tag-finance-minister tag-us-federal-reserve 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>Egypt should be able to cope if US interest rates rise as the Federal <\/strong><strong>Reserve begins unwinding its covid stimulus programme<\/strong>, Finance Minister Mohamed Maait told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-09-09\/egypt-has-crisis-experience-to-handle-a-fed-taper-minister-says?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> last week in a TV appearance (<a href=\"https:\/\/www.youtube.com\/watch?v=Oyuhgz2zESE\">watch, runtime: 18:47<\/a>). Policymakers are \u201cclosely monitoring\u201d the potential effects of rising US rates on Egypt\u2019s borrowing costs, he said. \u201cWe have to be ready, always.\u201d<\/p>\n<p><strong>Egypt has plenty of experience with emerging-market volatility:<\/strong> \u201cWe are taking into consideration our experience with such a situation,\u201d the minister said, telling the business information service that more than USD 20 bn has left the country during volatile moments in global markets over the past three years. Egypt, like other emerging markets, saw sell-downs prompted by the Taper Tantrum of 2013, the EM Zombie Apocalypse of 2018, and last year\u2019s risk-off in global EM in March through May as the covid-19 pandemic unfolded.<\/p>\n<p><strong>All eyes on the Fed:<\/strong> Fed chair Jerome Powell suggested last month that the bank could begin to scale back its USD 120 bn per month bond-buying programme before the end of the year should it see further improvements in the labor market. A unexpectedly poor jobs report last month has since cast doubt on when the Fed will actually start tapering, but 70% of economists recently <a href=\"https:\/\/www.ft.com\/content\/0a7a4edd-b656-4d6a-b608-454241d0288e\">surveyed by the Financial Times<\/a> still expect an announcement either in November or December, while more than 70% think the central bank will have to start hiking interest rates far earlier than currently expected, in 2022 rather than in 2023.<\/p>\n<p><strong>Egypt\u2019s high real interest rate will provide an extra buffer against rising US rates<\/strong>, S&P Global Ratings said in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4a72ffd-c098-4dbf-9efb-a900f320faf8\">a recent report<\/a>. \u201cCompared with some other emerging markets, we think Egypt may fare somewhat better in the event of US interest rate hikes, mainly due to high real interest rate,\u201d the ratings agency wrote.<\/p>\n<p><strong>But Egypt is still at risk of seeing outflows if countries with lower risk profiles start <\/strong><strong>tightening policy<\/strong>, particularly given its cost of borrowing, which is among one of the highest in the world, S&P warned. The ratings agency said that the government will need to draw more of its funding from equity sources and lessen its dependence on the debt markets to lower these risks.<\/p>\n<p><strong>The government is currently working to lower its debt costs by decreasing reliance on <\/strong><strong>short-term debt<\/strong> in favour of longer-term debt, and diversifying its funding sources to include <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/94498ea7-0305-484a-9bac-6085ffdec1ca\">eurobonds<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32c7b2cc-95aa-4cb6-962f-496eade1e38d\">sovereign sukuk<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d1b54d5-5efa-41c9-ac8b-728b105b2ef0\">green bonds<\/a>.<\/p>\n<p><strong>Debt service accounted for 36% of budget spending as of June, <\/strong>down from 40% last year, Maait told Bloomberg, saying that the government aims to cut that figure to 32% by the end of June 2022. Debt service will account for almost a third of government spending according to the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f10ef3d-eec0-4f11-a112-c1dee1ee9780\">FY 2021-2022 budget<\/a>, rising more than 2% to EGP 579 bn.<\/p>\n<p><strong>More debt issuance coming:<\/strong> Maait said that the country could issue USD or euro-denominated bonds \u2014 and could sell more green bonds before the end of the fiscal year. Egypt also hopes to issue its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/88126f66-190a-4cdd-a26b-d5ce65a7e762\">first sovereign sukuk bond<\/a> in the first half of 2022, according to Maait, who said the size of the issuance could range between USD 500 mn and USD 700 mn.<\/p>\n<p><strong>The IMF has warned about the possible effects of a Fed taper on emerging markets:<\/strong> Chief economist Gita Gopinath <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0c6a337-db89-4903-8bc0-7a4a21becfb4\">said last month<\/a> that EMs whose balance sheets are stretched due to covid-19 could see significant damage to their economies. \u201c[Emerging markets] are facing much harder headwinds,\u201d she said. \u201cThey are getting hit in many different ways, which is why they just cannot afford a situation where you have some sort of a tantrum of financial markets originating from the major central banks.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-minister\/\">Finance Minister<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us-federal-reserve\/\">US Federal Reserve<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"557230\" 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=\"557230\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/inflation-continues-upwards-trend-in-august-hitting-5-7\/\">\r\n                            Inflation continues upwards trend in August, hitting 5.7%                        <\/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\/09\/12\/inflation-continues-upwards-trend-in-august-hitting-5-7\/\" 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\/09\/12\/inflation-continues-upwards-trend-in-august-hitting-5-7\/')\">\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\/09\/12\/inflation-continues-upwards-trend-in-august-hitting-5-7\/\">\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=Inflation continues upwards trend in August, hitting 5.7%&url=https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/inflation-continues-upwards-trend-in-august-hitting-5-7\/\">\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\/09\/12\/inflation-continues-upwards-trend-in-august-hitting-5-7\/&title=Inflation continues upwards trend in August, hitting 5.7%\">\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=Inflation+continues+upwards+trend+in+August%2C+hitting+5.7%25+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F09%2F12%2Finflation-continues-upwards-trend-in-august-hitting-5-7%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\/09\/12\/inflation-continues-upwards-trend-in-august-hitting-5-7\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/141.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"557231\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/inflation-continues-upwards-trend-in-august-hitting-5-7\/141-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/141.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"141.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/141.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/141.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-557230\" class=\"content-area-description single-story post-557230 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-capmas tag-economy tag-enterpriseam tag-inflation 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>Annual urban inflation hit its highest level in nine months in August<\/strong><strong> on <\/strong><strong>the back of <\/strong><strong>rising food, fuel and <\/strong><strong>transportation costs<\/strong>, according to figures released on Thursday. Headline urban inflation rose slightly to 5.7% in August, up from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/abf567b4-dda5-496a-8f9a-a388342de376\">5.4% in July<\/a>, according to state statistics agency Capmas. That\u2019s the highest annual inflation rate since <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/790c7907-afb4-4e0c-9338-260b3db35554\">November<\/a>. On a monthly basis, headline inflation fell by 0.1% after July\u2019s 0.9% increase.<\/p>\n<p><strong>Housing and utilities prices continued to accelerate last month<\/strong> after the government hiked <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf297186-02db-44bd-9f47-ac1b4e8b9a52\">fue<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf297186-02db-44bd-9f47-ac1b4e8b9a52\">l<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8524ce4-c8d0-4b1d-b450-a125c9879398\">electricity<\/a> prices at the beginning of July. Prices in the segment rose 4.4% during the month after climbing 4.1% in July. Food and beverages prices saw a 7.6% rise off the back of a 17.9% increase in the price of oils and fats. Vegetable prices saw the second-biggest increase in the food and drink category at 13.8%, while tobacco and alcoholic beverages saw a 2.3% rise.<\/p>\n<p><strong>Inflation remains comfortably within the Central Bank of Egypt\u2019s target range<\/strong>, which is currently set at 7% (+\/-2%).<\/p>\n<p><strong>Annual core inflation was virtually unchanged<\/strong>, falling 0.1 percentage points to 4.5% in August, <a href=\"https:\/\/ent.news\/2021\/9\/CPI_press-release_Aug-2021.pdf\">central bank figures (pdf)<\/a> show. Monthly core prices fell 0.3% after accelerating at a 0.6% clip in July. Core inflation strips out volatile items such as food and fuel.<\/p>\n<p><strong>The overall rate in both urban and rural areas rose to 6.4% in August<\/strong> from 6.1% a month earlier, <a href=\"https:\/\/ent.news\/2021\/9\/CAPMAS-monthly-inflation-report.pdf\">Capmas figures (pdf)<\/a> showed. <a href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-headline-inflation-edged-up-57-august-capmas-2021-09-09\/\">Reuters<\/a> also has the story.<\/p>\n<p><strong>Inflation will weigh on the minds of central bank officials as they prepare to discuss interest rates on Thursday. <\/strong>All 10 analysts surveyed this month in Enterprise\u2019s customary interest rate poll (above) said the CBE was likely to leave rates on hold, citing the importance of maintaining the appeal of Egypt\u2019s carry trade. They also pointed to the expectation that inflation will continue to rise through 2H2022.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capmas\/\">CAPMAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/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=\"557232\" 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=\"557232\">\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\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/health-ministry-in-talks-to-produce-moderna-covid-vaccines-locally\/\">\r\n                            Health Ministry in talks to produce Moderna covid vaccines locally                        <\/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\/09\/12\/health-ministry-in-talks-to-produce-moderna-covid-vaccines-locally\/\" 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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Talks were held last week between Health Minister Hala Zayed and company representatives about permitting Egypt\u2019s state-owned vaccinemaker Vacsera to produce shots for export to the rest of Africa at its new facility in Sixth of October, according to the statement. The new plant is expected to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba538c22-ee5c-4492-a658-fe6f2301cfec\">open in November<\/a> and has the capacity to produce up to 3 mn vaccine doses per day (in total, across multiple types). The Sinovac covid-19 jab will be the first to come off the production line.<\/p>\n<p><strong>The minister also discussed plans to import Moderna jabs for local distribution:<\/strong> We\u2019re expecting our first batch of Moderna vaccines to arrive in the country any day now, while some 3.2 mn doses of the Pfizer shot are set to arrive on 16 September, Health Ministry Spokesperson Megahed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fddb4dc9-d0b4-4724-8dbe-13bf5b807ee9\">said last week<\/a>.<\/p>\n<p><strong>An agreement coming before the end of the year?<\/strong> The government could secure an agreement with one European or Western pharma company to produce vaccines in Egypt before the end of the year, Prime Minister Moustafa Madbouly told Bloomberg last week (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2021-09-10\/egpyt-s-madbouly-on-afghanistan-turkey-ties-vaccines-video?sref=mmeFTDW1\">watch, runtime: 16:33<\/a>). The government is in \u201cvery serious negotiations\u201d with several companies to produce \u201chuge amounts\u201d of vaccines for export to the region and to Africa, he said, without disclosing which companies are involved in the talks.<\/p>\n<p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/158188283159061\">reported<\/a><\/strong><strong> 458 new covid-19 infections yesterday<\/strong>, up from <a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/157490909895465\">433<\/a> on Friday and <a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/156773623300527?__cft__[0]=AZWzlSxf6WO9mkEXY2Q6mzFZR3oEgOIr_DNusbBHtgBBZbCJYqtABYisHBV0Pj32S8l1FOBTF8d8VGgs92q4sB0XfItdBUPkO4B-sOSdCIjcAXE3kNQX2d8xNlGha0PLjyHnr7mkJiyXVHwB83nlnAW2&__tn__=%2CO%2CP-R\">413<\/a> the day before. Egypt has now disclosed a total of 292,476 confirmed cases of covid-19. The ministry also reported 13 new deaths, bringing the country\u2019s total death toll to 16,860.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/health-minister\/\">Health Minister<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moderna\/\">Moderna<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pfizer\/\">Pfizer<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"557234\" 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=\"557234\">\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\">Green economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/nbk-egypt-to-receive-usd-25-mn-from-ebrd-to-fund-green-energy-projects\/\">\r\n                            NBK Egypt to receive USD 25 mn from EBRD to fund green energy projects                        <\/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\/09\/12\/nbk-egypt-to-receive-usd-25-mn-from-ebrd-to-fund-green-energy-projects\/\" 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\/09\/12\/nbk-egypt-to-receive-usd-25-mn-from-ebrd-to-fund-green-energy-projects\/')\">\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\/09\/12\/nbk-egypt-to-receive-usd-25-mn-from-ebrd-to-fund-green-energy-projects\/\">\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=NBK Egypt to receive USD 25 mn from EBRD to fund green energy projects&url=https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/nbk-egypt-to-receive-usd-25-mn-from-ebrd-to-fund-green-energy-projects\/\">\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\/09\/12\/nbk-egypt-to-receive-usd-25-mn-from-ebrd-to-fund-green-energy-projects\/&title=NBK Egypt to receive USD 25 mn from EBRD to fund green energy projects\">\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=NBK+Egypt+to+receive+USD+25+mn+from+EBRD+to+fund+green+energy+projects+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F09%2F12%2Fnbk-egypt-to-receive-usd-25-mn-from-ebrd-to-fund-green-energy-projects%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\/09\/12\/nbk-egypt-to-receive-usd-25-mn-from-ebrd-to-fund-green-energy-projects\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/143.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"557235\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/nbk-egypt-to-receive-usd-25-mn-from-ebrd-to-fund-green-energy-projects\/143-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/143.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"143.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/143.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/143.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-557234\" class=\"content-area-description single-story post-557234 post type-post status-publish format-standard has-post-thumbnail hentry category-green-economy tag-ebrd tag-energy tag-enterpriseam tag-green-economy tag-national-bank-of-kuwait 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>The National Bank of Kuwait in Egypt (NBKE) is set to receive a USD 25 mn loan to <\/strong><strong>fund green energy projects from the European Bank for Reconstruction and Development (EBRD)<\/strong>, the bank announced in a <a href=\"https:\/\/www.ebrd.com\/news\/2021\/ebrd-promotes-energy-efficiency-and-renewable-energy-in-egypt.html\">statement<\/a>. The funds will be lent on to Egyptian SMEs and individual households to finance investments that will help mitigate the impacts of climate change. The loan, which had been <a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/51935.html\">approved in April<\/a>, will also see the Green Climate Fund contribute 15% of funds.<\/p>\n<p><strong>The EBRD has been upping its funding to Egyptian institutions for green projects. <\/strong>Last month the bank \u2014 along with the GCF and the European Union (EU) \u2014 approved a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/423f1344-221d-4e65-a804-9a833daeb9a1\">USD 50 mn<\/a> loan to QNB Al Ahli for green projects to help the transition to a greener economy through the use of \u201chigh performance technologies.\u201d Prior to that it had provided the National Bank of Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b581a1c9-94c2-46c6-9923-b024ec358949\">with USD 100 mn<\/a> for on-lending to green projects. Ahli United Bank Egypt is also reportedly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a36d997-7a17-46ba-aa55-c09348585aaf\">in line for up to USD 22 mn<\/a> from the European lender and the GCF for on-lending to green projects and SMEs in agribusiness, manufacturing and services, and IT.<\/p>\n<p><strong>For more on EBRD\u2019s plans for a greener Egyptian economy, <\/strong>check out our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f324124a-7007-45c9-b30e-041788f57b2a\">recent interview<\/a>with EBRD President Odile Renaud-Basso + Southern and Easten Mediterranean Managing Director Heike Harmgart.<\/p>\n<hr class=\"grey-line\">\n<p><strong>OTHER GREEN FINANCE NEWS-<\/strong> <strong>EBRD allocates more funding for greening <\/strong><strong>cities:<\/strong> The EBRD has added an <a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/53170.html\">additional EUR 2 bn<\/a> to its <a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/50674.html\">Green Cities Framework 2 Window 2<\/a>, bringing the program\u2019s total funds to EUR 3.65 bn. The project aims to help overcome environmental challenges in cities through its Green City Action Plans.<\/p>\n<p><strong>Will Egypt get a piece of the pie? <\/strong>Earlier this summer, the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ab5eaaa-91d0-45f5-a884-103468011eaf\">EBRD kicked off<\/a>its Green City Action Plan with the New Urban Communities Authority for West Cairo through an inaugural USD 29.6 mn loan to partially finance the development of the Sixth of October Dry Port (DP6), which will cost a total of USD 60 mn.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-kuwait\/\">National Bank of Kuwait<\/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=\"557236\" 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=\"557236\">\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\">Cabinet watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/pension-act-exec-regs-gets-a-thumbs-up-from-cabinet\/\">\r\n                            Pension Act exec regs gets a thumbs up from cabinet                        <\/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\/09\/12\/pension-act-exec-regs-gets-a-thumbs-up-from-cabinet\/\" 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\/09\/12\/pension-act-exec-regs-gets-a-thumbs-up-from-cabinet\/')\">\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\/09\/12\/pension-act-exec-regs-gets-a-thumbs-up-from-cabinet\/\">\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=Pension Act exec regs gets a thumbs up from cabinet&url=https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/pension-act-exec-regs-gets-a-thumbs-up-from-cabinet\/\">\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\/09\/12\/pension-act-exec-regs-gets-a-thumbs-up-from-cabinet\/&title=Pension Act exec regs gets a thumbs up from cabinet\">\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=Pension+Act+exec+regs+gets+a+thumbs+up+from+cabinet+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F09%2F12%2Fpension-act-exec-regs-gets-a-thumbs-up-from-cabinet%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\/09\/12\/pension-act-exec-regs-gets-a-thumbs-up-from-cabinet\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-557236\" class=\"content-area-description single-story post-557236 post type-post status-publish format-standard hentry category-cabinet-watch tag-cabinet-watch tag-enterpriseam tag-social-welfare 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><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/219919980178430?__cft__[0]=AZWbasPK3tUrruTv9JYwX9-jd5Ss37SDyd31f3y8YJYpEVzhBpBV_7u2Q_EE4Ka0ZL6bJ3LhR53q-hnE-dYHH03bKTm7n_u1nLmP8KlBG692x1LaJ66vU5OlnDYUpOrolL-RTvqUxGAA_XKMEteQxM2D&__tn__=%2CO%2CP-R\">Cabinet has greenlit<\/a><\/strong><strong> executive regulations for the<\/strong><strong> Social Security and <\/strong><strong>Pensions Act<\/strong> passed in 2019, which formalized a tithe on salaries for both public and private sector workers to <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/29\/breaking-down-how-egypts-newly-established-pension-fund-will-work-9205\/\">fund pensions<\/a>. The act went into effect after being passed by the House of Representatives and <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/25\/el-sisi-ratifies-egypts-new-social-security-and-pensions-act\/\">ratified by President Abdel Fattah El Sisi<\/a>. The base rate for contributions stands today at 21% (with employers required to contribute 12% and employees the remaining 9%). It will rise 1 percentage point every seven years until it hits 26%.<\/p>\n<p><strong>Also approved at the meeting:<\/strong><\/p>\n<ul>\n<li><strong>A<\/strong><strong> six-month extension of <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/73e73585-9a6d-4f42-a5ca-4f1a8f3e0eae\">austerity measures<\/a><\/strong> brought in to streamline public finances last year in the wake of covid-19 economic pressures on our balance sheets. <\/li>\n<li><strong>A draft <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/83a05c14-5dc8-47e4-9612-da7954c3d69c\">bill on the rights of senior citizens<\/a><\/strong>, which aims to provide protection and care for the elderly and ensure that they enjoy their full rights and freedoms.<\/li>\n<li><strong>A presidential decision approving the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/972bdeea-f6d2-4336-b3ca-d42534dbc1db\">treaty<\/a><\/strong><strong> to establish the African Medicines Agency<\/strong>, which will unify medical regulations among African countries and improve access to medicines.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cabinet-watch\/\">cabinet watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-welfare\/\">social welfare<\/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=\"557237\" 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=\"557237\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/evergrow-to-receive-loan-to-restructure-debts-arkan-palm-gets-egp-1-5-bn-for-sheikh-zayed-development\/\">\r\n                            Evergrow to receive loan to restructure debts + Arkan Palm gets EGP 1.5 bn for Sheikh Zayed development                        <\/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\/09\/12\/evergrow-to-receive-loan-to-restructure-debts-arkan-palm-gets-egp-1-5-bn-for-sheikh-zayed-development\/\" 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\/09\/12\/evergrow-to-receive-loan-to-restructure-debts-arkan-palm-gets-egp-1-5-bn-for-sheikh-zayed-development\/')\">\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\/09\/12\/evergrow-to-receive-loan-to-restructure-debts-arkan-palm-gets-egp-1-5-bn-for-sheikh-zayed-development\/\">\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=Evergrow to receive loan to restructure debts + Arkan Palm gets EGP 1.5 bn for Sheikh Zayed development&url=https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/evergrow-to-receive-loan-to-restructure-debts-arkan-palm-gets-egp-1-5-bn-for-sheikh-zayed-development\/\">\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\/09\/12\/evergrow-to-receive-loan-to-restructure-debts-arkan-palm-gets-egp-1-5-bn-for-sheikh-zayed-development\/&title=Evergrow to receive loan to restructure debts + Arkan Palm gets EGP 1.5 bn for Sheikh Zayed development\">\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=Evergrow+to+receive+loan+to+restructure+debts+%2B+Arkan+Palm+gets+EGP+1.5+bn+for+Sheikh+Zayed+development+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F09%2F12%2Fevergrow-to-receive-loan-to-restructure-debts-arkan-palm-gets-egp-1-5-bn-for-sheikh-zayed-development%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\/09\/12\/evergrow-to-receive-loan-to-restructure-debts-arkan-palm-gets-egp-1-5-bn-for-sheikh-zayed-development\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-557237\" class=\"content-area-description single-story post-557237 post type-post status-publish format-standard hentry category-debt-watch tag-debt tag-debt-watch tag-enterpriseam tag-evergrow tag-fertilizers tag-petrochemicals tag-real-estate wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Evergrow is getting a loan to restructure its debts: <\/strong>A consortium of 12 banks led by Mashreq Bank and the National Bank of Egypt (NBE) has began to disburse the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c4797115-2730-42ce-84e5-aab1757d0254\">USD 400 mn loan<\/a><sup><\/sup><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c4797115-2730-42ce-84e5-aab1757d0254\">agreed with Evergrow earlier this year<\/a>, which the Egyptian fertilizer firm will use to restructure its debts and fund the construction of a new plant, according to <a href=\"https:\/\/bit.ly\/3A4fiJL\">Hapi Journal<\/a>. Some USD 326 mn covers restructuring debt Evergrow already owes to the same banks, while the remaining USD 74 mn will finance the construction of the third phase of the company\u2019s fertilizer plant in Sadat City.<\/p>\n<p><strong>ALSO<\/strong><strong>:<\/strong> A syndicate of five banks has signed a long-term EGP 1.5 bn loan agreement to finance <strong>Arkan Palm<\/strong>\u2019s <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/27\/arkan-palm-awards-design-contract-for-sheikh-zayed-development-to-gensler\/\">mixed-use development<\/a> in Sheikh Zayed, according to a <a href=\"https:\/\/ent.news\/2021\/9\/ArkanPalm-Banking-Signing-Ceremony-Final-ARB-PRL.pdf\">statement (pdf)<\/a>. The syndicate was led by the Export Development Bank of Egypt, which provided EGP 650 mn. Also participating: Housing and Development Bank (EGP 350 mn), United Bank of Egypt (EGP 250 mn), the Suez Canal Bank (EGP 150 mn) and Midbank (EGP 150 mn).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/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\/evergrow\/\">Evergrow<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fertilizers\/\">fertilizers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/petrochemicals\/\">petrochemicals<\/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=\"557238\" 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=\"557238\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/egypt-turkey-could-normalize-ties-this-year-new-lebanese-government-an-important-step-says-foreign-ministry\/\">\r\n                            Egypt, Turkey could normalize ties this year + New Lebanese government an \u201cimportant step,\u201d says Foreign Ministry                        <\/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\/09\/12\/egypt-turkey-could-normalize-ties-this-year-new-lebanese-government-an-important-step-says-foreign-ministry\/\" 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\/09\/12\/egypt-turkey-could-normalize-ties-this-year-new-lebanese-government-an-important-step-says-foreign-ministry\/')\">\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\/09\/12\/egypt-turkey-could-normalize-ties-this-year-new-lebanese-government-an-important-step-says-foreign-ministry\/\">\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, Turkey could normalize ties this year + New Lebanese government an \u201cimportant step,\u201d says Foreign Ministry&url=https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/egypt-turkey-could-normalize-ties-this-year-new-lebanese-government-an-important-step-says-foreign-ministry\/\">\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\/09\/12\/egypt-turkey-could-normalize-ties-this-year-new-lebanese-government-an-important-step-says-foreign-ministry\/&title=Egypt, Turkey could normalize ties this year + New Lebanese government an \u201cimportant step,\u201d says Foreign Ministry\">\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%2C+Turkey+could+normalize+ties+this+year+%2B+New+Lebanese+government+an+%E2%80%9Cimportant+step%2C%E2%80%9D+says+Foreign+Ministry+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F09%2F12%2Fegypt-turkey-could-normalize-ties-this-year-new-lebanese-government-an-important-step-says-foreign-ministry%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\/09\/12\/egypt-turkey-could-normalize-ties-this-year-new-lebanese-government-an-important-step-says-foreign-ministry\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-557238\" class=\"content-area-description single-story post-557238 post type-post status-publish format-standard hentry category-diplomacy tag-diplomacy tag-economy tag-enterpriseam tag-foreign-ministry tag-iraq tag-lebanon wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a><strong> Egypt and Turkey may normalize their relationship before the end of the year<\/strong> if the two sides manage to overcome a number of outstanding issues, Prime Minister Moustafa Madbouly told Bloomberg last week (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2021-09-10\/egpyt-s-madbouly-on-afghanistan-turkey-ties-vaccines-video?sref=mmeFTDW1\">watch, runtime: 16:33<\/a>). Officials held a second round of talks in Ankara last week to discuss ways to restoring diplomatic ties, which have been severed since the Ikhwan government was removed from office in the 2013 Revolution. \u201cDefinitely, if we agree on these [outstanding] issues,\u201d Madbouly replied when asked whether ties could be restored later this year.<\/p>\n<p><strong>Madbouly cited \u201cforeign interference\u201d and the situation in Libya as key issues that the two countries still need to overcome<\/strong> before the relationship can improve. Until UN-backed negotiations brokered an interim government earlier this year, Egypt and Turkey had backed opposite sides in a civil war that pitted the government in Tripoli against General Khalifa Haftar\u2019s rival forces in the east of the country.<\/p>\n<p><strong>On Afghanistan:<\/strong> The Taliban needs to back up its words with actions before the Egyptian government can cooperate with its administration, Madbouly said. The government has so far made good statements but it will need to demonstrate that it is refraining from fundamentalism before the two countries can begin developing a relationship.<\/p>\n<hr class=\"grey-line\">\n<p><strong>IN OTHER DIPLOMATIC NEWS- <\/strong><strong>Egypt welcomed the formation of a <\/strong><strong><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/lebanons-pm-designate-mikati-visiting-president-about-cabinet-source-2021-09-10\/\">new government in Lebanon<\/a><\/strong><strong> on Friday<\/strong>, which came following more than a year of fraught negotiations taking place amid an economic collapse. Sunni businessman Najib Mikati reached an agreement with president Michel Aoun to form a cabinet which must now try to steer the country out of economic paralysis that has caused shortages of everything from fuel and electricity to food and medical supplies. In <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/152301187079736\">a statement<\/a> Friday, Foreign Ministry Spokesperson Ahmed Hafez welcomed the new cabinet as an \u201cimportant step\u201d to solving Lebanon\u2019s problems and pledged Egypt\u2019s support. Egypt, Lebanon, Jordan and Syria <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d4c45896-375b-4b81-9134-30471a8c90d8\">last week agreed<\/a> a plan to supply Egyptian gas to the crisis-stricken country in a step that should help relieve crippling electricity shortages and lessen the blackouts.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-ministry\/\">Foreign Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/iraq\/\">Iraq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lebanon\/\">Lebanon<\/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=\"557239\" 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=\"557239\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/qalaa-losses-ease-in-2q2021-on-stronger-revenues\/\">\r\n                            Qalaa losses ease in 2Q2021 on stronger revenues                        <\/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\/09\/12\/qalaa-losses-ease-in-2q2021-on-stronger-revenues\/\" 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\/09\/12\/qalaa-losses-ease-in-2q2021-on-stronger-revenues\/')\">\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\/09\/12\/qalaa-losses-ease-in-2q2021-on-stronger-revenues\/\">\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=Qalaa losses ease in 2Q2021 on stronger revenues&url=https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/qalaa-losses-ease-in-2q2021-on-stronger-revenues\/\">\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\/09\/12\/qalaa-losses-ease-in-2q2021-on-stronger-revenues\/&title=Qalaa losses ease in 2Q2021 on stronger revenues\">\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=Qalaa+losses+ease+in+2Q2021+on+stronger+revenues+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F09%2F12%2Fqalaa-losses-ease-in-2q2021-on-stronger-revenues%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\/09\/12\/qalaa-losses-ease-in-2q2021-on-stronger-revenues\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/146.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"557240\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/qalaa-losses-ease-in-2q2021-on-stronger-revenues\/146-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/146.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"146.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/146.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/146.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-557239\" class=\"content-area-description single-story post-557239 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-2q2021-earnings tag-ahmed-heikal tag-earnings-watch tag-egyptian-refining-company tag-enterpriseam tag-qalaa-holdings tag-taqa-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Qalaa Holdings\u2019 losses eased to EGP 401.5 mn in 2Q2021<\/strong> from EGP 712.1 mn in the same period last year, according to the company\u2019s <a href=\"https:\/\/ent.news\/2021\/9\/QH-NR-2Q21-Earnings-Press-Release-EA-v-Final.pdf\">earnings release (pdf)<\/a>. Revenues were up 37% y-o-y to hit EGP 10.2 bn in the April-June period, extending pandemic-era growth that saw the company\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec1f511d-fa84-49b1-829a-aef5f2744f09\">top line almost double y-o-y in 2Q2020<\/a> to hit EGP 7.4 bn. The company saw a smaller net loss of<a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/29\/earnings-watch-qalaa-holdings-revenues-rise-8-y-o-y-in-2q2019-2\/\">EGP 224.5 mn<\/a> in 2Q2019, before the pandemic hit.<\/p>\n<p><strong>The improved result came as Qalaa companies recorded growth in revenues across the board,<\/strong> including the Egyptian Refining Company (ERC), which saw a 52% y-o-y increase in revenue despite a 22-day halt for scheduled maintenance. \u201cDespite the lingering impact of covid-19 across our markets, our platforms were able to capitalize on slowly improving market conditions and a gradually easing trade environment,\u201d said Qalaa chairman and founder Ahmed Heikal.<\/p>\n<p><strong>Heikal said that the revenue growth was largely driven by \u201csolid performances\u201d<\/strong> from Qalaa companies including Taqa Arabia, which capitalized on demand for natural gas to grow its revenue by 27% y-o-y. National Printing and ASCOM saw exports increase as international trade picked up and port restrictions eased.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/2q2021-earnings\/\">2Q2021 earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-heikal\/\">Ahmed Heikal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-refining-company\/\">Egyptian Refining Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qalaa-holdings\/\">Qalaa Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taqa-arabia\/\">TAQA Arabia<\/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=\"557241\" 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=\"557241\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/557241\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-557241\" class=\"content-area-description single-story post-557241 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\/7\/Sodic-June-MV-Palm-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"557242\" 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=\"557242\">\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\/09\/12\/last-nights-talk-shows-on-sisis-human-rights-strategy-russian-tourists-and-the-anniversary-of-9-11\/\">\r\n                            Last Night\u2019s Talk Shows on Sisi\u2019s human rights strategy, Russian tourists, and the anniversary of 9\/11                        <\/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\/09\/12\/last-nights-talk-shows-on-sisis-human-rights-strategy-russian-tourists-and-the-anniversary-of-9-11\/\" 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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In his speech, El Sisi spoke on human rights issues including divorce certification, womens\u2019 rights and freedom of belief. El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=T5D_kJ8zECA\">watch, runtime: 4:27<\/a>) had the story, as did Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=2uTpx_XBb9M\">watch, runtime: 4:51<\/a>).<\/p>\n<p><strong>Time to remove religion from national IDs?<\/strong> Justice Minister Omar Marwan said that there must be some form of official documentation of citizens\u2019 religion, after journalist Ibrahim Eissa called for religion to be removed from citizens\u2019 ID cards during a roundtable discussion on the new human rights strategy. Marwan said that while it was not important that religious affiliation be recorded on ID cards, an official record of religion in the national system ensures that the government protects each person\u2019s right to be governed by their own religion\u2019s laws in matters of personal status. El Hekaya <a href=\"https:\/\/www.youtube.com\/watch?v=lkI25NzGXRM\">(watch, runtime: 6:36<\/a>) and Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=7kBOyRyNLDA\">watch, runtime: 3:30<\/a>) both had coverage.<\/p>\n<p><strong>Egypt + Russian tourism officials meet:<\/strong> The impression was positive in a first meeting between Egyptian and Russian officials since <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a9b7d2d1-a767-4a8d-8a0f-b42df390ce59\">the resumption of direct flights<\/a> between Russia and Egypt\u2019s Red Sea resorts last month, Tourism Minister Khaled El Enany told El Hekaya\u2019s Amr Adib in a phone interview (<a href=\"https:\/\/www.youtube.com\/watch?v=B7phWfSd8EY\">watch, runtime: 3:22<\/a>). He added that he had spoken with Russian tourism officials, business owners and the media, including on precautionary measures being taken in Egypt to contain the spread of the coronavirus.<\/p>\n<p><strong>Also getting coverage last night:<\/strong><\/p>\n<ul>\n<li><strong>The 20th anniversary of 9\/11<\/strong> got some airtime on El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=DI2rBx9Y70E\">watch, runtime: 7:33<\/a>) and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=aMxyg5bKMfw\">watch, runtime: 4:09<\/a>).<\/li>\n<li><strong>The death of 89-year-old Egyptian businessman Mahmoud El Araby on Thursday<\/strong> received coverage on Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=kFX6Dc76EEw\">watch, runtime: 4:16<\/a>).<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/gender\/\">gender<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/khaled-el-anany\/\">Khaled El Anany<\/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\/omar-marwan\/\">Omar Marwan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/personal-status-act\/\">Personal Status Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"557243\" 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      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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-77rxwio\" data-v=\"4\" data-block-id=\"77rxwio\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-77rxwio-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-77rxwio-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\/240923.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/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-9cjxrtq\" data-v=\"4\" data-block-id=\"9cjxrtq\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-9cjxrtq-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-9cjxrtq-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\/240924.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27487.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Live More<\/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-rd7undz\" data-v=\"4\" data-block-id=\"rd7undz\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-rd7undz-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-rd7undz-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\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/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-oa8jkrb\" data-v=\"4\" data-block-id=\"oa8jkrb\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-oa8jkrb-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-oa8jkrb-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path 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data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"557244\" 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=\"557244\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/building-collapse-kills-3-in-shoubra-el-kheima\/\">\r\n                            Building collapse kills 3 in Shoubra El Kheima                        <\/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\/09\/12\/building-collapse-kills-3-in-shoubra-el-kheima\/\" 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\/09\/12\/building-collapse-kills-3-in-shoubra-el-kheima\/')\">\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\/09\/12\/building-collapse-kills-3-in-shoubra-el-kheima\/\">\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=Building collapse kills 3 in Shoubra El Kheima&url=https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/building-collapse-kills-3-in-shoubra-el-kheima\/\">\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\/09\/12\/building-collapse-kills-3-in-shoubra-el-kheima\/&title=Building collapse kills 3 in Shoubra El Kheima\">\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=Building+collapse+kills+3+in+Shoubra+El+Kheima+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F09%2F12%2Fbuilding-collapse-kills-3-in-shoubra-el-kheima%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\/09\/12\/building-collapse-kills-3-in-shoubra-el-kheima\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-557244\" class=\"content-area-description single-story post-557244 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a quiet morning as far as Egypt is concerned in the pages of the foreign <\/strong><strong>press:<\/strong> <a href=\"https:\/\/apnews.com\/article\/middle-east-africa-egypt-cairo-building-collapses-2658ef7c0261a95ad67e96a8403c7b38\">The Associated Press<\/a> picks up the news that at least three people died on Wednesday when an apartment building collapsed in Shoubra El Kheima, Qalyubia.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"557245\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"557246\" 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=\"557246\">\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\/09\/12\/edita-rolls-out-e-invoicing-system-vodafone-wants-to-use-te-network\/\">\r\n                            Edita rolls out e-invoicing system + Vodafone wants to use TE network                        <\/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\/09\/12\/edita-rolls-out-e-invoicing-system-vodafone-wants-to-use-te-network\/\" 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\/09\/12\/edita-rolls-out-e-invoicing-system-vodafone-wants-to-use-te-network\/')\">\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\/09\/12\/edita-rolls-out-e-invoicing-system-vodafone-wants-to-use-te-network\/\">\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=Edita rolls out e-invoicing system + Vodafone wants to use TE network&url=https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/edita-rolls-out-e-invoicing-system-vodafone-wants-to-use-te-network\/\">\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\/09\/12\/edita-rolls-out-e-invoicing-system-vodafone-wants-to-use-te-network\/&title=Edita rolls out e-invoicing system + Vodafone wants to use TE network\">\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=Edita+rolls+out+e-invoicing+system+%2B+Vodafone+wants+to+use+TE+network+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F09%2F12%2Fedita-rolls-out-e-invoicing-system-vodafone-wants-to-use-te-network%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\/09\/12\/edita-rolls-out-e-invoicing-system-vodafone-wants-to-use-te-network\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-557246\" class=\"content-area-description single-story post-557246 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-cit tag-debt tag-edita tag-enterpriseam tag-real-estate tag-tax-authority tag-telecom-egypt tag-vodafone-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Snackfood maker Edita has fully rolled out its e-invoicing system<\/strong>, coming in compliance with the Tax Authority\u2019s requirement that all invoices be logged with the Finance Ministry\u2019s online platform, according to <a href=\"https:\/\/ent.news\/2021\/9\/Edita-Press-Release-Invoicing-Regulation-English-.pdf\">a company press release (pdf)<\/a>. The requirements were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99a6ca73-945a-43a8-9bb3-70e01e484a6c\">introduced<\/a> last year in a bid to crack down on tax evasion and ensure companies register with the authority.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Vodafone<\/strong> is in talks with <strong>Telecom Egypt <\/strong>to use part of the state telecom operator\u2019s network to provide its<strong> own landline services,<\/strong> <a href=\"https:\/\/ent.news\/2021\/9\/Wednesday-08-Sep-2021-issue-2647.pdf\">Al Borsa reports (pdf)<\/a>.<\/li>\n<li>We\u2019ve received the first two of 70 <strong>trains<\/strong> for the<strong> monorail project <\/strong>from French rolling stock manufacturer <strong>Alstom<\/strong>, according to a <a href=\"https:\/\/ent.news\/2021\/9\/20210908_PR_Cairo_Monorail_first_trains_EN1.pdf\">company press release (pdf)<\/a>.<\/li>\n<li><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b3c396d-a958-4703-b484-da0cdc8fccf1\">Talabat\u2019s<\/a><\/strong> customers will be able to pay for their orders using <strong>digital wallets<\/strong> next year, CEO Hadeer Shalaby said according to <a href=\"https:\/\/bit.ly\/3A0kQ8g\">Al Mal<\/a>.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edita\/\">Edita<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax-authority\/\">Tax Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vodafone-egypt\/\">Vodafone 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=\"557247\" 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=\"557247\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/wall-street-is-turning-bearish-on-stocks-economists-forecast-early-fed-rate-hike\/\">\r\n                            Wall Street is turning bearish on stocks + economists forecast early Fed rate hike                        <\/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\/09\/12\/wall-street-is-turning-bearish-on-stocks-economists-forecast-early-fed-rate-hike\/\" 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 S&amp;P 500 closed down 1.7% over the week on Friday and the tech-heavy Nasdaq lost 1.6% as investors started to take heed of rising inflation and high costs caused by global supply chain disruptions as the delta variant stymies production.<\/p><p><strong>Not helping matters:<\/strong> The majority of economists surveyed by <a href=\"https:\/\/www.ft.com\/content\/0a7a4edd-b656-4d6a-b608-454241d0288e\">the Financial Times<\/a> think that the Federal Reserve will raise interest rates earlier than expected, with 70% pencilling in a minimum 0.25% increase in 2022 and nearly a fifth thinking it will come in the first six months of the year. The Fed still maintains that it will not move to raise rates until 2023 to avoid jeopardizing the economic recovery and protect the markets.<\/p><p><strong>We\u2019ll explore this in more depth in a Macro Picture in today\u2019s EnterprisePM. <\/strong>Stay tuned.<\/p><p><strong>IN OTHER NEWS FROM THE REGION-<\/strong><\/p><p><strong>Saudi Aramco is splitting its gas operations into two separate divisions<\/strong>, the Southern Area Gas Operations and Northern Area Gas Operations, as the company looks to prepare itself for the transition away from oil, unnamed sources tell <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-09-09\/saudi-aramco-splits-its-gas-business-amid-chemicals-expansion?sref=mmeFTDW1\">Bloomberg<\/a>. This is the same structure currently used by the company\u2019s oil operations, and could help it focus on developing its gas assets and operations in the chemicals sector.<\/p><p><strong>Asset manager Al Dhabi Capital (<\/strong><strong><a href=\"http:\/\/www.aldhabicapital.com\/\">ADC<\/a><\/strong><strong>) has launched a MENA-focused equities <\/strong><strong>fund<\/strong>, seeded with USD 100 mn from its UAE-based parent company Al Dhabi Investment. ADC said that the new fund \"follows a bottom-up process and seeks to invest in liquid equities with a long-term, buy-and-manage approach,\" <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/abu-dhabi-asset-manager-al-dhabi-capital-launches-mena-focused-equities-fund-2021-09-09\/\">Reuters<\/a> reported. The asset manager already manages over USD 600 mn in public equities on behalf of institutional investors.<\/p><table class=\"markets-table\">\n<tbody>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>EGX30 <\/strong><\/td>\n<td>11,056<\/td>\n<td>-0.7% (YTD: +2.0%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\" ><\/td>\n<td><strong>USD (CBE)<\/strong><\/td>\n<td>Buy 15.66<\/td>\n<td>Sell 15.76<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\" ><\/td>\n<td><strong>USD at CIB<\/strong><\/td>\n<td>Buy 15.66<\/td>\n<td>Sell 15.76<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\" ><\/td>\n<td><strong>Interest rates CBE<\/strong><\/td>\n<td>8.25% deposit<\/td>\n<td>9.25% lending<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>Tadawul<\/strong><\/td>\n<td>11,417<\/td>\n<td>-0.3% (YTD: +31.4%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>ADX<\/strong><\/td>\n<td>7,860<\/td>\n<td>+1.2% (YTD: +55.8%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\" ><\/td>\n<td><strong>DFM<\/strong><\/td>\n<td>2,907<\/td>\n<td>0.0% (YTD: +16.7%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>S&amp;P 500<\/strong><\/td>\n<td>4,458<\/td>\n<td>-0.8% (YTD: +18.7%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>FTSE 100<\/strong><\/td>\n<td>7,029<\/td>\n<td>+0.1% (YTD: +8.8%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>Brent crude<\/strong><\/td>\n<td>USD 72.92<\/td>\n<td>+2.1%<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>Natural gas <\/strong>(Nymex)<\/td>\n<td>USD 4.94<\/td>\n<td>-1.9%<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>Gold<\/strong><\/td>\n<td>USD 1,792.10<\/td>\n<td>-0.4%<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>BTC<\/strong><\/td>\n<td>USD 45,343<\/td>\n<td>+1.7% (as of midnight)<\/td>\n<\/tr>\n<\/tbody>\n<\/table><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.7% at Thursday\u2019s close<\/strong> on turnover of EGP 1.20 bn (21.6% below the 90-day average). Local investors were net sellers. The index is up 2.0% YTD.<\/p><p><strong>In the green: <\/strong>Eatern Company (+6.8%), Rameda (+3.5%), and Oriental Weavers (+2.3%).<\/p><p><strong>In the red: <\/strong>Raya Holding (-6.8%), GB Auto (-4.4%), and Egyptian Resorts Company (-3.1%).<\/p><p><strong>IN OTHER MARKET NEWS-<\/strong><\/p><p><strong>The National Printing Company has raised its bid to <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6e3940f-6b96-4c12-868f-ffcce9d29894\">fully acquire<\/a><\/strong><strong> Shorouk Modern <\/strong><strong>Printing<\/strong>, the Financial Regulatory Authority announced in a <a href=\"https:\/\/ent.news\/2021\/9\/%D8%A7%D9%84%D8%B4%D8%B1%D9%88%D9%82-%D9%87%D9%8A%D8%A6%D8%A9-08-09-2021.pdf\">statement (pdf)<\/a>. The FRA approved the amendments to the deal, which raised the share price from EGP 52-54 to EGP 74.5 per share. The National Printing Company <a href=\"https:\/\/english.mubasher.info\/markets\/EGX\/stocks\/SMPP\/profile\">currently owns 89.9%<\/a> of Modern Shorouk.<\/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\/al-dhabi-capital\/\">Al Dhabi Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-dhabi-investment\/\">Al Dhabi Investment<\/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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mena\/\">MENA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-reserves\/\">oil reserves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/opec\/\">OPEC<\/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=\"557248\" 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\/09\/12\/your-essential-business-calendar-on-12-september-2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-557248\" class=\"content-area-description single-story post-557248 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>5-12 September (Sunday-Sunday): <a href=\"https:\/\/alolabor.org\/20527\/\">Arab Labor Conference<\/a>, the InterContinental CityStars Hotel, Cairo, Egypt.<\/p>\n<p>11-12 September (Saturday-Sunday): <a href=\"https:\/\/10times.com\/icess-egypt\">International Conferences on Economics and Social Sciences<\/a>, Cairo<\/p>\n<p>12 September (Sunday): International schools begin 2021-2022 academic year.<\/p>\n<p>12-15 September (Sunday-Wednesday): Sahara Expo: the 33rd International Agricultural Exhibition for Africa and the Middle East.<\/p>\n<p>13 September (Monday): Environment Minister Yasmine Fouad will give a guest speech at AmCham\u2019s monthly virtual event,<\/p>\n<p>13-21 September (Monday-Tuesday): EFG Hermes\u2019 fourth Virtual Investor Conference.<\/p>\n<p>14-30 September (Tuesday-Thursday): <a href=\"https:\/\/www.un.org\/en\/ga\/\">76th session of the UN General Assembly<\/a>, New York.<\/p>\n<p>15 September (Wednesday): The <a href=\"https:\/\/bit.ly\/3dp0wnB\">CFO Leadership & Strategy Summit<\/a> is taking place in Egypt.<\/p>\n<p>16 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>18 September (Saturday): Expiration of<a href=\"https:\/\/www.rudaw.net\/english\/middleeast\/iraq\/19092020\">United Nations Investigative Team<\/a> to Promote Accountability for Crimes Committed by Daesh\/ISIL<\/p>\n<p>21-22 September (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.<\/p>\n<p>22-25 September (Wednesday-Saturday): <a href=\"https:\/\/www.cityscapeegypt.com\/en\/Home.html\">Cityscape Egypt<\/a>, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>29 September (Wednesday): <a href=\"https:\/\/devopsdays.org\/events\/2021-cairo\/welcome\/\">DevOpsDays Cairo 2021<\/a> is being organized by ITIDA and the Software Engineering Competence Center in cooperation with DXC Technology, IBM Egypt and Orange Labs.<\/p>\n<p>30 September-2 October (Thursday-Saturday): Egypt Projects 2021 expo, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>30 September-8 October (Thursday-Friday): The Cairo International Fair, Cairo International Conference Center, Cairo, Egypt.<\/p>\n<p>30 September: Closing of 2021\u2019s first oil and gas <a href=\"https:\/\/eug.petroleum.gov.eg\/dp\/pages\/common\/BidroundHighlights.jsp\">tender<\/a> in the Gulf of Suez, Western Desert, and the Mediterranean.<\/p>\n<p>30 September (Thursday): First tranche of overdue subsidy payouts <a href=\"https:\/\/bit.ly\/3BSLyAg\">will be handed<\/a> to eligible exporters.<\/p>\n<p>October: New legislative session begins \u2014 must be held by the first Thursday of October.<\/p>\n<p>October: Romanian President Klaus Iohannis <a href=\"https:\/\/bit.ly\/3z0gaic\">could visit Egypt<\/a> in mid this month to discuss ways to boost tourism cooperation between the two countries.<\/p>\n<p>1 October (Friday): Businesses importing goods at seaports will need to file shipping documents and cargo data digitally to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9bf7988d-19f6-45a6-ada1-65d7c23ec723\">the Advance Cargo Information (ACI) system<\/a>.<\/p>\n<p>1 October (Friday): Expo 2020 Dubai opens.<\/p>\n<p>1 October (Friday): State-owned companies and government service bodies selling goods and services to customers that <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/178309171006178\">have not yet signed on to the e-invoicing platform<\/a> will suffer a host of penalties, including removal from large taxpayer classification, losing access to government services and business, and losing subsidies.<\/p>\n<p>6 October (Wednesday): Armed Forces Day.<\/p>\n<p>7 October (Thursday): National holiday in observance of Armed Forces Day.<\/p>\n<p>9 October (Saturday): Public schools begin 2021-2022 academic year<\/p>\n<p>11-17 October (Monday-Sunday): <a href=\"https:\/\/www.worldbank.org\/en\/meetings\/splash\/annual\">IMF + World Bank Annual Meetings<\/a>.<\/p>\n<p>12-14 October (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.<\/p>\n<p>18 October (Monday): Prophet\u2019s Birthday.<\/p>\n<p>21 October (Thursday): National holiday in observance of the Prophet\u2019s Birthday.<\/p>\n<p>24-28 October (Sunday-Thursday) <a href=\"https:\/\/www.cairowaterweek.eg\/\">Cairo Water Week<\/a>, Cairo, Egypt.<\/p>\n<p>27-28 October (Wednesday-Thursday) <a href=\"https:\/\/platforms-root-technologies.com\/icec-2021\/\">Intelligent Cities Exhibition & Conference<\/a>, Royal Maxim Palace Kempinski, Cairo, Egypt.<\/p>\n<p>28 October (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>28 October (Thursday): Second tranche of overdue subsidy payouts <a href=\"https:\/\/bit.ly\/3BSLyAg\">will be handed<\/a> to eligible exporters.<\/p>\n<p>30 October - 4 November (Saturday-Thursday): The first edition of <a href=\"https:\/\/globalswimseries.com\/ryan-lochte-announces-first-race-the-legends-event-in-egypt\/\">Race The Legends<\/a>, Egypt.<\/p>\n<p>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>2-3 November (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.<\/p>\n<p>1-12 November (Monday-Friday): 2021 United Nations Climate Change Conference (COP26), Glasgow, United Kingdom.<\/p>\n<p>16-17 November (Tuesday-Wednesday):<a href=\"https:\/\/africafintechsummit.com\">Africa fintech summit<\/a>, Cairo.<\/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): Egypt Defense Expo.<\/p>\n<p>7-8 December (Tuesday-Wednesday): <a href=\"https:\/\/northafricatradefinance.com\/\">North Africa Trade Finance Summit<\/a>.<\/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>16 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>14-16 February 2022 (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.<\/p>\n<p>1H2022: The World Economic Forum annual meeting, location TBD.<\/p>\n<p>22-24 April 2022:<a href=\"http:\/\/sdg.iisd.org\/events\/2022-spring-meetings-of-the-world-bank-group-and-the-international-monetary-fund\/\">World Bank-IMF spring meeting<\/a>, Washington D.C.<\/p>\n<p>May 2022: Investment in Logistics Conference, Cairo, Egypt<\/p>\n<p>16 June 2022 (Thursday): End of 2021-2022 academic year for public schools<\/p>\n<p>27 June-3 July 2022 (Monday-Sunday): World University Squash Championships, New Giza.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish below between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":557223,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-557222","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"328d86c9-d847-4625-95ed-cc31b719b688","teaser":"","photo_url":"https:\/\/ent.news\/2021\/9\/136.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>Our poll sees CBE leaving rates on hold this week as Egypt + Maait says Egypt is ready for US Fed\u2019s taper - 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\/our-poll-sees-cbe-leaving-rates-on-hold-this-week-as-egypt-maait-says-egypt-is-ready-for-us-feds-taper\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Our poll sees CBE leaving rates on hold this week as Egypt + Maait says Egypt is ready for US Fed\u2019s taper\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/our-poll-sees-cbe-leaving-rates-on-hold-this-week-as-egypt-maait-says-egypt-is-ready-for-us-feds-taper\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T01:36:25+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/136.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\/our-poll-sees-cbe-leaving-rates-on-hold-this-week-as-egypt-maait-says-egypt-is-ready-for-us-feds-taper\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/our-poll-sees-cbe-leaving-rates-on-hold-this-week-as-egypt-maait-says-egypt-is-ready-for-us-feds-taper\/\",\"name\":\"Our poll sees CBE leaving rates on hold this week as Egypt + Maait says Egypt is ready for US Fed\u2019s taper - 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