{"id":562267,"date":"2021-05-18T04:24:44","date_gmt":"2021-05-18T04:24:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=562267"},"modified":"2025-12-16T03:38:44","modified_gmt":"2025-12-16T03:38:44","slug":"sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/","title":{"rendered":"Sequoia makes its first North Africa + GCC investment in Egypt\u2019s Telda"},"content":{"rendered":"<section id=\"562269\" 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=\"562269\">\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\/05\/18\/this-morning-investment-conferences-today-wef-postponed-again-and-att-is-getting-out-of-the-media-business\/\">\r\n                            THIS MORNING: Investment conferences today, WEF postponed (again) and AT&#038;T is getting out of the media business                        <\/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\/05\/18\/this-morning-investment-conferences-today-wef-postponed-again-and-att-is-getting-out-of-the-media-business\/\" 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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It\u2019s a busy news day at home and abroad, so let\u2019s jump right in.<\/p><p><strong>THE BIG NEWS here at home is from planet finance<\/strong>, where high-profile Silicon Valley venture capital firm <strong>Sequoia has made hot fintech startup Telda its first investment in our corner of the world<\/strong> \u2014 and where the Financial Regulatory Authority wants to make it possible for <strong>landlords, utilities and schools (among others) to \u201csecuritize\u201d expected future cashflows<\/strong>. We have the rundown on all of this and more in this morning\u2019s news well, below.<\/p><p><strong>** CATCH UP QUICK<\/strong> with the top stories from yesterday\u2019s edition of EnterprisePM:<\/p><ul>\n<li><strong>Cleopatra eyes Alex Medical takeover:<\/strong> Cleopatra Hospitals Group (CHG) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8bcdeedc-6ea2-4492-adf0-c0dad0bff1f1\">is after up to 100% of Alexandria Medical Services<\/a> after submitting a mandatory tender offer that values the company at EGP 550 mn.<\/li>\n<li><strong>FEI and sporting clubs are pushing vaccination drive:<\/strong> The Federation of Egyptian Industries is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/853987fd-1bd0-463e-9726-cc6b2c15b13b\">teaming up<\/a> with the Health Ministry to roll out a nationwide program to vaccinate factory employees \u2014 and you\u2019ll be able to get jabbed at the nadi, too.<\/li>\n<li><strong>Rail manufacture:<\/strong> Four foreign companies are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f845b95d-a802-4080-b2ab-6b30d639de46\">bidding for a piece of a new railway manufacturing facility<\/a> that aims to kickstart Egypt\u2019s bid to localize the industry.<\/li>\n<\/ul><p><strong>THE BIG STORY ABROAD is still the ongoing Israeli campaign against Gaza<\/strong>, where the death toll continues to mount. US President Joe Biden ever so slightly shifted his stance on the issue, telling Israeli Prime Minister Benjamin Netanyahu that Washington will coordinate with Egypt and others to work on a ceasefire. We have chapter and verse in Around the World, below.<\/p><p><strong>THE BIG GLOBAL BUSINESS STORY this morning: <\/strong><strong>A mega-merger in the US of A will <\/strong><strong>create a USD 130 bn media powerhouse:<\/strong> Telecom operator AT&amp;T has agreed to spin off WarnerMedia and merge it with Discovery to create a new USD 43 bn media giant, the companies announced in a <a href=\"https:\/\/about.att.com\/story\/2021\/warnermedia_discovery.html\">statement<\/a> yesterday. The company will be valued at close to USD 130 bn including debt, given WarnerMedia\u2019s USD 90+ bn enterprise value, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-05-17\/at-t-to-merge-media-assets-with-discovery-in-43-billion-deal?srnd=deals&amp;sref=mmeFTDW1\">Bloomberg<\/a> reported. The news underscores how difficult it is to make a go of things in media right now: AT&amp;T is saying goodbye to Hollywood <a href=\"https:\/\/www.wsj.com\/articles\/att-hollywood-ending-erased-billions-value-hbo-discovery-warner-11621297279\">after erasing bns in value<\/a> \u2014 and just three years after it went to court to defend their Time Warner takeover.<\/p><p><strong>The move comes as traditional broadcasters feel increasing pressure from streaming services<\/strong> like Netflix and Amazon Prime Video, and have sought strength through mergers, <a href=\"https:\/\/apnews.com\/article\/att-discovery-warnermedia-hbo-d7259d1e50f24f12de3edcf9fb7ee33a\">the AP<\/a> suggests. AT&amp;T\u2019s HBO Max and Discovery+ have combined subscribers just shy of 25 mn users, paling in comparison to Disney Plus, which has amassed 104 mn subscribers since launching in November in 2019, and Netflix, which <a href=\"https:\/\/www.gamespot.com\/articles\/netflix-hits-208-million-paid-subscribers-will-spend-17-billion-on-content-in-2021\/1100-6490382\/\">hit 208 mn subscribers<\/a> last month.<\/p><p><strong>The story dominated the foreign business press yesterday<\/strong>, and was picked up by everyone from the <a href=\"https:\/\/www.wsj.com\/articles\/at-t-to-combine-warnermedia-division-with-discovery-11621250928\">Wall Street Journal<\/a> and <a href=\"https:\/\/www.ft.com\/content\/5aeba5f9-2e00-4cba-b9c7-e0431aad798b\">the FT<\/a> to the <a href=\"https:\/\/www.bbc.com\/news\/business-57139433\">BBC<\/a> and the <a href=\"https:\/\/www.nytimes.com\/2021\/05\/17\/business\/att-discovery-merger.html\">New York Times<\/a>.<\/p><p><strong>Amazon, meanwhile, is looking to bulk up on media: <\/strong>The Everything Store is in talks to buy MGM (the studio that\u2019s home to James Bond, in a USD 9 bn transaction, the <a href=\"https:\/\/www.ft.com\/content\/86f1d781-e8a7-4ca0-97e5-cbca1282d6f4\">Financial Times<\/a> notes, pointing out that MGM is \u201cone of the few Hollywood studios not to have been gobbled up by a larger conglomerate.\u201d<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>HAPPENING TODAY-<\/strong><\/p><p><strong>Renaissance Capital\u2019s annual MENA Investor Conference kicks off today and runs until <\/strong><strong>Thursday.<\/strong> The virtual gathering will feature three days of 1-1 sessions between investors and MENA businesses. Things kick off today with an afternoon of panel discussions. You can check out the event schedule <a href=\"https:\/\/events.rencap.com\/MENAconference\/#18-May\">here<\/a>.<\/p><p><strong>It\u2019s day number two for HC Securities and New York-based research and trading outfit <\/strong><strong>Avior Capital Markets\u2019 virtual conference <\/strong><strong>Egypt equities. <\/strong>The gathering runs through Thursday. Sovereign Fund of Egypt CEO Ayman Soliman and Central Bank of Egypt Deputy Governor Rami Abulnaga are <a href=\"https:\/\/ent.news\/2021\/5\/Research-avior-conference-17-May-21-English.pdf\">expected to speak (pdf)<\/a>.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>The World Economic Forum\u2019s annual meeting will now take place at some point in <\/strong><strong>1H2022<\/strong> at a yet-to-be-determined location instead of this coming August in Singapore. The news came after the WEF decided to scrap this summer\u2019s meeting following a jump in covid-19 cases, according to <a href=\"https:\/\/www.weforum.org\/press\/2021\/05\/media-advisory-special-annual-meeting\">a statement<\/a>. The gathering had already been postponed twice this year as organizers hoped to take the event offline.<\/p><p><strong>Africa-based startups have until 26 May to sign up for France\u2019s AFD Digital Challenge<\/strong>, an annual<a href=\"https:\/\/ent.news\/2021\/5\/LAUNCH-OF-THE-FIFTH-EDITION-OF-THE-AFD-DIGITAL-CHALLENGE.docx.pdf\">startup competition (pdf)<\/a> by the French Development Agency (AFD). This year, the competition involves startups finding solutions to curb the carbon impact of economic activities or promote sustainable economic activity and the use of natural resources. The 10 startups chosen will receive an \u201cacceleration pack,\u201d a package of technical and financial support worth EUR 20k.<\/p><p><strong>The IMF will complete by the end of June a second review of targets set under Egypt\u2019s<\/strong><strong> USD 5.2 bn standby loan.<\/strong> The loan was approved<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4b88b68-45c9-4f66-bbba-1e8999ee8f3f\">in June 2020<\/a>.<\/p><p><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p><strong>In today\u2019s issue: <\/strong>Last month, we looked at how green economy startups have had a hard time generating significant interest from VCs and traditional banks due to a combination of weak cashflow and a very small pipeline of startups. So where do they then go? A number of alternative financing methods, from revenue sharing to crowdfunding are already taking off. But much more is needed to keep these startups\u2019 bellies full.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/greece\/\">Greece<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nikos-dendias\/\">Nikos Dendias<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renaissance-capital\/\">Renaissance Capital<\/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=\"562270\" 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=\"562270\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/562270\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562270\" class=\"content-area-description single-story post-562270 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 decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/SOMA-ENTERPRISE-VAX-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"562271\" 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=\"562271\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/\">\r\n                            Sequoia makes its first North Africa + GCC investment in Egypt\u2019s Telda                        <\/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\/05\/18\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/\" 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\/05\/18\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/')\">\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\/05\/18\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/\">\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=Sequoia makes its first North Africa + GCC investment in Egypt\u2019s Telda&url=https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/\">\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\/05\/18\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/&title=Sequoia makes its first North Africa + GCC investment in Egypt\u2019s Telda\">\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=Sequoia+makes+its+first+North+Africa+%2B+GCC+investment+in+Egypt%E2%80%99s+Telda+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F05%2F18%2Fsequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda%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\/05\/18\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/134.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"562272\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/134-jpg-18\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/134.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"134.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/134.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/134.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562271\" class=\"content-area-description single-story post-562271 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-startup-watch 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>Digital banking app <\/strong><strong><a href=\"https:\/\/telda.app\/\">Telda<\/a><\/strong><strong> landed USD 5 mn in a pre-seed funding round led by <\/strong><strong>Silicon Valley-based VC firm Sequoia Capital<\/strong>, according to <a href=\"https:\/\/ent.news\/2021\/5\/TC-Telda-Announcement.pdf\">a statement (pdf)<\/a>. Global Founders Capital and Class 5 Global also participated in the investment round.<\/p>\n<p><strong>The investment means Telda just broke the regional record for pre-seed funding<\/strong>, which Egyptian logistics startup Flextock set <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a5e87a37-7b02-44f7-8899-77ee073ccfb3\">earlier this month<\/a> by closing a USD 3.25 mn pre-seed investment. Telda\u2019s funding round is also Sequoia Capital\u2019s first investment in North Africa and the GCC, as well as the first investment in Egypt for Global Founders Capital and Class 5 Global.<\/p>\n<p><strong>About Telda:<\/strong> The app, which will formally launch in a few weeks\u2019 time, will provide its users with a Telda card that can be used online or in brick and mortar stores, to withdraw from ATMs, pay bills, and send and receive money. The company is the first to land a banking license from the Central Bank of Egypt under the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba363fe6-92d7-4584-a95d-ee5c9f124acb\">new Banking Act<\/a>. <strong>And it\u2019s a big market: <\/strong>Bloomberg reminds us that Egypt is the world\u2019s third-most cash-reliant economy, after Morocco and Vietnam and just ahead of the Philippines and Peru.<\/p>\n<p><strong>It\u2019s not the first rodeo for Telda\u2019s founders: <\/strong>CEO Ahmed Sabbah was co-founder and chief technology officer of transport startup Swvl, while co-founder Youssef Sholqamy was a senior engineer at Uber\u2019s infrastructure team.<\/p>\n<p><strong>And Sequoia has a good track record picking challenger banks: <\/strong>It invested in 2013 in Latin America\u2019s Nubank, which now boasts some 38 mn clients and claims to be \u201cthe world\u2019s largest digital bank.\u201d<\/p>\n<p><strong>The story is getting attention in the foreign press this morning:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-05-17\/sequoia-enters-mideast-teams-up-with-firm-that-hired-mesut-ozil?sref=mmeFTDW1\">Bloomberg<\/a>| <a href=\"https:\/\/www.businessinsider.com\/telda-egyptian-neobank-startup-sequoias-first-round-in-north-africa-2021-5\">Business Insider<\/a> | <a href=\"https:\/\/techcrunch.com\/2021\/05\/17\/sequoia-leads-5m-pre-seed-in-egypts-1-month-old-digital-bank-telda\/\">TechCrunch<\/a>.<\/p>\n<p><strong>MEANWHILE: Egyptian shipment logistics startup Bosta raised USD 6.7 mn in a series A funding <\/strong><strong>round<\/strong> led by Silicon Badia, a Jordan-based global VC fund, according to <a href=\"https:\/\/www.menabytes.com\/bosta-series-a-2021\/\">Menabytes<\/a>. 4DX Ventures, Plug and Play Ventures, Wealthwell VC, Khwarizmi Ventures and other unnamed investors also participated in the round. Bosta will use the funding to grow its business in Egypt, with an eye to expanding into Saudia Arabia by the end of 2021. The company also has plans to expand further to other GCC markets. Bosta had previously raised a USD seven-figure investment in a series A round <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b60c1eb-d801-4ea3-907e-c9b5f33e79fd\">in February 2020<\/a> to support its growth in Egypt.<\/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\/startup-watch\/\">Startup watch<\/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=\"562273\" 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=\"562273\">\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\">REGULATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/utilities-schools-and-landlords-could-securitize-cashflows-theyve-not-even-booked\/\">\r\n                            Utilities, schools and landlords could securitize cashflows they\u2019ve not even booked                        <\/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 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href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/utilities-schools-and-landlords-could-securitize-cashflows-theyve-not-even-booked\/\">\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=Utilities, schools and landlords could securitize cashflows they\u2019ve not even booked&url=https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/utilities-schools-and-landlords-could-securitize-cashflows-theyve-not-even-booked\/\">\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\/05\/18\/utilities-schools-and-landlords-could-securitize-cashflows-theyve-not-even-booked\/&title=Utilities, schools and landlords could securitize cashflows they\u2019ve not even booked\">\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=Utilities%2C+schools+and+landlords+could+securitize+cashflows+they%E2%80%99ve+not+even+booked+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F05%2F18%2Futilities-schools-and-landlords-could-securitize-cashflows-theyve-not-even-booked%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\/05\/18\/utilities-schools-and-landlords-could-securitize-cashflows-theyve-not-even-booked\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/135.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"562274\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/utilities-schools-and-landlords-could-securitize-cashflows-theyve-not-even-booked\/135-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/135.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"135.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/135.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/135.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562273\" class=\"content-area-description single-story post-562273 post type-post status-publish format-standard has-post-thumbnail hentry category-regulation-watch tag-capital-markets-act tag-enterpriseam tag-financial-regulatory-authority tag-regulation tag-regulation-watch tag-securitization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>A new type of securitization under consideration by regulators could stoke the <\/strong><strong>Egyptian market:<\/strong> Utilities and other companies that provide ongoing services to the public may soon be able to raise capital by securitizing future cashflows under a new instrument greenlit by the Financial Regulatory Authority last week, the regulator said in <a href=\"http:\/\/www.fra.gov.eg\/content\/efsa_ar\/efsa_news\/efsa_975.htm\">a statement<\/a>.<\/p>\n<p><strong>How does it work?<\/strong> Known as <a href=\"https:\/\/www.imf.org\/external\/pubs\/ft\/fandd\/2001\/03\/ketkar.htm\">future flow securitization<\/a>, the instrument would give a wide range of private- and public-sector companies \u2014 from utility providers and telecom companies to healthcare and education outfits and landlords renting out properties \u2014 access to liquidity without needing a big portfolio of accounts receivables. Future income, whether from phone bills, utility payments, tuition fees or rent, can be packaged into securities and offered to investors in order to raise capital.<\/p>\n<p><strong>The subtle but key difference between this and <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32ba4863-0863-403d-85e7-9732b18499b6\">traditional securitization<\/a><\/strong><strong>:<\/strong> Where standard securitization involves collateralizing on-balance sheet accounts receivables, future flow instruments securitize payments that do not yet exist on the company\u2019s balance sheet.<\/p>\n<p><strong>Future flow securities have the potential to create a larger securitization market in Egypt<\/strong>, Imane Raouf, senior associate at Dreny and Partners Law Firm told us. It would allow a larger number of companies that lack the receivables needed to issue traditional securitized bonds to enter the market and sell future flows to investors, she said.<\/p>\n<p><strong>It could spur infrastructure spending: <\/strong>Companies that provide basic amenities will be able to issue tradable future-flow bonds to fund big-ticket spending on infrastructure, road, and transport projects without needing to wait for payments from their clients. The FRA singled out those companies as the key beneficiaries of the mechanism.<\/p>\n<p><strong>When could this become reality?<\/strong> Future flow securitization would become an option for businesses if proposed amendments to the <a href=\"https:\/\/www.fra.gov.eg\/content\/efsa_ar\/laws_cma\/exclaw%2095.htm\">Capital Markets Act (pdf)<\/a> pass the House of Representatives.<\/p>\n<p><strong>Securitization in Egypt has stepped up a gear in recent years:<\/strong> Securitized bonds have developed into an increasingly popular form of corporate financing among real estate and consumer finance companies and an important alternative to unsecuritized corporate paper, of which the country has barely seen any <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ee55e8d6-712a-4f1f-9eab-c4cae49a467a\">in recent years<\/a>. The market is busy so far into 2021, with Palm Hills being the latest to announce a sale when it closed an EGP 800 mn issuance <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8cc80f08-b424-47b4-be0a-d90f7f39d032\">late last month<\/a>.<\/p>\n<p><strong>For the ABC of securitization:<\/strong> Check out our explainer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32ba4863-0863-403d-85e7-9732b18499b6\">here<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets-act\/\">Capital Markets Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation\/\">regulation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation-watch\/\">regulation watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"562275\" 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=\"562275\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/azimut-egypt-is-rolling-out-a-new-equity-fund\/\">\r\n                            Azimut Egypt is rolling out a new equity fund                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/azimut-egypt-is-rolling-out-a-new-equity-fund\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/azimut-egypt-is-rolling-out-a-new-equity-fund\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/azimut-egypt-is-rolling-out-a-new-equity-fund\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Azimut Egypt is rolling out a new equity fund&url=https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/azimut-egypt-is-rolling-out-a-new-equity-fund\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/azimut-egypt-is-rolling-out-a-new-equity-fund\/&title=Azimut Egypt is rolling out a new equity fund\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Azimut+Egypt+is+rolling+out+a+new+equity+fund+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F05%2F18%2Fazimut-egypt-is-rolling-out-a-new-equity-fund%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/azimut-egypt-is-rolling-out-a-new-equity-fund\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562275\" class=\"content-area-description single-story post-562275 post type-post status-publish format-standard hentry category-investment-watch tag-azimut-egypt-asset-management tag-enterpriseam tag-equities tag-investment-watch 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>Retail investors can subscribe to Azimut Egypt Asset Management\u2019s new equity fund as<\/strong><strong> of this coming Sunday, 23 May<\/strong>, <a href=\"https:\/\/bit.ly\/3bxisMb\">Hapi Journal<\/a> reports. Azimut is looking to secure EGP 250 mn in AUM \u201cwithin the coming period,\u201d according to a statement picked up by the newspaper. Egyptian equities are undervalued due to the lack of liquidity in the market and weak inflows of fresh investments, said Azimut Egypt MD Ahmed Abou El Saad.<\/p>\n<p><strong>This is the first of two new funds Azimut Egypt plans to launch this year<\/strong>, with Abou El Saad <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8e13ab8-9f38-4391-a454-6cb4da14dd6e\">saying last month<\/a> that the local arm of the Italian asset manager had obtained all necessary approvals for the funds. Abou El Saad had suggested the first of the two funds would go live last month and the second would be launched after Ramadan. Azimut <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe072652-5ad5-462d-bb37-84613eeac6ba\">launched last year<\/a> its first Egypt-focused equity fund, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe072652-5ad5-462d-bb37-84613eeac6ba\">AZ Equity-Egypt<\/a>, and a fixed income fund, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/29ab1526-8196-466e-be63-95d501bf3efa\">AZ-Savings<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/azimut-egypt-asset-management\/\">Azimut Egypt Asset Management<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/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=\"562276\" 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=\"562276\">\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\">Tourism<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/tourism-revenues-still-below-2019-comps-but-el-enany-raises-2021-target\/\">\r\n                            Tourism revenues still below 2019 comps, but El Enany raises 2021 target                        <\/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\/05\/18\/tourism-revenues-still-below-2019-comps-but-el-enany-raises-2021-target\/\" 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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This puts our 1Q2021 tourism revenues in the range of USD 1.1 bn, according to our calculations, compared to the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1caf2c84-825a-44dc-84e0-19e619e882ed\">USD 2.6 bn recorded over the same period in 2019<\/a>. Revenues improved on a q-o-q basis compared to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b7042bbd-cedd-44cb-aefb-6ea18b372cd4\">the USD 987 mn<\/a> posted during 4Q2020.<\/p>\n<p><strong>El Enany earlier said that Egypt is targeting tourism revenues of <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f6405eda-1bf2-43d9-8236-f947f937034b\">USD 8 bn<\/a><\/strong><strong> this year,<\/strong> an upward revision from the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/146743c8-8fc0-46d6-ab09-1788aff56eff\">USD 6-7 bn<\/a> target announced by Deputy Minister Ghada Shalaby last month. S&P Global Ratings <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1fd134ec-624a-4402-b295-075903f03f50\">forecast\u2019s expect<\/a> tourism revenues will continue to lag below pre-pandemic levels till 2023.<\/p>\n<p><strong>The minister <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/093c4b68-9f7e-42a5-bcaa-05f89fb4b473\">reiterated his hope<\/a><\/strong><strong> that tourism would recover to its pre-pandemic levels in the second half of 2022<\/strong>, provided the vaccination rollout continues at the expected pace. Egypt has currently only received enough vaccines to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2163464-a9ac-4917-886b-6946be359b18\">cover 2.5% of our population<\/a>, though the government has announced its intention to <a href=\"https:\/\/www.elwatannews.com\/news\/details\/5490661\">complete the vaccination<\/a> of all tourism workers in Red Sea resorts this month, in its effort to turn beach holiday resorts into \u201cno-covid zones.\u201d<\/p>\n<p><strong>A pipeline of tourism projects could give the sector a boost: <\/strong>The Tourism Development Authority is currently offering investors USD 15 bn in tourism projects, with plans to inaugurate new tourist destinations including El Galala and New Mansoura in the \u201ccoming months,\u201d the minister noted.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ghada-shalaby\/\">Ghada Shalaby<\/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\/sp-global-ratings\/\">S&amp;P Global Ratings<\/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=\"562278\" 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=\"562278\">\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\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/prisoners-pensioners-are-next-in-line-for-vaccines\/\">\r\n                            Prisoners + pensioners are next in line for vaccines                        <\/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\/05\/18\/prisoners-pensioners-are-next-in-line-for-vaccines\/\" 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\/05\/18\/prisoners-pensioners-are-next-in-line-for-vaccines\/')\">\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\/05\/18\/prisoners-pensioners-are-next-in-line-for-vaccines\/\">\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=Prisoners + pensioners are next in line for vaccines&url=https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/prisoners-pensioners-are-next-in-line-for-vaccines\/\">\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\/05\/18\/prisoners-pensioners-are-next-in-line-for-vaccines\/&title=Prisoners + pensioners are next in line for vaccines\">\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=Prisoners+%2B+pensioners+are+next+in+line+for+vaccines+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F05%2F18%2Fprisoners-pensioners-are-next-in-line-for-vaccines%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\/05\/18\/prisoners-pensioners-are-next-in-line-for-vaccines\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562278\" class=\"content-area-description single-story post-562278 post type-post status-publish format-standard hentry category-covid-watch tag-covax tag-covid-19 tag-enterpriseam tag-eu tag-g7 tag-glaxosmithkline tag-sanofi tag-unicef tag-vaccines wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Next up on Egypt\u2019s vaccination list: Prisoners + pensioners.<\/strong> The Health Ministry plans to begin vaccinating prisoners in Egypt in the next phase of its inoculation drive, Minister Hala Zayed said during a covid-19 crisis committee meeting yesterday, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1932360376942318?__cft__[0]=AZVjHkI0uSEF2Kn_x5mIAeuWL71AElRRUa7UTECkkOG25TScQgo9RUH9rvWHEtJFgLmPDqpqUKmC4lKcj3Pu7evkdo3XykQze6PcV2VN_cttFXhCia5LvdKkPXihCo-yd0qMd9PMZv6X5qOphADcqA-K&__tn__=%2CO%2CP-R\">Cabinet statement<\/a>. The ministry also plans to set up mobile vaccination centers near pension disbursement sites at the beginning of the month, when pensions are distributed.<\/p>\n<p><strong>This phase of the vaccination campaign will be rolled out in tandem with the ministry\u2019<\/strong><strong>s plan to vaccinate factory workers<\/strong> and other employees in industrial zones, in cooperation with the Federation of Egyptian Industries under an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/853987fd-1bd0-463e-9726-cc6b2c15b13b\">agreement signed yesterday<\/a>. Sporting clubs will also act as vaccination hubs.<\/p>\n<p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/383399616543990\">reported<\/a><\/strong><strong> 1,188 new covid-19 infections yesterday<\/strong>, down from 1,201 the day before. The ministry also reported 61 new deaths, bringing the country\u2019s total death toll to 14,388. Egypt has now disclosed a total of 246,909 confirmed cases of covid-19.<\/p>\n<p><strong>EU to support efforts to accelerate vaccine manufacturing in Africa:<\/strong> The EU will push to boost vaccine manufacturing in Africa at a global health summit on Friday where European Commission President Ursula von der Leyen is expected to back proposals to set up new production facilities on the continent, <a href=\"https:\/\/www.ft.com\/content\/d2a47c7e-0b00-4e31-92ab-cd3ff0b9070b\">the Financial Times<\/a> reports, quoting unidentified European officials. Support could include direct EU aid and funding from the European Investment Bank and other development agencies, as well as building up a regulatory capacity. Such efforts aim to back the African Union's target to supply 60% of the continent's needs by 2040 compared to the current 1%.<\/p>\n<p><strong>But it\u2019s not on board with the idea of a temporary patent waiver:<\/strong> European leaders last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff94c5e9-c386-45d1-80cd-279861fb2f35\">pushed back on proposals<\/a> to suspend intellectual property rights on covid vaccines, a step that many in the vaccine-starved global south see as a vital step to ensure equitable access.<\/p>\n<p><strong>Surprise: Covax is running way behind schedule:<\/strong> The Covax scheme designed to provide vaccines to low- and middle-income countries, including Egypt, has delivered less than half of the 170 mn vaccines previously envisioned, <a href=\"https:\/\/www.unicef.org\/press-releases\/covax-facility-will-deliver-its-65-millionth-vaccine-dose-week-it-shouldve-been\">Unicef<\/a> said yesterday. <strong>Egypt has so far <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2163464-a9ac-4917-886b-6946be359b18\">received 2.55 mn doses<\/a><\/strong><strong> of a promised 5 mn dose batch of the Oxford \/ AstraZeneca vaccine<\/strong> through Covax, out of a 40 mn dose total order placed with the program. <a href=\"https:\/\/www.reuters.com\/business\/healthcare-pharmaceuticals\/g7-urged-donate-emergency-supplies-vaccine-sharing-scheme-2021-05-17\/\">Reuters<\/a> took note of the story.<\/p>\n<p><strong>GlaxoSmithKline <\/strong><strong>(GSK) and Sanofi\u2019s experimental covid-19 vaccine could enter late-stage trials in the coming weeks<\/strong>, with the pharma giants aiming to get regulatory approval for the jab by the end of the year, according to statements, (<a href=\"https:\/\/www.gsk.com\/en-gb\/media\/press-releases\/sanofi-and-gsk-covid-19-vaccine-candidate-demonstrates-strong-immune-responses-across-all-adult-age-groups-in-phase-2-trial\/\">here<\/a> and <a href=\"https:\/\/www.sanofi.com\/en\/media-room\/press-releases\/2021\/2021-05-17-07-30-00-2230312\">here<\/a>).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covax\/\">Covax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/g7\/\">G7<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/glaxosmithkline\/\">GlaxoSmithKline<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sanofi\/\">Sanofi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/unicef\/\">UNICEF<\/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=\"562279\" 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=\"562279\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/sudan-gets-usd-30-bn-worth-of-pledges-to-cover-bilateral-imf-debts\/\">\r\n                            Sudan gets USD 30 bn worth of pledges to cover bilateral, IMF debts                        <\/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        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<\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/sudan-gets-usd-30-bn-worth-of-pledges-to-cover-bilateral-imf-debts\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/137.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"562280\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/sudan-gets-usd-30-bn-worth-of-pledges-to-cover-bilateral-imf-debts\/137-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/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\/5\/137.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/137.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562279\" class=\"content-area-description single-story post-562279 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-abdel-fattah-el-sisi tag-debt tag-diplomacy tag-emmanuel-macron tag-enterpriseam tag-gerd tag-imf tag-israel-palestine-conflict tag-water wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Sudan just got a USD 30 bn lifeline in the form of debt cancellation and funding pledges from <\/strong><strong>IMF members <\/strong>during a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a34bfdba-bcad-474d-ac29-0424191c4114\">conference in Paris<\/a> yesterday kickstarting its debt relief program, <a href=\"https:\/\/bit.ly\/33QFd9p\">Sky News Arabia<\/a> reports. France has pledged to cancel USD 5 bn of debts Sudan owes, while Saudi Arabia has said it will scrap another USD 5 bn and Norway USD 4.5 bn.<\/p>\n<p><strong>France has also promised to give Sudan a USD 1.5 bn bridge loan<\/strong> to help the country pay off its IMF debts \u2014 and will offer more if necessary, as Sudan seeks relief and assistance covering its external debt bill, which the <a href=\"https:\/\/apnews.com\/article\/donald-trump-sudan-africa-europe-france-29f2aa99a35c06610091759cf68f08b3\">Associated Press<\/a> put at almost USD 70 bn. Germany has also pledged to cover USD 110 mn of Sudan\u2019s IMF arrears, and is offering over USD 470 mn in bilateral debt assistance, <a href=\"https:\/\/www.dw.com\/en\/france-to-lend-sudan-15-billion-to-pay-off-imf-debt-germany-offers-assistance\/a-57558058\">France 24<\/a> reports.<\/p>\n<p><strong>Sudan\u2019s IMF debt clearance paves the way for access to cheaper international funding<\/strong> under the IMF and World Bank's Highly Indebted Poor Countries (HIPC) scheme. The country has already cleared its debt to the World Bank and African Development Bank, but had needed to clear its debts to the IMF as well \u2014 in addition to implementing a number of economic reforms \u2014 in order to qualify.<\/p>\n<p><strong>Egypt also wants to help Sudan with debt relief:<\/strong> Egypt will take part in an international initiative to clear Sudan\u2019s IMF debt by allowing Sudan to tap into Egypt\u2019s Special Drawing Rights quota at the IMF to settle its debts, President Abdel Fattah El Sisi said during a meeting with head of Sudan\u2019s ruling sovereign council Abdel Fattah Burhan in Paris Sunday, according to an <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/1153706388482073\">Ittihadiya<\/a> statement.<\/p>\n<p><strong>Sudan, Egypt, France talk GERD:<\/strong> El Sisi and Burhan also discussed coordination to reach a fair agreement on GERD before Addis Ababa goes ahead with the dam\u2019s second filling.<\/p>\n<p>In a separate meeting with French President Emmanuel Macron, El Sisi reiterated Egypt\u2019s desire to reach a \u201clawful, fair, and binding agreement\u201d and said Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a2840fd-8b01-420e-8826-6cc918bb0062\">would not tolerate<\/a> any threats to its water security<strong>, <\/strong>according to <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/photos\/a.155486328304089\/1154147928437919\/\">an Ittihadiya statement<\/a>. The US said earlier this week that it supports the resumption of negotiations between Egypt, Sudan, and Ethiopia, but isn\u2019t on board with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3bdd7711-b2f5-43e2-a21d-402f55f77500\">Cairo and Khartoum\u2019s proposition<\/a> that it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce1f33c2-b1ea-4f41-a8a2-f1f8c789ae89\">play a mediating role<\/a>. Ethiopia has insisted that the AU should remain the sole mediator and indicated it would <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4b85a75-df24-4ee9-b55f-3bad56b6c8db\">press ahead with the filling of the dam<\/a> with or without an agreement.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emmanuel-macron\/\">Emmanuel Macron<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"562281\" 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=\"562281\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/mnhd-ceo-ahmed-el-hitamy-resigns\/\">\r\n                            MNHD CEO Ahmed El Hitamy resigns                        <\/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\/05\/18\/mnhd-ceo-ahmed-el-hitamy-resigns\/\" 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\/05\/18\/mnhd-ceo-ahmed-el-hitamy-resigns\/')\">\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\/05\/18\/mnhd-ceo-ahmed-el-hitamy-resigns\/\">\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=MNHD CEO Ahmed El Hitamy resigns&url=https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/mnhd-ceo-ahmed-el-hitamy-resigns\/\">\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\/05\/18\/mnhd-ceo-ahmed-el-hitamy-resigns\/&title=MNHD CEO Ahmed El Hitamy resigns\">\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=MNHD+CEO+Ahmed+El+Hitamy+resigns+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F05%2F18%2Fmnhd-ceo-ahmed-el-hitamy-resigns%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\/05\/18\/mnhd-ceo-ahmed-el-hitamy-resigns\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562281\" class=\"content-area-description single-story post-562281 post type-post status-publish format-standard hentry category-moves tag-ahmed-el-hitamy tag-enterpriseam tag-madinet-masr-for-housing-and-development tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Madinet Nasr Housing and Development CEO Ahmed El Hitamy<\/strong> (<a href=\"https:\/\/eg.linkedin.com\/in\/ahmed-el-hitamy-8373a815\">LinkedIn<\/a>) has resigned to join his family business, the company said in <a href=\"https:\/\/ent.news\/2021\/5\/262648_2.pdf\">a disclosure to the EGX (pdf)<\/a>. El Hitamy, who joined MNHD in 2016, has also stepped down from the board but will remain a consultant to the developer until the end of the year. <strong>Chairman Hazem Barakat<\/strong> (<a href=\"https:\/\/eg.linkedin.com\/in\/hazem-barakat-76450690\">LinkedIn<\/a>) will step in as the <strong>acting CEO<\/strong> until a successor is appointed, the company said.<\/p>\n<p><strong>GEM has a board of trustees<\/strong><strong>:<\/strong> President Abdel Fattah El Sisi has named <strong>Japanese<\/strong> <strong>Deputy Prime Minister<\/strong> Taro Aso, <strong>Kyoto National Museum Director<\/strong> Johei Sasaki, <strong>Saudi Space Commission Chairman<\/strong> Prince Sultan bin Salman bin Abdulaziz Al-Saud, the <strong>director of New York\u2019s Metropolitan Museum<\/strong>, and the <strong>secretary-general of the World Tourism Organization<\/strong> to the Grand Egyptian Museum\u2019s Board of Trustees, according to <a href=\"https:\/\/bit.ly\/3yg94WJ\">Hapi Journal<\/a>. The board, which will be headed by the president, will also include the <strong>tourism and antiquities, culture, and finance ministers<\/strong>, along with the <strong>director of Bibliotheca Alexandrina<\/strong>, <strong>Zahi Hawass<\/strong>, former Culture Minister <strong>Farouk Hosny<\/strong>, former Central Bank of Egypt governors <strong>Hisham Okasha<\/strong> and <strong>Farouk El Okdah<\/strong>, Mansour Group Chairman<strong> Mohamed Mansour<\/strong>, and TV host <strong>Sherif Amer<\/strong>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-el-hitamy\/\">Ahmed El Hitamy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madinet-masr-for-housing-and-development\/\">Madinet Masr for Housing and Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"562282\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"562282\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/562282\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562282\" class=\"content-area-description single-story post-562282 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/Sodic-The-Estate2-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"562283\" 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=\"562283\">\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\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/last-nights-talk-shows-ashraf-al-saads-trip-down-financial-wrongdoing-lane\/\">\r\n                            Last Night\u2019s Talk Shows: Ashraf Al Saad\u2019s trip down Financial Wrongdoing Lane                        <\/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\/05\/18\/last-nights-talk-shows-ashraf-al-saads-trip-down-financial-wrongdoing-lane\/\" 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\/05\/18\/last-nights-talk-shows-ashraf-al-saads-trip-down-financial-wrongdoing-lane\/')\">\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\/05\/18\/last-nights-talk-shows-ashraf-al-saads-trip-down-financial-wrongdoing-lane\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Last Night\u2019s Talk Shows: Ashraf Al Saad\u2019s trip down Financial Wrongdoing Lane&url=https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/last-nights-talk-shows-ashraf-al-saads-trip-down-financial-wrongdoing-lane\/\">\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\/05\/18\/last-nights-talk-shows-ashraf-al-saads-trip-down-financial-wrongdoing-lane\/&title=Last Night\u2019s Talk Shows: Ashraf Al Saad\u2019s trip down Financial Wrongdoing Lane\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows%3A+Ashraf+Al+Saad%E2%80%99s+trip+down+Financial+Wrongdoing+Lane+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F05%2F18%2Flast-nights-talk-shows-ashraf-al-saads-trip-down-financial-wrongdoing-lane%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\/05\/18\/last-nights-talk-shows-ashraf-al-saads-trip-down-financial-wrongdoing-lane\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562283\" class=\"content-area-description single-story post-562283 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-enterpriseam tag-last-nights-talk-shows wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was another relatively quiet night on the airwaves last night, save for Ashraf Al Saad\u2019s<\/strong><strong> sitdown<\/strong> with Ala Mas\u2019oleety\u2019s Ahmed Moussa to recount his tale.<\/p>\n<p><strong>A throwback to when Islamist pyramid schemes were a thing:<\/strong> Fleeing Egypt to London when faced with charges of financial wrongdoing was \u201cthe biggest mistake of his life\u201d because he was proven innocent, claimed Al Saad, whose name is typically mentioned with Al Rayyan and El Sherif as among <a href=\"https:\/\/enterprise.press\/stories\/2017\/03\/03\/egypts-1980s-ponzi-schemes\/\">the highest-profile Islamist Ponzi schemes of the 1980s<\/a>. He denied having committed fraud and said that his company, Al Saad Investment Group, never failed to repay investors. He did admit that he exploited the Islamist finance wave in Egypt in the 1980s and 1990s to attract money to his company (<a href=\"https:\/\/www.youtube.com\/watch?v=iJ_y7BmLM5w\">watch, runtime: 13:24<\/a>). Al Saad still has assets in Egypt that he\u2019s looking to recover, but expects it will be a lengthy process to prove his rightful ownership (<a href=\"https:\/\/www.youtube.com\/watch?v=MttFWUUdJpQ\">watch, runtime: 11:11<\/a>).<\/p>\n<p><strong>ALSO ON THE AIRWAVES- <\/strong><strong>The first three wounded Palestinians from Gaza, including a five-year-old child, arrived at Egypt\u2019s Rafah border crossing yesterday<\/strong>, pending procedures for their admission to North Sinai\u2019s El Arish General Hospital for treatment, <a href=\"https:\/\/bit.ly\/2S16Xp6\">Masrawy<\/a> reports. The Health Ministry has shipped some 65 tonnes of meds and medical equipment to Gaza, in addition to preparing a total of 11 hospitals in North Sinai, Ismailia, and Cairo to treat Palestinians passing through Rafah, according to <a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/383278993222719\">a statement<\/a>. Ministry spokesperson Khaled Megahed recapped these measures in a phone-in to Extra News (<a href=\"https:\/\/www.youtube.com\/watch?v=nIGM2xSx3Vc\">watch, runtime: 6:35<\/a>).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/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=\"562284\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" data-label-slide-of=\"Slide %%d of %%d\">\r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" 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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-9l88nhq\" data-v=\"4\" data-block-id=\"9l88nhq\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-9l88nhq-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-9l88nhq-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 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0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" 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=\"562285\" 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=\"562285\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/egypt-in-the-news-on-18-may-2021\/\">\r\n                            Egypt in the News on 18 May 2021                        <\/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\/05\/18\/egypt-in-the-news-on-18-may-2021\/\" 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 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        <!-- <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\/05\/18\/egypt-in-the-news-on-18-may-2021\/&title=Egypt in the News on 18 May 2021\">\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+in+the+News+on+18+May+2021+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F05%2F18%2Fegypt-in-the-news-on-18-may-2021%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\/05\/18\/egypt-in-the-news-on-18-may-2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562285\" class=\"content-area-description single-story post-562285 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam tag-infrastructure-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a quiet morning for Egypt in the foreign press:<\/strong> <a href=\"https:\/\/o7therapy.com\/?gclid=EAIaIQobChMIiKft3tfP8AIV5AWiAx3DAAGfEAAYAiAAEgK9vfD_BwE\">O7 Therapy<\/a> platform founders Ashraf Bacheet, Nader Iskander and Ashraf Adel get digital ink in <a href=\"https:\/\/www.arabnews.com\/node\/1858396\/middle-east\">Arab News<\/a>. Meanwhile, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypts-road-building-drive-eases-jams-leaves-some-unhappy-2021-05-14\/\">Reuters<\/a> says the government\u2019s road building campaign isn\u2019t sitting well with some who have had their homes expropriated to make way for new roads.<\/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\/infrastructure-watch\/\">infrastructure watch<\/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=\"562286\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"562287\" 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=\"562287\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/reduced-tariffs-on-steel-rebars-iron-billets\/\">\r\n                            Reduced tariffs on steel rebars + iron billets                        <\/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\/05\/18\/reduced-tariffs-on-steel-rebars-iron-billets\/\" 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\/05\/18\/reduced-tariffs-on-steel-rebars-iron-billets\/')\">\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\/05\/18\/reduced-tariffs-on-steel-rebars-iron-billets\/\">\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=Reduced tariffs on steel rebars + iron billets&url=https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/reduced-tariffs-on-steel-rebars-iron-billets\/\">\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\/05\/18\/reduced-tariffs-on-steel-rebars-iron-billets\/&title=Reduced tariffs on steel rebars + iron billets\">\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=Reduced+tariffs+on+steel+rebars+%2B+iron+billets+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F05%2F18%2Freduced-tariffs-on-steel-rebars-iron-billets%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\/05\/18\/reduced-tariffs-on-steel-rebars-iron-billets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562287\" class=\"content-area-description single-story post-562287 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-ancient-egypt tag-archaeology tag-enterpriseam tag-history tag-trade tag-trade-and-industry-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Reduced tariffs on steel rebars + iron billets:<\/strong> The Trade and Industry Ministry reduced import tariffs on iron billets last month to USD 46 per tonne from USD 60, while anti-dumping duties on steel rebars are now at USD 85 \/ tonne, down from USD 105, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=17052021&amp;id=384df52d-2de9-4b02-b418-b0ab44eaa29e\">Al Shorouk<\/a> reports. These rates will remain in place until April 2022, when they are expected to be reduced again. The duties on steel rebars and iron billets were originally introduced provisionally in <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/15\/diplomacy-and-foreign-trade-on-15-april-2019\/\">April 2019<\/a>, with an eye to gradually tapering off the rates over a three-year period from the date of rolling out the tariffs.<\/p><p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p><ul>\n<li><strong>New archaeological discovery:<\/strong> Some <a href=\"https:\/\/www.facebook.com\/moantiquities\/posts\/4075644059147880\">250 rock tombs<\/a> dating back to the Old Kingdom have been discovered in Sohag.<\/li>\n<li>The first <strong>direct charter flight from Romania<\/strong> to Egypt since the outbreak of the pandemic landed in Marsa Matrouh yesterday (<a href=\"https:\/\/www.youtube.com\/watch?v=SGtI_x6FMrE\">watch, runtime: 1:13<\/a>).<\/li>\n<\/ul>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ancient-egypt\/\">Ancient Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/archaeology\/\">archaeology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/history\/\">History<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade-and-industry-ministry\/\">Trade and Industry Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"562288\" 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=\"562288\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/elon-musk-has-the-crypto-markets-at-his-beck-and-call\/\">\r\n                            Elon Musk has the crypto markets at his beck and call                        <\/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\/05\/18\/elon-musk-has-the-crypto-markets-at-his-beck-and-call\/\" 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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BTC hit new three-month lows yesterday after Musk hinted that his EV company Tesla may dump its holdings only to lurch back later in the day after he claimed not to have sold any, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-05-17\/bitcoin-nurses-losses-as-musk-s-spats-on-twitter-whipsaw-token?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports. The cryptocurrency clawed back some of its losses as of dispatch time, rising 0.5% to USD 44,978.38. BTC plunged more than 16% last week after Musk <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1392602041025843203\/photo\/1\">tweeted<\/a> that the electric car company would no longer accept the digital asset as payment, citing the carbon emissions involved in BTC mining.<\/p><p><strong>This came the same week that Musk whipsawed BTC rival Dogecoin<\/strong>, driving the price down after calling the meme-based cryptocurrency <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff94c5e9-c386-45d1-80cd-279861fb2f35\">a \u201chustle\u201d<\/a> on SNL. A day later Musk announced that his company SpaceX would use Dogecoin to fund its mission to the moon in 2022, helping it rise by a quarter on Friday.<\/p><p><strong>Can it really be lawful for Musk to almost single-handedly move crypto markets?<\/strong> Yes, according to regulatory experts, who tell <a href=\"https:\/\/www.reuters.com\/business\/legal\/how-murky-legal-rules-allow-teslas-musk-keep-moving-markets-2021-05-14\/\">Reuters<\/a> that nebulous market rules and the absence of evidence of intent to gain from market manipulation make it difficult for regulators to hold him to account.<\/p><p><strong>\u201cHave we reached peak market absurdity?\u201d<\/strong><a href=\"https:\/\/www.latimes.com\/business\/story\/2021-05-13\/bitcoin-dogecoin-ntfs-gamestop-investment\">LA Times<\/a> business columnist Michael Hiltzik wonders. The increasing unreality of NFTs, Dogecoin and GameStop, coupled with the disappearance of risk-off sentiment, may be the inevitable conclusion of the so-called \u201cFed Put,\u201d which has conditioned investors to always expect monetary policymakers to bail them out, he writes.<\/p><p><strong>Wait, you mean crypto may not be a riskless asset class? <\/strong>All of the hoopla has \u201craised new doubts among institutional fund managers over the future of cryptocurrencies as an asset class,\u201d the <a href=\"https:\/\/www.ft.com\/content\/cf378147-1c60-4d60-96fb-bacbfad840fe\">Financial Times<\/a> writes with characteristic understatement.<\/p><hr class=\"grey-line\"><p><strong>The SPAC market is continuing its slow death:<\/strong> Share prices in special purpose acquisition companies are dropping on takeover announcements, marking <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/25accd9e-a063-4579-82e1-02cf698965f8\">a reversal of the surge in enthusiasm<\/a> witnessed over the past 12 months, <a href=\"https:\/\/www.ft.com\/content\/1c22bcb2-6184-4c3b-9284-bb152a578629\">the Financial Times<\/a> reported. Only one of 13 SPACs that announced M&amp;A activity in May is trading above the USD 10 SPAC shares are originally priced at. Just two months ago in March, this number was nine out of 10, according to research seen by the salmon colored paper. Market experts attribute the downturn to dwindling appetite among institutional players and a lack of interest from retail 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\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>EGX30 <\/strong><\/td>\n<td>10,675<\/td>\n<td>-0.9% (YTD: -1.57%)<\/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 15.63<\/td>\n<td>Sell 15.73<\/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>USD at CIB<\/strong><\/td>\n<td>Buy 15.62<\/td>\n<td>Sell 15.72<\/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\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>Tadawul<\/strong><\/td>\n<td>10,396<\/td>\n<td>+0.7% (YTD: +19.6%)<\/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>6,478<\/td>\n<td>+0.8% (YTD: +28.4%)<\/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>DFM<\/strong><\/td>\n<td>2,673<\/td>\n<td>+0.3% (YTD: +7.3%)<\/td>\n<\/tr><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>4,163<\/td>\n<td>-0.3% (YTD: +10.8%)<\/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\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>FTSE 100<\/strong><\/td>\n<td>7,033<\/td>\n<td>-0.2% (YTD: +8.9%)<\/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\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>Brent crude<\/strong><\/td>\n<td>USD 69.68<\/td>\n<td>+0.3%<\/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>Natural gas <\/strong>(Nymex)<\/td>\n<td>USD 3.13<\/td>\n<td>+0.6%<\/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>Gold<\/strong><\/td>\n<td>USD 1,873.80<\/td>\n<td>+0.3%<\/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 44,978.38<\/td>\n<td>+0.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><p><strong>The EGX30 fell 0.9% yesterday<\/strong> on turnover of EGP 1.6 bn (22.9% above the 90-day average). Foreign investors were net sellers. The index is down 1.57% YTD.<\/p><p><strong>In the green: <\/strong>Fawry (+5.0%), GB Auto (+4.0%) and Oriental Weavers (+2.9%).<\/p><p><strong>In the red: <\/strong>CIB (-3.9%), ElSewedy Electric (-3.5%) and Orascom Development (-2.2%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spacs\/\">SPACs<\/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=\"562289\" 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=\"562289\">\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\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/palestine-death-toll-mounts-turkey-and-saudi-struggle-to-make-up\/\">\r\n                            Palestine death toll mounts + Turkey and Saudi struggle to make up                        <\/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\/05\/18\/palestine-death-toll-mounts-turkey-and-saudi-struggle-to-make-up\/\" 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\/05\/18\/palestine-death-toll-mounts-turkey-and-saudi-struggle-to-make-up\/')\">\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\/05\/18\/palestine-death-toll-mounts-turkey-and-saudi-struggle-to-make-up\/\">\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=Palestine death toll mounts + Turkey and Saudi struggle to make up&url=https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/palestine-death-toll-mounts-turkey-and-saudi-struggle-to-make-up\/\">\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\/05\/18\/palestine-death-toll-mounts-turkey-and-saudi-struggle-to-make-up\/&title=Palestine death toll mounts + Turkey and Saudi struggle to make up\">\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=Palestine+death+toll+mounts+%2B+Turkey+and+Saudi+struggle+to+make+up+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F05%2F18%2Fpalestine-death-toll-mounts-turkey-and-saudi-struggle-to-make-up%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\/05\/18\/palestine-death-toll-mounts-turkey-and-saudi-struggle-to-make-up\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562289\" class=\"content-area-description single-story post-562289 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-development-finance tag-enterpriseam tag-sudan tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p> <a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>The <\/strong><strong><a href=\"https:\/\/www.moh.gov.ps\/portal\/developments-of-the-ongoing-israeli-attacks-on-the-gaza-strip-day-8\/\">death toll in Palestine stood at<\/a><\/strong><strong><a href=\"https:\/\/www.moh.gov.ps\/portal\/developments-of-the-ongoing-israeli-attacks-on-the-gaza-strip-day-8\/\">212<\/a><\/strong><strong> as of Monday evening as Israel continued to launch airstrikes <\/strong><strong>on Gaza yesterday<\/strong>, saying that it was now targeting an underground tunnel network Hamas uses to move people and weaponry.<\/p>\n<p><strong>Meanwhile, US President Joe Biden finally said he \u201csupports\u201d a ceasefire<\/strong> in his third call with Israeli Prime Minister Benjamin Netanyahu yesterday, according to a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2021\/05\/17\/readout-of-president-joseph-r-biden-jr-call-with-prime-minister-benjamin-netanyahu-of-israel-4\/\">White House statement<\/a>. Biden discussed Washington cooperating with \u201cEgypt and other partners\u201d to work towards a ceasefire, but did not call for an end to the violence. This came as the US blocked the UN Security Council from issuing a public statement condemning the violence, with White House spokesperson <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/press-briefings\/2021\/05\/17\/press-briefing-by-press-secretary-jen-psaki-may-17-2021\/\">Jen Psaki describing<\/a> the US\u2019 approach to the issue as \u201cquiet, intensive diplomacy.\u201d The UN General Assembly is scheduled to meet on Thursday to discuss the attacks, according to <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/un-general-assembly-meet-over-mideast-violence-thursday-2021-05-17\/\">Reuters<\/a>.<\/p>\n<p><strong>The Biden administration has reportedly <\/strong><strong><a href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/biden-administration-approved-735-million-arms-sale-israel-sources-2021-05-17\/\">signed off<\/a><\/strong><strong> on a USD 735 mn arms sale to Israel<\/strong>, with Congress approval expected to move ahead without objections. Congress was initially informed of the sale last month, prior to the escalation of violence.<\/p>\n<p><strong>Egypt called for an immediate end to Israel\u2019s attacks on Palestine<\/strong> during a meeting between President Abdel Fattah El Sisi and French President Emmanuel Macron in Paris yesterday, in which the two heads of state discussed tackling terrorism and de-esclating the ongoing Israel-Palestine conflict, according to <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/photos\/a.155486328304089\/1154147928437919\/\">an Ittihadiya statement<\/a>.<\/p>\n<p><strong>Gaza will be on the agenda for Greek Foreign Minister Nikos Dendias when he lands in Cairo on Thursday for talks with <\/strong><strong>FM Sameh Shoukry<\/strong>, <a href=\"https:\/\/greekcitytimes.com\/2021\/05\/17\/dendias-israel-palestine-jordan-egypt\/\">Greek media<\/a> reported yesterday. Dendias is in Israel and Palestine today, followed by a visit to Jordan tomorrow before he lands in Cairo. Shoukry, Dendias and Dutch Foreign Minister Stef Blok discussed in a phone call yesterday efforts to achieve a ceasefire, the Egyptian Foreign Ministry <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/5626708947401005\">said<\/a>, without disclosing further details.<\/p>\n<p><strong>MEANWHILE- Turkey\u2019s initial efforts to repair ties with Saudi Arabia ended similarly to <\/strong><strong>their Egypt diplomatic offensive: <\/strong><strong>Inconclusively<\/strong><strong>.<\/strong> <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-foreign-minister-receives-turkish-counterpart-mecca-spa-2021-05-11\/\">Bilateral talks<\/a> last week between the Turkish and Saudi foreign ministers ended with both sides pledging to continue working to solve sources of tension but with little concrete progress. Similar discussions between Egyptian and Turkish officials in Cairo last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0d38d0e-5721-425a-af1b-fc0d65a3bfba\">ended without a breakthrough<\/a>.<\/p>\n<p><strong>Also worth knowing this morning:<\/strong> <strong>Lebanon has lost almost a quarter of its electricity supply<\/strong> after Turkey's Karpowership stopped operations at two floating power plants due to USD 100 mn in unpaid arrears, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/turkeys-karpowership-says-it-is-shutting-down-power-lebanon-2021-05-14\/\">Reuters<\/a> reports, citing a statement by the company.<\/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\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"562290\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">13<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/where-can-green-economy-startups-and-smes-in-egypt-obtain-necessary-financing\/\">\r\n                            Where can green economy startups and SMEs in Egypt obtain necessary financing?<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/where-can-green-economy-startups-and-smes-in-egypt-obtain-necessary-financing\/\" 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\/goinggreens\/where-can-green-economy-startups-and-smes-in-egypt-obtain-necessary-financing\/')\">\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\/goinggreens\/where-can-green-economy-startups-and-smes-in-egypt-obtain-necessary-financing\/\">\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=Where can green economy startups and SMEs in Egypt obtain necessary financing?&url=https:\/\/enterpriseam.com\/egypt\/goinggreens\/where-can-green-economy-startups-and-smes-in-egypt-obtain-necessary-financing\/\">\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\/goinggreens\/where-can-green-economy-startups-and-smes-in-egypt-obtain-necessary-financing\/&title=Where can green economy startups and SMEs in Egypt obtain necessary financing?\">\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=Where+can+green+economy+startups+and+SMEs+in+Egypt+obtain+necessary+financing%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fgoinggreens%2Fwhere-can-green-economy-startups-and-smes-in-egypt-obtain-necessary-financing%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>                    <\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/where-can-green-economy-startups-and-smes-in-egypt-obtain-necessary-financing\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/139.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"562291\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/where-can-green-economy-startups-and-smes-in-egypt-obtain-necessary-financing\/139-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/139.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"139.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/139.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/139.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-562290\" class=\"content-area-description post-562290 goinggreen type-goinggreen status-publish has-post-thumbnail hentry tag-angel-investment tag-beltone-financial tag-cairo-angels tag-ebrd tag-enterprise-going-green tag-enterpriseam tag-green-economy-startups tag-plugngrow tag-venture-capital 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>Where can green economy startups and SMEs turn when the VCs and bankers aren\u2019t<\/strong> <strong>there? <\/strong>While conventional wisdom holds that VCs and angel investors are the lifeblood of startups, it hardly applies when those startups are green. In <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac41c471-8fe6-44df-b5a6-7ceb7b8256cf\">our initial look<\/a> at why investors have been wary of green startups, we found that VCs and angel investors aren\u2019t too keen on the startup pipeline scarcity and the lack of scalability and exit possibilities. So the question poses itself: without flashy valuations and sparkly exits, where can green economy startups and SMEs turn for financing? The bank? Well, that\u2019s not much to go by either.<\/p>\n<p><strong>Actually, as it turns out, they have a few places to turn. <\/strong>These run the gamut from the altruist investing models of crowdfunding and philanthropy, to curious revenue sharing models, various stakeholders we spoke with tell us. But more can still be done, they say, adding that they would also still like to see more collaboration between the private and public sectors in helping lend credibility to green economy startups.<\/p>\n<p><strong>But first, a refresher: <\/strong>While startups have been seeing more interest from investors in the past months, the lack of a pipeline of startups and investors, exit and scalability options makes emerging green economy companies less attractive. Unlike tech startups, the startup pipeline in the green economy sector is scarce and does not provide enticing local success stories, in terms of impact, exits, scale and ROI, making it seem less profitable, Khaled Ismail, managing partner of early-stage fund <a href=\"https:\/\/www.himangel.com\/\">HIMangel<\/a> had told us. Additionally, these startups are mostly plagued by negative cashflow cycles that can take upto 6-8 months to recover and can be very asset-heavy.<\/p>\n<p><strong>Bank finance may sound like the next logical option, but strict loan eligibility criteria get in the way. <\/strong>\u201cBank finance comes with a lot of restrictions, especially when it comes to eligibility criteria, which makes it difficult for early-stage startups to obtain them,\u201d Ismail says. These restrictions include a number of operation years and steady revenue inflow. Banks would need dedicated teams who look at the investment\u2019s future instead of looking at startups\u2019 bottom line, national program manager for small business support at the \u200eEuropean Bank for Reconstruction and Development (EBRD) Reem El Saady says. However, getting to that point will take some time, she adds.<\/p>\n<p><strong>Revenue-based financing is part of the solution<\/strong>, chairman of the <a href=\"https:\/\/cairoangels.com\/\">Cairo Angels<\/a> Aly El Shalakany tells us. Locally, Beltone SME has already entered that space through financing SME growth in exchange for a percentage of revenue for a specific period of time, all while offering variable payment. Since the fund is self-liquidating, meaning that the investment is paid back using the income generated from the business invested in, it is de-risked to a certain extent, becoming attractive to investors. This involves no debt or equity, and focuses on development and impact, which comprises the green economy, CEO at Beltone SME Yehia Ashour tells us.<\/p>\n<p><strong>Beltone\u2019s revenue-based financing arm is expecting to close an <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b285b7e2-b1c9-4c48-8d18-3b78154d29f2\">EGP 1 bn investment<\/a><\/strong><strong> fund by the end of 2021.<\/strong> Companies that have proven their concept are eligible for the financing instrument. Currently, Beltone SME is looking to invest in a food and beverage company, as well as an oil recycling startup.<\/p>\n<p><strong>Impact investment funds and philanthropic investors would also add skin to the game,<\/strong> El Saady says. Impact investment \u2014 an investment strategy that aims to generate beneficial social or environmental effects, alongside financial gains \u2014 has been picking up some moderate steam in Egypt. Just recently, the UNDP and Catalyst Partners <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca299985-c3ed-4d32-b51b-072e842a7a2a\">joined up to launch an EGP 500 mn impact investment fund<\/a> to support local SMEs that have an impact angle. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/708926bf-1fec-437b-b431-4b78e4052ed4\">The same duo had partnered up earlier<\/a> to create a toolkit for investment-ready SMEs to help them measure their environmental and social impact. This may be crucial to attract investors, as unlike philanthropists, impact investors are looking for measurable impact returns, Ashour says.<\/p>\n<p><strong>Crowdfunding may be up there, too. <\/strong>Popular crowdfunding websites allow early-stage companies to provide giveaways to these people, but sometimes equity is also distributed in marginal amounts. <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/04\/is-legal-crowdfunding-coming-to-egypt-7715\/\">The EBRD has been consulting the Financial Regulatory Authority (FRA) on a bill<\/a> to regulate crowdfunding in Egypt. This could help finance early-stage, impactful companies with not very scalable or conventional business models, El Saady says.<\/p>\n<p><strong>But despite this all, government initiatives are needed. <\/strong>If the government enters the game, it will make investors much more confident because the risk would be shared, El Saady says. She cites the <a href=\"https:\/\/beismedia.blog.gov.uk\/2020\/05\/22\/new-40-million-clean-growth-fund-launched-to-support-green-start-ups-across-the-uk\/\">UK\u2019s Clean Growth Fund<\/a> \u2014 a joint private sector-government VC fund that boasts GBP 40 mn to invest in UK-based companies driving green technology in power, transport, waste and building energy efficiency sectors \u2014 as an example of a successful government partnership program. \u201cWith GBP 20 mn of government investment matched GBP for GBP by CCLA, one of the UK\u2019s largest charity fund managers, the fund could reach GBP 100 mn by autumn 2021 through private sector fundraising,\u201d the government writes.<\/p>\n<p><strong>Private sector still has to lead:<\/strong> While such initiatives are essential for Egypt, Ashour believes that the government will definitely create supply and demand when entering the sector; however, one should not wait for the government to enter the scene in order to start investing.<\/p>\n<p><strong>Globally, alternative investment vehicles are on the rise,<\/strong> El Shalakany says, referring to markets and tools similar to the <a href=\"https:\/\/www.londonstockexchange.com\/raise-finance\/equity\/aim\">UK\u2019s AIM<\/a>. The Alternative Investment Market (AIM) is the LSE\u2019s growth market, dedicated to help smaller companies \u2014 who cannot afford the formal listing \u2014 raise enough capital to scale. In return, investors receive tax reliefs. \u201cWhile AIM investments are viewed as riskier than those on the Main Market, the tax incentives on offer can make them more attractive,\u201d <a href=\"https:\/\/www.syndicateroom.com\/alternative-investments\/aim\">UK VC fund SyndicateRoom says<\/a>.<\/p>\n<p><strong>And green companies can look forward to the ESG investing trend: <\/strong>Despite many global names in finance <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e369d79-3dc1-4380-bb38-2af0002ab755\">getting flak<\/a> for not meeting their climate change investment commitments, it was the growing awareness of a need for these pledges that helped spur the aforementioned financial innovations. Listed companies set to benefit from the transition away from fossil fuels are worth a collective USD 6 tn, with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36684040-27ce-4113-984f-1d37f7462be7\">investors getting behind<\/a> green battery metals, sustainable aviation fuel, lab-produced meat, and low carbon concrete, amidst rising concerns that climate stocks are overheating. VCs have doled out over USD 16.3 bn on climate-tech investments in 2020, according to a PwC report. It stands to reason this will all trickle down here.<\/p>\n<p><strong>Your top climate stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Actis could be investing more in Egypt\u2019s power infrastructure:<\/strong> Emerging markets private equity giant Actis <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa21736a-2fa2-46af-9c21-960fab5af043\">aims to double its energy investments<\/a> in Egypt and other African countries to USD 2 bn within five years.<\/li>\n<li><strong>No more used EV imports:<\/strong> Importers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/696d0ad1-c638-46df-80a3-7ad822ca314f\">can no longer bring in used electric vehicles<\/a> under a new Trade Ministry decision designed to boost local EV assembly.<\/li>\n<li><strong>Lafarge\u2019s waste management project:<\/strong> Lafarge Group subsidiary Geocycle wants to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d7a67b5-73cb-4255-bdf7-c8d916afb584\">safely dispose of 200 tonnes of pesticide-related waste<\/a> collected from various areas, as part of the wider Sustainable Persistent Organic Pollutant Management Project.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/angel-investment\/\">Angel Investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/beltone-financial\/\">Beltone Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cairo-angels\/\">Cairo Angels<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/green-economy-startups\/\">Green economy startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/plugngrow\/\">Plug\u2019n\u2019Grow<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"562292\" 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\/05\/18\/your-essential-business-calendar-on-18-may-2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562292\" class=\"content-area-description single-story post-562292 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>16-19 May (Sunday-Wednesday): The Arabian Travel Market (ATM) takes place in Dubai.<\/p>\n<p>17-20 May (Monday-Thursday): Avior-HC Egypt Virtual Conference.<\/p>\n<p>18-20 May (Tuesday-Thursday): Renaissance Capital\u2019s <a href=\"https:\/\/events.rencap.com\/MENAconference\/\">annual MENA Investor Conference<\/a>.<\/p>\n<p>20 May (Thursday): Greek Foreign Minister Nikos Dendias <a href=\"https:\/\/greekcitytimes.com\/2021\/05\/17\/dendias-israel-palestine-jordan-egypt\/\">will be in Cairo<\/a> for talks with FM Sameh Shoukry as part of a three-day regional tour amid the ongoing escalation of the Israeli-Palestinian conflict.<\/p>\n<p>20-28 May (Thursday-Friday): <a href=\"https:\/\/psaworldtour.com\/news\/view\/8528\/allam-british-open-moved-to-august-as-psa-issues-updated-calendar-for-remainder-of-2020-21-season\">Gouna International Squash Open 2021<\/a>.<\/p>\n<p>26 May (Wednesday): Final day for Africa-based startups to apply for the French government-sponsored <a href=\"https:\/\/ent.news\/2021\/5\/LAUNCH-OF-THE-FIFTH-EDITION-OF-THE-AFD-DIGITAL-CHALLENGE.docx.pdf\">AFD Digital Challenge (pdf)<\/a>.<\/p>\n<p>27-29 May (Thursday-Saturday): Informa Markets\u2019 <a href=\"https:\/\/www.nextmoveegypt.com\/en\/Forms\/Book-A-Stand.html\">Nextmove<\/a> real estate exhibition, Cairo International Convention Center, Nasr City.<\/p>\n<p>30 May (Sunday): Al Mal GTM is organizing the <a href=\"https:\/\/bit.ly\/3h8CpfX\">Portfolio Egypt<\/a> conference under the theme \u2018Growth under the weight of the pandemic.\u2019<\/p>\n<p>31 May (Monday): Egypt is hosting Trescon Global\u2019s <a href=\"https:\/\/www.tresconglobal.com\/conferences\/ai\/egypt\/\">World AI Show<\/a> with the support of ITIDA.<\/p>\n<p>17 June (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>17-20 June (Thursday-Sunday) : The International Exhibition of Materials and Technologies for Finishing and Construction (Turnkey Expo), Cairo International Conference Center.<\/p>\n<p>22-27 June (Tuesday-Sunday): The <a href=\"https:\/\/psaworldtour.com\/tournaments\/view\/11445\">CIB PSA World Tour Finals<\/a> for 2020-2021 will take place in Cairo.<\/p>\n<p>24 June (Thursday): End of the 2020-2021 academic year (public schools).<\/p>\n<p>26-29 June (Saturday-Tuesday): The Big 5 Construct Egypt, Cairo International Convention Center, Cairo, Egypt.<\/p>\n<p>30 June (Wednesday): The IMF will complete a second review of targets set under the USD 5.2 bn standby loan approved in June 2020 (proposed date).<\/p>\n<p>30 June (Wednesday): 30 June Revolution Day.<\/p>\n<p>30 June- 15 July: National Book Fair.<\/p>\n<p>July + August: Thanaweya Amma exams take place.<\/p>\n<p>1 July: (Thursday): National holiday in observance of 30 June Revolution.<\/p>\n<p>1 July (Thursday): Large taxpayers that have not yet signed on on to the e-invoicing platform 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>1 July (Thursday): 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>15 June (Saturday): EGX-listed will have to complete filing their financial disclosures for the period ended 31 March.<\/p>\n<p>19 July (Monday): Arafat Day (national holiday).<\/p>\n<p>20-23 July (Tuesday-Friday): Eid Al Adha (national holiday).<\/p>\n<p>23 July (Friday): Revolution Day (national holiday).<\/p>\n<p>5 August (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>9 August (Monday): Islamic New Year.<\/p>\n<p>12 August (Thursday): National holiday in observance of the Islamic New 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>16 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/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>1 October (Friday): Expo 2020 Dubai opens.<\/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>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>28 October (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>1-3 November (Monday-Wednesday): Egypt Energy exhibition on power and renewable energy, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>1-12 November (Monday-Friday): 2021 United Nations Climate Change Conference (COP26), Glasgow, United Kingdom.<\/p>\n<p>29 November-2 December (Monday-Thursday): Egypt Defense Expo.<\/p>\n<p>13-17 December: United Nations Convention against Corruption, Sharm El Sheikh, Egypt.<\/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>May 2022: Investment in Logistics Conference, Cairo, Egypt.<\/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\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":562268,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-562267","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"b9d94569-aed2-4ba5-a8ee-2b725341cdc3","teaser":"","photo_url":"https:\/\/ent.news\/2021\/5\/132.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>Sequoia makes its first North Africa + GCC investment in Egypt\u2019s Telda - 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\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sequoia makes its first North Africa + GCC investment in Egypt\u2019s Telda\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T03:38:44+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/132.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\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/sequoia-makes-its-first-north-africa-gcc-investment-in-egypts-telda\/\",\"name\":\"Sequoia makes its first North Africa + GCC investment in Egypt\u2019s Telda - 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