{"id":562858,"date":"2021-06-09T04:00:10","date_gmt":"2021-06-09T04:00:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=562858"},"modified":"2025-12-16T03:52:52","modified_gmt":"2025-12-16T03:52:52","slug":"from-aldars-sodic-bid-to-the-world-banks-egypt-growth-projections-its-a-really-busy-news-day","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/from-aldars-sodic-bid-to-the-world-banks-egypt-growth-projections-its-a-really-busy-news-day\/","title":{"rendered":"From Aldar\u2019s SODIC bid to the World Bank\u2019s Egypt growth projections, it\u2019s a really busy news day"},"content":{"rendered":"<section id=\"562860\" 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=\"562860\">\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\/06\/09\/this-morning-final-imf-tranche-coming-this-month-also-palestine-leaders-in-town-for-talks-another-export-subsidies-rethink-is-in-the-works\/\">\r\n                            THIS MORNING: Final IMF tranche coming this month? Also: Palestine leaders in town for talks + another export subsidies rethink is in the works                        <\/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\/06\/09\/this-morning-final-imf-tranche-coming-this-month-also-palestine-leaders-in-town-for-talks-another-export-subsidies-rethink-is-in-the-works\/\" 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\/06\/09\/this-morning-final-imf-tranche-coming-this-month-also-palestine-leaders-in-town-for-talks-another-export-subsidies-rethink-is-in-the-works\/')\">\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\/06\/09\/this-morning-final-imf-tranche-coming-this-month-also-palestine-leaders-in-town-for-talks-another-export-subsidies-rethink-is-in-the-works\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: Final IMF tranche coming this month? Also: Palestine leaders in town for talks + another export subsidies rethink is in the works&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/this-morning-final-imf-tranche-coming-this-month-also-palestine-leaders-in-town-for-talks-another-export-subsidies-rethink-is-in-the-works\/\">\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\/06\/09\/this-morning-final-imf-tranche-coming-this-month-also-palestine-leaders-in-town-for-talks-another-export-subsidies-rethink-is-in-the-works\/&title=THIS MORNING: Final IMF tranche coming this month? Also: Palestine leaders in town for talks + another export subsidies rethink is in the works\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+Final+IMF+tranche+coming+this+month%3F+Also%3A+Palestine+leaders+in+town+for+talks+%2B+another+export+subsidies+rethink+is+in+the+works+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F09%2Fthis-morning-final-imf-tranche-coming-this-month-also-palestine-leaders-in-town-for-talks-another-export-subsidies-rethink-is-in-the-works%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\/06\/09\/this-morning-final-imf-tranche-coming-this-month-also-palestine-leaders-in-town-for-talks-another-export-subsidies-rethink-is-in-the-works\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562860\" class=\"content-area-description single-story post-562860 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-aldar-properties tag-central-bank-of-egypt tag-economic-reform-program tag-enterpriseam tag-export-subsidy-fund tag-hamas tag-mahmoud-abbas tag-nevine-gamea tag-palestine tag-policy tag-sodic tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Good morning, friends. There\u2019s not a gram of fat in this morning\u2019s issue <\/strong>\u2014 it\u2019s a heavy news day with lots of business news pushing the latest on covid-19 far down our priority list, so let\u2019s jump right in.<\/p>\n<p><strong>Oh, and the rest of the month is looking really, really busy<\/strong> from where we sit right now:<\/p>\n<p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>We could be getting the third and final tranche of our USD 5.2 bn standby loan from the<\/strong> <strong>IMF later this month<\/strong>, Finance Minister Mohamed Maait told Kelma Akhira\u2019s Lamees El Hadidi last night (s<a href=\"https:\/\/www.youtube.com\/watch?v=lAHoKMgPnDM\">watch, runtime: 25:14<\/a>), though Maait cautioned that the Fund has not decided on an exact release date. Egypt isn\u2019t listed on the <a href=\"https:\/\/www.imf.org\/en\/About\/executive-board\/EBC-Scheduled\">IMF executive board\u2019s agenda<\/a>, which has a 10-day look-ahead. The Fund <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c5ce656-b259-47f0-be59-5599d49b1d56\">reached a staff-level agreement<\/a> on disbursing the USD 1.6 bn tranche last month.<\/p>\n<p><strong>French Finance Minister Bruno Le Maire is due in Cairo on Saturday 12 for meetings<\/strong> starting the following day<strong>, <\/strong>the office of French Ambassador St\u00e9phane Romatet tells us. The visit comes as a delegation of 18 French companies conclude today a three-day visit to Cairo during which they talked investment and partnership with Egyptian private sector firms and international financial institutions in an event <a href=\"https:\/\/ent.news\/2021\/6\/CP-English-version.pdf\">organized<\/a> by Business France.<\/p>\n<p><strong>I<\/strong><strong>nvestment at the top of Le Maire\u2019s agenda<\/strong>, with transport, energy, water management and healthcare <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fce194a5-ffbf-4650-ad57-e7c907952ce0\">all looking interesting<\/a>.<\/p>\n<p><strong>France has big plans to up its investment in green energy here and support our <\/strong><strong>hydrogen ambitions<\/strong>, Romatet told us in yesterday\u2019s <a href=\"https:\/\/enterprise.press\/greeneconomys\/enterprise-talks-french-ambassador-stephane-romatet-building-greener-egypt\/\">Going Green<\/a>. France and Egypt last month <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/849526ab-920b-43f2-ae71-959b9cc408d8\">concluded a multi-bn<\/a> USD arms sale that will see Egypt buy 30 Rafale fighter jets. Le Maire had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d6a6d46-79e7-4cab-86f1-6ac1e36733e7\">been scheduled<\/a> to visit Egypt in February.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>Details of a new export subsidies program are due to be unveiled in days<\/strong>, Trade Minister Nevine Gamea <a href=\"https:\/\/bit.ly\/3gfVTNn\">told reporters yesterday<\/a>. The program will have a focus on Upper Egypt and the SC Zone. Cabinet will approve a budget for the program this week and the program could come into effect as early as the start of FY2021-2022 on 1 July, Gamea said without giving further details.<\/p>\n<p><strong>Palestinian leaders arrived in Cairo yesterday as talks to maintain the Hamas-Israel <\/strong><strong>ceasefire continue<\/strong>, Hamas spokesman Hazem Qassem said, according to <a href=\"https:\/\/www.reuters.com\/article\/israel-palestinians-egypt-int\/hamas-chief-in-egypt-for-talks-ahead-of-planned-meeting-of-palestinian-factions-idUSKCN2DK14N\">Reuters<\/a>. The visit is a precursor to a larger gathering in Cairo of Palestinian factions that could take place as soon as next week, Qassem added.<\/p>\n<p><strong>The Central Bank of Egypt will launch an electronic clearing system for <\/strong><strong>foreign currency cheques<\/strong> <strong>between banks<\/strong> that is expected to speed up interbank clearing and settlement processes, according to a <a href=\"https:\/\/ent.news\/2021\/6\/CBE-E-clearing-system.pdf\">statement (pdf)<\/a>. The system will go live on 14 June.<\/p>\n<p><strong>The government will announce details of its new structural reform program by the end of <\/strong><strong>July<\/strong>, <a href=\"https:\/\/bit.ly\/3w3F0wc\">Hapi Journal<\/a> reports, quoting Planning Minister Hala El Saeed. Prime Minister Moustafa Madbouly and El Said first announced the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/880fe75b-3a07-477a-93c3-c87eaad7936f\">three-year Economic Reform Program 2.0<\/a> designed to support private sector-led growth in April.<\/p>\n<p><strong>ALSO: <\/strong><\/p>\n<ul>\n<li><strong>Inflation data for May<\/strong> will be released this week.<\/li>\n<li><strong>Egypt <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/151259670377795\">is hosting<\/a><\/strong><strong> an <\/strong><strong><a href=\"https:\/\/www.unido.org\/our-focus\/advancing-economic-competitiveness\/investing-technology-and-innovation\/investment-and-technology\/africa-investment-promotion-agency-network-afripanet\">Africa Investment Promotion Agency Network<\/a><\/strong><strong> forum<\/strong> at the end of this week. The four-day event kicks off on Friday.<\/li>\n<li><strong>The Egypt Green Economy Forum <\/strong>takes place next Monday, 14 June.<\/li>\n<\/ul>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, urban development as well as social infrastructure such as health and education.<\/p>\n<p><strong>In today\u2019s issue: <\/strong>Starting July 1, businesses importing goods at seaports will need to file shipping documents and cargo data digitally via the Advance Cargo Information (ACI) system. We take a deep dive into how it will work, what information you need to get started, and what fees you can expect.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aldar-properties\/\">Aldar Properties<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economic-reform-program\/\">economic reform program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/export-subsidy-fund\/\">export subsidy fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hamas\/\">Hamas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mahmoud-abbas\/\">Mahmoud Abbas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nevine-gamea\/\">Nevine Gamea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palestine\/\">Palestine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/policy\/\">policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/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=\"562861\" 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=\"562861\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/562861\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562861\" class=\"content-area-description single-story post-562861 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/SOMA-ENTERPRISE-SAIL-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"562862\" 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=\"562862\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/aldar-has-more-time-to-bid-for-sodic\/\">\r\n                            Aldar has more time to bid for SODIC                        <\/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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              <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/aldar-has-more-time-to-bid-for-sodic\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/124.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"562863\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/aldar-has-more-time-to-bid-for-sodic\/124-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/124.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"124.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/124.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/124.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562862\" class=\"content-area-description single-story post-562862 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-aldar-properties tag-enterpriseam tag-ma-watch tag-real-estate tag-sodic tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong> Aldar Properties has until 14 July to submit a mandatory tender offer for at least <\/strong><strong>51% of upmarket real estate developer SODIC <\/strong>after the Financial Regulatory Authority agreed to extend the deadline by 30 working days following a request by the Emirati real estate firm, the regulator said in <a href=\"https:\/\/ent.news\/2021\/6\/SODIC-Aldar-statement.pdf\">a statement (pdf)<\/a> to the EGX yesterday. The decision will give Aldar more time to complete its due diligence, which the company said it was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/09c7d28b-c599-4f89-ac9c-3c606c96d9f6\">halfway done with<\/a> in May. The initial 60-day period was set to expire on 14 June.<\/p>\n<p><strong>The story so far:<\/strong> Aldar submitted in March a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/65445c53-bf8c-4144-8e37-6daa4e7031c0\">non-binding offer<\/a> for a controlling stake at EGP 18-19 apiece, valuing the company at EGP 6.41-6.76 bn. Sodic\u2019s board <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b4de3c6-5d4f-4225-aee3-79e9f129e477\">later agreed<\/a> to allow the firm to start due diligence.<\/p>\n<p><strong>Advisors: <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b4de3c6-5d4f-4225-aee3-79e9f129e477\">EFG Hermes<\/a> and an undisclosed international investment bank have the mandate to advise SODIC, while <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a44e789-f9c8-4c3f-a9f5-66c03de35797\">CI Capital<\/a> is acting as the investment bank to the buyer.<\/p>\n<p><strong>Are you providing financial or legal advice on the transaction?<\/strong> Let us know at editorial@enterprise.press.<\/p>\n<p><em>Correction: 14 July 2021. A previous version of this story incorrectly stated that the FRA extended the MTO deadline by one month.<\/em><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aldar-properties\/\">Aldar Properties<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/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=\"562864\" 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=\"562864\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/tana-capital-backed-alex-medical-investments-in-pole-position-to-acquire-alex-medical\/\">\r\n                            Tana Capital-backed Alex Medical Investments in pole position to acquire Alex Medical                        <\/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\/06\/09\/tana-capital-backed-alex-medical-investments-in-pole-position-to-acquire-alex-medical\/\" 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 would value the company at around EGP 700 mn.<\/p>\n<p><strong>An immediate response:<\/strong> The revised offer comes a few days after <a href=\"https:\/\/www.yasholding.ae\/global-one-healthcare-holding\/\">Yaz Holding<\/a> (previously known as Emirates Advanced Investments), the parent company of the UAE\u2019s Global One Healthcare Holding, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/324b0f80-415a-4f55-93a2-f4bef5c8108d\">offered<\/a> EGP 47.98 per share for at least 51% of Alex Medical.<\/p>\n<p><strong>TAT is now in pole position:<\/strong> Abu Dhabi Commercial Bank (ADCB), which is looking to offload its 51.5% stake in the firm, said in a statement that it has committed to selling its shares to TAT, provided it remains the highest bidder and secures the required approvals. TAT still needs to get the go-ahead for the MTO from the FRA and the Health Ministry.<\/p>\n<p><strong>TAT looks to be a vehicle of Tana Africa.<\/strong> TAT Medical Services is a subsidiary of Alexandria Medical Investments, which is the majority shareholder of Mabaret Al Asafra Hospitals. South African investment firm <a href=\"http:\/\/tana-africa.com\/\">Tana Africa Capital<\/a> owns <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ecedd87-c66a-4d6f-92e6-2bf1612a7bf1\">49% of Alex Medical Investments<\/a>. Tana was said to be <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f677a9d-e35c-49ee-89a3-2aba218f6d67\">bidding directly for the stake<\/a> in Alex Medical alongside Mabaret Al Asafra. It is unclear to us who owns the remaining 51% of Alex Medical Investments.<\/p>\n<p><strong>Who else is in the running?<\/strong> Other <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59b30537-c789-4c00-803e-ddd0deea56ef\">bidders<\/a> include Cleopatra Hospital, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bff7ea3a-f34e-4238-b629-12b7f6c96d6e\">Nile Scan<\/a>, healthcare investment firm Seha Capital, and a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d9a165d3-7d1b-4ace-8b1f-2393f9e7d989\">consortium<\/a> made up of Saudi\u2019s Tawasol Holdings and Sherif El Akhdar\u2019s LimeVest.<\/p>\n<p><strong>Remind me: Why is ADCB selling?<\/strong> Long story short, this goes back to the collapse of BR Shetty\u2019s Emirati health firm NMC Healthcare, which entered administration last year while engulfed in a fraud scandal. NMC owned a majority stake in Alex Medical, which was handed to creditor ADBC during the fire sale.<\/p>\n<p>CORRECTED ON 9 JUNE 2020-<br \/>\n<em>\u00a0A previous version of this story referred to Emirates Advanced Investments as a separate entity from Global One Healthcare. Emirates Advanced, which changed its name in 2018 to <a href=\"https:\/\/www.yasholding.ae\/global-one-healthcare-holding\/\">Yaz Holding<\/a>, is the latter company's parent.<br \/>\n<\/em><\/p>\n<p><strong>IN OTHER M&A NEWS- The ambitiously named <\/strong><strong><a href=\"https:\/\/tycoonholding.com\/\">Tycoon Holding<\/a><\/strong><strong> submitted <\/strong><strong>a non-binding <\/strong><strong>offer<\/strong><strong> to buy up to 90% of <\/strong><strong>brokerage house ANFI<\/strong>, as the Alexandria National Company for Financial Investments is better known, at EGP 5.55 per share, according to <a href=\"https:\/\/ent.news\/2021\/6\/ANFI.pdf\">a statement (pdf)<\/a>. This values the company at EGP 29 mn, according to our math.<\/p>\n<p><strong>That\u2019s a long way off the highest bid so far:<\/strong> A group of investors including Egyptian businessman Ahmed El Saba and Saudi Arabia\u2019s Mostafa El Humeidan have offered to acquire 75-90% of the company for EGP 7.48 per share, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82f21106-f4c0-4ee1-91ab-dbd5db02e73f\">are currently doing due diligence<\/a>. Offers of EGP 5.30-5.51 per share have also been submitted by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f9c4b03c-7e07-4ed4-ba5f-048a3454ec51\">Zeta Investments<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e92d627-df3f-439a-b32a-8f7183ef4cd6\">Kayan Sustainable Development<\/a>, and Zaldi Capital.<\/p>\n<p><strong>Who\u2019s selling?<\/strong> Abu Dhabi Islamic Bank (ADIB) owns 44% of the company through its Egypt unit and ADI Lease subsidiary while El Kahera El Watania Investment owns 41%.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alexandria-medical-services\/\">Alexandria Medical Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A 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=\"562866\" 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=\"562866\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/562866\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562866\" class=\"content-area-description single-story post-562866 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:\/\/e2-alamein.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/IDG-Ad-Week-3-Logistics-1600-x-1200.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p><strong>Warehousing facilities at a secure, smart industrial park <\/strong>that can accommodate your needs and place you at the center of Egypt\u2019s North Coast is why you should choose e<sup>2<\/sup> Alamein this summer. Between advanced, customizable properties that you can lease, our prime location near vital North Coast spots, and our ability to facilitate your licensing and permissions, you can enjoy the benefits of high quality and secure warehousing while saving the costs of long-distance shipping. Powered by Industrial Development Group, e<sup>2<\/sup> Alamein offers smart investments for temporary business \u2014 and is right where your business should be this summer.<\/p>\n<p>For more information, visit <a href=\"http:\/\/e2-alamein.com\/\">e2-alamein.com<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"562867\" 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=\"562867\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/world-bank-sees-egypt-economy-growing-4-5-in-2021-2022-down-a-bit-from-earlier-projection\/\">\r\n                            World Bank sees Egypt economy growing 4.5% in 2021-2022, down a bit from earlier projection                        <\/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\/06\/09\/world-bank-sees-egypt-economy-growing-4-5-in-2021-2022-down-a-bit-from-earlier-projection\/\" 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\/06\/09\/world-bank-sees-egypt-economy-growing-4-5-in-2021-2022-down-a-bit-from-earlier-projection\/')\">\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\/06\/09\/world-bank-sees-egypt-economy-growing-4-5-in-2021-2022-down-a-bit-from-earlier-projection\/\">\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=World Bank sees Egypt economy growing 4.5% in 2021-2022, down a bit from earlier projection&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/world-bank-sees-egypt-economy-growing-4-5-in-2021-2022-down-a-bit-from-earlier-projection\/\">\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\/06\/09\/world-bank-sees-egypt-economy-growing-4-5-in-2021-2022-down-a-bit-from-earlier-projection\/&title=World Bank sees Egypt economy growing 4.5% in 2021-2022, down a bit from earlier projection\">\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=World+Bank+sees+Egypt+economy+growing+4.5%25+in+2021-2022%2C+down+a+bit+from+earlier+projection+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F09%2Fworld-bank-sees-egypt-economy-growing-4-5-in-2021-2022-down-a-bit-from-earlier-projection%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\/06\/09\/world-bank-sees-egypt-economy-growing-4-5-in-2021-2022-down-a-bit-from-earlier-projection\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/129.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"562868\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/world-bank-sees-egypt-economy-growing-4-5-in-2021-2022-down-a-bit-from-earlier-projection\/129-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/129.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"129.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/129.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/129.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562867\" class=\"content-area-description single-story post-562867 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-tourism tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The World Bank has downgraded its growth projections for the Egyptian <\/strong><strong>economy in the coming fiscal year<\/strong>, citing \u201csluggish\u201d activity as the effects of the covid-19 pandemic linger. In an update to its Egypt forecast, the bank sees GDP growing at a 2.3% clip during the state\u2019s current 2020-2021, down from 2.7% in its <a href=\"https:\/\/openknowledge.worldbank.org\/handle\/10986\/34710\">January forecast<\/a>, and expects 4.5% growth in FY2021-2022, a downward revision from 5.8% previously.<\/p>\n<p><strong>The rationale:<\/strong> \u201cHigh frequency indicators suggest that the economy remains sluggish in the first half of 2021, despite an easing of lockdown restrictions,\u201d the bank said. \u201cThe slower growth expected this year reflects damage to tourism, manufacturing, and oil and gas extractives from the pandemic and the lingering impact of a decline in domestic demand, notably from a collapse in fixed investment,\u201d it said.<\/p>\n<p><strong>Finance Minister Mohamed Maait isn\u2019t as glum<\/strong>, telling Kelma Akhira host Lamees El Hadidy last night that while he hadn\u2019t seen the report, the ministry is sticking to its forecast that the economy will grow 2.8% in the fiscal year ending this month \u2014 a figure ahead of the bank\u2019s January forecast for Egypt. You can catch the full interview here (<a href=\"https:\/\/www.youtube.com\/watch?v=lAHoKMgPnDM\">watch, runtime: 25:14<\/a>) or skip down to Last Night\u2019s Talk Shows for more on how Maait dominated the airwaves last night.<\/p>\n<p><strong>The FY2021-2022 figure is the more important of the two: If the World Bank is right, it would mean that we\u2019re waiting another year to return to pre-pandemic growth levels.<\/strong> The bank sees economic growth coming in at 5.5% in FY2022-2023, only fractionally off the 5.6% growth we saw in FY2018-2019.<\/p>\n<p><strong>GLOBALLY- There\u2019s good news and bad news<\/strong>, with the World Bank President David Malpass describing what he terms <strong>\u201can exceptionally strong but uneven recovery.\u201d<\/strong><\/p>\n<p><strong>The global economy is expanding at its strongest post-recession pace in 80 years:<\/strong> The World Bank is now predicting the global economy to grow at a 5.6% clip this year, a significant 1.5% upgrade from its January forecast, mainly thanks to successful vaccine rollouts and huge fiscal stimulus measures in a small number of wealthy economies.<\/p>\n<p><strong>But the situation in emerging markets and developing economies remains highly uncertain<\/strong>, with a lack of vaccine access, an inability to sustain stimulus programs and high debt levels continuing to weigh on economic recoveries. To avoid a K-shaped recovery on a global scale, Malpass calls on advanced economies to provide vaccines to developing nations, and agree new debt relief measures.<\/p>\n<p><strong>READ THE FULL REPORT:<\/strong> <a href=\"https:\/\/www.worldbank.org\/en\/publication\/global-economic-prospects\">Tap \/ click here<\/a> for the landing page or download it directly <a href=\"https:\/\/ent.news\/2021\/6\/9781464816659.pdf\">here (pdf)<\/a>.<\/p>\n<p><strong>ON THE BRIGHT SIDE- Remittances are looking up: <\/strong>Egyptian expats sent USD 23.4 bn back home between January and March this year, up almost 9% from USD 21.5 bn in 3Q FY2019-2020, <a href=\"https:\/\/bit.ly\/3gmsMIa\">Hapi Journal<\/a> reports, citing a central bank statement. On a monthly basis, remittances from foreign workers increased 11% y-o-y to USD 2.9 bn, compared to USD 2.6 bn in the same month last year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"562869\" 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=\"562869\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/usd-2-bn-sovereign-sukuk-sale-coming-soon\/\">\r\n                            USD 2 bn sovereign sukuk sale coming soon                        <\/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\/06\/09\/usd-2-bn-sovereign-sukuk-sale-coming-soon\/\" 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\/06\/09\/usd-2-bn-sovereign-sukuk-sale-coming-soon\/')\">\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\/06\/09\/usd-2-bn-sovereign-sukuk-sale-coming-soon\/\">\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=USD 2 bn sovereign sukuk sale coming soon&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/usd-2-bn-sovereign-sukuk-sale-coming-soon\/\">\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\/06\/09\/usd-2-bn-sovereign-sukuk-sale-coming-soon\/&title=USD 2 bn sovereign sukuk sale coming soon\">\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=USD+2+bn+sovereign+sukuk+sale+coming+soon+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F09%2Fusd-2-bn-sovereign-sukuk-sale-coming-soon%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\/06\/09\/usd-2-bn-sovereign-sukuk-sale-coming-soon\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/130.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"562870\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/usd-2-bn-sovereign-sukuk-sale-coming-soon\/130-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/130.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"130.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/130.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/130.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562869\" class=\"content-area-description single-story post-562869 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt-watch tag-enterpriseam tag-finance-ministry tag-ftse-russell tag-green-bonds tag-mohamed-maait tag-sovereign-sukuk-act tag-sustainable-development-bonds 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-04\"><\/a> <strong>The Finance Ministry wants to go forward with a USD 2 bn sukuk issuance<\/strong><strong> at the beginning <\/strong><strong>of the next fiscal year in July<\/strong>, marking the first time ever that Egypt has issued sharia-compliant sovereign debt, Finance Minister Mohamed Maait told <a href=\"https:\/\/bit.ly\/3pFZXLm\">Al Arabiya<\/a> in an interview yesterday.<\/p>\n<p><strong>The caveat:<\/strong> Nothing is certain here. Maait was careful to say that, cautioning that while the ministry is aiming to quickly pull the trigger on a USD 2 bn issuance, the exact size and timing is yet to be finalized. \"Many issues that have not been resolved yet,\" Maait said, referring to the creation of a sukuk company and formation of a sharia compliance committee.<\/p>\n<p><strong>The House will likely be the next party to pull the trigger on this story:<\/strong> The Sovereign Sukuk Act \u2014 which will put the legal framework in place to allow the government to sell sukuk \u2014 is yet to pass the House and be signed into law. One MP said this week that <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c892eab-a48b-4efa-b22c-abd294c2644a\">a final vote on the bill should take place later this month<\/a> before the start of the new fiscal year. After that, the bill will need to be ratified and the executive regulations in a maximum of three months.<\/p>\n<p><strong>ALSO FROM MAAIT-<\/strong><\/p>\n<p><strong>GOOD NEWS- Foreign holdings of Egyptian debt haven\u2019t changed much over the past three months: <\/strong>Holdings of bills and bonds stood at between USD 28-29 bn at the end of May, Maait revealed yesterday. This is little changed from mid-February when inflows reached a record high of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af7c2e78-e82f-466d-8ead-6685971c5842\">USD 28.5 bn<\/a>.<\/p>\n<p><strong>More green bonds on the horizon?<\/strong> Maait refused to rule out sovereign green bond issuance in FY2021-2022 (it would be the country\u2019s second), but said that \u201cthe matter is not settled yet.\u201d If it goes ahead, the issuance would be comparable in value to the maiden <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d1b54d5-5efa-41c9-ac8b-728b105b2ef0\">USD 750 mn issuance<\/a> held last year, he said.<\/p>\n<p><strong>What about \u201csustainable development bonds\u201d? <\/strong>Two UN member states have suggested Egypt begin issuing bonds linked to Sustainable Development Goals (SDGs), Maait <a href=\"https:\/\/www.sis.gov.eg\/Story\/155744?lang=en-us\">said<\/a>, according to <a href=\"https:\/\/bit.ly\/2TfbxAE\">Al Mal<\/a>. The minister said the proposal was welcome and his team is lining up advisors now as it looks to possibly become the first in Africa to issue sustainable development bonds.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ftse-russell\/\">FTSE Russell<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-bonds\/\">green bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-sukuk-act\/\">Sovereign Sukuk Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sustainable-development-bonds\/\">sustainable development bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"562871\" 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=\"562871\">\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\">MARKET WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/good-news-for-bond-inflows-as-egypt-added-to-ftse-frontier-bond-index\/\">\r\n                            Good news for bond inflows as Egypt added to FTSE frontier bond index                        <\/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\/06\/09\/good-news-for-bond-inflows-as-egypt-added-to-ftse-frontier-bond-index\/\" 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\/06\/09\/good-news-for-bond-inflows-as-egypt-added-to-ftse-frontier-bond-index\/')\">\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\/06\/09\/good-news-for-bond-inflows-as-egypt-added-to-ftse-frontier-bond-index\/\">\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=Good news for bond inflows as Egypt added to FTSE frontier bond index&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/good-news-for-bond-inflows-as-egypt-added-to-ftse-frontier-bond-index\/\">\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\/06\/09\/good-news-for-bond-inflows-as-egypt-added-to-ftse-frontier-bond-index\/&title=Good news for bond inflows as Egypt added to FTSE frontier bond index\">\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=Good+news+for+bond+inflows+as+Egypt+added+to+FTSE+frontier+bond+index+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F09%2Fgood-news-for-bond-inflows-as-egypt-added-to-ftse-frontier-bond-index%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\/06\/09\/good-news-for-bond-inflows-as-egypt-added-to-ftse-frontier-bond-index\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/131.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"562872\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/good-news-for-bond-inflows-as-egypt-added-to-ftse-frontier-bond-index\/131-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/131.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"131.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/131.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/131.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562871\" class=\"content-area-description single-story post-562871 post type-post status-publish format-standard has-post-thumbnail hentry category-market-watch tag-bonds tag-emerging-markets tag-enterpriseam tag-frontier-markets tag-ftse-russell tag-market-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-05\"><\/a> <strong>Egypt is now part of the FTSE Russell\u2019s new bond index<\/strong>, which tracks local currency bonds issued in frontier markets, the index provider said in <a href=\"https:\/\/www.ftserussell.com\/press\/ftse-russell-launches-first-index-define-and-track-frontier-emerging-government-bond-markets\">a statement<\/a> yesterday. The Frontier Emerging Markets Government Bond Index Series contains a cap-weighted index and a 10% country-capped index and tracks the performance of bonds issued by 13 frontier and emerging market countries with a current value of USD 414.8 bn.<\/p>\n<p><strong>W<\/strong><strong>hat weighting do EGP bonds have on the index?<\/strong> Out of the 588 bonds on the index, 80 local Egyptian bonds are featured, giving them a weighting of c. 13.6%.<sup><\/sup> As of the end of March they carried an average yield of 14.86%. Check out <a href=\"https:\/\/ent.news\/2021\/6\/IX2_20210422-launch-ftse-frontier-em-government-bond-index.pdf\">the factsheet (pdf)<\/a>for more information.<\/p>\n<p><strong>Who else is in the mix?<\/strong> Bangladesh, Costa Rica, Dominican Republic, Ghana, Kenya, Morocco, Nigeria, Pakistan, Serbia, Sri Lanka, Ukraine and Vietnam are also included. Inclusion in the index will be reviewed semi-annually in March and September.<\/p>\n<p><strong>Hopefully we\u2019ll be saying something similar about the JPM index in a few months\u2019 time:<\/strong> JPMorgan is expected to decide whether to reinclude Egypt on its EM government bond index later this year, potentially bringing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ea858526-5700-49cf-9a6c-4bb9a7b54d2a\">USD 1.4-2.2 bn<\/a> in inflows into local-currency bonds.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/frontier-markets\/\">frontier markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ftse-russell\/\">FTSE Russell<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/market-watch\/\">Market 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=\"562873\" 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=\"562873\">\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\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/made-in-egypt-sinovac-shots-coming-to-clinics-in-august\/\">\r\n                            Made-in-Egypt\u2122 Sinovac shots coming to clinics in August                        <\/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\/06\/09\/made-in-egypt-sinovac-shots-coming-to-clinics-in-august\/\" 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\/06\/09\/made-in-egypt-sinovac-shots-coming-to-clinics-in-august\/')\">\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\/06\/09\/made-in-egypt-sinovac-shots-coming-to-clinics-in-august\/\">\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=Made-in-Egypt\u2122 Sinovac shots coming to clinics in August&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/made-in-egypt-sinovac-shots-coming-to-clinics-in-august\/\">\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\/06\/09\/made-in-egypt-sinovac-shots-coming-to-clinics-in-august\/&title=Made-in-Egypt\u2122 Sinovac shots coming to clinics in August\">\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=Made-in-Egypt%E2%84%A2+Sinovac+shots+coming+to+clinics+in+August+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F09%2Fmade-in-egypt-sinovac-shots-coming-to-clinics-in-august%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\/06\/09\/made-in-egypt-sinovac-shots-coming-to-clinics-in-august\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562873\" class=\"content-area-description single-story post-562873 post type-post status-publish format-standard hentry category-covid-watch tag-covid-19 tag-enterpriseam tag-sinovac 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-07\"><\/a> <strong>Expect the first batch of Egypt-made Sinovac shots to be rolled into clinics nationwide as<\/strong><strong> early as August<\/strong>, pending final-stage testing on the locally produced doses before their official distribution, Masaa DMC\u2019s Ramy Radwan said (<a href=\"https:\/\/www.youtube.com\/watch?v=H_9tXlh-hAY\">watch, runtime: 2:10<\/a>) last night, citing a statement by state-owned Vacsera. Health Minister Hala Zayed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c1ca16c6-9177-455b-8d80-d7d57b1328db\">said<\/a> earlier this week that Vacsera will produce the first batch of the Chinese vaccine on 15 June, and send them to be analysed before being dispatched to clinics.<\/p>\n<p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/399554954928456\">reported<\/a><\/strong><strong> 773 new covid-19 infections yesterday<\/strong>, down from 782 the day before. Egypt has now disclosed a total of 269,527 confirmed cases of covid-19. The ministry also reported 38 new deaths, bringing the country\u2019s total death toll to 15,437.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sinovac\/\">Sinovac<\/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=\"562874\" 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=\"562874\">\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\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/ghazl-el-mahalla-fc-could-move-ahead-with-its-ipo-in-2-months\/\">\r\n                            Ghazl El Mahalla FC could move ahead with its IPO in 2 months                        <\/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\/06\/09\/ghazl-el-mahalla-fc-could-move-ahead-with-its-ipo-in-2-months\/\" 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\/06\/09\/ghazl-el-mahalla-fc-could-move-ahead-with-its-ipo-in-2-months\/')\">\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\/06\/09\/ghazl-el-mahalla-fc-could-move-ahead-with-its-ipo-in-2-months\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Ghazl El Mahalla FC could move ahead with its IPO in 2 months&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/ghazl-el-mahalla-fc-could-move-ahead-with-its-ipo-in-2-months\/\">\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\/06\/09\/ghazl-el-mahalla-fc-could-move-ahead-with-its-ipo-in-2-months\/&title=Ghazl El Mahalla FC could move ahead with its IPO in 2 months\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Ghazl+El+Mahalla+FC+could+move+ahead+with+its+IPO+in+2+months+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F09%2Fghazl-el-mahalla-fc-could-move-ahead-with-its-ipo-in-2-months%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\/06\/09\/ghazl-el-mahalla-fc-could-move-ahead-with-its-ipo-in-2-months\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/132.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"562875\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/ghazl-el-mahalla-fc-could-move-ahead-with-its-ipo-in-2-months\/132-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/132.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"132.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/132.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/132.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562874\" class=\"content-area-description single-story post-562874 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-capital-markets tag-egx tag-enterpriseam tag-financial-regulatory-authority tag-ghazl-el-mahalla-fc tag-ipo-watch tag-prime-holding wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Ghazl El Mahalla\u2019s IPO could go to market in the next two months<\/strong> as the club finalizes procedures with the Financial Regulatory Authority (FRA) ahead of the sale, according to Prime Securities, which is quarterbacking the transaction, <a href=\"https:\/\/bit.ly\/3ghetox\">Al Mal<\/a> reports.<\/p>\n<p><strong>The football club has priced its IPO at EGP 1 per share<\/strong>, and is looking to reel in EGP 135 mn from the offering, Prime Holding CEO Mohamed Maher told a presser yesterday.<\/p>\n<p><strong>(Not really a) Surprise: There\u2019s nary an institutional investor in sight.<\/strong> The club expects to raise EGP 120 mn from retail traders, with just EGP 15 mn coming through a private placement, Maher said.<\/p>\n<p><strong>Background:<\/strong> Public Enterprises Minister Hisham Tawfik <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2c5cb20a-9570-4e0c-933c-6fff0df2b9ce\">said<\/a> earlier this year that the football club is looking to list around two-thirds of its shares on the EGX before the season finishes in October. Ghazl El Mahalla FC belongs to state-owned El Mahalla Spinning and Weaving Company.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ghazl-el-mahalla-fc\/\">Ghazl El Mahalla FC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/prime-holding\/\">Prime Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"562876\" 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=\"562876\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/palm-hills-closes-egp-1-2-bn-securitized-bond-sale\/\">\r\n                            Palm Hills closes EGP 1.2 bn securitized bond sale                        <\/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\/06\/09\/palm-hills-closes-egp-1-2-bn-securitized-bond-sale\/\" 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\/06\/09\/palm-hills-closes-egp-1-2-bn-securitized-bond-sale\/')\">\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\/06\/09\/palm-hills-closes-egp-1-2-bn-securitized-bond-sale\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Palm Hills closes EGP 1.2 bn securitized bond sale&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/palm-hills-closes-egp-1-2-bn-securitized-bond-sale\/\">\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\/06\/09\/palm-hills-closes-egp-1-2-bn-securitized-bond-sale\/&title=Palm Hills closes EGP 1.2 bn securitized bond sale\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Palm+Hills+closes+EGP+1.2+bn+securitized+bond+sale+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F09%2Fpalm-hills-closes-egp-1-2-bn-securitized-bond-sale%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\/06\/09\/palm-hills-closes-egp-1-2-bn-securitized-bond-sale\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562876\" class=\"content-area-description single-story post-562876 post type-post status-publish format-standard hentry category-debt-watch tag-debt-watch tag-enterpriseam tag-palm-hills-developments 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-09\"><\/a> <strong>Palm Hills Development closed a fresh securitized bond issuance backed by a <\/strong><strong>receivables portfolio of nearly EGP 1.2 bn<\/strong>, according to a <a href=\"https:\/\/ent.news\/2021\/6\/PHD-press-release-ENG-08-06-2021.pdf\">press release (pdf)<\/a><sup><\/sup>. The bonds were issued in four tranches with ratings of AA+, AA, A, and A-.<\/p>\n<p><strong>The size of the sale is close to PHD\u2019s record EGP 1.25 bn issuance <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7781d265-be69-4137-85d1-85116a1c32d3\">that went to market last year<\/a><\/strong><strong>.<\/strong> It includes the EGP 800 mn in securitized bonds approved for sale by PHD\u2019s board of directors <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8cc80f08-b424-47b4-be0a-d90f7f39d032\">in April<\/a>, as well as other bonds backed by the receivables of several other non-listed subsidiaries, IR manager Radwa Abu El Naga told us.<\/p>\n<p><strong>The securitization market <\/strong><strong>has been lukewarm so far this year:<\/strong> PHD joins <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/374240b5-0e79-486e-b585-3dd5251b2555\">Rawaj<\/a> \u2014 Arabia Investments Holding\u2019s consumer finance subsidiary \u2014 as one of only two companies to close an issuance of asset-backed securities this year.<\/p>\n<p><strong>But the pipeline is deep:<\/strong> Everyone from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/09c7d28b-c599-4f89-ac9c-3c606c96d9f6\">Sodic<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff17e27e-75fd-4665-a33c-f1f9a6b19a7b\">Misr Italia<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d0c71713-2393-4c73-96e7-3a4499828886\">Edge Holding<\/a> to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b380be47-dace-4f2a-807e-cc3ab3d6ed0d\">EFG Hermes<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ad60923-67ef-4344-b643-49069b7ad286\">Sarwa Capital<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7863b21d-bcba-40a1-befa-b3e65d93f131\">Raya<\/a> have announced plans to securitize parts of their portfolios, but all of them are yet to see the light of day.<\/p>\n<p><strong>ADVISORS- <\/strong>Contact Financial\u2019s debt markets arm <strong>Sarwa Capital<\/strong><sup><\/sup> acted as financial advisor, lead manager, and arranger on the PHD transaction. Our friends at <strong><a href=\"http:\/\/www.alc.law\/\">ALC Alieldean, Weshahi & Partners<\/a><\/strong> were counsel for the issuance, while <strong>Misr Capital Securities Brokerage<\/strong> \u201cplayed for the first time the role of a trading intermediary in the secondary market with the aim of facilitating the entry of individual investors to invest in securitization bond.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palm-hills-developments\/\">Palm Hills Developments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"562877\" 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=\"562877\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/cira-to-set-up-new-language-school-in-new-rashid\/\">\r\n                            CIRA to set up new language school in New Rashid                        <\/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\/06\/09\/cira-to-set-up-new-language-school-in-new-rashid\/\" 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\/06\/09\/cira-to-set-up-new-language-school-in-new-rashid\/')\">\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\/06\/09\/cira-to-set-up-new-language-school-in-new-rashid\/\">\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=CIRA to set up new language school in New Rashid&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/cira-to-set-up-new-language-school-in-new-rashid\/\">\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\/06\/09\/cira-to-set-up-new-language-school-in-new-rashid\/&title=CIRA to set up new language school in New Rashid\">\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=CIRA+to+set+up+new+language+school+in+New+Rashid+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F09%2Fcira-to-set-up-new-language-school-in-new-rashid%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\/06\/09\/cira-to-set-up-new-language-school-in-new-rashid\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562877\" class=\"content-area-description single-story post-562877 post type-post status-publish format-standard hentry category-investment-watch tag-al-tayseer-healthcare-group tag-cira-education tag-education tag-egyptian-american-enterprise-fund tag-enterpriseam tag-fdi tag-investment-watch tag-lorax-capital-partners tag-new-urban-communities-authority tag-real-estate tag-smes wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Private education outfit CIRA is planning to set up a language school in New Rashid<\/strong>, and is close to wrapping up its purchase of a 20k sqm piece of land from the New Urban Communities Authority, sources familiar with the project told us, confirming a <a href=\"https:\/\/bit.ly\/3g2Zyzg\">local press report<\/a>. The greenfield project will be located in the new city\u2019s Bashayer El Kheir low-cost housing district, and has already received technical clearance, the sources said, adding that the land purchase price will be reviewed on Thursday. The sources declined to say how much the company may be paying for the land, how much it plans to invest in the school, or when it expects to start construction.<\/p>\n<p><strong>CIRA <\/strong><strong>has been pushing heavily into new urban areas.<\/strong> Having recently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da6ea134-a158-49e6-a05b-87bef013d8ce\">opened the doors<\/a> of the Regent British School in New Mansoura, the company\u2019s pipeline includes an international school under construction in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3f7aa39f-6fb1-4538-9f18-1c87c7bdff7d\">New Sohag<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2c786d9e-b4ff-4370-96f4-3064fd1a6039\">branches of two others<\/a> in <a href=\"https:\/\/owest.com.eg\/\">O West<\/a> in the Sixth of October. It also plans to spend EGP 700 mn on constructing a new university <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1cb5ef4c-9924-4eff-b357-39b72d5a79d2\">in Assiut\u2019s Nasser City<\/a> that\u2019s <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/13\/ciras-private-university-in-west-assiut-to-cost-egp-2-45-bn\/\">expected to cost<\/a> a total of EGP 2.45 bn. In December 2019, CEO Mohamed El Kalla <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/09\/cira-plans-egp-2-bn-in-new-investment-fresh-securitization-program-8007\/\">said the company had earmarked<\/a> over EGP 2 bn for several ongoing and future projects.<\/p>\n<p style='font-size: 18px;font-weight: bold' >EAEF publishes second annual impact report<\/p>\n<p><strong>The Egyptian American Enterprise Fund committed USD 67.7 mn to its investment<\/strong><strong> partners in 2020<\/strong>, including USD 50 mn to its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ab09a5c-3eb7-4e13-8b56-95bf654e3c4b\">PE firm Lorax Capital Partners<\/a>, the fund said in its annual impact <a href=\"https:\/\/ent.news\/2021\/6\/EAEF-2020-Impact-Report.pdf\">report (pdf)<\/a>. This is in addition to providing Fawry Microfinance with USD 10 mn to help extend loans to MSMEs, while <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62780567-6c6a-4210-92f0-07e55497775e\">acquiring a minority stake<\/a> in Al Tayseer Healthcare Group and co-investing USD 6.7 mn in the firm. Since its establishment in 2011, EAEF has invested almost USD 224 mn in 10 companies and four funds, and attracted at least USD 447 mn in foreign direct investments to Egypt, it said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-tayseer-healthcare-group\/\">Al Tayseer Healthcare Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-american-enterprise-fund\/\">Egyptian American Enterprise Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/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\/lorax-capital-partners\/\">Lorax Capital Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-urban-communities-authority\/\">New Urban Communities Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/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=\"562878\" 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=\"562878\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/juhayna-issues-earnings-release-based-on-unaudited-financials\/\">\r\n                            Juhayna issues earnings release based on unaudited financials                        <\/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\/06\/09\/juhayna-issues-earnings-release-based-on-unaudited-financials\/\" 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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Revenues for the quarter increased 4% to EGP 1.92 bn, fuelled by a 20% rise in yoghurt sales.<\/p>\n<p><strong>Juhayna already <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/087fd5c8-6743-4db4-953f-c80b280ffd77\">came out with a snapshot of its earnings earlier this week<\/a><\/strong>, announcing that it had made EGP 440 mn in net income in 2020, up 34% on the year before, despite revenues remaining little changed. Juhayna ran afoul of the EGX after it failed to publish its full-year financials on time, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b008ce56-a392-4bee-9678-8e1988912054\">being placed on the EGX\u2019s D-List<\/a> last month until it produces the figures. A company representative told Enterprise that its auditors have held up the process, suggesting that it could submit its accounts to the EGX in a matter of weeks.<\/p>\n<p><strong>Looking ahead, the company will prioritize rolling out innovative, high-margin products<\/strong> and launched a branded Greek yoghurt in 1Q2021 to capitalize on the \u201cthe growing popularity\u201d of this new segment, it added. In the past year, JUFO was able to maintain market leadership in milk, as well as grow its share in the plain yoghurt, juice, and flavored milk segments.<\/p>\n<p><strong>ELSEWHERE-<\/strong> <strong>Transport player EgyTrans\u2019 unaudited consolidated bottom line <\/strong><strong>nosedived 98% to EGP 72k in 1Q2021, <\/strong>down from EGP 3.7 mn in the same quarter last year, due to an increase in general and administrative expenses, the company said in two separate EGX filings (<a href=\"https:\/\/ent.news\/2021\/6\/Egytrans-earnings-2021-Q1.pdf\">here<\/a> and <a href=\"https:\/\/ent.news\/2021\/6\/123061_094403.pdf\">here<\/a> \u2014 pdfs). The drop in net income came despite a 6.3% increase in revenues to EGP 57.2 mn. <strong>EgyTrans is currently the subject of a <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bb8ca3a4-751d-45f5-b14d-b884824f2fb9\">takeover bid<\/a><\/strong><strong> by HA Utilities.<\/strong><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egytrans\/\">EgyTrans<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-and-beverage\/\">food and beverage<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/juhayna\/\">Juhayna<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/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=\"562880\" 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=\"562880\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/562880\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562880\" class=\"content-area-description single-story post-562880 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/Sodic-The-Estate1-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"562881\" 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=\"562881\">\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\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/mohamed-maait-headlines-the-talk-shows-on-9-june-2021\/\">\r\n                            Mohamed Maait headlines the talk shows on 9 June 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\/06\/09\/mohamed-maait-headlines-the-talk-shows-on-9-june-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 class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/mohamed-maait-headlines-the-talk-shows-on-9-june-2021\/')\">\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\/06\/09\/mohamed-maait-headlines-the-talk-shows-on-9-june-2021\/\">\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=Mohamed Maait headlines the talk shows on 9 June 2021&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/mohamed-maait-headlines-the-talk-shows-on-9-june-2021\/\">\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\/06\/09\/mohamed-maait-headlines-the-talk-shows-on-9-june-2021\/&title=Mohamed Maait headlines the talk shows on 9 June 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=Mohamed+Maait+headlines+the+talk+shows+on+9+June+2021+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F09%2Fmohamed-maait-headlines-the-talk-shows-on-9-june-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\/06\/09\/mohamed-maait-headlines-the-talk-shows-on-9-june-2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562881\" class=\"content-area-description single-story post-562881 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-economic-reform-program tag-enterpriseam tag-gdp tag-imf tag-last-nights-talk-shows tag-mohamed-maait tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Finance Minister Mohamed Maait has the Enterprise talk show section all to<\/strong> <strong>himself this morning<\/strong> after he dialled in to Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=lAHoKMgPnDM\">watch, runtime: 25:14<\/a>) and Yahduth fi Masr (watch, runtime: <a href=\"https:\/\/www.youtube.com\/watch?v=K4HqdyJuWGo\">2:13<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=zJsCTqnWXZc\">3:08<\/a>) last night to talk about the economy. Among the highlights was Maait\u2019s suggestion that we could receive the final tranche of our IMF loan later this month \u2014 more on that at the top of this morning\u2019s issue.<\/p>\n<p><strong>Also worth noting:<\/strong><\/p>\n<p><strong>The economic reforms are not over: <\/strong>The government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/880fe75b-3a07-477a-93c3-c87eaad7936f\">announced<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/880fe75b-3a07-477a-93c3-c87eaad7936f\">in April<\/a> a new, three-year program of structural reforms designed to support private sector-led economic growth and capitalize on the past seven-year economic reforms. This will help the economy eke out pre-covid growth rates, create sustainable growth and help overcome repercussions due to the pandemic, Maait told Yahduth fi Masr\u2019s Sherif Amer. Economic reforms alongside social protection policies and programs aimed at improving people\u2019s quality of life through key sectors such as education, transport, agriculture, health and social welfare will boost Egypt\u2019s economic performance and further enhance its position among its peers, the minister said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economic-reform-program\/\">economic reform program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/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\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"562882\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section 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NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/bidens-u-turn-on-egypt-human-rights\/\">\r\n                            Biden\u2019s \u201cu-turn\u201d on Egypt human rights                        <\/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\/06\/09\/bidens-u-turn-on-egypt-human-rights\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> 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href=\"https:\/\/api.whatsapp.com\/send?text=Biden%E2%80%99s+%E2%80%9Cu-turn%E2%80%9D+on+Egypt+human+rights+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F09%2Fbidens-u-turn-on-egypt-human-rights%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\/06\/09\/bidens-u-turn-on-egypt-human-rights\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562883\" class=\"content-area-description single-story post-562883 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-daesh tag-enterpriseam tag-europe tag-france tag-human-rights tag-joe-biden tag-national-security wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>No particular subject is dominating the conversation on Egypt in the foreign press this <\/strong><strong>morning:<\/strong> Joe Biden\u2019s \u201cu-turn\u201d over his stance on Egypt\u2019s human rights situation is getting attention in <a href=\"https:\/\/www.theguardian.com\/global-development\/2021\/jun\/08\/biden-accused-of-u-turn-over-egypts-human-rights-abuses\">the Guardian<\/a>, while <a href=\"https:\/\/apnews.com\/article\/islamic-state-group-africa-middle-east-egypt-786aea08ec7c37258ed8f533f016da7c\">the AP<\/a> reports that at least five people, including three engineers, a laborer and their driver have been kidnapped by Islamic State in North Sinai. Meanwhile, an Egyptian defense analyst tells <a href=\"https:\/\/breakingdefense.com\/2021\/06\/egypts-rafale-opens-door-to-more-french-european-deals\/\">Breaking Defense<\/a> that Egypt\u2019s recent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/849526ab-920b-43f2-ae71-959b9cc408d8\">multi-bn USD arms agreement<\/a> with France may open the door to more similar sales from France and other European countries.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/daesh\/\">Daesh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/europe\/\">Europe<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/france\/\">France<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/joe-biden\/\">Joe Biden<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-security\/\">national security<\/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=\"562884\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"562885\" 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=\"562885\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/rising-inflation-a-time-bomb-says-deutsche-bank\/\">\r\n                            Rising inflation a \u201ctime bomb,\u201d says Deutsche Bank                        <\/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\/06\/09\/rising-inflation-a-time-bomb-says-deutsche-bank\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The Fed\u2019s plan to maintain its loose monetary policy stance amid higher inflation \u201ccould create a significant recession and set off a chain of financial distress around the world, particularly in emerging markets,\u201d Deutsche\u2019s chief economist, David Folkerts-Landau, though most on Wall Street second the Fed\u2019s outlook that current inflationary pressures are only temporary.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,963<\/p>\n<\/td>\n<td>\n<p>-1.4% (YTD: -8.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.62<\/p>\n<\/td>\n<td>\n<p>Sell 15.72<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.62<\/p>\n<\/td>\n<td>\n<p>Sell 15.72<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>10,735<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +23.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>6,670<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +32.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,835<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +13.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,227<\/p>\n<\/td>\n<td>\n<p>-% (YTD: +12.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,095<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +9.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 72.22<\/p>\n<\/td>\n<td>\n<p>+1.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 3.13<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,894.20<\/p>\n<\/td>\n<td>\n<p>-%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 33,685<\/p>\n<\/td>\n<td>\n<p>-1.8% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>The EGX30 fell 1.4% yesterday<\/strong> on turnover of EGP 1.7 bn (23.5% above the 90-day average). Regional investors were net buyers. The index is down 8.1% YTD.<\/p><p><strong>In the green: <\/strong>Telecom Egypt (+10.7%), Madinet Nasr Housing &amp; Development (+4.0%) and TMG Holding (+2.0%).<\/p><p><strong>In the red: <\/strong>Pioneers Holding (-4.3%), Fawry (-4.0%) and CI Capital (-3.5%).<\/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\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/david-folkerts-landau\/\">David Folkerts-Landau<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/denmark\/\">Denmark<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/deutsche-bank\/\">Deutsche Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/goldman-sachs\/\">Goldman Sachs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jan-hatzius\/\">Jan Hatzius<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morten-bodskov\/\">Morten Bodskov<\/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\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"562886\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">14<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/the-aci-explainer-what-you-need-to-know-and-how-you-can-prepare\/\"> \r\n                            The ACI explainer - what you need to know and how you can prepare<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/the-aci-explainer-what-you-need-to-know-and-how-you-can-prepare\/\" 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\/hardhats\/the-aci-explainer-what-you-need-to-know-and-how-you-can-prepare\/')\">\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\/hardhats\/the-aci-explainer-what-you-need-to-know-and-how-you-can-prepare\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=The ACI explainer - 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2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"562887\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/the-aci-explainer-what-you-need-to-know-and-how-you-can-prepare\/137-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/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\/6\/137.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/137.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-562886\" class=\"content-area-description post-562886 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-aci tag-advanced-cargo-information tag-enterprise-hardhat tag-enterpriseam tag-nafeza wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-10\" class=\"content-anchor\"><\/a> <strong>Enterprise Explains: The ACI \u2014 What you need to know and how you can prepare: <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9bf7988d-19f6-45a6-ada1-65d7c23ec723\">Starting<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9bf7988d-19f6-45a6-ada1-65d7c23ec723\">from 1 July,<\/a> businesses importing goods at seaports will need to file shipping documents and cargo data digitally via the Advance Cargo Information (ACI) system. Otherwise, the shipment will not be allowed to enter Egypt. Some 4.5k importers and clearing agents have already signed up to <a href=\"https:\/\/www.nafeza.gov.eg\/en\">Nafeza<\/a>, and this number is increasing daily, technology advisor to the Egyptian Company for E-commerce Technology (MTS) Khaled Nassif says. We take a deep-dive into what the system is, how much it will cost, and what concerns stakeholders have voiced.<\/p>\n<p><strong>What is ACI?<\/strong> The Advance Cargo Information (ACI) pre-registration system is a World Customs Organization (WCO) protocol that provides real-time information on shipments of incoming goods to shipping lines, port operators and governments. To comply with the new system, the importer needs to register on the Finance Ministry\u2019s digital customs system Nafeza (aka National Single Window for Foreign Trade Facilitation), and obtain an e-signature token at least 48 hours before the goods are shipped. The importer is required to file the paperwork in order to be given a unique ID known as an ACID. This then needs to be submitted along with other documentation such as invoices and foreign exporter and shipment data to Nafeza at least 24 hours before the ship leaves port. The process is set up by the Egyptian Company for E-commerce Technology (MTS).<\/p>\n<p><strong>What information do you need to register a shipment? <\/strong>The required shipment data <a href=\"https:\/\/ent.news\/2021\/6\/LYNX-Business-Bulletin-Advanced-Cargo-Information-System-on-01062021.pdf\">includes<\/a> approved value, customs and submission systems, the cargo delivery site, customs item numbers and data, and statistical customs quantity. If there is an initial lading bill, the bill number, ports of loading and arrival, shipping company, freight number, means of transportation, gross and net weight and number of parcels are requested. As for the invoices, the importer needs to provide the purchase order number, invoice date and value, type of contract, billing currency, and foreign exporter nationality. Additional information includes item description, gross and net weight, item price, unit weight and the statistical customs quantity.<\/p>\n<p><strong>Who will be affected? <\/strong>Primary stakeholders are importers and suppliers, clearing agents and companies, and air or sea shipping companies. The system has already been implemented at 90% of Egypt\u2019s sea ports, but will be expanded to land and airports in the future, with no set timeline yet, Deputy Finance Minister for Treasury Affairs Ihab Abou Eish said recently. The system is currently deployed in Alexandria, Ain Sokhna, Port Said, Port Tawfik, Dekheila and Safaga. Adabiya port is also included, Abou Eish stated, adding that Nuweiba and Aswan had not been included yet due to the low volume of goods coming through the ports.<\/p>\n<p><strong>Why is Egypt implementing the ACI system? <\/strong>The collected data sets are <a href=\"http:\/\/www.wcoomd.org\/-\/media\/wco\/public\/global\/pdf\/topics\/facilitation\/instruments-and-tools\/tools\/safe-package\/aci_implementation-guidance.pdf?la=en\">used to identify high-risk or dangerous cargo<\/a> prior to loading. The aim is to strengthen supply chain security and mitigate potential security threats, as well to give countries time to scrutinize consignments prior to their arrival and take appropriate steps. This should also shorten the clearing time for incoming goods, head of airfreight at logistics company DB Schenker Dina Soliman tells us. The process also protects suppliers and clearing agents from foul play, she says.<\/p>\n<p><strong>How do we know this is secure? <\/strong>The system runs on blockchain technology, provided by CargoX, the <a href=\"https:\/\/cargox.io\/press-releases\/CargoX-Egypt-MTS-Nafeza-ACI\/\">sole blockchain document transfer gateway<\/a> service provider for the ACI process. Since it is running on blockchain, the system ensures that digital data is not forged or counterfeited, by allowing only certain people to have \u201cediting access\u201d to certain data points. The data in its final form has a timestamp and is linked to any previous versions or forms it had taken. This is then shared with peers\u2019 computers. The fact that it is not just shared with one central server, but that several different processors will have a copy of the data in its different forms makes it secure, as it is less likely to be forged.<\/p>\n<p><strong>What if I do not have my ACID when the ship arrives at an Egyptian port? <\/strong>The goods will not be cleared and will be returned to their port of origin.<\/p>\n<p><strong>How much will it cost stakeholders? <\/strong>The total fees are still unclear. Some fees need to be paid once by the importer upon initial registration on the system, such as e-signature fees. Other costs will primarily depend on the number and type of goods in the shipment. Additional costs from CargoX are expected to include the ACI declaration envelopes and bills of lading. Previously, customs and shipping documents were sent and legalized via couriers running between embassies, chambers of commerce and authorities. Now all of this has shifted online. CargoX charges USD 15 registration fees, then an additional USD 50 per shipment and between USD 2-3 per document transferred, Soliman tells us. Primarily, the supplier will have to pay the registration fees on Nafeza, Nassif says.<\/p>\n<p><strong>How are companies being onboarded? <\/strong> The Egyptian Company for E-commerce and Technology has conducted webinars for companies to help them with the registration process, while the Finance Ministry has sent some companies official letters prompting them to register, Nassif tells us.<\/p>\n<p><strong>What are stakeholders worried about?<\/strong> The ACI implementation on July 1 is causing some concern among stakeholders, such as who will bear which costs, how familiar the customs authorities are with the system, what the final pricing will look like and which stakeholder needs to register on the platform in some cases. Moreover, the knowledge transfer between MTS and the customs authorities is still not complete, DB Schenker\u2019s Soliman explains.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Nour City construction begins:<\/strong> The construction of Talaat Moustafa Group\u2019s EGP 500 bn Nour City development <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ad7bd42-d124-4747-91fc-2f3c9dcafb07\">has begun<\/a>.<\/li>\n<li><strong>RIZ Mk II:<\/strong> Russia <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/434a2de3-e88f-4412-9b04-58b37483b324\">wants to set up a second industrial zone<\/a> in the Suez Canal Economic Zone, this time in Ain Sokhna.<\/li>\n<li><strong>A new seaport on the North Coast:<\/strong> President Abdel Fatah El Sisi has <a href=\"https:\/\/www.facebook.com\/photo\/?fbid=330140281808040&set=a.324472705708131\">ordered<\/a> the establishment of a new seaport in the El Max area between the Alexandria and El Dekheila ports.<\/li>\n<li><strong>Work begins on mega petchem facility:<\/strong> The foundation stone for a USD 7.5 bn petchem complex in the Ain Sokhna industrial zone <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/434a2de3-e88f-4412-9b04-58b37483b324\">was laid on Saturday<\/a>.<\/li>\n<li><strong>New desalination plant:<\/strong> Orascom Construction (OC) and water treatment company Metito <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4fcc786f-3bb7-49bc-ac32-adda5f0f3c64\">have delivered<\/a> a USD 130 mn seawater desalination plant in East Port Said.<\/li>\n<li><strong>Saint Catherine development project:<\/strong> Hassan Allam Construction <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4fcc786f-3bb7-49bc-ac32-adda5f0f3c64\">has begun work<\/a> on a project to revitalize Saint Catherine city in South Sinai.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aci\/\">ACI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/advanced-cargo-information\/\">Advanced Cargo Information<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nafeza\/\">Nafeza<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"562888\" 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\/06\/09\/your-essential-business-calendar-on-9-june-2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-562888\" class=\"content-area-description single-story post-562888 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>7-9 June (Monday-Wednesday): A delegation of 18 French companies will meet with international financial institutions and Egyptian private partners in an event<a href=\"https:\/\/ent.news\/2021\/6\/CP-English-version.pdf\">organized<\/a> by Business France The event will take place at Sofitel Gezirah.<\/p>\n<p>11-14 June (Friday-Monday): Egypt<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/151259670377795\">is hosting<\/a> the first forum of the heads of African investment promotion agencies from under the theme Integration for Growth.<\/p>\n<p>14 June (Monday): Egypt Green Economy Forum.<\/p>\n<p>14 June (Monday): The Central Bank of Egypt will launch an electronic clearing system <sup><\/sup>for foreign currency cheques between banks.<\/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>16-22 June (Wednesday-Tuesday): <a href=\"https:\/\/www.facebook.com\/ismailiafilmfestival2015\/posts\/2956461661299085\">Ismailia International Film Festival<\/a>, National Film Center Ismailia<sup><\/sup>.<\/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>20 June (Sunday): Ismailia Economic Court to hold hearing on Ever Given compensation case.<\/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>24-29 June (Thursday-Tuesday): The fifth edition of the <a href=\"https:\/\/www.facebook.com\/AIWFFestival\/\">Aswan International Women\u2019s Film Festival<\/a><sup><\/sup>.<\/p>\n<p>26-29 June (Saturday-Tuesday): The Big 5 Construct Egypt, Cairo International Convention Center, Cairo, Egypt. The Big 5 Egypt Impact Awards will also be taking place at the event on 27 June.<\/p>\n<p>26 June - 1 July (Saturday-Thursday): <a href=\"https:\/\/www.facebook.com\/sharmfilmfestival\/?ref=page_internal\">Sharm El Sheikh Film Festival<\/a>. <sup><\/sup><\/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 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>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>July: The government will announce details of its new structural reform program<sup><\/sup>.<\/p>\n<p>2-4 August (Monday-Wednesday): Egypt is hosting the <a href=\"https:\/\/www.africa-foodmanufacturing.com\/en\/Home.html\">Africa Food Manufacturing<\/a> exhibition at the Egypt International Exhibition Center.<\/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\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":562859,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-562858","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"3db9fea3-cf5f-47ec-b2fa-0fbc24a64f7c","teaser":"","photo_url":"https:\/\/ent.news\/2021\/6\/121.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>From Aldar\u2019s SODIC bid to the World Bank\u2019s Egypt growth projections, it\u2019s a really busy news day - 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\/from-aldars-sodic-bid-to-the-world-banks-egypt-growth-projections-its-a-really-busy-news-day\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"From Aldar\u2019s SODIC bid to the World Bank\u2019s Egypt growth projections, it\u2019s a really busy news day\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/from-aldars-sodic-bid-to-the-world-banks-egypt-growth-projections-its-a-really-busy-news-day\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T03:52:52+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/121.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\/from-aldars-sodic-bid-to-the-world-banks-egypt-growth-projections-its-a-really-busy-news-day\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/from-aldars-sodic-bid-to-the-world-banks-egypt-growth-projections-its-a-really-busy-news-day\/\",\"name\":\"From Aldar\u2019s SODIC bid to the World Bank\u2019s Egypt growth projections, it\u2019s a really busy news day - 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