{"id":568051,"date":"2020-12-16T03:56:48","date_gmt":"2020-12-16T03:56:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=568051"},"modified":"2025-12-16T06:10:59","modified_gmt":"2025-12-16T06:10:59","slug":"all-good-as-cib-releases-first-financial-results-since-cbe-probe","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/all-good-as-cib-releases-first-financial-results-since-cbe-probe\/","title":{"rendered":"All good as CIB releases first financial results since CBE probe"},"content":{"rendered":"<section id=\"568053\" 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=\"568053\">\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\/2020\/12\/16\/what-were-tracking-on-16-december-2020\/\">\r\n                            What we\u2019re tracking on 16 December 2020                        <\/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\/2020\/12\/16\/what-were-tracking-on-16-december-2020\/\" 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\/2020\/12\/16\/what-were-tracking-on-16-december-2020\/')\">\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\/2020\/12\/16\/what-were-tracking-on-16-december-2020\/\">\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=What we\u2019re tracking on 16 December 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/what-were-tracking-on-16-december-2020\/\">\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\/2020\/12\/16\/what-were-tracking-on-16-december-2020\/&title=What we\u2019re tracking on 16 December 2020\">\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=What+we%E2%80%99re+tracking+on+16+December+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F16%2Fwhat-were-tracking-on-16-december-2020%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\/2020\/12\/16\/what-were-tracking-on-16-december-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568053\" class=\"content-area-description single-story post-568053 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-enterpriseam tag-mohamed-el-erian tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>The end of year news slowdown has finally hit<\/strong>, and with only 15 days to go to the end of the year, a lot of what we\u2019re seeing is retrospectives on the year that passed and macroeconomic predictions for what\u2019s to come.<\/p><p><strong>ONE BIG THING- CIB has released its eagerly awaited 3Q2020 financial results<\/strong>, the first since Hisham Ezz Al Arab stepped down as chairman and managing director after a probe by the regulator. A favorite of investors, the bank is normally the poster child for timely disclosure, and the delay in releasing third quarter numbers (which were due by mid-November) had some folks starting to get on edge. The results were out overnight and look very solid \u2014 and critically show no gap in the balance sheet, as CEO Hussein Abaza promised investors early in the flap. We have the full rundown in the news well, below.<\/p><p><strong>It\u2019s official: The House of Representatives\u2019 five-year term is now over and<\/strong><strong> sessions are adjourned<\/strong> until the new set of MPs begin their first legislative cycle next month, House Speaker Ali Abdel Aal <a href=\"https:\/\/bit.ly\/2IR5E83\">announced<\/a> yesterday. Outstanding pieces of legislation on the outgoing Parliament\u2019s roster will now be deferred to the next class of MPs. That includes the law that would allow Egypt to move ahead with its first-ever sovereign sukuk sale, which we recap in detail in this morning\u2019s Legislation Watch, below.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY- Students in <\/strong><strong><a href=\"https:\/\/bit.ly\/2LFG3jC\">Cairo<\/a><\/strong>, <strong><a href=\"https:\/\/bit.ly\/3qYP1IQ\">Giza<\/a><\/strong><strong>, <\/strong><strong><a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/396935\/Egypt\/Politics-\/Four-Egyptian-governorates-to-suspend-schools,-uni.aspx\">Damietta, and Marsa<\/a><\/strong><strong><a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/396935\/Egypt\/Politics-\/Four-Egyptian-governorates-to-suspend-schools,-uni.aspx\">Matrouh<\/a><\/strong><strong> seem to have prayed hard enough and are getting the day off.<\/strong> The national weather office says there\u2019s a good chance of significant rainfall and is warning of potential flooding. Cairo Governor Khaled Abdel-Aal said that it\u2019s still not clear whether schools in the capital will open on Thursday or not.<\/p><p><strong>But it won\u2019t be another \u201c<\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc24c7bd-828e-46db-af66-b2eeb122a3d8\">Dragon Storm<\/a><\/strong>,\u201d with only moderate amounts of rain expected over the next couple of days, head of the Egyptian Meteorological Authority\u2019s Remote Sensing Center Iman Shaker said last night on <a href=\"https:\/\/www.youtube.com\/watch?v=-KvyKGqY25g\">Masaa DMC<\/a> and <a href=\"https:\/\/www.youtube.com\/watch?v=ECN_TzSbAzA\">Ala Mas\u2019ouleety<\/a>.<\/p><p><strong>TRIGGER WARNING- It\u2019s been nearly 10 years since the events of the Arab Spring.<\/strong> Brace yourselves for paper-thin punditry and platitudes galore as media outlets trot out their \u201c10 years on\u2026\u201d pieces. <a href=\"https:\/\/www.reuters.com\/article\/idUSKBN28P11U\">Reuters got an early start with this piece<\/a>, out the day before the 10 year anniversary of Tunisian fruit seller Mohamed Bouazizi\u2019s self-immolation.<\/p><hr class=\"grey-line\"><p><strong>It\u2019s Fed day 2: <\/strong>The US Federal Open Market Committee will announce later today if it will expand a USD 120 bn per month bond-buying program it launched earlier in the pandemic, which would signal easy monetary policy and near-zero interest rates for years to come. Other central bankers \u2014 particularly in emerging markets \u2014 are watching closely to determine if they ought to push forward with stimulus policies and monetary easing.<\/p><p><strong>Vaccination rollouts across the Middle East are expected to boost equity markets<\/strong>, especially as the inoculation distributions come together with a lower USD and higher oil price expected to create \u201cthe perfect recipe\u201d for recovery, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-15\/vaccine-adds-to-excellent-recipe-for-recovery-in-middle-east?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports. Tourist-exposed equity markets \u2014 think Egypt and Dubai, especially \u2014 are more likely to immediately benefit from the recovery than oil-dependent economies, analysts say.<\/p><p><strong>Saudi Arabia is getting ready to roll out the Pfizer \/ BioNTech jab<\/strong> in a three part program that will see citizens over 65, those with immunodeficiencies and chronic illnesses, as well as healthcare workers be first in line for the vaccine, according to a <a href=\"https:\/\/www.spa.gov.sa\/viewfullstory.php?lang=en&amp;newsid=2168246#2168246\">Saudi Press Agency statement<\/a>. The pilot group will be followed by those over 50 getting the jab and eventually a rollout to just about everyone else. The Saudi government had last week approved the vaccine and is now asking people to sign up for the country\u2019s vaccination drive, which will be provided without charge.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong> <strong>The Central Bank of Egypt is scheduled to meet on Thursday, 24 <\/strong><strong>December. <\/strong>Economists here are anticipating a hold on interest rates this time around after cutting rates 400 bps in 2020 on the back of food prices <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/790c7907-afb4-4e0c-9338-260b3db35554\">driving the headline inflation<\/a> rate up for the second consecutive month, to 5.7% in November from 4.6% in October.<\/p><p><strong>Also worth keeping an eye out for this month is the Egypt-UK post-Brexit trade <\/strong><strong>agreement coming <\/strong><strong><a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/3\/12\/393664\/Business\/Economy\/EgyptUK-trade-agreement-takes-effect--December-UK-.aspx\">to effect<\/a><\/strong><strong> on New Year\u2019s eve.<\/strong> It is hoped that the agreement will unlock a spate of UK investments in Egypt, including in the Suez Canal Economic Zone, oil and gas, manufacturing, agribusiness, healthcare and education sectors, UK Trade Envoy to Egypt Sir Jeffery Donaldson said last month.<\/p><p><strong>Taxpayers only have until 12 February 2021 take advantage of a partial waiver of<\/strong><strong> penalty fees on late tax payments<\/strong>, Tax Authority boss Reda Abdel Kader said, according to <a href=\"https:\/\/bit.ly\/389cpuN\">Masrawy<\/a>. Late taxpayers that clear their full dues before this date could get up to a 50% discount on penalty fees for late payment. Those that had made full payments in the previous four months were handed better discounts of 90% and 70% under <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e83fb2e-5a1e-4f34-a5e5-b627074b2041\">an act<\/a> passed by the House earlier this year.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, urban development and as well as social infrastructure such as health and education.<\/p><p><strong>WE\u2019RE DOING SOMETHING DIFFERENT THIS MONTH-<\/strong> Our first issue of Hardhat came out in January, and since then we\u2019ve seen industries working in infrastructure face ups and downs that none of us could have pictured a year ago. In a special two-part Hardhat Year in Review, we examine the major trends and developments of infrastructure in 2020. In part 1, we look at how covid-driven supply-chain disruptions and price volatility impacted energy, construction and shipping \u2014 and how they bounced back.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-el-erian\/\">Mohamed El Erian<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568054\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"568054\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/568054\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568054\" class=\"content-area-description single-story post-568054 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/SOMA-ENTERPRISE-MESCA-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568055\" 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=\"568055\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/you-can-breathe-now\/\">\r\n                            You can breathe now                        <\/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\/2020\/12\/16\/you-can-breathe-now\/\" 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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You can read the <a href=\"https:\/\/ent.news\/2020\/12\/3Q20-Press-Release-Final.pdf\">full release here (pdf)<\/a> or have a look at the bank\u2019s <a href=\"https:\/\/ent.news\/2020\/12\/CIB-Consolidated-financial-statements-Sep-2020-English.pdf\">consolidated<\/a> or <a href=\"https:\/\/ent.news\/2020\/12\/CIB-Separate-financial-statements-Sep-2020-English.pdf\">standalone<\/a> results.<\/p>\n<p><strong>The results show no hole in the bank\u2019s balance sheet <\/strong>after the CBE said in late October that a review had found <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8885a748-373a-433d-a982-92d7c6cf127c\">significant issues<\/a> with the bank\u2019s credit cycle and internal controls. As CIB Chief Executive Officer Hussein Abaza told investors on a call in the wake of Ezz Al Arab\u2019s departure: \u201cThere is no gap in the balance sheet.\u201d<\/p>\n<p><strong>The bank\u2019s bottom line would have grown 15% had CIB not taken provisions <\/strong>of EGP 1.6 bn in the third quarter. That figure is in line with the conservative position the bank has taken on provisions for some time now, with management saying in a comment, \u201cDespite wide anticipations of a speedy global economic recovery, ambiguity continued to overshadow the overall outlook and hence the creditworthiness of clients.\u201d Meanwhile, the bank has \u201cmaintained resilient asset quality,\u201d the release notes.<\/p>\n<p><strong>Key indicators all seem to be moving in the right direction. <\/strong>Your favorite research analysts will be in touch with their takes on CIB\u2019s results later this morning, we\u2019re sure \u2014 it\u2019s no exaggeration to say no set of results has been as hotly anticipated in Egypt in living memory. But in the meantime, everything from revenues (+21% y-o-y in 9M2020 when you exclude the impact of provisions) and net interest income (the main way the bank generates its top line, up 22%), to operating costs were all healthy, and local currency loans are up 16% in the first nine months of the year.<\/p>\n<p><strong>Interestingly, lending to all but the bank\u2019s very biggest clients was up <\/strong>as small and medium sized businesses borrowed 36% more YTD in local currency and LCY loans to individuals were up 29% in the same period.<\/p>\n<p><strong>CIB <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8885a748-373a-433d-a982-92d7c6cf127c\">began working in late October<\/a><\/strong><strong> on a number of the central<\/strong><strong> bank\u2019s recommendations <\/strong>and execs as well as new Non-Executive Chairman Sherif Samy have been in ongoing discussions with the CBE, the earnings release says. The bank is now <strong>bringing in an \u201cindependent international professional services firm\u201d<\/strong> to review its controls and lending functions as it finishes addressing issues the central bank raised in its review.<\/p>\n<p><strong>The bank\u2019s shares are down about 6% on the EGX since the flap first broke in October<\/strong>, closing yesterday at EGP 62.50. They were at EGP 66.60 before rumors began circulating that something was happening at the country\u2019s largest private-sector lender.<\/p>\n<p><strong>CIB \u201cremains prudentially sound and depositors\u2019 funds are fully secure,\u201d <\/strong>the central bank said in October when the news first broke. After Ezz Al Arab\u2019s departure, the regulator noted that \u201cwith [the] appointment of a new CIB chairman and the existing board, the bank should be well-placed to work on addressing regulatory, compliance and governance concerns that have been communicated to CIB.\u201d CIB\u2019s financials and control procedures are regularly audited by independent international auditors PwC and Deloitte.<\/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\/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\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-ezz-al-arab\/\">Hisham Ezz Al Arab<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hussein-abaza\/\">Hussein Abaza<\/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=\"568057\" 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=\"568057\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/fx-liquidity-at-banks-is-recovering-from-covid\/\">\r\n                            FX liquidity at banks is recovering from covid                        <\/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\/2020\/12\/16\/fx-liquidity-at-banks-is-recovering-from-covid\/\" 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\/2020\/12\/16\/fx-liquidity-at-banks-is-recovering-from-covid\/')\">\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\/2020\/12\/16\/fx-liquidity-at-banks-is-recovering-from-covid\/\">\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=FX liquidity at banks is recovering from covid&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/fx-liquidity-at-banks-is-recovering-from-covid\/\">\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\/2020\/12\/16\/fx-liquidity-at-banks-is-recovering-from-covid\/&title=FX liquidity at banks is recovering from covid\">\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=FX+liquidity+at+banks+is+recovering+from+covid+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F16%2Ffx-liquidity-at-banks-is-recovering-from-covid%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\/2020\/12\/16\/fx-liquidity-at-banks-is-recovering-from-covid\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/288.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568058\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/fx-liquidity-at-banks-is-recovering-from-covid\/288-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/288.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"288.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/288.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/288.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568057\" class=\"content-area-description single-story post-568057 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-banking tag-economy tag-enterpriseam tag-foreign-reserves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>The banking sector\u2019s FX liquidity has recovered from pandemic-induced lows, <\/strong>thanks to the return of foreign inflows to capital markets, Fitch Ratings said in <a href=\"https:\/\/www.fitchratings.com\/research\/banks\/egyptian-banks-foreign-currency-liquidity-recovers-on-inflows-15-12-2020\">a report<\/a> yesterday. Net foreign assets at banks increased to USD 2.9 bn in October, continuing to rebound after having turned positive in September. Excluding the central bank, net foreign assets in banks are still low compared to USD 7.3 bn in February, before the pandemic struck. Meanwhile, the combined net foreign assets of commercial banks and the CBE in September rose 33% m-o-m to positive USD 14 bn, up from USD 10.6 bn in August, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e5b609-bbb4-423d-8d02-fe1297753791\">central bank data<\/a> we picked up in November showed.<\/p>\n<p><strong>The liquidity position is a \u201csustained improvement\u201d as net foreign assets had dropped to negative USD 5.3 bn in April,<\/strong> when banks had to service some USD 17 bn of capital outflows triggered by the global market panic, Fitch said. Fitch had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c78598b-be81-4cb9-a38a-90b137dca9f7\">previously expected<\/a> the recovery in FX to last longer.<\/p>\n<p><strong>This improvement was underpinned by foreign investors flocking back to EGP treasuries, <\/strong>Fitch said. Foreign portfolio investments recovered sharply since May, increasing to USD 23 bn by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a02f6809-1380-4df3-863e-2926ff19819f\">the end of November<\/a>, up from USD 21.1 bn six weeks earlier and more than doubling from USD 10.4 bn in May. Egypt\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1eb6d15c-55a3-4fd5-a26e-b11c728512b4\">carry trade<\/a> continues to be attractive for overseas investors, the ratings agency noted as real interest rates continue to be among the highest in the world, despite this year\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5662d281-1e6f-4604-b559-ae1ac16ce3be\">400 bps reduction<\/a> in nominal rates.<\/p>\n<p><strong>Banks, however, saw a 21% increase in foreign liabilities in 10M2020,<\/strong> posing some long-term repayment risks. Net foreign assets at banks also only covered 7% of local foreign currency-denominated deposits at the end of October, down from 18% at the end of February, Fitch said. However, nearly 70% of the banks\u2019 external debt is long-term, limiting short-term refinancing threats, it added.<\/p>\n<p><strong>FX liquidity is still vulnerable to any drop in investor confidence and to exchange-rate fluctuations,<\/strong> and the reliance of banks on foreign creditors carries \u201crefinancing risks,\u201d Fitch added. Given higher external financing needs and the drop in FX receipts \u2014 as we\u2019ve seen in the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/208459ce-0af4-4af3-b83f-04a417b32cb8\">plunge in tourism revenues<\/a> \u2014 Fitch forecasts \u201crenewed pressure\u201d on FX reserves and on the EGP.<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-reserves\/\">foreign reserves<\/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=\"568059\" 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=\"568059\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/odh-sells-affordable-housing-arm\/\">\r\n                            ODH sells affordable housing arm                        <\/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\/2020\/12\/16\/odh-sells-affordable-housing-arm\/\" 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\/2020\/12\/16\/odh-sells-affordable-housing-arm\/')\">\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\/2020\/12\/16\/odh-sells-affordable-housing-arm\/\">\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=ODH sells affordable housing arm&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/odh-sells-affordable-housing-arm\/\">\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\/2020\/12\/16\/odh-sells-affordable-housing-arm\/&title=ODH sells affordable housing arm\">\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=ODH+sells+affordable+housing+arm+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F16%2Fodh-sells-affordable-housing-arm%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\/2020\/12\/16\/odh-sells-affordable-housing-arm\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/289.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568060\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/odh-sells-affordable-housing-arm\/289-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/289.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"289.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/289.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/289.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568059\" class=\"content-area-description single-story post-568059 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-enterpriseam tag-investment-watch tag-ma-watch tag-orascom-development-egypt tag-orascom-housing-communities tag-real-estate tag-samih-sawiris 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>An unnamed UK-based fund has acquired 100% of New City <\/strong><strong>Housing and Development for EGP 365 mn, <\/strong><a href=\"https:\/\/bit.ly\/37XXW4s\">Al Mal<\/a> reports citing unnamed sources familiar with the agreement. The fund, which is reportedly owned by an unnamed Egyptian businessman, purchased a 35.2% stake previously held by Samih Sawiris\u2019 Orascom Development Holding (ODH) in the affordable housing developer, and a combined 64.8% stake held by Sawiris personally and US company <a href=\"https:\/\/www.blueridgecompanies.com\/\">Blue Ridge<\/a> and PE firm <a href=\"https:\/\/www.equityinternational.com\/\">Equity International<\/a>. New City Housing was formerly known as Orascom Housing Communities (OHC). The sale comes as Sawiris\u2019 ODH <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/81a0379e-c7c6-40d7-a88b-d213ae9b02c5\">narrows its focus<\/a> on core businesses, which center on high-end real estate including El Gouna and O West.<\/p>\n<p><strong>Advisors: <\/strong>Beltone Securities Brokerage provided sell-side brokerage services while Hermes Securities Brokerage executed the sale on behalf of the unnamed fund. Matouk Bassiouny & Hennawy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bf65f4b3-1072-4c8a-9d90-448a9a374eae\">acted as counsel<\/a> to the buyer.<\/p>\n<p><strong>OTHER M&A NEWS- A mandatory tender offer to snap up 90% of El Nasr Civil Works a<\/strong><strong>t EGP 11 apiece is currently under review<\/strong> from the Financial Regulatory Authority, according to an <a href=\"https:\/\/ent.news\/2020\/12\/255133_1.pdf\">EGX disclosure<\/a>. A group led by Odin Investments submitted the MTO to the regulatory for sign-off. The remaining 10% of the company\u2019s shares remaining as freefloat shares.<\/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\/investment-watch\/\">investment watch<\/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\/orascom-development-egypt\/\">Orascom Development Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-housing-communities\/\">Orascom Housing Communities<\/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\/samih-sawiris\/\">Samih Sawiris<\/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=\"568061\" 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=\"568061\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/monginis-to-invest-egp-200-mn-over-the-next-two-years-to-expand-their-presence-nationwide\/\">\r\n                            Monginis to invest EGP 200 mn over the next two years to expand their presence nationwide                        <\/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\/2020\/12\/16\/monginis-to-invest-egp-200-mn-over-the-next-two-years-to-expand-their-presence-nationwide\/\" 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\/2020\/12\/16\/monginis-to-invest-egp-200-mn-over-the-next-two-years-to-expand-their-presence-nationwide\/')\">\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\/2020\/12\/16\/monginis-to-invest-egp-200-mn-over-the-next-two-years-to-expand-their-presence-nationwide\/\">\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=Monginis to invest EGP 200 mn over the next two years to expand their presence nationwide&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/monginis-to-invest-egp-200-mn-over-the-next-two-years-to-expand-their-presence-nationwide\/\">\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\/2020\/12\/16\/monginis-to-invest-egp-200-mn-over-the-next-two-years-to-expand-their-presence-nationwide\/&title=Monginis to invest EGP 200 mn over the next two years to expand their presence nationwide\">\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=Monginis+to+invest+EGP+200+mn+over+the+next+two+years+to+expand+their+presence+nationwide+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F16%2Fmonginis-to-invest-egp-200-mn-over-the-next-two-years-to-expand-their-presence-nationwide%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\/2020\/12\/16\/monginis-to-invest-egp-200-mn-over-the-next-two-years-to-expand-their-presence-nationwide\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/290.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568062\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/monginis-to-invest-egp-200-mn-over-the-next-two-years-to-expand-their-presence-nationwide\/290-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/290.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"290.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/290.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/290.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568061\" class=\"content-area-description single-story post-568061 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam tag-investment-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Sweets maker <\/strong><strong><a href=\"https:\/\/monginisscakes.com\/\">Monginis<\/a><\/strong><strong> is planning to invest EGP 200 mn to double their number<\/strong> <strong>of stores to 200 by 2022<\/strong>, Business Development Director Osama Soliman told Amwal Al Ghad. Monginis is currently mulling opening seasonal stores in tourism cities such as Hurghada, Ain Sokhna, and Sharm El Sheikh. The company is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c4636bbf-cbce-4c50-90b0-854ebb75136c\">building a new factory in Sadat City<\/a> to increase their production capacity and support their expansion with the factory set to begin operating by the end of 2021. Monginis was hard hit during the first wave of the pandemic, losing 70% of their overall sales, but has since recovered 80% of their pre-covid levels.<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568063\" 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=\"568063\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/568063\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568063\" class=\"content-area-description single-story post-568063 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/SODIC-Karmell-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=\"568064\" 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=\"568064\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/what-were-borrowing-in-1h2021\/\">\r\n                            What we\u2019re borrowing in 1H2021                        <\/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\/2020\/12\/16\/what-were-borrowing-in-1h2021\/\" 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\/2020\/12\/16\/what-were-borrowing-in-1h2021\/')\">\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\/2020\/12\/16\/what-were-borrowing-in-1h2021\/\">\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=What we\u2019re borrowing in 1H2021&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/what-were-borrowing-in-1h2021\/\">\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\/2020\/12\/16\/what-were-borrowing-in-1h2021\/&title=What we\u2019re borrowing in 1H2021\">\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=What+we%E2%80%99re+borrowing+in+1H2021+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F16%2Fwhat-were-borrowing-in-1h2021%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\/2020\/12\/16\/what-were-borrowing-in-1h2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568064\" class=\"content-area-description single-story post-568064 post type-post status-publish format-standard hentry category-debt-watch tag-debt tag-debt-watch tag-enterpriseam tag-eurobonds tag-green-bonds tag-sukuk wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>The Finance Ministry reportedly plans to sell USD 7 bn-worth of EUR- and <\/strong><strong>USD-denominated eurobonds in 1H2021<\/strong>, <a href=\"https:\/\/bit.ly\/2LGIWAI\">Asharq Bloomberg<\/a> suggests. The story, which cites unnamed sources, suggests the ministry has already approached international investment banks to advise on the potential sales. Finance Minister Mohamed Maait had told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-08\/egypt-lays-out-what-bond-investors-craving-yield-can-expect-next?sref=mmeFTDW1\">Bloomberg<\/a> last week that the government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/95e658a0-969e-43ad-84b1-5ad3188839e2\">could issue new eurobonds<\/a> on the international market in the first half of 2021.<\/p>\n<p><strong>In an effort to <\/strong><strong><a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/10\/finance-ministry-drafts-more-realistic-comprehensive-debt-strategy-raises-egypts-public-debt-targets\/\">diversify its debt<\/a><\/strong><strong>portfolio<\/strong>, the government is also considering floating-rate sovereign bonds, and is expected to take its first sovereign sukuk issuance next year after a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/75e94e55-dc4e-4272-a14d-406ea57b2e2c\">draft law<\/a> gets final approval next year. The government also took its first sovereign green bond issuance to market <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d1b54d5-5efa-41c9-ac8b-728b105b2ef0\">earlier this year<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eurobonds\/\">eurobonds<\/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\/sukuk\/\">sukuk<\/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=\"568065\" 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=\"568065\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/parliament-pushes-sukuk-law-to-2021\/\">\r\n                            Parliament pushes Sukuk law to 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\/2020\/12\/16\/parliament-pushes-sukuk-law-to-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\/2020\/12\/16\/parliament-pushes-sukuk-law-to-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\/2020\/12\/16\/parliament-pushes-sukuk-law-to-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=Parliament pushes Sukuk law to 2021&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/parliament-pushes-sukuk-law-to-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\/2020\/12\/16\/parliament-pushes-sukuk-law-to-2021\/&title=Parliament pushes Sukuk law to 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=Parliament+pushes+Sukuk+law+to+2021+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F16%2Fparliament-pushes-sukuk-law-to-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\/2020\/12\/16\/parliament-pushes-sukuk-law-to-2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/291.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568066\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/parliament-pushes-sukuk-law-to-2021\/291-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/291.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"291.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/291.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/291.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568065\" class=\"content-area-description single-story post-568065 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-debt tag-enterpriseam tag-islamic-finance tag-legislation tag-legislation-watch tag-oil-and-gas tag-sukuk wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>The bill that lays the groundwork for Egypt\u2019s first sovereign sukuk sale is<\/strong><strong> being put on hold until the new class of MPs is seated <\/strong>in the House of Representatives next month. The current House of Representatives was expected to <a href=\"https:\/\/bit.ly\/2K3Y9v2\">begin discussions yesterday<\/a> of the bill, but ultimately pushed it to the next legislative cycle after House Speaker Ali Abdel Aal called an end to Parliament\u2019s five-year term. The bill governs how the debt is securitized and traded, as well as the rights and responsibilities of sukuk holders. Egypt\u2019s maiden sovereign sukuk sale is expected after the bill clears the House general assembly in a final vote, is ratified by President Abdel Fattah El Sisi, and its executive regulations are published. The bill received cabinet approval <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f1de01a-6e3e-420b-93d3-6926dfc21c73\">last month<\/a>.<\/p>\n<p><strong>What does the bill entail?<\/strong> The law would, if passed, allow the government to sell ijara, mudaraba, istisnaa, murabaha, and wekala sukuk in the local and international debt markets, according to a copy of the draft law seen by Enterprise. (Don\u2019t know your ijara from your murabaha? We have you covered on the sukuk types <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8943e6f1-9b79-46d8-815d-d76d91a75de4\">here<\/a>).<\/p>\n<p><strong>While the bill would make sovereign sukuks a legal reality, it is the executive regulations that will lay the framework for sukuks.<\/strong> This includes establishing a regulatory oversight committee, clarifying how disputes between the government and sukuk holders would be handled, and setting up an association to protect the rights of investors. The regulations are expected to be out within three months of it being ratified by the president.<\/p>\n<p><strong>APPROVED AT THE COMMITTEE LEVEL YESTERDAY-<\/strong> <strong>The charter of the Eastern Mediterranean Gas Forum. <\/strong>The House Energy Committee approved the document, which also appears to have been pushed to the next legislative cycle for general assembly sign-off, reports <a href=\"https:\/\/bit.ly\/2WgOpQL\">Al Mal<\/a>. Egypt and six of the forum\u2019s founding members, including Cyprus, Greece, and Italy, signed the charter <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01a49990-c0a6-474a-9234-976ca6dc30c3\">earlier this year<\/a>. It officially establishes the Cairo-headquartered organization and outlines its mandate: to serve as a market platform for natgas producers, consumers, and transit countries in the region. Other items that received House committee-level approval include:<\/p>\n<ul>\n<li><strong>The Oil Ministry\u2019s exploration contracts, <\/strong><a href=\"https:\/\/bit.ly\/2WgOpQL\">including<\/a> one with BP to explore in the Gulf of Suez, and one with Ganope in the Eastern Desert. <\/li>\n<li><strong>Establishing the 6 October Dry port, <\/strong>according to <a href=\"https:\/\/bit.ly\/3qVLHOG\">Al Mal<\/a>. Cabinet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2e3b8bdb-8453-4aa5-b0f5-aa1c04e5a6cf\">earlier this year<\/a> awarded the contract to design, build, operate, and transfer the port to a consortium of Elsewedy Electric, Schenker Egypt, and 3A International.<\/li>\n<li><strong>A SAR 1.4 bn (c.USD 390 mn) Saudi loan to establish the King Salman University<\/strong>, according to <a href=\"https:\/\/bit.ly\/34fahjW\">Youm7<\/a>.<\/li>\n<\/ul>\n<p><strong>ELSEWHERE IN LEGISLATION- New building code and urban planning <\/strong><strong>requirements are in their final drafting stages before being shipped to Ittihadiya<\/strong> for President Abdel Fattah El Sisi\u2019s approval, Prime Minister Moustafa Madbouly <a href=\"https:\/\/bit.ly\/3mnDxen\">said yesterday<\/a>. The new framework will then be reviewed by the Supreme Council for Planning and Urban Development before coming into effect. The framework, which includes requirements for parking space availability and maximum building height, among other things, has been in the works since May, when the government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec8c2b4f-f425-443e-ad0a-82c4e82b1578\">imposed a six-month ban<\/a> on construction permits.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/islamic-finance\/\">Islamic finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/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=\"568067\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF 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data-block-id=\"0coy8rf\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-0coy8rf-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-0coy8rf-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568068\" 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=\"568068\">\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\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/last-nights-talk-shows-on-16-december-2020\/\">\r\n                            Last Night\u2019s Talk Shows on 16 December 2020                        <\/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\/2020\/12\/16\/last-nights-talk-shows-on-16-december-2020\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows+on+16+December+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F16%2Flast-nights-talk-shows-on-16-december-2020%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\/2020\/12\/16\/last-nights-talk-shows-on-16-december-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568068\" class=\"content-area-description single-story post-568068 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-covid-19 tag-enterpriseam tag-last-nights-talk-shows tag-mohamed-maait tag-universal-healthcare-scheme wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>State coffers are ready to dole out a fresh stimulus package if needed<\/strong><strong> during the second<\/strong> <strong>wave of covid-19, with the top priority being healthcare spending<\/strong>, Finance Minister Mohamed Maait confirmed to Yahduth fi Misr\u2019s Sherif Amer. Maait had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0cf47be-9482-49f9-bc1a-4e4a1019da07\">said last month<\/a> that more stimulus has already been factored into budget calculations, but refused to tell Amer how the package would measure up in comparison to the EGP 100 bn in stimulus allocated at the beginning of the pandemic (<a href=\"https:\/\/www.youtube.com\/watch?v=4Kp81X7-294\">watch, runtime: 5:36<\/a>). Maait also had an extensive conversation with Ala Mas\u2019ouleety\u2019s Ahmed Moussa recapping the first stimulus package, as well as the implementation of the universal healthcare scheme, which was piloted in Port Said last year (<a href=\"https:\/\/www.youtube.com\/watch?v=hyMd0KccToE\">watch, runtime: 35:59<\/a>).<\/p>\n<p>Meanwhile, <strong>the government\u2019s scientific committees are still conducting a review of our vaccine choices before green-lighting their distribution<\/strong>, presidential health advisor Mohamed Awad Tag Eldin told Kelma Akhira\u2019s Lamees El Hadidi. Until that day comes, we must take social distancing and other preventive measures seriously, Tag Eldin stressed (<a href=\"https:\/\/www.youtube.com\/watch?v=mqxs9MkGgK4\">watch, runtime: 10:27<\/a>). Egypt\u2019s daily case count has been rising steadily because of people\u2019s collective decision to essentially \u201ccancel covid\u201d and flout safety protocols, Tag Eldin told Sherif Amer (<a href=\"https:\/\/www.youtube.com\/watch?v=ITvxILbjvPs\">watch, runtime: 3:44<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span 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\/universal-healthcare-scheme\/\">universal healthcare scheme<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568069\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568070\" 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=\"568070\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/egypt-in-the-news-on-16-december-2020\/\">\r\n                            Egypt in the News on 16 December 2020                        <\/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\/2020\/12\/16\/egypt-in-the-news-on-16-december-2020\/\" 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\/2020\/12\/16\/egypt-in-the-news-on-16-december-2020\/')\">\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\/2020\/12\/16\/egypt-in-the-news-on-16-december-2020\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt in the News on 16 December 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/egypt-in-the-news-on-16-december-2020\/\">\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\/2020\/12\/16\/egypt-in-the-news-on-16-december-2020\/&title=Egypt in the News on 16 December 2020\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News+on+16+December+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F16%2Fegypt-in-the-news-on-16-december-2020%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\/2020\/12\/16\/egypt-in-the-news-on-16-december-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568070\" class=\"content-area-description single-story post-568070 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-committee-to-protect-journalists tag-enterpriseam tag-giulio-regeni tag-italy tag-journalism tag-juhayna tag-middle-east tag-muslim-brotherhood tag-safwan-thabet wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a mixed bag of human rights stories<\/strong> on Reuters (<a href=\"https:\/\/uk.reuters.com\/article\/egypt-italy-regeni\/trial-for-regeni-murder-will-reach-shocking-truth-says-italian-prime-minister-idUKKBN28P0K8\">here<\/a> and <a href=\"https:\/\/www.reuters.com\/article\/global-rights-journalists\/record-number-of-journalists-imprisoned-in-2020-report-idUSL1N2IV06F\">here<\/a>) and <strong>the first of many \u201c10 years later\u201d pieces<\/strong> on the Arab Spring (<a href=\"https:\/\/www.washingtonpost.com\/world\/middle_east\/a-decade-later-arab-spring-legacy-lost-in-wars-repression\/2020\/12\/15\/6bb5efe8-3e9e-11eb-b58b-1623f6267960_story.html\">Washington Post<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/committee-to-protect-journalists\/\">Committee to Protect Journalists<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/giulio-regeni\/\">Giulio Regeni<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/italy\/\">Italy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/journalism\/\">journalism<\/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\/middle-east\/\">Middle East<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/muslim-brotherhood\/\">Muslim Brotherhood<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/safwan-thabet\/\">Safwan Thabet<\/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=\"568071\" 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=\"568071\">\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\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/everything-you-need-to-know-about-covid-at-home-and-abroad-on-16-december-2020\/\">\r\n                            Everything you need to know about covid at home and abroad on 16 December 2020                        <\/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\/2020\/12\/16\/everything-you-need-to-know-about-covid-at-home-and-abroad-on-16-december-2020\/\" 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\/2020\/12\/16\/everything-you-need-to-know-about-covid-at-home-and-abroad-on-16-december-2020\/')\">\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\/2020\/12\/16\/everything-you-need-to-know-about-covid-at-home-and-abroad-on-16-december-2020\/\">\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=Everything you need to know about covid at home and abroad on 16 December 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/everything-you-need-to-know-about-covid-at-home-and-abroad-on-16-december-2020\/\">\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\/2020\/12\/16\/everything-you-need-to-know-about-covid-at-home-and-abroad-on-16-december-2020\/&title=Everything you need to know about covid at home and abroad on 16 December 2020\">\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=Everything+you+need+to+know+about+covid+at+home+and+abroad+on+16+December+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F16%2Feverything-you-need-to-know-about-covid-at-home-and-abroad-on-16-december-2020%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\/2020\/12\/16\/everything-you-need-to-know-about-covid-at-home-and-abroad-on-16-december-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568071\" class=\"content-area-description single-story post-568071 post type-post status-publish format-standard hentry category-covid-watch tag-covid-19 tag-enterpriseam tag-health tag-pharma tag-saudi-arabia tag-tourism tag-trade tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/3oVAaNE\">reported<\/a><\/strong><strong> 523 new covid-19 infections yesterday<\/strong>, up from 511 the day before. Egypt has now disclosed a total of 122,609 confirmed cases of covid-19. The ministry also reported 23 new deaths, bringing the country\u2019s total death toll to 6,966.<\/p>\n<p><strong>The US\u2019 first covid-19 vaccinations outside of clinical trials started Monday, <\/strong>with a New York nurse among the first to get the Pfizer\/BioNTech jab, reports the <a href=\"https:\/\/www.wsj.com\/articles\/covid-19-vaccinations-in-the-u-s-slated-to-begin-monday-11607941806?mod=hp_lead_pos1\">Wall Street Journal<\/a>.<\/p>\n<p><strong>The kick-off of the inoculation drive comes as the US Food and Drug<\/strong><strong> Administration looks set to authorize the emergency use of the Moderna vaccine<\/strong> on Friday after its review confirmed that the vaccine is highly effective in protecting against covid-19. If approved, distribution of the 6 mn doses within the US could begin next week. <a href=\"https:\/\/www.nytimes.com\/2020\/12\/15\/health\/covid-moderna-vaccine.html?action=click&module=Spotlight&pgtype=Homepage\">The New York Times<\/a> has the story.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/health\/\">health<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pharma\/\">pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/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=\"568072\" 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=\"568072\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/what-the-markets-are-doing-on-16-december-2020\/\">\r\n                            What the markets are doing on 16 December 2020                        <\/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\/2020\/12\/16\/what-the-markets-are-doing-on-16-december-2020\/\" 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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Foreign investors were net sellers The index is down -20.8% YTD.<\/p><p><strong>In the green: <\/strong>Cleopatra Hospital (+3.9%), Ezz Steel (3.7%) and Sidi Kerir Petrochemicals (+3.5%).<\/p><p><strong>In the red: <\/strong>Dice (-7.4%), Egyptian Iron &amp; Steel (-3.3%) and Orascom Development (-2.9%).<\/p><p><strong>Asian markets are in the green this morning <\/strong>and futures suggest Europe and Wall Street should follow suit later today.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,058<\/p>\n<\/td>\n<td>\n<p>+1 (YTD: -21%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.67<\/p>\n<\/td>\n<td>\n<p>Sell 15.77<\/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>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>8,659<\/p>\n<\/td>\n<td>\n<p>-% (YTD: +3.2%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>5,133<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +1.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,531<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: -8.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,695<\/p>\n<\/td>\n<td>\n<p>+1.3% (YTD: +14.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,513<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -13.6%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 50.69<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 2.67<\/p>\n<\/td>\n<td>\n<p>-0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,855.10<\/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 19,343.68<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>Buyers of central bank-backed assets, beware, warns El Erian: <\/strong>Market sage Mohamed El Erian continues to warn that financial markets are divorced from the economic realities on the ground, writing yesterday that central bank-backed assets and fixed income have been moving in a different trajectory from macro indicators in a recession-prone Europe and a shaky US economy during the so-called post-covid recovery. \u201cThe result is not just seemingly endless liquidity-driven rallies regardless of fundamentals. It also alters market conditioning and inverts traditional cause and effect,\u201d he writes in <a href=\"https:\/\/www.ft.com\/content\/3cf4755f-3514-4131-a814-0fa4a387ca6a\">the Financial Times<\/a>. This may come back and bite investors who are tucked in under the safety blanket of central bank-backed liquidity in 2021.<\/p><p><strong>Is he hinting at a possible bubble?<\/strong> Not necessarily, but he certainly didn\u2019t dismiss it. He urges rebalancing of portfolios and \u201ca rethinking of the traditional portfolio construct of putting 60% of funds into equities and 40% into fixed income now that yields on government bonds are so artificially depressed. He stressed the need for a return to corporate fundamentals to validate high asset prices and support an orderly rebalancing of policy as well as an economic recovery boosted by vaccine rollouts.<\/p><p><strong>Meanwhile, the FT\u2019s Martin Wolf is adamant<\/strong> in a piece bluntly headlined <strong><a href=\"https:\/\/www.ft.com\/content\/9484ea73-5fd3-4e3e-9174-717848d5118c\">There is no stock<\/a><\/strong><strong><a href=\"https:\/\/www.ft.com\/content\/9484ea73-5fd3-4e3e-9174-717848d5118c\">market bubble.<\/a><\/strong><\/p><p><strong>Standard Chartered strikes a more positive note, buoyed by vaccine optimism:<\/strong> While largely backing El Erian\u2019s view that equity valuations are \u201coptically elevated,\u201d Standard Chartered sees the ongoing rapid vaccine distribution as justification enough to be optimistic heading into 2021, the bank said in its macro outlook <a href=\"https:\/\/ent.news\/2020\/12\/Standard-Chareterd-Macro-Outlook-2021.pdf\">for the year (pdf)<\/a>. \u201cVaccine distribution, fiscal and monetary policy support, bond yields, the USD and the <a href=\"https:\/\/www.investdavenport.com\/the-value-vs-growth-debate\/#:~:text=An%20investment%20strategy%20that%20involves,their%20intrinsic%20or%20book%20value.&amp;text=An%20investment%20strategy%20that%20focuses,with%20less%20emphasis%20on%20valuations.&amp;text=A%20common%20belief%20among%20investors,Value%20beats%20Growth%20over%20time.\">Value vs Growth debate<\/a> are five factors [that are] likely to define financial markets in 2021,\u201d it added. A world without covid is also expected to be especially favorable for risky assets, meaning emerging market government bonds are in for a good run while the USD will be weak vis-a-vis EM currencies.<\/p><p><strong>The bank still sees some risks going forward,<\/strong> namely central banks tightening monetary policy too early, \u201cvaccine distribution hiccups,\u201d or geopolitical risks, particularly heightened US-China or US-Iran relations.<\/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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568073\" 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=\"568073\">\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\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/around-the-world-for-16-december-2020\/\">\r\n                            Around the world for 16 December 2020                        <\/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\/2020\/12\/16\/around-the-world-for-16-december-2020\/\" 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 US argues that the move threatens the \u201csecurity of U.S. military technology and personnel and provide[s] substantial funds to Russia\u2019s defense sector.\u201d It has stopped short targeting Turkey\u2019s economy or its financial industry with sanctions, comforting investors and nudging the Turkish lira and benchmark equity gauge higher, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-14\/u-s-sanctions-turkey-following-russian-missile-defense-buy?sref=mmeFTDW1\">Bloomberg<\/a>.<\/p>\n<p><strong>Ankara tries to save face, but it still has some egg salad right on the chin: <\/strong>The sanctions will have a limited effect on US-Turkish ties and may even support domestic development, SSB Chairman Ismail Demir said, according to <a href=\"https:\/\/www.reuters.com\/article\/idUSKBN28P1HW\">Reuters<\/a>. Turkey, which earlier said that the US accusations are \u201cdevoid of any technical merit,\u201d had acquired the Russian S-400 defense system back in July 2019. Turkey also <a href=\"https:\/\/www.theguardian.com\/world\/2020\/dec\/11\/eu-leaders-sanctions-turkey-gas-drilling\">separately faces<\/a> the threat of EU sanctions over illegal drilling for gas off the coast of Cyprus.<\/p>\n<p><strong>Trump supporters are starting to wake up and smell the coffee:<\/strong> Republican senator Mitch McConnell acknowledged in a speech on the Senate floor that Joe Biden has won the presidential election, and started a campaign to discourage fellow republicans senators from opposing the result of the election when it is presented to congress for ratification in early January, the <a href=\"https:\/\/www.nytimes.com\/live\/2020\/12\/15\/us\/joe-biden-trump\">New York Times<\/a> reports.<\/p>\n<p><strong>Facebook <\/strong><strong><a href=\"https:\/\/about.fb.com\/news\/2020\/12\/removing-coordinated-inauthentic-behavior-france-russia\/\">disabled<\/a><\/strong><strong> more than 100 Facebook and Instagram accounts and pages<\/strong><strong> associated with a French disinformation campaign in Africa<\/strong>, the first time such a campaign was found to be linked to a Western government. The campaign seems to have been ongoing since 2018 and aimed to affirm positive sentiment about France\u2019s policies in African countries and to criticize Russia\u2019s involvement in Central African countries.<\/p>\n<p><strong>IN DIPLOMACY- Sudan and Ethiopia agreed to resume tripartite talks over the<\/strong><strong> Grand Ethiopian Renaissance Dam (GERD) with Egypt<\/strong>, without setting a specific date, according to Sudanese news agency <a href=\"https:\/\/suna-sd.net\/en\/single?id=700398\">SUNA<\/a>. Khartoum has no intention of pursuing a bilateral GERD agreement with Addis Ababa, and intends to keep working towards a trilateral accord with all three countries, Sudanese Irrigation Minister Yasser Abbas <a href=\"https:\/\/bit.ly\/2IU4AAs\">told Al Arabiya<\/a> after a meeting with Ethiopia\u2019s Irrigation Minister Seleshi Bekele yesterday. Sudan had opted out of the talks last month and called for more involvement from the AU in the negotiation process.<\/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\/amazon\/\">Amazon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/apple\/\">Apple<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span 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<\/div>                    <\/div>\r\n    \r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/2020-in-review-the-year-of-supply-chain-disruptions-and-bouncing-back\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/294.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"568076\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/2020-in-review-the-year-of-supply-chain-disruptions-and-bouncing-back\/294-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/294.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"294.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/294.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/294.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-568075\" class=\"content-area-description post-568075 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-china tag-construction tag-electricity tag-enterprise-hardhat tag-enterpriseam tag-healthtech tag-ict tag-oil-and-gas tag-petrochemicals tag-port-fees tag-renewable-energy tag-renewables tag-startups tag-suez-canal 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>2020 in review: The year of supply chain disruptions and bouncing back:<\/strong> Covid-19 impacted many areas of infrastructure, but energy, construction, and shipping were the hardest-hit, thanks to supply chain disruptions and price volatility. Businesses reliant on physical proximity, like ride-hailing, saw service demand weaken.<\/p>\n<p><strong>Renewable energy:<\/strong> <strong>Supply chain disruptions caused substantial <\/strong><strong><a href=\"https:\/\/enterprise.press\/hardhats\/covid-19-oil-price-volatility-impacting-egypts-renewable-energy-sector-part-1-lockdown\/\">operational delays<\/a><\/strong><strong> to many solar, wind, and waste-to-energy companies from March-June.<\/strong> Companies heavily reliant on imports from China, <a href=\"https:\/\/www.investopedia.com\/articles\/investing\/092815\/5-countries-produce-most-solar-energy.asp\">the largest producer<\/a> of solar panels, were hit particularly hard by production slowdowns, a backlog of orders, and a two-week Egyptian customs quarantine period.<\/p>\n<p><strong>Delays and scarcity also created uncertainty about the future price of imported components:<\/strong> Possible long-term reductions to Chinese production capacity, a weakened EGP, or global trade policy restrictions could all lead to higher prices, sources told us at the time, while an economic slowdown and reduced energy demand could result in surplus equipment, causing prices to fall.<\/p>\n<p><strong>But anticipated price swings never really materialized: <\/strong>Transactions essentially came to a standstill between March and June, but with <a href=\"https:\/\/www.ecb.europa.eu\/pub\/economic-bulletin\/articles\/2020\/html\/ecb.ebart202006_01~853248c2d2.en.html#toc1\">China\u2019s production rapidly recovering<\/a> and countries coming out of lockdown, supply chains bounced back.<\/p>\n<p><strong>Lower gas prices slowed the renewables transition: <\/strong>When the price of natural gas for the entire industrial sector was lowered to USD 4.50 \/ mmBtu <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1154689d-294f-4d45-95b4-84a76d67466c\">in March<\/a> to help businesses through covid, LNG became more competitive than renewables. The <a href=\"https:\/\/enterprise.press\/hardhats\/covid-19-oil-price-volatility-impacting-egypts-renewable-energy-sector-part-2-oil-shock\/\">price point<\/a> for solar and wind energy competitiveness is USD 5 \/ mmBtu, while for waste-to-energy it\u2019s USD 6 \/ mmBtu, say industry experts. Some <a href=\"https:\/\/enterprise.press\/hardhats\/covid-19-oil-price-volatility-impacting-egypts-renewable-energy-sector-part-2-oil-shock\/\">warned this<\/a> would disincentivize subsidy removals and Egypt\u2019s shift away from fossil fuel-based infrastructure.<\/p>\n<p><strong>But the slowdown seems temporary: <\/strong>Overall investment in renewables <a href=\"https:\/\/enterprise.press\/hardhats\/covid-19-impacting-egypts-renewable-energy-sector-part-3-overcapacity-problem\/\">is likely to slow<\/a> substantially in the next year. But an uptick is then expected as the underlying factors driving it remain in play: the LNG price dip was temporary and the government remains committed to subsidy reforms. Long-term, renewable energy prices are more competitive for industry, government, and consumers \u2014 and more stable. This actually strengthened the business case for renewables, <a href=\"https:\/\/enterprise.press\/hardhats\/covid-19-oil-price-volatility-impacting-egypts-renewable-energy-sector-part-2-oil-shock\/\">say some energy leaders<\/a>. Financial institutions like the European Investment Bank also <a href=\"https:\/\/enterprise.press\/hardhats\/enterprise-talks-alfredo-abad-head-european-investment-banks-cairo-office\/\">remain committed<\/a> to funding renewable energy infrastructure projects.<\/p>\n<p><strong>Oil and gas: Market volatility and reduced energy demand brought a shock. <\/strong>As oil prices fell, Egypt\u2019s energy companies <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a2e1366-318e-428c-b3f5-0f17bf01e30f\">cut production and spending<\/a>. Our LNG exports collapsed, with only one shipment completed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/61d78876-de6b-4cf9-a236-cb39e6b3c443\">between March and October<\/a>, driven by weak global demand that saw a 9.4% y-o-y decrease <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/12c9b225-ff78-4c1b-a96c-619116587737\">as of July<\/a>. The sector had been expected to expand in 2020, after Egypt\u2019s LNG exports <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc15523d-9496-44d5-9b39-279923c74f92\">made up 1%<\/a> of the global market in 2019.<\/p>\n<p><strong>Oil ricochet and a (slower) gas rebound: <\/strong>Egypt should see the largest petrochemicals investments of the MENA region between now and 2024, an <a href=\"https:\/\/www.apicorp.org\/wp-content\/uploads\/2020\/06\/MENA-Energy-Investment-Outlook-2020-2024_FINAL_Final.pdf\">Apicorp report (pdf) predicts<\/a>, while the CDC Group termed our oil refining sector <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8362060b-c122-445b-aa63-2e58f6eac5ad\">\u201drelatively robust.\u201d<\/a> LNG export recovery will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8ca128ed-b8f9-40f7-ae9f-3700a2a43516\">be slow<\/a>, with Apicorp predicting Egypt\u2019s facilities \u201cwill remain heavily underutilized\u201d and that we\u2019ll export only 35% of our LNG production capacity between now and 2022. Still, the Damietta LNG plant\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2b2645b-2a0e-47c8-bcf7-c3bc35d5d40a\">planned reopening<\/a> in 1Q 2021 bodes well, as it could lead to the plant\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad5970a1-92ff-4549-8f1e-39e6ebc941a1\">first LNG exports<\/a> during that quarter.<\/p>\n<p><strong>Construction: Projects saw <\/strong><strong><a href=\"https:\/\/enterprise.press\/hardhats\/egyptian-construction-sector-responding-covid-19-crisis-osama-bishai-ceo-orascom-construction\/\">delivery delays<\/a><\/strong><strong> from supply chain issues and essential <\/strong><strong><a href=\"https:\/\/enterprise.press\/hardhats\/egyptian-construction-sector-responding-covid-19-crisis-amr-hassan-allam-co-ceos-hassan-allam-holding\/\">social distancing<\/a><\/strong><strong> measures taken on site to mitigate covid transmission.<\/strong> The sector relies on imported materials and skilled technicians, but covid challenged both procurement and labor. This slowdown led to an industry-wide contraction, of <a href=\"https:\/\/enterprise.press\/hardhats\/pandemic-temporarily-cooled-off-growth-forecasts-egypts-construction-industry\/\">9.1% in 1Q2020 alone<\/a>. Sectoral growth in the coming years will be weaker than previously anticipated, reports have predicted.<\/p>\n<p><strong>But risks identified near the outset of the pandemic \u2014 like widespread unemployment \u2014 haven\u2019t materialized: <\/strong>Potential risks like unemployment, the likelihood of businesses going bust, and global supply chains undergoing fundamental changes were mitigated by government investment and megaprojects, helping to minimize unemployment and maintain liquidity. The sector lost only 288k jobs \u2014 less than half the 624k seen by the retail and wholesale sector. Egypt\u2019s construction growth <a href=\"https:\/\/enterprise.press\/hardhats\/pandemic-temporarily-cooled-off-growth-forecasts-egypts-construction-industry\/\">was expected<\/a> to be a \u201cstill strong\u201d <a href=\"https:\/\/www.fitchsolutions.com\/infrastructure-project-finance\/covid-19-and-oil-price-collapse-dealing-double-blow-mena-construction-09-04-2020\">7.5% in 2020<\/a>, down from a previous forecast of 9.7%, as of April \u2014 outpacing regional peers.<\/p>\n<p><strong>Shipping: Egypt saw shipping losses aligned with global figures, though traffic at ports remained at full capacity to carry essential goods.<\/strong> <a href=\"https:\/\/enterprise.press\/hardhats\/shipping-companies-suffering-covid-19-traffic-egypts-ports-basically-stable-complicated\/\">Inbound container traffic fell<\/a> 20% y-o-y in April 2020. As of mid-January, it had already fallen 10-20% from where it was in December 2019. Globally, <a href=\"https:\/\/www.bbc.co.uk\/news\/business-52289303\">a 25% fall<\/a> in shipping was expected for 1H 2020, with a 10% drop for the year overall. Shipping companies saw losses from Egypt\u2019s ports ranging from 50-70% y-o-y in April alone. A steady stream of Egyptian agricultural produce, and a backlog of shipping from long-term contracts, somewhat mitigated losses \u2014 but companies that didn\u2019t ship essential goods missed out.<\/p>\n<p><strong>But the industry seems on course for the rebound expected after lockdowns eased:<\/strong> Increased shipping, expected from mid-July, would be a crucial sign of recovery, said sources. A <a href=\"https:\/\/www.hellenicshippingnews.com\/egypts-suez-canal-saw-traffic-increase-year-on-year-in-9m-2020\/\">government announcement<\/a> that the Suez Canal saw some 165 more vessels y-o-y in 9M2020 suggests the sector is getting back on track.<\/p>\n<p><strong>But ride-hailing apps and others reliant on physical proximity saw their business models fundamentally impacted:<\/strong> <a href=\"https:\/\/enterprise.press\/hardhats\/infrastructure-startups-covid-19-era-will-go-survive-thrive\/\">Ride-hailing startups<\/a> saw an immediate drop in demand. Uber was so keen to reduce costs and avoid losses, it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/94b23f6d-874a-4f4e-89f2-8bad152190ff\">closed down<\/a> food delivery wing Uber Eats in Egypt in May. Careem laid off 31% of its employees. <a href=\"https:\/\/www.waselegypt.com\/\">Transportation platform Wasel<\/a> saw its weekly number of trips falling by 50% in the first two weeks of Egypt\u2019s covid-19 curfew. <a href=\"https:\/\/falakstartups.com\/startups\/mayday\/\">Mayday<\/a>, which provides roadside assistance through an app, had seen orders decrease from around 50 per day to 7 or 8, <a href=\"https:\/\/enterprise.press\/hardhats\/infrastructure-startups-covid-19-era-will-go-survive-thrive\/\">as of late-April<\/a>.<\/p>\n<p><strong>They had to diversify to survive, often by introducing service delivery:<\/strong> Uber set up Uber Connect, a delivery tech solution to transport goods, and saw an 80% recovery rate. It\u2019s on track to fully recover next year, says its Egypt general manager. <a href=\"https:\/\/www.halan.com\/\">Halan<\/a> started offering consumers products sold on credit to mitigate losses from reduced demand in mobility services. And Wasel adjusted its financial models to make services more cost-effective. All substantially increased sanitization, say representatives.<\/p>\n<p><strong>Gov\u2019t stimulus and rate cuts kept things moving: <\/strong>Across sectors, government economic stimulus \u2014 including lower rates and cuts to energy prices \u2014 drew praise from industry representatives, who termed it key to weathering the storm. The central bank\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2e78eb3-6978-4eb5-a04f-a3b7247293ed\">March interest rate cut<\/a> of 300 bps was its biggest on record, followed by a further 50 bps cut <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/383b8b99-dd6d-46df-b2dd-f2c241ea039f\">in September<\/a> that took place on the back of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/09265a82-4346-4d8b-9df6-ca74beaf0fec\">low inflation<\/a> and key economic indicators stabilizing in July and August. Government support was strong, led by the prime minister and the central bank, said one construction industry leader: \u201cBecause we use working capital facilities to support some of our projects and our cash flows, reducing the interest rates associated with these working capital facilities helped us reduce our costs significantly.\u201d Cuts to natural gas and electricity prices for factories, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1154689d-294f-4d45-95b4-84a76d67466c\">made early<\/a> in the pandemic, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e485c05-8571-40fd-bd19-30ad6610f5e5\">cost the state<\/a> at least EGP 10 bn this year.<\/p>\n<p><strong>NEXT WEEK- <\/strong>How infrastructure businesses adapted to the pandemic \u2014 namely digitization and diversification \u2014 which we will cover in part 2 of our Year in Review.<\/p>\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Sodic and Mobica will begin offering SMEs fully-furnished customized offices <\/strong>on a lease basis with a new service named <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6bbd3cad-b246-4d53-be3a-304744ef5dbc\">Work-Plex<\/a>.<\/li>\n<li><strong><a href=\"https:\/\/greentech-egypt.com\/\">Green Tech Egypt<\/a><\/strong><strong> may create a joint stock company to implement waste-to-energy plants in Shabramant and Abu Rawash <\/strong>and has created feasibility studies of the project as part of its MoU signed with the the Military Production Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f2c4de3-f9d4-4312-855a-f8e0efebedc7\">in October<\/a>, according to a <a href=\"https:\/\/bit.ly\/3qVeJ0W\">cabinet statement<\/a>.<\/li>\n<li><strong>The government is looking to tap Siemens for the high-speed rail project that will connect New Alamein to Ain Sokhna<\/strong>, according to a <a href=\"https:\/\/bit.ly\/37jrXN8\">cabinet statement<\/a>. The German company expressed interest and said it would submit a bid for the project.<\/li>\n<li><strong>Egypt received a fifth train from South Korea\u2019s Hyundai Rotem <\/strong>as part of the EUR 317 mn agreement signed between Hyundai Rotem and the National Authority for Tunnels to supply 32 new modernized trains for Cairo Metro\u2019s Line 3, according to a <a href=\"https:\/\/bit.ly\/3gNe10Z\">cabinet statement<\/a>.<\/li>\n<li><strong>The number of Egyptians subscribed to ADSL services rose to 7.99 mn<\/strong>, with 1.1 mn more subscribers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cbf2013d-1302-44d3-b23d-c85312ebcafc\">in FY2019-2020<\/a>.<\/li>\n<li><strong>SolarizEgypt installed a photovoltaic (PV) system for Coca Cola,<\/strong> becoming the first independent power producer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b72287fb-18e6-4dce-8d0d-82f0a205545f\">to install<\/a> a solar rooftop for another private company.<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthtech\/\">healthtech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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    \"\r\n            id=\"568077\">\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\">ON YOUR WAY OUT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/batman-and-his-mobile-tour-sheikh-zayed\/\">\r\n                            Batman and his mobile tour Sheikh Zayed                        <\/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 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568078\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/batman-and-his-mobile-tour-sheikh-zayed\/295-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/295.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"295.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/295.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/295.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568077\" class=\"content-area-description single-story post-568077 post type-post status-publish format-standard has-post-thumbnail hentry category-on-your-way-out tag-enterpriseam tag-on-your-way-out wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Injustice League: Batman vs Cairo Traffic: <\/strong>The caped crusader has been spotted operating in and around Sheikh Zayed this week. We were wondering what may have prompted Bruce Wayne (or Ahmed Abou Hashima for all we know) to fight crime in broad daylight in the Bat-tuktuk as daylight hampers visibility on the bat signal. Whatever it was, we hope it wasn\u2019t an emergency, because Cairo Traffic might be proving a nemesis more worthy than the Joker (<a href=\"https:\/\/bit.ly\/3oSanpt\">watch, runtime: 00:31<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/on-your-way-out\/\">ON YOUR WAY OUT<\/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=\"568079\" 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\/2020\/12\/16\/calendar-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568079\" class=\"content-area-description single-story post-568079 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>December: Egypt-US Trade and Investment Framework Agreement (TIFA) talks.<\/p>\n<p>December: A meeting to finalize membership and trading rules governing Egypt\u2019s Commodities Exchange (Egycomex).<\/p>\n<p>15-16 December (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>24 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>25 December (Friday): Western Christmas.<\/p>\n<p>31 December (Thursday): Egypt-UK post-Brexit trade agreement <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/3\/12\/393664\/Business\/Economy\/EgyptUK-trade-agreement-takes-effect--December-UK-.aspx\">to take effect<\/a>.<\/p>\n<p>31 December (Thursday): <a href=\"https:\/\/bit.ly\/338zJHg\">Deadline<\/a> for car owners to comply with traffic regulations to install a RFID electronic sticker on their cars.<\/p>\n<p>1Q2021: The Annual <a href=\"https:\/\/www.egyptautomotive.com\/1168552\">Egypt Automotive Summit<\/a> will be held.<\/p>\n<p>1H2021: Egypt\u2019s Commodities Exchange (<a href=\"http:\/\/www.egycomex.com\/\">Egycomex<\/a>) will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/448d2768-4310-463e-af98-dcd93cbfd05a\">begin trading<\/a>.<\/p>\n<p>1 January 2021 (Friday): New Year\u2019s Day, national holiday.<\/p>\n<p>7 January 2021 (Thursday): Coptic Christmas, national holiday.<\/p>\n<p>13-31 January (Wednesday-Sunday): Egypt will host the 2021 <a href=\"https:\/\/www.handballegypt2021.com\/\">Men\u2019s Handball World Championship<\/a> at the Giza Pyramids.<\/p>\n<p>17 January 2021 (Sunday): A court will hold a <a href=\"https:\/\/ent.news\/2020\/11\/%D8%A8%D9%88%D8%B1%D8%AA%D9%88-%D8%A8%D9%8A%D8%A7%D9%86-23-11-2020.pdf\">postponed hearing<\/a> to look into an appeal by Syria\u2019s Anataradous against an arbitration ruling in favor of Amer Group and Amer Syria in case 445 of 2019.<\/p>\n<p>25 January 2021 (Monday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>25-29 January 2021 (Monday-Friday): The World Economic Forum\u2019s \u201cDavos Dialogues\u201d will take place virtually.<\/p>\n<p>26-28 January (Tuesday-Thursday): Future Investment Initiative, Riyadh, Saudi Arabia.<\/p>\n<p>28 January 2021 (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>4 February 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>6-18 February (Saturday-Thursday): Mid-year school break.<\/p>\n<p>18 March 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>12 April 2021 (Monday): First day of Ramadan (TBC).<\/p>\n<p>25 April 2021 (Sunday): Sinai Liberation Day.<\/p>\n<p>29 April 2021 (Thursday): National holiday in observance of Sinai Liberation Day.<\/p>\n<p>29 April 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>3 May 2021 (Monday): Sham El Nessim.<\/p>\n<p>6 May 2021 (Thursday): National holiday in observance of Sham El Nessim.<\/p>\n<p>12-15 May 2021 (Wednesday-Saturday): Eid El Fitr (TBC).<\/p>\n<p>18-21 May 2021 (Tuesday-Friday): The World Economic Forum\u2019s annual meeting will be held under the theme of \u201cThe Great Reset\u201d in Lucerne-B\u00fcrgenstock, Switzerland<\/p>\n<p>31 May-2 June 2021 (Monday-Wednesday): <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>30 May-15 June 2021 (Wednesday-Thursday): <a href=\"https:\/\/bit.ly\/398Prpy\">Cairo International Book Fair<\/a>.<\/p>\n<p>1 June 2021 (Tuesday): The IMF will conduct a second review of targets set under the USD 5.2 bn standby loan approved in June 2020 (proposed date).<\/p>\n<p>10 June 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>24 June 2021 (Thursday): End of the 2020-2021 academic year.<\/p>\n<p>26-29 June 2021 (Saturday-Tuesday): <a href=\"https:\/\/www.thebig5constructegypt.com\/?utm_source=Adestra&utm_medium=email&CID=003D000002UIHn4IAH&utm_campaign=Egyp%5Bt%20postponement%20generic%20exp%20visp&utm_term&utm_content=7014G000001cG3zQAE&CNAME=Enterprise\">The Big 5 Construct Egypt<\/a>, Cairo International Convention Center<\/p>\n<p>30 June- 15 July 2021: National Book Fair.<\/p>\n<p>22 July 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>30 July-3 August 2021 (Thursday-Monday): Eid Al Adha, national holiday (TBC).<\/p>\n<p>1 October 2021-31 March 2022 (Friday-Thursday): Postponed <a href=\"https:\/\/www.expo2020dubai.com\">Expo 2020 Dubai<\/a>.<\/p>\n<p>13-17 December 2021: <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/396604\/Egypt\/Politics-\/Egypt-to-host-UN-anticorruption-conference-in-.aspx\">United Nations Convention against Corruption<\/a>, Sharm El Sheikh, Egypt.<\/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":568052,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-568051","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"4b9b2f58-5d91-4f41-a4ff-766817b3c640","teaser":"","photo_url":"https:\/\/ent.news\/2020\/12\/285.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>All good as CIB releases first financial results since CBE probe - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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