{"id":568207,"date":"2020-12-22T04:17:16","date_gmt":"2020-12-22T04:17:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=568207"},"modified":"2025-12-16T06:14:44","modified_gmt":"2025-12-16T06:14:44","slug":"mutant-virus-market-meltdown-thanks-2020","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/mutant-virus-market-meltdown-thanks-2020\/","title":{"rendered":"Mutant virus market meltdown? Thanks, 2020."},"content":{"rendered":"<section id=\"568209\" 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=\"568209\">\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\/22\/markets-are-freaking-out-over-a-mutant-virus-but-you-know-to-stay-calm-right\/\">\r\n                            Markets are freaking out over a mutant virus, but you know to stay calm, right?                        <\/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\/22\/markets-are-freaking-out-over-a-mutant-virus-but-you-know-to-stay-calm-right\/\" 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\/22\/markets-are-freaking-out-over-a-mutant-virus-but-you-know-to-stay-calm-right\/')\">\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\/22\/markets-are-freaking-out-over-a-mutant-virus-but-you-know-to-stay-calm-right\/\">\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=Markets are freaking out over a mutant virus, but you know to stay calm, right?&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/markets-are-freaking-out-over-a-mutant-virus-but-you-know-to-stay-calm-right\/\">\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\/22\/markets-are-freaking-out-over-a-mutant-virus-but-you-know-to-stay-calm-right\/&title=Markets are freaking out over a mutant virus, but you know to stay calm, right?\">\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=Markets+are+freaking+out+over+a+mutant+virus%2C+but+you+know+to+stay+calm%2C+right%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F22%2Fmarkets-are-freaking-out-over-a-mutant-virus-but-you-know-to-stay-calm-right%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\/22\/markets-are-freaking-out-over-a-mutant-virus-but-you-know-to-stay-calm-right\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/369.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568210\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/markets-are-freaking-out-over-a-mutant-virus-but-you-know-to-stay-calm-right\/369-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/369.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"369.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/369.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/369.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568209\" class=\"content-area-description single-story post-568209 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-covid-19 tag-enterpriseam tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Bring it on, 2020 \u2014 you\u2019ve only got 10 days left to [redacted] with us.<\/strong> Such is the sentiment this morning at Enterprise World Headquarters in the People\u2019s Democratic Republic of Maadi.<\/p>\n<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>The big story as you start your workday: Global markets are in freakout mode over a <\/strong><strong>mutant strain of the coronavirus that causes covid-19. <\/strong>The virus, which some have estimated is as much as 70% more transmissible than the previously dominant strain, is running amok in the United Kingdom, prompting nations around the world to reimpose border restrictions.<\/p>\n<p><strong>BUT FIRST, don\u2019t panic. It\u2019s forgivable to feel a bit edgy given everything that we\u2019re about <\/strong><strong>to tell you. <\/strong>So before you read on, take a deep breath and listen up: This new mutant strain? Scientists don\u2019t think it\u2019s any more deadly than the version of the virus now going around. The \u201creal danger\u201d is that because it appears to be more easily transmissible, it has the potential to overwhelm hospitals faster. And that \u201c70% more transmissible\u201d bit? It could be entirely accurate \u2014 but it\u2019s also based on modeling, not a retrospective study, so there\u2019s a chance it may not be as bad.<\/p>\n<p><strong>But, but, but\u2026 <\/strong>Mutations in something as fast-replicating as a virus are totally normal \u2014 and most do <em>not <\/em>make bugs more deadly. What\u2019s more, there\u2019s evidence the world over that outcomes in covid-19 patients are largely improving thanks to shared knowledge of what treatment protocols work in which types of cases. The key is not to have medical professionals overwhelmed with waves of cases \u2014 hence <strong>the emphasis on masking<\/strong> (yes, we\u2019re looking at you) and why so many countries are in freakout mode this morning.<\/p>\n<p><strong>The sense of panic you\u2019re picking up on in the global press? <\/strong>It\u2019s amplified by the fact that many reporters are writing in countries that are in (or soon going into) April-May style lockdowns.<\/p>\n<p><strong>BORDERS ARE CLOSING- <\/strong><strong><a href=\"https:\/\/twitter.com\/CGCKuwait\/status\/1341000462028423169\">Kuwait<\/a><\/strong><strong> and <\/strong><strong><a href=\"https:\/\/omannews.gov.om\/Arabic_NewsDescription\/ArtMID\/437\/ArticleID\/24995\/%d8%a7%d9%84%d9%84%d8%ac%d9%86%d8%a9-%d8%a7%d9%84%d8%b9%d9%84%d9%8a%d8%a7-%d8%aa%d9%82%d8%b1%d8%b1-%d9%85%d9%86%d8%b9-%d8%a7%d9%84%d8%af%d8%ae%d9%88%d9%84-%d8%a5%d9%84%d9%89-%d8%a7%d9%84%d8%b3%d9%84%d8%b7%d9%86%d8%a9-%d9%88%d8%a7%d9%84%d8%ae%d8%b1%d9%88%d8%ac-%d9%85%d9%86%d9%87%d8%a7-%d8%a7%d8%a8%d8%aa%d8%af%d8%a7%d8%a1%d9%8b-%d9%85%d9%86-%d8%b5%d8%a8%d8%a7%d8%ad%d9%90-%d8%ba%d8%af%d9%8d\">Oman<\/a><\/strong><strong> joined <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/819db8c1-b365-4be6-84af-8c39c4d27a1b\">Saudi Arabia<\/a><\/strong><strong> yesterday in <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-21\/saudi-arabia-suspends-international-flights-over-mutant-virus?srnd=premium-middle-east&sref=mmeFTDW1\">shutting<\/a><\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-21\/saudi-arabia-suspends-international-flights-over-mutant-virus?srnd=premium-middle-east&sref=mmeFTDW1\">their air, sea and land borders yesterday<\/a><\/strong><strong>.<\/strong> In what feels like a replay of April, Morocco, Tunisia, and Algeria have also banned flights from the UK, and Israel is not letting in any foreigners other than diplomats. <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-britain\/britain-faces-isolation-as-world-tightens-borders-to-keep-out-new-coronavirus-strain-idUSKBN28V1FF\">At least 40 countries<\/a> are believed to have closed their airspace to flights coming out of Britain.<\/p>\n<p><strong>Egypt and the UAE are yet to follow suit. <\/strong>Meanwhile, Turkey, Germany and Switzerland have <a href=\"https:\/\/www.businessinsider.co.za\/south-african-travellers-banned-from-entering-these-countries-as-new-covid-variant-takes-hold-2020-12\">suspended flights from South Africa<\/a> to block the spread of another mutant strain that\u2019s not wildly different from the British one.<\/p>\n<p><strong>The Madbouly government is taking stock of whether it\u2019s going to have to run <\/strong><strong>repatriation flights again. <\/strong>The Emigration Ministry is now keeping an eye on citizens who are stuck in countries that have sealed off their borders, according to a <a href=\"https:\/\/bit.ly\/37CIP1p\">statement<\/a>. <strong>Flights into Cairo International Airport continue to run as normal<\/strong>, <a href=\"https:\/\/bit.ly\/3pbowhG\">says<\/a> assistant aviation minister Bassem Abdel Kareem.<\/p>\n<p><strong>The new strain was all over last night\u2019s talk shows.<\/strong> Everyone from Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=SY6Z_sFPDDI\">watch, runtime: 7:50<\/a>) to Masaa DMC\u2019s Eman El Hosary (<a href=\"https:\/\/www.youtube.com\/watch?v=NT-nNOC3fnk\">watch, runtime: 6:51<\/a>) weighed in. The takeaway from the coverage: The new strain is cause for concern everywhere, and <strong>safety precautions in Egypt will be enforced more strictly<\/strong> as we face our own second wave.<\/p>\n<p><strong>YESTERDAY\u2019S CASE COUNT- The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/2KJ268H\">reported<\/a><\/strong><strong> 718 new covid-19 infections <\/strong>yesterday, up from 664 the day before. The ministry also reported 32 new deaths, bringing the country\u2019s total death toll to 7,130. It\u2019s the first time since August that the daily death toll has broken the 30-person level.<\/p>\n<p><strong>SILVER LINING #1- Egypt is now ranked 24 in <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/graphics\/covid-resilience-ranking\/?sref=mmeFTDW1\">Bloomberg<\/a><\/strong><strong>\u2019s December Covid Resilience <\/strong><strong>ranking<\/strong>, which rates global economies worth over USD 200 bn based on 10 metrics including virus growth rates, the capacity of the local healthcare system, freedom of movement and lockdowns on the economy. Egypt moved up one spot this month, the business information service said, without providing further details.<\/p>\n<p><strong>SILVER LINING #2- Doses of the Sinopharm vaccine are being distributed to vaccination <\/strong><strong>centers <\/strong><strong>across the country<\/strong> based on each governorate\u2019s population and needs under the Health Ministry\u2019s supervision, <a href=\"https:\/\/bit.ly\/3rg3ct7\">Al Masry Al Youm<\/a> reports, citing ministry sources.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>Markets are, naturally enough, <\/strong><strong><a href=\"https:\/\/www.ft.com\/content\/58ce50e1-fb49-4743-8f82-0a7a5ff1e896\">in freakout mode<\/a><\/strong><strong>. <\/strong>Most days, any talking head\u2019s bid to draw a link between \u201cx\u201d and the movement of the stock market is about as accurate as haruspicy \u2014 the reading of sheep\u2019s entrails. Then there are days like yesterday, where what\u2019s going on is as obvious as the nose on our face.<\/p>\n<p><strong>The EGX30 index ended yesterday\u2019s session down 2.8%<\/strong>, with domestic investors leading the selloff in the <strong>sharpest one-day plunge <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/914f2cea-e3ff-4c6f-8b31-828a56e8210c\">since October<\/a><\/strong>, when index heavyweight CIB dragged the exchange down 3.5% on news that its chairman, Hisham Ezz El Arab resigned following a regulatory probe.<\/p>\n<p><strong>The benchmark index is now down 24.2% year-to-date<\/strong> \u2014 edging past 2015 (-21.8%) as the most recent annus horribilis for the EGX. EGX-listed companies erased nearly EGP 26 bn in market cap yesterday.<\/p>\n<p><strong>For context: <\/strong>The EGX30 was up 6.5% last year, well below the nearly 74% rally of 2016 and the nearly 21% it gained in 2017. <strong>And we\u2019re lagging regional peers: <\/strong>The Tadawul is up nearly 2% YTD, while the Dubai Financial Market is down 11%.<\/p>\n<p><strong>Some market watchers are already saying we can see bottom<\/strong>, with Beltone Financial Executive Chairman Maged Shawky telling El Hekaya\u2019s Amr Adib last night that it\u2019s unlikely we\u2019re going to see a market meltdown on the same scale as we did at the outset of the pandemic. Most markets clawed back a portion of their losses throughout the trading day, suggesting that it will only take \u201ca couple of days\u201d before the situation stabilizes, especially as positive news such as the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e7223f0-f9e2-4a3f-a311-6c4ff9efe6fd\">upcoming stake sales by<\/a> military-affiliated companies buoys sentiment, Shawky said (<a href=\"https:\/\/www.youtube.com\/watch?v=9FwEnuwelUk\">watch, runtime: 1:52<\/a>).<\/p>\n<p><strong>The exchange <\/strong><strong><a href=\"https:\/\/ent.news\/2020\/12\/Circuit-breaker-21-Dec-2020.png\">suspended<\/a><\/strong><strong> trading for 30 minutes early in the session<\/strong> after the broad-based EGX30 triggered the +\/-5% circuit breakers for the first time since the pandemic-induced sell-off <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d0eb154b-6857-4b40-bd49-b61afd18b9ac\">in March<\/a>.<\/p>\n<p><strong>Industrial stocks <\/strong><strong><a href=\"https:\/\/www.egx.com.eg\/en\/Indices.aspx\">led the selloff<\/a><\/strong><strong>, <\/strong>with paper manufacturing, building materials, textiles, and shipping and transportation posting the steepest losses. Travel and leisure, construction, and real estate were also hard hit. Banks and non-banking financial services were less affected overall, but the Export Development Bank and Beltone Financial were the EGX30\u2019s biggest losers. Index heavyweight CIB finished down 0.7%.<\/p>\n<p><strong>Most other major Middle Eastern and global markets <\/strong><strong><a href=\"https:\/\/www.reuters.com\/article\/idUSKBN28V0QV\">also ended in the red<\/a><\/strong> as the new variant led to concerns of a wider spread. The slump came with a 2.8% fall in Brent crude prices. We have all the details in Planet Finance, below.<\/p>\n<p><strong>Shares across Asia are in the red this morning<\/strong>, though the selloffs are sub 1% by most major indexes. Futures at dispatch time point to a mixed open in both Europe and on Wall Street later today.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>It\u2019s interest rate week, and rate watchers are calling a pause:<\/strong> The Central Bank of Egypt\u2019s Monetary Policy Committee meets to review rates this Thursday for its final sit-down of the year. All 10 analysts and economists <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/adc7216b-dc04-42bf-bfe7-af6108c43533\">we surveyed<\/a> expect rates to be left unchanged, with some pointing to protecting the carry trade as a key reason the CBE could keep rates on hold.<\/p>\n<p><strong>We\u2019re a little over a week away from the Egypt-UK post-Brexit agreement <\/strong><strong><a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/3\/12\/393664\/Business\/Economy\/EgyptUK-trade-agreement-takes-effect--December-UK-.aspx\">coming into<\/a><\/strong><strong><a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/3\/12\/393664\/Business\/Economy\/EgyptUK-trade-agreement-takes-effect--December-UK-.aspx\">effect<\/a><\/strong> on New Year\u2019s Eve. The agreement is designed to unlock a spate of UK investments in Egypt, including in the Suez Canal Economic Zone, oil and gas, manufacturing, agribusiness, healthcare and education sectors.<\/p>\n<p><strong>Also on New Year\u2019s Eve:<\/strong> Time runs out for EGX-listed companies to comply with requirements from the Financial Regulatory Authority to have at least one woman sitting on their boards of directors. Just under half of the EGX30\u2019s constituents still have all-male boards.<\/p>\n<p><strong>PSA- The <\/strong><strong><a href=\"https:\/\/bit.ly\/338zJHg\">deadline<\/a><\/strong><strong> for car owners to comply with traffic regulations to install a RFID<\/strong><strong> electronic sticker<\/strong> on their cars is also on 31 December.<\/p>\n<p><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568211\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"568211\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/568211\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568211\" class=\"content-area-description single-story post-568211 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/SOMA-ENTERPRISE-FAM-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568212\" 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=\"568212\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/egypts-largest-ever-ma-goes-kaput\/\">\r\n                            Egypt\u2019s largest-ever M&#038;A goes kaput                        <\/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\/22\/egypts-largest-ever-ma-goes-kaput\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/egypts-largest-ever-ma-goes-kaput\/372-jpg-27\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/372.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"372.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/372.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/372.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568212\" class=\"content-area-description single-story post-568212 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-cit tag-enterpriseam tag-ma-watch tag-saudi-telecom-company tag-vodafone-egypt 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>Big Red isn\u2019t going to rebadge as STC: <\/strong>Vodafone Group has terminated discussions with the Saudi Telecom Company (STC) over the proposed sale of its 55% stake in Vodafone Egypt, the UK company said in a <a href=\"https:\/\/www.vodafone.com\/news-and-media\/vodafone-group-releases\/news\/vodafone-announces-discussions-egypt-stc-have-been-terminated\">statement<\/a> on Monday that provided no reason for the end to talks.<\/p>\n<p><strong>The collapse of talks comes just a few days after Vodafone Group CEO Nick Read met <\/strong><strong>with President Abdel Fattah El Sisi in Cairo.<\/strong> Read told the president the company intends to maintain a presence in Egypt and increase investment in the country, including installing 5G towers in the new administrative capital and using Egypt as a tech hub for Africa.<\/p>\n<p><strong>\u201cWe believe that the Egyptian government is committed to an optimal framework for the <\/strong><strong>telecoms sector<\/strong>, which will enable Vodafone Egypt to deliver on the country\u2019s vision of digitization and financial inclusion and create a technology hub to support our growth in the African region,\u201d Read said in the statement yesterday.<\/p>\n<p><strong>Vodafone is now planning to <\/strong><strong><a href=\"https:\/\/bit.ly\/3rdbsu5\">invest EGP 5 bn<\/a><\/strong><strong> in network upgrades, in part to support the rollout of new spectrum<\/strong>, our friend Noha Saad, head of external communications at Vodafone Egypt, told Kelma Akhira\u2019s Lamees El Hadidi. The meeting\u2019s \u201cpositive outcome\u201d also included discussion of key issues including the operator\u2019s need for more spectrum, Saad said (<a href=\"https:\/\/www.youtube.com\/watch?v=Zb_iFDXsjpk\">watch, runtime: 13:04<\/a>).<\/p>\n<p><strong>Talks appeared to be moving ahead in September after a series of delays:<\/strong> STC and Vodafone <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/12806cd8-ff40-4adf-bee6-8b6a7b111ea4\">had vowed<\/a> to continue the acquisition talks despite a deadline set by an MoU signed in January <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/036db4ed-eb00-4dc3-b7b4-99fa17e7afcd\">expiring in September<\/a>. The Saudi firm made a USD 2.39 bn non-binding offer for a majority stake <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec10025b-169b-47c4-a0b7-a14f8b6618ee\">in January<\/a>, valuing Vodafone\u2019s Egyptian operations at USD 4.4 bn. STC tried to trim its offer following the pandemic and the crash in oil prices which Vodafone was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba1a2dd4-f3e5-4b3b-b5ed-e1e0b0962179\">reportedly close to agreeing to<\/a>, before STC announced in September that the talks had fallen through \u201cdue to misalignment with relevant parties.\u201d<\/p>\n<p><strong>The talks had been postponed at least twice before:<\/strong> a 90-day extension to the MoU signed in January was agreed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/028d38e3-22fe-4223-98b6-7b964d0ec588\">in April<\/a>, and a 60-day postponement was announced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/55185faa-76f8-436d-8e6e-b77835956f33\">in mid-July<\/a> because of \u201clogistical challenges\u201d stemming from the pandemic.<\/p>\n<p><strong>Vodafone was a willing seller as the company exited non-core markets to focus on Europe and Africa <\/strong>starting in 2018 when Read took over. The company has sold its operations in <a href=\"https:\/\/www.vodafone.com\/news-and-media\/vodafone-group-releases\/news\/vodafone-group-completes-sale-of-vodafone-new-zealand\">New Zealand<\/a> and <a href=\"https:\/\/www.vodafone.com\/news-and-media\/vodafone-group-releases\/news\/vodafone-completes-sale-of-vodafone-malta\">Malta<\/a> in the past 18 months and plans to IPO its towers business in the new year.<\/p>\n<p><strong>There remains uncertainty what state-owned telecoms giant Telecom Egypt will do. <\/strong>TE holds 44.7% of Vodafone Egypt and had the right of first refusal to make a counter-offer to STC\u2019s bid. While some had suggested TE lacked the firepower to make an offer, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/12d3b0bb-524a-4089-844b-5159857d5571\">some analysts have suggested<\/a> that the parent company of fourth mobile operator We was in talks with as many as five banks that had expressed interest in backing the transaction.<\/p>\n<p><strong>Also unclear is what the Egyptian Competition Authority might say about any future bid by TE for Vodafone Egypt. <\/strong>Although the Egyptian Competition Authority <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/87b20875-6cf8-4b69-a510-f299a67fe936\">doesn\u2019t yet<\/a> have the power to block an acquisition, TE\u2019s takeover of Vodafone Egypt would raise questions about its effects on market competition. Already the sole owner of We, the acquisition of Vodafone would give TE control of two of the four mobile network operators active in Egypt.<\/p>\n<p><strong>Most likely scenario:<\/strong> TE is happy to remain a partner to Vodafone Plc and collect a steady stream of dividend income.<\/p>\n<p><strong>OTHER M&A NEWS-<\/strong> <strong>Odin bails on El Nasr Civil Works:<\/strong> Odin Investments is no longer interested in acquiring Madinet Nasr Housing and Development\u2019s (MNHD) El Nasr Civil Works after the real estate developer last week rejected its offer, the Financial Regulatory Authority <a href=\"https:\/\/ent.news\/2020\/12\/%D9%85%D8%AF%D9%8A%D9%86%D8%A9-%D9%86%D8%B5%D8%B1%D8%A8%D9%8A%D8%A7%D9%86-%D8%A7%D9%84%D9%87%D9%8A%D8%A6%D8%A9-20-12-2020.pdf\">said (pdf)<\/a> Sunday. The consortium launched a mandatory tender offer to acquire 90% of El Nasr <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a87ac309-293e-4617-ba70-d9436d7ff325\">last week<\/a> for EGP 11 per share, which MNHD <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a46977b6-eb32-492f-acde-ac660c7b93a9\">tossed out<\/a> claiming the valuation didn\u2019t reflect the company\u2019s earnings and financial position.<\/p>\n<p><strong>ALSO- <\/strong><strong>Kayan Sustainable Development<\/strong><strong> is looking to buy 90% of ANFI<\/strong>, the Alexandria National Company for Financial Investment. Kayan wants to acquire 90% of ANFI from Abu Dhabi Islamic Bank (ADIB) subsidiary, the bank said yesterday in a <a href=\"https:\/\/ent.news\/2020\/12\/%D8%A8%D9%8A%D8%A7%D9%86-%D8%A8%D9%86%D9%83-%D8%A7%D8%A8%D9%88%D8%B8%D8%A8%D9%89-21-12-2020.pdf\">regulatory filing (pdf)<\/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\/cit\/\">CIT<\/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\/saudi-telecom-company\/\">Saudi Telecom Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vodafone-egypt\/\">Vodafone Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568214\" 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=\"568214\">\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\">PRIVATE SECTOR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/trade-transparency-private-investment-says-world-bank\/\">\r\n                            Trade + transparency = private investment, says World Bank                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/trade-transparency-private-investment-says-world-bank\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/trade-transparency-private-investment-says-world-bank\/')\">\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\/22\/trade-transparency-private-investment-says-world-bank\/\">\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=Trade + transparency = private investment, says World Bank&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/trade-transparency-private-investment-says-world-bank\/\">\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\/22\/trade-transparency-private-investment-says-world-bank\/&title=Trade + transparency = private investment, says World Bank\">\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=Trade+%2B+transparency+%3D+private+investment%2C+says+World+Bank+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F22%2Ftrade-transparency-private-investment-says-world-bank%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\/22\/trade-transparency-private-investment-says-world-bank\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/374.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568215\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/trade-transparency-private-investment-says-world-bank\/374-jpg-25\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/374.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"374.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/374.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/374.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568214\" class=\"content-area-description single-story post-568214 post type-post status-publish format-standard has-post-thumbnail hentry category-private-sector tag-economy tag-enterpriseam tag-fdi tag-imf tag-investment-watch tag-private-sector tag-trade tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>Egypt\u2019s private sector is yet to feel the benefits of the government\u2019s economic<\/strong> <strong>reforms<\/strong>, and although the economy has stabilized in recent years, policymakers must enact further structural changes if the country is to attract more private investment, the World Bank and the International Finance Corporation have said in <a href=\"https:\/\/ent.news\/2020\/12\/Egypt-English_CPSD-Report_Final.pdf\">a new report (pdf)<\/a>. Launched yesterday, the paper reveals that private investment\u2019s share of the economy, while rising, continues to lag behind the historical average despite strong economic growth and improving public finances. And while Egypt is a top destination for FDI in Africa, inflows remain low by global standards and are falling.<\/p>\n<p><strong>Exports haven\u2019t reacted to the EGP float:<\/strong> Although the currency float at the end of 2016 has made a dent in the country\u2019s trade deficit, Egyptian companies have struggled to compete internationally, revenues haven\u2019t matched those of peer countries, and the number of exporters has remained \u201ccritically\u201d low, with only 9% of manufacturers directly selling overseas.<\/p>\n<p><strong>But why?<\/strong> Making clear that Egypt has the capacity to evolve into a regional trading hub, the bank said that the tariff and non-tariff barriers are standing in the way of local companies becoming internationally competitive and integrating into global value chains. Import tariffs \u2014 which currently average 19%, making the economy the second most-protected in the world \u2014 stifle local competition, drive up prices and incentivize companies to focus their efforts domestically. And a range of non-tariff barriers \u2014 including slow customs clearance, a complex bureaucracy and below-par infrastructure \u2014 hold back the development of local industries and dampen foreign investment.<\/p>\n<p><strong>Leveling the playing field:<\/strong> Private and foreign investment has also been held back by the raft of state-owned enterprises (SOEs), whose presence in almost every sector \u201cfeeds the perception of overstretch,\u201d the report argues. Selective tax exemptions, weaknesses in antitrust legislation, and a lack of public information about SOEs raise concerns about the integrity of market competition. \u201cThe main message is not to say that SOEs are a bad thing, but it is difficult for investors to make educated decisions on market and sector conditions due to the absence of public financial information,\u201d lead writer of the report and World Bank senior economist Hoda Youssef told reporters yesterday.<\/p>\n<p><strong>Making contracts stick:<\/strong> The inconsistent enforcement of contracts in Egyptian courts make the business environment even more unpredictable for companies, which can never quite be sure about their legal standing. The costs are high, delays often extensive and enforcement inconsistent, providing uncertainty to foreign businesses and putting the judicial system out of reach for most small firms. \u201cThis is an important deterrent for the private sector and FDI as legal scrutiny and predictability constitute key conditions for a sound business environment,\u201d the report says.<\/p>\n<p><strong>Transparency and trade = the keys to success:<\/strong> Improving transparency of the state\u2019s economic footprint and cutting barriers to trade will go a long way to transforming domestic industries and attracting foreign direct investment, the World Bank said. Leveling-up transport infrastructure, streamlining customs and tariffs, and modernizing the court system will also help to draw more capital into the country. The private sector also needs to be playing more of a role in policymaking, the bank said, calling for the government to engage more with firms as it embarks on stage two of the reform process.<\/p>\n<p><strong>Making the business environment more private sector-friendly is one of the main objectives of the latest IMF program.<\/strong> The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4b88b68-45c9-4f66-bbba-1e8999ee8f3f\">USD 5.2 bn standby loan<\/a> agreed with the IMF in the summer is partly conditioned on <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2020\/12\/18\/pr20382-egypt-imf-executive-board-completes-first-review-under-the-stand-by-arrangement\">further structural reforms<\/a> designed to promote private sector growth, including improving transparency of SOEs and cutting red tape.<\/p>\n<p><strong>*** Stayed tuned:<\/strong> Tomorrow we publish our extended interview with the author of the report: Hoda Youssef, senior economist at the World Bank.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-sector\/\">private sector<\/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\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568216\" 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=\"568216\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/why-banks-in-egypt-remain-profitable-chapter-xxii\/\">\r\n                            Why banks in Egypt remain profitable: Chapter XXII                        <\/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\/22\/why-banks-in-egypt-remain-profitable-chapter-xxii\/\" 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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Thirteen banks saw their net income and interest income increase during the first nine months of 2020 even as central bank cut rates by 300 bps in March. Just five banks saw their bottom line shrink during the period, according to the survey, which excluded state-owned giants National Bank of Egypt and Banque Misr.<\/p>\n<p><strong>The leaders:<\/strong> Smaller players including Egyptian Gulf Bank (up 43%), \u064dSAIB Bank (+35%), Al Ahli Bank of Kuwait (+33%), and Al Baraka Bank Egypt (+27%) saw their net profits grow the fastest. Heavyweights Banque du Caire and CIB were also in the top 10, with net income increasing 25% and 22%, respectively.<\/p>\n<p><strong>Operating income from loans and core operations at banks mostly decreased. <\/strong>But overall, only two banks were worse off following the interest cuts \u2014 Faisal Islamic Bank and Abu Dhabi Islamic Bank. Both faced higher interest expenses and unchanged income.<\/p>\n<p><strong>What is happening here? Banks in Egypt lend less to the private sector.<\/strong> A large part of their income comes from investment in government debt, and according to the survey banks stepped up their holdings of long-term bonds during the height of the pandemic in 2Q. This approach has helped them remain financially sound despite the pandemic raising expectations of bad loans and forcing them to ramp up <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/83ca7356-fbfb-46c9-8ef4-8aaa4a47e754\">loan loss provisions<\/a>. That said, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c2e41d5b-95d7-4d3f-9636-cdc8b9ce45f3\">Fitch Ratings<\/a> recently raised a few red flags on why such \u201cweak internal capital generation\u201d might not be sustainable long-term.<\/p>\n<p><strong>IN OTHER BANKING NEWS- BdC and Alexbank have scrapped two of their high-interest<\/strong> <strong>savings certificates and are mulling reintroducing them at lower yields<\/strong>, <a href=\"https:\/\/bit.ly\/3mHajau\">Masrawy<\/a> reports, citing unnamed employees at the banks. BdC had introduced three- and five-year certificates paying 13% and 13.5% interest and Alexbank three-year certificates with interest of up to 11.75% a few months back. The banks had been offering the certificates to use as collateral for borrowing. The decision to scrap them comes after state-owned NBE and Banque Misr <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec2b8fab-2b69-4010-b139-69f85ab44591\">in September<\/a> stopped issuing the 15% CDs they had introduced at the onset of the pandemic.<\/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\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/monetary-policy\/\">monetary policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pandemic\/\">pandemic<\/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=\"568218\" 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=\"568218\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/citi-bullish-on-egypt\/\">\r\n                            Citi bullish on Egypt                        <\/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\/22\/citi-bullish-on-egypt\/\" 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\/22\/citi-bullish-on-egypt\/')\">\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\/22\/citi-bullish-on-egypt\/\">\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=Citi bullish on Egypt&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/citi-bullish-on-egypt\/\">\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\/22\/citi-bullish-on-egypt\/&title=Citi bullish on Egypt\">\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=Citi+bullish+on+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F22%2Fciti-bullish-on-egypt%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\/22\/citi-bullish-on-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/376.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568219\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/citi-bullish-on-egypt\/376-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/376.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"376.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/376.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/376.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568218\" class=\"content-area-description single-story post-568218 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-citigroup tag-economy tag-enterpriseam tag-gdp 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>GDP to return to pre-pandemic levels next year -Citi:<\/strong> Egypt\u2019s economy is expected to grow by 4.6% in FY2020-2021 and 5.4% the following year, according to a Citibank report picked up by the <a href=\"http:\/\/bit.ly\/34tj95u\">local press<\/a>. It said it expects tourism to continue rebounding in 1H2021 and offset some of the economic damage wrought by the pandemic, coupled with a recovery in Suez Canal revenues amid an expected rise in global oil prices. The bank is keeping an eye on the extent to which the government will push for growth, especially with the planned privatization program. Maintaining an inflation rate between 6-12% was initially not difficult after the EGP float, even after the Central Bank of Egypt (CBE) kicked off its monetary easing cycle. However, inflation has become more of a challenge as the CBE looks to keep it above the lower band of 6%, suggesting the central bank\u2019s main policy priority moving forward will be inflation.<\/p>\n<p><strong>Gov\u2019t estimate more conservative:<\/strong> The government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7f612ce-8434-4b44-b29e-660084431d0c\">said last month<\/a> that it expects the economy to grow at a 3.5-3.8% clip in the current fiscal year, a higher forecast than the 2.8-3.5% clip forecast by the Finance Ministry earlier that month. Analysts have agreed: <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/307c82aa-8655-4348-9cdd-bc0c68450f60\">The IMF<\/a>, <a href=\"https:\/\/enterprise.press\/stories\/2020\/10\/20\/egypts-economy-is-on-track-to-finish-the-year-having-grown-3-5-23537\/\">Fitch<\/a>, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3862b982-c1f2-4b9d-8edd-cca7a37d9d71\">Deutsche Bank<\/a> have all predicted GDP to come in at 3.5% this year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/citigroup\/\">Citigroup<\/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\/gdp\/\">GDP<\/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=\"568220\" 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=\"568220\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/568220\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568220\" 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stk-fatt813-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\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/last-nights-talk-shows-on-22-december-2020\/\">\r\n                            Last Night\u2019s Talk Shows on 22 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\/22\/last-nights-talk-shows-on-22-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 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/last-nights-talk-shows-on-22-december-2020\/377-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/377.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"377.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/377.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/377.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568222\" class=\"content-area-description single-story post-568222 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-last-nights-talk-shows tag-covid-19 tag-enterpriseam tag-house-of-representatives tag-last-nights-talk-shows tag-tarek-shawki wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The #1 topic on the airwaves last night: The new strain of coronavirus<\/strong>, as we report in What We\u2019re Tracking Today, above.<\/p>\n<p><strong>The diversity of the incoming House of Representatives also featured prominently on the <\/strong><strong>talking heads\u2019 agendas<\/strong>, with each of Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=mOF7SPp_hgU\">watch, runtime: 25:51<\/a>) and Al Hayah Al Youm\u2019s Lobna Assal (<a href=\"https:\/\/www.youtube.com\/watch?v=tU8v-jNN-14\">watch, runtime: 22:36<\/a>) sitting down for discussions on the new class of MPs.<\/p>\n<p><strong>Also on the airwaves last night:<\/strong><\/p>\n<ul>\n<li><strong>Mid-year exams will be spread out between 10 January and 5 February<\/strong> to limit the number of students who are present in testing centers on any given day, Education Minister Tarek Shawki said. (Lamees El Hadidi on Kelma Akhira | <a href=\"https:\/\/www.youtube.com\/watch?v=tdv0ywCAiaA\">watch, runtime: 5:55<\/a>)<\/li>\n<li><strong>Nurseries aren\u2019t being shut down to curb the spread of covid-19<\/strong>, and could instead face smaller capacity limits if several outbreaks are reported, Social Solidarity Minister Nevine El Kabbaj said. (Lamees El Hadidi on Kelma Akhira | <a href=\"https:\/\/www.youtube.com\/watch?v=QMHW-_VVu5A\">watch, runtime: 8:06<\/a>)<\/li>\n<li><strong>The Federation of Egyptian Banks earned an Award of Excellence from the Union <\/strong><strong>of Arab Banks<\/strong>, federation head Mohamed El Etreby said. (Eman El Hosary on Masaa DMC | <a href=\"https:\/\/www.youtube.com\/watch?v=47cu3RMOVs0\">watch, runtime: 2:32<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/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\/tarek-shawki\/\">Tarek Shawki<\/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=\"568224\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568225\" 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=\"568225\">\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\">Enterprise explains<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/enterprise-explains-mobile-wallets\/\">\r\n                            Enterprise Explains: Mobile Wallets                        <\/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\/22\/enterprise-explains-mobile-wallets\/\" 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\/22\/enterprise-explains-mobile-wallets\/')\">\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\/22\/enterprise-explains-mobile-wallets\/\">\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=Enterprise Explains: Mobile Wallets&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/enterprise-explains-mobile-wallets\/\">\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\/22\/enterprise-explains-mobile-wallets\/&title=Enterprise Explains: Mobile Wallets\">\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=Enterprise+Explains%3A+Mobile+Wallets+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F22%2Fenterprise-explains-mobile-wallets%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\/22\/enterprise-explains-mobile-wallets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/378.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568226\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/enterprise-explains-mobile-wallets\/378-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/378.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"378.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/378.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/378.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568225\" class=\"content-area-description single-story post-568225 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-explains tag-banking tag-enterprise-explains tag-enterpriseam tag-fintech tag-technology wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>The use of digital wallets (or <\/strong><span style=\"font-weight: 400;\"><strong>e-wallets) has surged in recent years as innovation continues to change the payments landscape. <\/strong>The trend <\/span><a href=\"https:\/\/thefinancialbrand.com\/104617\/payment-changes-banking-2021-credit-card-debit-mobile-p2p-pos-lending\/\"><span style=\"font-weight: 400;\">gained steam in 2020<\/span><\/a><span style=\"font-weight: 400;\">, with the pandemic creating a boom in demand for\u00a0 digital financial services \u2014 especially in emerging markets, which have long remained wedded to cash and were in need of a push towards financial inclusion.<\/span><\/p>\n<p><b>But what are digital wallets, and how do they work? <\/b><span style=\"font-weight: 400;\">Think of them as tech-enabled pocketbooks. They\u2019re \u201cdigital\u201d in the sense that they store information in the cloud and \u201cmobile\u201d because many of them operate via a smartphone app.\u00a0\u00a0<\/span><\/p>\n<p><b>Digital wallets have a number of different uses:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>#1- It\u2019s your wallet, but lighter: <\/b><span style=\"font-weight: 400;\">In essence, digital wallets are places to store and safeguard your credit cards, business cards, and money virtually. People can link their bank accounts, driver\u2019s licenses, ID documents, health cards, loyalty cards, and more to a digital wallet. Instead of having to physically reach for items from a physical wallet, your mobile phone (being the faithful companion and servant it is) does the job for you seamlessly.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>#2- Buy stuff: <\/b><span style=\"font-weight: 400;\">All the money- and non-money-related info stored in a mobile wallet can be passed to merchant terminals that support near-field communication (NFC). Many mobile wallets also allow you to make QR code payments if the merchant doesn\u2019t support NFC.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>#3- ID:<\/b><span style=\"font-weight: 400;\"> Besides allowing you to make in-store purchases with vendors and online payments, many mobile wallets also serve as virtual IDs to verify the age and identity of their holders.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>#4- Pay your mates: <\/b><span style=\"font-weight: 400;\">Digital wallets can be used to split a restaurant bill, transfer money to a nagging cousin halfway across the country, and pay for private services. Typically, they allow small peer-to-peer payments between normal people doing normal things.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>#5- A store for your bus tickets: <\/b><span style=\"font-weight: 400;\">Many public transportation systems around the world allow mobile wallet holders to pay for or display tickets in metro and bus stations.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>They also come in different shapes and sizes:<\/b><\/p>\n<p><b>Independent mobile wallets<\/b><span style=\"font-weight: 400;\">, offered by tech and payment companies, are the most popular globally and the largest category in terms of active users. It includes <\/span><a href=\"https:\/\/www.merchantsavvy.co.uk\/mobile-payment-stats-trends\/\"><span style=\"font-weight: 400;\">Big Tech<\/span><\/a><span style=\"font-weight: 400;\"> (Apple Pay, PayPal, Samsung Pay, Amazon Pay, and Google Pay), and smaller or locally-oriented players including India's <\/span><a href=\"https:\/\/paytm.com\/\"><span style=\"font-weight: 400;\">Paytm<\/span><\/a><span style=\"font-weight: 400;\"> and Singapore\u2019s <\/span><a href=\"https:\/\/www.grab.com\/sg\/pay\/\"><span style=\"font-weight: 400;\">GrabPay<\/span><\/a><span style=\"font-weight: 400;\">. Alibaba\u2019s Alipay and WeChat\u2019s wallets were <\/span><a href=\"https:\/\/www.merchantsavvy.co.uk\/mobile-payment-stats-trends\/\"><span style=\"font-weight: 400;\">the largest in the world<\/span><\/a><span style=\"font-weight: 400;\"> in February (because, China).<\/span><\/p>\n<p><b>Telecom-backed wallets<\/b><span style=\"font-weight: 400;\">, as the name suggests, includes platforms developed by mobile companies. Those wallets can be topped up, or used to withdraw money from ATMs, for payments to other wallets, and for online purchases. In many countries, mobile operators that developed wallets were eventually licensed as virtual banks. This trend <\/span><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82881fdf-3411-48a1-8e97-15bcaf0fc718\"><span style=\"font-weight: 400;\">gained prominence in Africa<\/span><\/a><span style=\"font-weight: 400;\">, which, as is the case in Egypt, has a mobile phone penetration rate higher than access to traditional banks. India also developed a whole new model known as \u201c<\/span><a href=\"https:\/\/economictimes.indiatimes.com\/definition\/payments-banks\"><span style=\"font-weight: 400;\">payment banks<\/span><\/a><span style=\"font-weight: 400;\">\u201d based on telecom-backed wallets.<\/span><\/p>\n<p><b>Bank-issued wallets<\/b><span style=\"font-weight: 400;\"> are issued directly by a commercial bank. In its conventional form, this type of wallet doesn\u2019t need to be charged as it\u2019s linked straight to bank accounts. Some banks offer the service to non-customers as well, in which case the wallet would function like a regular cash account. <\/span><b>Banks here in Egypt are offering the service to unbanked customers<\/b><span style=\"font-weight: 400;\"> as a way to promote financial inclusion.\u00a0<\/span><\/p>\n<p><b>Here at home, mobile network operators were the first to launch digital wallets<\/b><span style=\"font-weight: 400;\">, with Vodafone Cash being <\/span><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59863ee4-eef6-4b7f-9026-052fd6d8536b\"><span style=\"font-weight: 400;\">the most active<\/span><\/a><span style=\"font-weight: 400;\">. Banks recently entered the scene, and Cairo-based telecoms app <\/span><a href=\"https:\/\/www.raseedyapp.com\/\"><span style=\"font-weight: 400;\">Raseedy<\/span><\/a><span style=\"font-weight: 400;\"> became the first in the country to roll out an <\/span><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b11f92c-20be-4456-b55f-dec01c6055bf\"><span style=\"font-weight: 400;\">independent wallet<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><b>Digital wallets in Egypt are <\/b><a href=\"https:\/\/bit.ly\/3mxMaDi\"><b>widely used<\/b><\/a><b> for P2P transfers and bill payments.<\/b><span style=\"font-weight: 400;\"> Those issued by banks often also allow holders to obtain virtual credit cards for online purchases.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/support.apple.com\/en-gb\/HT207957\"><b>Apple Pay<\/b><\/a><b>, <\/b><a href=\"https:\/\/support.google.com\/pay\/answer\/9023773?hl=en\"><b>Google Pay<\/b><\/a><b>, and other global platforms are not yet supported <\/b><span style=\"font-weight: 400;\">by our banking system here in Egypt.<\/span><\/p>\n<p><b>The <\/b><a href=\"https:\/\/cibeg.com\/English\/Personal\/waystobank\/Pages\/CIB-Smart-Wallet.aspx\"><b>CIB Smart Wallet<\/b><\/a><b> was among the first bank-issued wallets in the country.<\/b><span style=\"font-weight: 400;\"> Those looking to set up a wallet with CIB only need a valid national ID card, even if they don\u2019t have a bank account. Other bank-issued wallets in Egypt <\/span><a href=\"https:\/\/www.vapulus.com\/en\/best-e-wallets-in-egypt-2019\/\"><span style=\"font-weight: 400;\">include<\/span><\/a><span style=\"font-weight: 400;\"> the National Bank of Egypt\u2019s Phone Cash, Alexbank\u2019s Ma7fazty, and BM Wallet. If a wallet is not linked to a bank account, e-payments platforms including Fawry and Aman or a CIB ATM can be used to charge the balance. The CBE directed banks to issue digital wallets at no charge and removed transaction fees in a bid to promote e-payments at the onset of the pandemic. The directive <\/span><a href=\"https:\/\/www.elwatannews.com\/news\/details\/4982808\"><span style=\"font-weight: 400;\">was renewed<\/span><\/a><span style=\"font-weight: 400;\"> in September.<\/span><\/p>\n<p><b>Regulations in Egypt <\/b><a href=\"https:\/\/www.tra.gov.eg\/ar\/%D8%A7%D9%84%D8%AA%D9%86%D8%B8%D9%8A%D9%85\/%D8%A7%D9%84%D8%A3%D8%B7%D8%B1-%D9%88%D8%A7%D9%84%D9%82%D9%88%D8%A7%D8%B9%D8%AF-%D8%A7%D9%84%D8%AA%D9%86%D8%B8%D9%8A%D9%85%D9%8A%D8%A9\/%D8%AA%D9%86%D8%B8%D9%8A%D9%85-%D9%85%D8%AD%D8%A7%D9%81%D8%B8-%D8%A5%D9%84%D9%83%D8%AA%D8%B1%D9%88%D9%86%D9%8A%D8%A9\/#:~:text=%D9%8A%D8%AD%D9%82%20%D9%84%D9%83%D9%84%20%D8%B9%D9%85%D9%8A%D9%84%20%D9%81%D8%AA%D8%AD%203,%D8%A7%D9%84%D9%85%D8%AD%D9%84%D9%8A%D8%A9%20(%D8%A7%D9%84%D8%AC%D9%86%D9%8A%D9%87%20%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A)%20%D9%81%D9%82%D8%B7.\"><b>require<\/b><\/a><b> digital wallets to be linked to mobile numbers. <\/b><span style=\"font-weight: 400;\">The mobile number serves as a unique identifier, and each mobile number is limited to a single wallet, with a maximum of three wallets per person.\u00a0<\/span><\/p>\n<p><b>Want to know more?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">YouTube channel Easy Solutions has <\/span><b>\u201ca complete guide to mobile wallets\u201d<\/b><span style=\"font-weight: 400;\"> in the context of India, a leading country in <\/span><a href=\"https:\/\/bfsi.economictimes.indiatimes.com\/news\/fintech\/indian-fintechs-have-contrasting-dynamics-when-compared-to-other-countries\/73198306\"><span style=\"font-weight: 400;\">fintech adoption<\/span><\/a><span style=\"font-weight: 400;\"> (<\/span><a href=\"https:\/\/www.youtube.com\/watch?v=KRip5ihnUmE\"><span style=\"font-weight: 400;\">watch, runtime: 12:33<\/span><\/a><span style=\"font-weight: 400;\">).<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.airship.com\/resources\/explainer\/mobile-wallets-explained\/\"><span style=\"font-weight: 400;\">Airship<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.merchantmaverick.com\/digital-wallets-vs-mobile-wallets\/\"><span style=\"font-weight: 400;\">Merchant Maverick<\/span><\/a><span style=\"font-weight: 400;\"> have <\/span><b>explainers<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/entrepreneurhandbook.co.uk\/fast-broadband-is-a-necessity-if-your-working-from-home\/\"><span style=\"font-weight: 400;\">Entrepreneur Handbook<\/span><\/a><span style=\"font-weight: 400;\"> has a take on <\/span><b>why digital wallets are booming.<\/b><\/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\/enterprise-explains\/\">Enterprise Explains<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/technology\/\">technology<\/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=\"568227\" 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=\"568227\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/568227\/\">\r\n                                                    <\/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\/22\/568227\/\" target=\"_blank\">\n                    Open in new tab     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href=\"https:\/\/x.com\/intent\/post?text=&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/568227\/\">\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\/22\/568227\/&title=\">\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=+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F22%2F568227%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\/22\/568227\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568227\" class=\"content-area-description single-story post-568227 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s all quiet in the foreign press for Egypt this morning.<\/strong> Rejoice, and move along.<\/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=\"568228\" 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=\"568228\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/also-on-our-radar-on-22-december-2020\/\">\r\n                            Also on our radar on 22 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\/22\/also-on-our-radar-on-22-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\/22\/also-on-our-radar-on-22-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\/22\/also-on-our-radar-on-22-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=Also on our radar on 22 December 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/also-on-our-radar-on-22-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\/22\/also-on-our-radar-on-22-december-2020\/&title=Also on our radar on 22 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=Also+on+our+radar+on+22+December+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F22%2Falso-on-our-radar-on-22-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\/22\/also-on-our-radar-on-22-december-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568228\" class=\"content-area-description single-story post-568228 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-enterpriseam tag-orange-egypt tag-spinning-and-weaving tag-state-privatization-program tag-telecom-egypt tag-textiles wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>TE, Orange Egypt clear up commercial disputes + extend cooperation on <\/strong><strong>transmission services:<\/strong> State-owned landline monopoly Telecom Egypt signed agreements with Orange Egypt to clear unspecified \u201ccommercial disputes\u201d and establish a framework for future conflict resolution, according to a cabinet <a href=\"https:\/\/bit.ly\/37Ay53V\">statement<\/a>. The two telcos also signed a mobile-to-fixed termination agreement, as well as an annex to extend an existing contract pertaining to international gateway services until 2022.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>The government <a href=\"http:\/\/bit.ly\/37Acd8D\">has denied<\/a> it has plans to privatize state-owned spinning and weaving companies after online rumors claimed it was considering offering them up to investors.<\/li>\n<li>A judge <a href=\"https:\/\/bit.ly\/3oVW7fq\">has ordered<\/a> <strong>businessman Abdallah Saad<\/strong>, whose company developed a gated community along the Cairo-Alexandria Desert Road, to pay the state <strong>EGP 2.8 bn on charges of misusing public funds<\/strong>.<\/li>\n<li>Small-scale property owners <a href=\"https:\/\/bit.ly\/38dMpyp\">are getting<\/a> an additional three-month <strong>extension on late payment fines<\/strong> for residential properties developed by the New Urban Communities Authority.<\/li>\n<li>Egypt is looking to import 400-500k tonnes of sugar in 2021 once it lifts a temporary ban in place to protect the local industry, <a href=\"https:\/\/www.marketscreener.com\/quote\/commodity\/LONDON-SUGAR-16175\/news\/Egypt-aims-to-import-400-000-500-000-T-of-sugar-in-2021-says-official-32054603\/\">Reuters<\/a> reports.<\/li>\n<li>Renewable power generation company<strong> Lekela Power<\/strong> <a href=\"https:\/\/bit.ly\/2WBi6fq\">has installed<\/a> the first wind turbine in its 250 MW capacity <strong>West Bakr wind power<\/strong> project. <\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orange-egypt\/\">Orange Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spinning-and-weaving\/\">spinning and weaving<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/textiles\/\">textiles<\/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=\"568229\" 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=\"568229\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/what-the-markets-are-doing-on-22-december-2020\/\">\r\n                            What the markets are doing on 22 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\/22\/what-the-markets-are-doing-on-22-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 package includes doling out a round of USD 600 checks, as well as adding USD 300 to weekly unemployment payments. Non-covid measures also include protection from surprise medical bills, among other things, the <a href=\"https:\/\/www.wsj.com\/articles\/covid-19-aid-package-set-for-final-votes-in-house-senate-11608566895?mod=hp_lead_pos1\">Wall Street Journal<\/a> reports. The stimulus package is part of a USD 1.4 tn spending bill to finance government programs until next September.<\/p><p><strong>But some say the stimulus is a day late and (several) USD short<\/strong>, with unemployment on the rise and the US economy USD 1 tn smaller than it would have been without covid-19, <a href=\"https:\/\/www.reuters.com\/article\/health-coronavirus-usa-economy\/better-than-nothing-the-u-s-900-bln-covid-19-stimulus-helps-but-underwhelms-idUSL1N2J00M0\">Reuters<\/a> reports. Economists agree that unemployment payouts are an effective way to kickstart the economy, they are less enthusiastic about the program\u2019s aid to small businesses, which proved inefficient as relief under the first stimulus program in March.<\/p><p><strong>Citigroup and Morgan Stanley overtook JPMorgan as the Middle East\u2019s top <\/strong><strong>dealmakers<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-21\/jpmorgan-ousted-as-mideast-africa-s-top-dealmaker-by-u-s-rivals?sref=mmeFTDW1\">Bloomberg<\/a> reports. Buoyed by its entry into Saudi Arabia, as well as its work on placements for Egypt\u2019s Hikma Pharma and the UAE\u2019s Network International Holdings, Citigroup is ending the year as the top dealmaker for IPOs. Morgan Stanley leads in takeovers, having advised on the USD 18 bn merger of Saudi Arabia\u2019s National Commercial Bank and Samba Financial Group gave it an edge. Transaction activity in the Middle East has slowed since last year, which saw the USD 30 bn IPO of Saudi\u2019s Aramco, as well as the company\u2019s USD 70 bn acquisition of a stake in Saudi Basic Industries.<\/p><p><strong>Next year could be another challenging one for Dubai\u2019s real estate market<\/strong>, property developer Damac Chairman Hussain Sajwani tells <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-21\/dubai-developer-damac-warns-against-property-dumping-next-year?sref=mmeFTDW1\">Bloomberg<\/a>. The main risk is if developers start \u201cdumping,\u201d or flooding a market already in excess supply with new properties in hope of selling \u201canother few hundred villas or apartments,\u201d Sajwani said.<\/p><p><strong>Some of the UK\u2019s green investment funds aren\u2019t quite so green:<\/strong> A third of UK climate funds have investments in oil and gas companies, putting pressure on regulators to tackle so-called \u201cgreenwashing,\u201d where fund managers over-egg their green credentials to tap into the increasingly lucrative ESG market, the <a href=\"https:\/\/www.ft.com\/content\/cd819461-1925-48e0-86af-e81a56c0d3f8\">Financial Times<\/a> reports, citing research by the CommonWealth think tank.<\/p><p><strong>The world\u2019s largest sovereign wealth fund has entered the age-old active vs<\/strong> <strong>passive debate:<\/strong> The new head of Norway\u2019s SWF is pushing to actively manage the fund\u2019s portfolio, an unorthodox position in an industry that has historically opted for passive investing, the <a href=\"https:\/\/www.wsj.com\/articles\/the-worlds-largest-sovereign-wealth-fund-weighs-a-more-active-approach-11608391342\">Wall Street Journal<\/a> reports. Newly-appointed manager Nicolai Tangen says he believes active management would boost returns and open the door to involvement with companies, while his critics \u2014 bemused by some of the arrangements agreed by the central bank and the hedge fund manager \u2014 are pushing back on the idea, arguing that returns offered by active investment don\u2019t justify the extra costs.<\/p><table class=\"markets-table\">\n<tbody>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>EGX30 <\/strong><\/td>\n<td>10,582<\/td>\n<td>-2.8% (YTD: -24.2%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>USD (CBE)<\/strong><\/td>\n<td>Buy 15.61<\/td>\n<td>Sell 15.71<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\" ><\/td>\n<td><strong>USD at CIB<\/strong><\/td>\n<td>Buy 15.62<\/td>\n<td>Sell 15.72<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\" ><\/td>\n<td><strong>Interest rates CBE<\/strong><\/td>\n<td>8.25% deposit<\/td>\n<td>9.25% lending<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>Tadawul<\/strong><\/td>\n<td>8,539<\/td>\n<td>-1.7% (YTD: +1.8%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>ADX<\/strong><\/td>\n<td>5,073<\/td>\n<td>-0.8% (YTD: -0.1%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>DFM<\/strong><\/td>\n<td>2,461<\/td>\n<td>-3.9% (YTD: -11.0%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>S&amp;P 500<\/strong><\/td>\n<td>3,695<\/td>\n<td>-0.4% (YTD: +14.4%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>FTSE 100<\/strong><\/td>\n<td>6,416<\/td>\n<td>-1.7% (YTD: -14.9%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>Brent crude<\/strong><\/td>\n<td>USD 47.74<\/td>\n<td>-2.8%<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>Natural gas <\/strong>(Nymex)<\/td>\n<td>USD 2.70<\/td>\n<td>-0.1%<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>Gold<\/strong><\/td>\n<td>USD 1,884.20<\/td>\n<td>+0.1%<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>BTC<\/strong><\/td>\n<td>USD 22,884.80<\/td>\n<td>-2.7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><p><strong>The EGX30 fell 2.8% yesterday<\/strong> on turnover of EGP 1.6 bn (15% above the 90-day average). Domestic investors were net sellers. The index is down 24.2% YTD.<\/p><p><strong>In the green: <\/strong>CIRA (+0.14%).<\/p><p><strong>In the red: <\/strong>Export Development Bank (-9.8%), Beltone Financial (-9.1%) and Egyptian Iron &amp; Steel (-9.0%).<\/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\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/norway\/\">Norway<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568230\" 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=\"568230\">\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\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/around-the-world-on-22-december-2020\/\">\r\n                            Around the world on 22 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\/22\/around-the-world-on-22-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 final number is expected to rise seeing as up to 18k SolarWinds\u2019 customers received the malicious update through an undetected backdoor.<\/p>\n<p><strong>The US<\/strong><strong> commerce and energy departments and Microsoft are among those compromised <\/strong>alongside other US, UK, Israeli and Canadian gov\u2019t agencies and firms \u2014 with the hackers gaining access to everything from corporate secrets to covid research. The US Cybersecurity and Infrastructure Security Agency issued an alert that the hackers \u201cposed a grave risk to federal, state and local governments, as well as critical infrastructure and the private sector.\u201d The true scale of the attack is still unquantified and Russia has denied allegations of involvement. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-19\/at-least-200-victims-identified-in-suspected-russian-hacking?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> and <a href=\"https:\/\/www.ft.com\/content\/c13dbb51-907b-4db7-8347-30921ef931c2\">the Financial Times<\/a> have the story.<\/p>\n<p><strong>Welcome to the age of Cyberwar?<\/strong> Incoming White House Chief of Staff Ron Klain said the Biden camp is considering penalties that go beyond sanctions, <a href=\"https:\/\/www.reuters.com\/article\/usa-cyber-breach\/biden-chief-of-staff-says-hack-response-will-go-beyond-just-sanctions-idUSKBN28U0IK\">Reuters<\/a> reports. \u201cIt\u2019s not just sanctions. It\u2019s steps and things we could do to degrade the capacity of foreign actors to engage in this sort of attack,\u201d Klain said on CBS\u2019 \u201cFace the Nation.\u201d<\/p>\n<p><strong>Western countries have yet to provide evidence that Russia is behind the attack<\/strong>, but the <a href=\"https:\/\/www.axios.com\/solarwinds-hack-russia-trump-blame-game-683eca31-ff57-4582-b6a7-5e31c0787c94.html\">consensus in those quarters<\/a> appears to be that Cozy Bear \u2014 an activity sponsored by Russian intelligence \u2014 led it.<\/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\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cybersecurity\/\">cybersecurity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/microsoft\/\">microsoft<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/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=\"568231\" 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=\"568231\">\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\">ON YOUR WAY OUT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/bored-ai-dangerous-ai\/\">\r\n                            Bored AI = dangerous AI?                        <\/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\/22\/bored-ai-dangerous-ai\/\" 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\/22\/bored-ai-dangerous-ai\/')\">\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\/22\/bored-ai-dangerous-ai\/\">\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=Bored AI = dangerous AI?&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/bored-ai-dangerous-ai\/\">\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\/22\/bored-ai-dangerous-ai\/&title=Bored AI = dangerous AI?\">\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=Bored+AI+%3D+dangerous+AI%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F22%2Fbored-ai-dangerous-ai%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\/22\/bored-ai-dangerous-ai\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/379.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568232\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/22\/bored-ai-dangerous-ai\/379-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/379.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"379.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/379.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/379.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568231\" class=\"content-area-description single-story post-568231 post type-post status-publish format-standard has-post-thumbnail hentry category-on-your-way-out tag-ai 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>AI: Between boredom and danger:<\/strong> Your ever-so-useful AI may find the time to turn malevolent if you leave it with too much time on its hands. It will scratch its chin and ponder its own psychology, which could open the floodgates for all sorts of unexpected misbehavior. While a little time on its hands is good for AI, allowing it to improve its smarts, too much could lead it down a road with dangerous and unpredictable consequences, argues this <a href=\"https:\/\/www.scientificamerican.com\/article\/what-happens-if-an-ai-gets-bored\/\">Scientific American<\/a> piece.<\/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\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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=\"568233\" 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\/22\/calendar-on-22-december-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568233\" class=\"content-area-description single-story post-568233 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>23 December (Wednesday): Prime Minister Moustafa Madbouly will deliver the keynote address at the 19th edition of Dubai\u2019s <a href=\"https:\/\/dpc.org.ae\/en\/media-centre\/calender\/Arab--Media-Forum\">Arab Media Forum<\/a>, held virtually this year.<\/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>31 December (Thursday): Deadline for EGX-listed companies to comply with regulations requiring at least one member of their boards of directors be a woman.<\/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>January 2021: Expo to promote auto natgas transition strategy.<\/p>\n<p>January 2021: US Treasury Secretary Steven Mnuchin is <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-16\/mnuchin-plans-final-overseas-trip-with-egypt-qatar-on-itinerary?sref=mmeFTDW1\">set to visit Egypt<\/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>Mid-January: <a href=\"https:\/\/alborsaanews.com\/2020\/12\/16\/1406483\">Local expo<\/a> to display natural gas-powered and dual-engine vehicles for Egypt\u2019s car replacement program.<\/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 2021 (Saturday-Thursday): Mid-year school break.<\/p>\n<p>20 February 2021 (Saturday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/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>17 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>30 July-3 August 2021 (Thursday-Monday): Eid Al Adha, national holiday (TBC).<\/p>\n<p>5 August 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>16 September 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/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>28 October 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/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<p>16 December 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/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    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Thanks, 2020. - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/mutant-virus-market-meltdown-thanks-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mutant virus market meltdown? 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