{"id":568432,"date":"2020-12-30T03:27:38","date_gmt":"2020-12-30T03:27:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=568432"},"modified":"2025-12-16T06:20:08","modified_gmt":"2025-12-16T06:20:08","slug":"will-21-be-the-year-for-ipos-ma-and-investment-see-you-back-here-on-sunday-happy-new-year-everyone","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/will-21-be-the-year-for-ipos-ma-and-investment-see-you-back-here-on-sunday-happy-new-year-everyone\/","title":{"rendered":"Will \u201821 be the year for IPOs, M&#038;A and investment? (See you back here on Sunday \u2014 Happy New Year, everyone!)"},"content":{"rendered":"<section id=\"568434\" 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=\"568434\">\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\/30\/what-were-tracking-on-30-december-2020\/\">\r\n                            What we\u2019re tracking on 30 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\/30\/what-were-tracking-on-30-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\/30\/what-were-tracking-on-30-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\/30\/what-were-tracking-on-30-december-2020\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=What we\u2019re tracking on 30 December 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/what-were-tracking-on-30-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\/30\/what-were-tracking-on-30-december-2020\/&title=What we\u2019re tracking on 30 December 2020\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=What+we%E2%80%99re+tracking+on+30+December+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F30%2Fwhat-were-tracking-on-30-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\/30\/what-were-tracking-on-30-december-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568434\" class=\"content-area-description single-story post-568434 post type-post status-publish format-standard hentry category-what-were-tracking-today 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<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Well, friends \u2014 we made it through 2020 together. <\/strong>Most of us here haven\u2019t seen each other since early March, when we went fully WFH, and trust us: The honor of writing you all each morning is one of the things that has kept us going in this ridiculous year.<\/p><p><strong>Thank you for starting your morning with us <\/strong>each workday, whether you do so on email or on the web.<\/p><p><strong>Thank you for writing to us<\/strong> with story ideas, corrections and random musings \u2014 your notes keep us going and remind us daily that we\u2019re writing to very smart, very engaged people who care passionately about business and the country in which we are all privileged to live.<\/p><p><strong>And thank you to our advertisers<\/strong>, whose steadfast support allows us to continue producing Enterprise each day without charge. If you enjoy Enterprise, please give a tip of your (metaphorical) hat to the great people at CIB, Pharos, Sodic, Somabay, Orascom Construction and CIRA.<\/p><p><strong>Today is our last \u201cnormal\u201d issue of the year<\/strong>, and it\u2019s a blockbuster for finance nerds as we look back at 2020 and ahead to what\u2019s coming in \u201821 on three key fronts: <strong>equity capital markets, M&amp;A and investment<\/strong>. We\u2019re all going to sleep in a little bit tomorrow, but you\u2019ll find the January 2021 issue of Your Wealth in your inboxes instead to keep you company. <strong>We\u2019ll be back at our customary 6am on Sunday. <\/strong><\/p><p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p><p><strong>We are still none the wiser whether tomorrow will<\/strong><strong> be a day off for banks.<\/strong> The central bank and EGX have yet to announce if Thursday is a bank holiday, as New Year\u2019s Day falls on a Friday. Banks with December-January fiscal years are typically shuttered on 1 January to close their books. Look for an announcement this afternoon if there\u2019s going to be one.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/35b1rUX\">reported<\/a><\/strong><strong> 1,333 new covid-19 infections yesterday<\/strong>, down from 1,359 the day before \u2014 the first time our daily reported cases have dipped since 28 October. The ministry also reported 54 new deaths, bringing the country\u2019s total death toll to 7,520.<\/p><p><strong>No, we\u2019re not getting another curfew (at least not yet).<\/strong> Cabinet <a href=\"https:\/\/bit.ly\/2L9KpiQ\">denied yesterday<\/a> that it is moving to re-impose the nighttime curfew after a recording of the curfew announcement from earlier this year went viral.<\/p><p><strong>What\u2019s really happening: Failing to comply with a covid restriction will get you a fine <\/strong><strong>starting<\/strong><strong> Sunday.<\/strong> The nation\u2019s talking heads reminded viewers that people not wearing masks in public venues and on public transport will be ordered to pay a EGP 50 fine on the spot \u2014 and made sure to point to the rapidly rising case count (Ramy Radwan on Masaa DMC | <a href=\"https:\/\/www.youtube.com\/watch?v=I05mlHkR3aY\">watch, runtime: 4:40<\/a> and Lobna Assal on Al Hayah Al Youm | <a href=\"https:\/\/www.youtube.com\/watch?v=jvuW-VP7FRA\">watch, runtime: 1:15<\/a>).<\/p><p><strong>SILVER LINING- The new covid-19 variant apparently does not cause more severe cases<\/strong><strong> of the disease<\/strong>, nor does it have a higher mortality rate, a study from Public Health England found, according to the <a href=\"https:\/\/www.ft.com\/content\/04f4120f-fa5f-4e79-93d6-55170057980f\">Financial Times<\/a>. The study also didn\u2019t find a statistically significant increase in the likelihood of reinfection from the new, more transmissible strain.<\/p><hr><p><strong>Meanwhile: <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/features\/2020-12-28\/china-s-struggling-to-get-the-world-to-trust-its-covid-vaccines?srnd=premium-middle-east&amp;sref=mmeFTDW1\">China is struggling to get the world to trust its vaccines<\/a><\/strong>, Bloomberg writes. The big issue? A lack of transparency: \u201cThere has been little information about how Chinese vaccines have fared in final-stage clinical trials, with just the United Arab Emirates and China itself endorsing the vaccines for emergency use so far. Meanwhile, some U.S. and European companies have published data on the safety and efficacy of their shots and started to deploy them.\u201d<\/p><hr class=\"grey-line\"><p><strong>Other news you may want to know about this morning:<\/strong><\/p><ul>\n<li><strong>Cairo and Alexandria\u2019s public transport projects are getting a EUR 1.1 bn <\/strong><strong>financing package from the European Investment Bank<\/strong> (EIB) after International Cooperation Minister Rania Al Mashat signed the contracts for a portion of the funding yesterday, according to statements from <a href=\"https:\/\/bit.ly\/3mXMFH1\">cabinet<\/a> and the <a href=\"https:\/\/www.eib.org\/en\/press\/all\/2020-407-the-eu-bank-supports-urban-transport-in-egypt\">EIB<\/a>.<\/li>\n<li><strong>El Nasr Automotive and <\/strong><strong>China\u2019s Dongfeng are postponing signing the final contracts for their EV assembly partnership<\/strong> as they continue to work on ironing out the international arbitration clauses of the agreement, Public Enterprises Minister Hisham Tawfik said, according to <a href=\"https:\/\/bit.ly\/3aT48he\">Masrawy<\/a>.<\/li>\n<\/ul><p><strong>SIGN OF THE TIMES- Investment banks raked in a record USD 124.5 bn this year <\/strong><strong>in fees for debt and equity sales<\/strong>, thanks to a bump from the pandemic, the <a href=\"https:\/\/www.ft.com\/content\/c7bbdc4e-2fc9-424b-ab0b-a3acd8f20557\">Financial Times<\/a> reports, citing Refinitiv data. Debt and equity both had a solid year \u201cas companies looked to access capital markets to shore up their balance sheets in the face of pandemic-related uncertainty,\u201d said Barclays analyst Jason Goldberg. Fees from underwriting IPOs alone soared to a 10-year record of USD 13 bn, buoyed by high-value companies such as DoorDash and Snowflake going public.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568435\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"568435\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/568435\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568435\" class=\"content-area-description single-story post-568435 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/SOMA-ENTERPRISE-FAM-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568436\" 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=\"568436\">\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\">REGULATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/the-fra-just-joined-the-fight-for-gender-equality\/\">\r\n                            The FRA just joined the fight for gender equality                        <\/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\/30\/the-fra-just-joined-the-fight-for-gender-equality\/\" 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\/30\/the-fra-just-joined-the-fight-for-gender-equality\/')\">\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\/30\/the-fra-just-joined-the-fight-for-gender-equality\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=The FRA just joined the fight for gender equality&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/the-fra-just-joined-the-fight-for-gender-equality\/\">\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\/30\/the-fra-just-joined-the-fight-for-gender-equality\/&title=The FRA just joined the fight for gender equality\">\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=The+FRA+just+joined+the+fight+for+gender+equality+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F30%2Fthe-fra-just-joined-the-fight-for-gender-equality%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\/30\/the-fra-just-joined-the-fight-for-gender-equality\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/494.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568437\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/the-fra-just-joined-the-fight-for-gender-equality\/494-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/494.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"494.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/494.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/494.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568436\" class=\"content-area-description single-story post-568436 post type-post status-publish format-standard has-post-thumbnail hentry category-regulation-watch tag-enterpriseam tag-financial-regulatory-authority tag-gender tag-ipo-watch tag-regulation-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>SMART POLICY- Gender parity is getting a push from the Financial Regulatory <\/strong><strong>Authority, which will <\/strong><strong>slash development and service fees by as much as half<\/strong> for companies and non-banking financial institutions with women comprising at least 25% of their total staff. The higher your proportion of women on your team, the lower the development fee, the FRA says without getting into specifics. Development fees are a requirement under the Capital Markets Act.<\/p>\n<p><strong>Showing proof of gender parity while doing business will also become a prerequisite for <\/strong><strong>NBFIs looking to receive or renew any licenses<\/strong> from the FRA, according to the statement. The regulator will require these institutions to treat clients of both genders equally in all their dealings, as well as offer products and services that cater to the needs of women (which the statement does not specify), and set up a specialized unit or department or designate an individual to handle client complaints pertaining to their gender parity.<\/p>\n<p><strong>MEANWHILE- The private sector will be getting the lion\u2019s share in the ownership of the <\/strong><strong>new futures exchange<\/strong>, with the FRA deciding to earmark at least 75% of the exchange to financial institutions that meet solvency standards and \/ or with experience in futures contracts. Nobody will hold more than 10% of the futures exchange. Details on all of the foregoing in <a href=\"http:\/\/www.fra.gov.eg\/content\/efsa_ar\/efsa_news\/efsa_939.htm\">this statement from the FRA<\/a>, out yesterday.<\/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\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gender\/\">gender<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation-watch\/\">regulation watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568438\" 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=\"568438\">\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\">POLICY WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/how-the-cbe-plans-for-future-risks\/\">\r\n                            How the CBE plans for future risks                        <\/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\/30\/how-the-cbe-plans-for-future-risks\/\" 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\/30\/how-the-cbe-plans-for-future-risks\/')\">\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\/30\/how-the-cbe-plans-for-future-risks\/\">\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=How the CBE plans for future risks&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/how-the-cbe-plans-for-future-risks\/\">\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\/30\/how-the-cbe-plans-for-future-risks\/&title=How the CBE plans for future risks\">\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=How+the+CBE+plans+for+future+risks+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F30%2Fhow-the-cbe-plans-for-future-risks%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\/30\/how-the-cbe-plans-for-future-risks\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/495.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568439\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/how-the-cbe-plans-for-future-risks\/495-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/495.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"495.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/495.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/495.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568438\" class=\"content-area-description single-story post-568438 post type-post status-publish format-standard has-post-thumbnail hentry category-policy-watch tag-central-bank-of-egypt tag-covid-19 tag-enterpriseam tag-inflation tag-interest-rates tag-policy-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Want to know what\u2019s keeping the CBE up at night? <\/strong>Have a look through the central bank\u2019s latest Financial Stability Report, which takes a deep dive into a range of risk scenarios for Egypt and how they might be managed should they come to pass.<\/p>\n<p><strong>One of the more interesting (if presently unlikely):<\/strong> What could prompt the CBE to reverse course on easing and start raising rates? Covid, of course.<\/p>\n<p><strong>Here\u2019s how it might work:<\/strong> The report points to a potential series of events, starting with the second wave slowing down GDP growth as tourism grinds to a halt and other industries also take a hit. The budget deficit could also widen if the government needs to ramp up public spending on healthcare services and roll out fresh stimulus (which Finance Minister Mohamed Maait said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0cf47be-9482-49f9-bc1a-4e4a1019da07\">earlier this month<\/a> the government is ready to do). A widening deficit and shrinking economy could come together with another drop in FX streams \u2014 namely lower remittances from Egyptians abroad, a dip in Suez Canal revenues, and potential portfolio outflows \u2014 to throw off the balance of payments and bring the currency under pressure. This scenario would, in turn, create inflationary pressure that could require the central bank to reverse its monetary easing cycle and raise rates again.<\/p>\n<p><strong>The report makes clear the bank is still on its easing path<\/strong>, pointing out that easing can likely continue as it did during the first wave, particularly that the likelihood of a significant spike in inflation is low.<\/p>\n<p><strong><a href=\"https:\/\/ent.news\/2020\/12\/Financial-Stability-Report-2019.pdf\">There\u2019s lots more in the report (pdf)<\/a><\/strong>, which dives into multiple risks, systemic security and policy options for how the CBE could act in a variety of situations.<\/p>\n<p><strong>The CBE has cut interest rates by <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5662d281-1e6f-4604-b559-ae1ac16ce3be\">400 bps this year<\/a><\/strong>, including a record <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2e78eb3-6978-4eb5-a04f-a3b7247293ed\">300 bps cut<\/a> in March and 50 bps cuts at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5662d281-1e6f-4604-b559-ae1ac16ce3be\">two consecutive meetings<\/a>. The bank\u2019s monetary policy committee decided to leave rates on hold at its final meeting of 2020 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8a7e084b-539b-48a1-9a82-a716977f281f\">last week<\/a>, citing global concern about the new covid-19 variant, but expectations are that CBE is still on an easing path \u2014 barring a shock such as the one above.<\/p>\n<p><strong>SEPARATELY- The CBE is launching a multicurrency real-time gross settlement (RTGS) system next year<\/strong>, the report says, without specifying when in 2021 we can expect the system. The CBE has had an <a href=\"https:\/\/www.cbe.org.eg\/en\/PaymentSystems\/Pages\/SnapshotRTGS.aspx\">RTGS system<\/a> \u2014 which is used to process large-value and \u201cthe most important types of funds\u201d \u2014 in place since 2009, but the system will be upgraded to include multiple foreign currencies.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/policy-watch\/\">POLICY WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568440\" 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=\"568440\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/568440\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568440\" class=\"content-area-description single-story post-568440 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/Sodic-Karmell-Amina-Khalil-16.12.20-1600px.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=\"568441\" 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=\"568441\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/cira-pulls-sukuk-trigger\/\">\r\n                            CIRA pulls sukuk trigger                        <\/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\/30\/cira-pulls-sukuk-trigger\/\" 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\/30\/cira-pulls-sukuk-trigger\/')\">\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\/30\/cira-pulls-sukuk-trigger\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=CIRA pulls sukuk trigger&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/cira-pulls-sukuk-trigger\/\">\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\/30\/cira-pulls-sukuk-trigger\/&title=CIRA pulls sukuk trigger\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=CIRA+pulls+sukuk+trigger+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F30%2Fcira-pulls-sukuk-trigger%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\/30\/cira-pulls-sukuk-trigger\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568441\" class=\"content-area-description single-story post-568441 post type-post status-publish format-standard hentry category-debt-watch tag-cira-education tag-debt-watch tag-enterpriseam tag-sukuk wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>CIRA closed its EGP 600 mn sukuk issuance \u2014 the first for Egypt\u2019s education sector <\/strong>\u2014 yesterday, according to a statement (pdf). The leading private-sector education outfit sold ijara sukuk that will be traded on the EGX. The sharia-compliant bonds will carry a tenor of seven years and will not be convertible to shares. The Financial Regulatory Authority had green lit the issuance one day earlier.<\/p>\n<p><strong>The issuance was 2.3x oversubscribed<\/strong>, allowing the subscription period to open and close on the same day, the statement notes. The bond sale and CIRA both earned an A rating with a stable outlook from the Middle East Ratings and Investor Services (Meris).<\/p>\n<p><strong>Advisors: <\/strong>EFG Hermes Investment Banking was sole financial advisor, lead arranger and bookrunner for the transaction, while EFG Hermes Sukuk Co. was the issuer for the EGP-denominated sukuk. Ahli United Bank, Suez Canal Bank and Banque du Caire are underwriters. Prime Capital acted as independent financial advisor. Zulficar & Partners is provided counsel.<\/p>\n<ul>\n<li> <\/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\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568442\" 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=\"568442\">\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\">YEAR IN REVIEW: PUBLIC MARKETS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/plus-what-does-our-ipo-tracker-say-about-21-barring-a-global-meltdown-that-is\/\">\r\n                            Plus: What does our IPO tracker say about \u201821? (Barring a global meltdown, that is)                        <\/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\/30\/plus-what-does-our-ipo-tracker-say-about-21-barring-a-global-meltdown-that-is\/\" 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\/30\/plus-what-does-our-ipo-tracker-say-about-21-barring-a-global-meltdown-that-is\/')\">\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\/30\/plus-what-does-our-ipo-tracker-say-about-21-barring-a-global-meltdown-that-is\/\">\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=Plus: What does our IPO tracker say about \u201821? (Barring a global meltdown, that is)&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/plus-what-does-our-ipo-tracker-say-about-21-barring-a-global-meltdown-that-is\/\">\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\/30\/plus-what-does-our-ipo-tracker-say-about-21-barring-a-global-meltdown-that-is\/&title=Plus: What does our IPO tracker say about \u201821? 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Among large, investable markets, <a href=\"https:\/\/www.ii.co.uk\/analysis-commentary\/best-and-worst-performing-stock-markets-2020-ii514557\">Morningstar\u2019s index shows us the world\u2019s third-worst performer<\/a> behind Brazil and Colombia, but ahead of Hungary and Peru.<\/p>\n<p><strong>Regionally, the Kuwait Stock Exchange (-12.6%) and Dubai Financial Market (-8.7%)<\/strong> <strong>are<\/strong> <strong>the next-worst performer<\/strong><strong>s.<\/strong> The Nasdaq Dubai is down about 2.7%, while Saudi\u2019s Tadawul (+4.3), and the Abu Dhabi Exchange (+0.5%) could still close the year in the green.<\/p>\n<p><strong>The world\u2019s top-performing exchanges<\/strong> according to data cobbled together from Bloomberg: Nigeria (+47.0%), Denmark (+29.4%), South Korea\u2019s Kospi (29.0%), Turkey (+27.2%), Iceland (+23.9%) and Argentina (+23.1%).<\/p>\n<p><strong>The pandemic may have emerged from China, but it\u2019s done little to dent their stock markets: <\/strong>The Shanghai Composite is up 11.6% in trading today, while the Shenzen Component is up 36.0%.<\/p>\n<p><strong>What happened in Egypt? <\/strong>Foreigners sold out of the market at the start of the pandemic and they\u2019ve largely sat out the year. The story is clear when you look at the brokerage rankings: Trading on the EGX is usually dominated by EFG Hermes (with a market share that is sometimes in the high teens, and usually in the low-to-mid-20s) and CI Capital (in the teens). It\u2019s simple math: Together, own the lion\u2019s share of the foreign institutional inflows into Egypt. That shifted as 2020 wore on. Last month, EFG had a 17.4% share, followed by Pharos (just under 6%), CI Capital and Beltone (each at about 5%) and Pioneers (just over 4%).<\/p>\n<p><strong>But volumes are up, right? <\/strong>Yes. In fall 2019, total turnover on the EGX was in the EGP 400-500 mn per day range. This past fall, it was well north of EGP 1 bn most days \u2014 but the players were largely retail and local institutions, and trades have been spread out over the dozens and dozens of small brokerages who have clung to their licenses for years despite anemic business (did you know <a href=\"https:\/\/www.egx.com.eg\/en\/memberfirmslist.aspx\">there are 130 licensed, active brokerage firms<\/a> registered with the EGX \u2014 and 142 if you include the ones whose licenses have been suspended?).<\/p>\n<p><strong>Where did the foreigners go? They pulled out of the market \u2014 all the (emerging) markets.<\/strong> The EGX30 was down just 5.5% for the year at the end of February \u2014 then came the Great Global Emerging Markets Selloff of 2020, and Egypt got hammered the same as every other EM. By mid-March, we were down more than 37% for the year, and foreign investors have largely sat on the sidelines since. It could have been much, much worse: A lot of the local appetite to play the market came after things were grim enough that the Central Bank of Egypt stepped in with a nearly unprecedented share buying program. Foreign investors were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f8423d95-d91a-42f2-8a97-0d76bcdcbe07\">net buyers<\/a> last year and net sellers this year. And as EM were melting down, the US Federal Reserve was engaged in <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20200323b.htm\">precedented support<\/a> of financial markets stateside. Repo facilities, direct lending to securities firms <a href=\"https:\/\/www.brookings.edu\/research\/fed-response-to-covid19\/\">and a host of other active market operations<\/a> ensured that liquidity was sucked back into the US market \u2014 giving investors a chance at higher returns with reduced risk in a classic flight to safety in a riskoff.<\/p>\n<p><strong>One thing foreign and domestic investors are looking for in \u201821: New paper.<\/strong> Simply put, it needs to come into the market after two years in which IPO flow has been abysmal. Rameda Pharma and fintech darling Fawry were the only two IPOs in 2019 after Hassan Allam Holding and Carbon Holding pulled hotly anticipated transactions. The flap over Beltone\u2019s handling of Sarwa\u2019s EGX debut in late 2018 sapped momentum for many companies that were considering going public, and the state\u2019s privatization stake sale ran late for reasons domestic (think: bureaucracy) and international (selling pressure on EM), but EGX boss Mohamed Farid still started 2020 with <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/19\/ipo-activity-in-egypt-and-the-rest-of-north-africa-rose-115-in-2018\/\">at least three IPOs<\/a> in the pipeline and some government stake sales planned.<\/p>\n<p><strong>Then: Covid, which wiped out Egypt\u2019s pipeline.<\/strong> High-profile transactions like Banque du Caire\u2019s hotly anticipated IPO postponed, and the state\u2019s stake-sale program was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82f7037f-4711-42cd-a7d1-7f4f6ab1f06e\">kicked back<\/a> once again.<\/p>\n<p><strong>Covid outright killed at least two IPOs, possibly forever: <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f767246d-c9cd-45bf-bb2b-fc0ee5c26dcd\">Nile Air pulled the plug<\/a> on its offering after the tourism and aviation industries cratered, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/70d5ed14-509a-4f44-a084-c72a5e41346a\">Qalaa Holdings has reportedly postponed the 1H2021 sale<\/a> of a 30-40% stake in energy distribution player Taqa Arabia. Word on the street is that Qalaa will also put off the listing of the Arab Refining Company, parent company to its Egyptian Refining Company, whose financials came under pressure after covid wiped out oil prices (briefly sending them into <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8c851de7-9d60-4c5a-95d9-b39147181964\">negative territory<\/a>).<\/p>\n<p><strong>Small-cap real estate player Emerald was the only IPO of 2020<\/strong>, in an EGP 202 mn offering on which parent company Odin was financial advisor and Mubasher the bookrunner.<\/p>\n<p><strong>More interesting: Speed Medical became the first company listed on the Nilex to make<\/strong> <strong>the jump from the baby bourse to the EGX <\/strong>when it completed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c901d149-9660-4b9a-a4d1-c52bde56de24\">an EGP 222 mn capital increase<\/a> earlier this month.<\/p>\n<p><strong>So, how do things look for 2021? Egypt looks compelling \u2014 the question is what<\/strong> <strong>happens with global markets. <\/strong>Let\u2019s take that piece by piece, shall we?<\/p>\n<p><strong>First: Foreigners say they\u2019re coming back. <\/strong>Our friend Rami Sidani, head of frontier investments at Schroders, told us a couple of weeks ago that \u201c2021 is going to be the year for Egypt. We think the stars are aligned in terms of lower rates (the lowest in a decade) that will spur investment and accelerate credit growth. We\u2019re going to see tourism pick up as the world normalizes. \u2026 We also see Egypt reaping the fruits of all of the investment the government has been doing to connect cities and build out infrastructure.\u201d (If you haven\u2019t already done so, our chat is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4883b48-3596-4377-8bef-991301fa56a1\">worth reading in full<\/a>.). You would also have to assume the Fed will cool-off its support for financial markets to avoid overheating the US economy. Investors would then be pushed to find market-beating returns in other markets and asset classes.<\/p>\n<p><strong>The sell side likes Egypt, too<\/strong>, whether that\u2019s our friends at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d74263f2-c409-48b7-a435-e61ead5e416a\">Pharos<\/a> here at home \u2014 or <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8c2facb0-b5e1-42dd-aafc-6804b7f7bc76\">RenCap<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/22a985dc-b277-460e-a94f-bd611704142c\">Credit Suisse<\/a> abroad. All of them like Egypt in the new year.<\/p>\n<p><strong>Second: The government is sending signals that stake sales are in the cards<\/strong> as it looks to sell chunks of Alexandria Containers, Abu Qir Fertilizers and Sidi Kerir Petrochemicals. The offerings are promising enough that institutional investors and DFIs are all closely watching.<\/p>\n<p><strong>Third: The country\u2019s \u201creal\u201d pipeline of equity capital market transactions is as healthy as<\/strong> <strong>it has been in years. <\/strong>We maintain an internal tracker of IPOs and stake sales on which we note every detail imaginable about any company whose CEO or beneficial owner has ever muttered that they may, one day, like to go public or sell additional shares.<\/p>\n<p><strong>Lots of these pronouncements are bull[redacted] designed to gin up some media<\/strong> <strong>attention. <\/strong>There\u2019s little our colleagues in the domestic press like more than an easy IPO story. With that in mind, we assign every musing an ERR \u2014 <strong>Enterprise Realness Rating<\/strong>. A zero means there\u2019s a snowball\u2019s chance in hell that company will ever make its debut on the EGX. A 5 means we know with a high degree of confidence that they\u2019ve retained advisors.<\/p>\n<p><strong>Only 15 out of 85 companies on our tracker have an ERR of 3 or more. <\/strong>Set aside the aforementioned stake sales, and we figure there\u2019s a 2021 pipeline that is anchored by:<\/p>\n<ul>\n<li><strong>Taaleem Educational Services<\/strong>, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf2fc0fc-7c69-4a48-8bee-bb893803334d\">CI Capital is taking public<\/a> in the first quarter.<\/li>\n<li>London-listed <strong>Integrated Diagnostics Holdings<\/strong>, which is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4222023-4523-4073-9629-197b653c72de\">seeking shareholder approval<\/a> for a transaction that it hopes will allow it to pursue a dual listing on the EGX.<\/li>\n<li>Agrifood player <strong>Galina Holding<\/strong>, which is looking to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f9e22634-f6d7-4b57-939c-fe0052322044\">sell as much as 49% of itself<\/a> in its EGX debut early in the New Year. RenCap is quarterbacking the transaction.<\/li>\n<li>Non-bank financial services player <strong>Ebtikar <\/strong>could <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/28e4d461-7cb5-4955-a513-a5abf5e53215\">sell a 25-30% stake<\/a> and is targeting a 1Q2021 listing. <strong>EFG Hermes <\/strong>is said to have been hired for the job.<\/li>\n<li><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5fe0d80-d23b-4f30-b0cc-8aa46f60fff9\">e-Finance<\/a><\/strong> has confirmed that it, too, is looking at 1Q.<\/li>\n<\/ul>\n<p><strong>Keep your eye on: <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2061e7c-9714-4444-bf3a-f06bfa043e01\">Macro Pharma<\/a>, the fast-growing <a href=\"http:\/\/www.macro-egy.com\/about-us\/\">cosmeceuticals outfit<\/a> controlled by private equity player Alta Semper. Reports in the <a href=\"https:\/\/bit.ly\/3pyB037\">local press yesterday<\/a> suggest that Macro has tapped CI Capital and Renaissance Capital to quarterback the IPO, which is now slated for 1H2021.<\/p>\n<p><strong>The wild cards: <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ecd08cf1-104d-4060-82d5-98474da9b41c\">Banque du Caire<\/a>, whose hotly anticipated IPO is on the shelf with no date in sight by which it might get off life support, and Ghazl El Mahalla, the sports club, which was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7cd40893-6a1e-4d00-975c-6fa551a0f8f3\">talked up as an IPO prospect<\/a> late this month.<\/p>\n<p><strong>SOME GOOD NEWS YESTERDAY- Companies that have filed IPO paperwork and then put<\/strong> <strong>their transactions on hold are getting another six months to pull the trigger <\/strong>and go public. The Financial Regulatory Authority (FRA) decided yesterday to push the deadline for companies that have listed their shares on the bourse but haven\u2019t yet begun trading to 30 June 2021, from December 31 2020, according to <a href=\"http:\/\/www.fra.gov.eg\/content\/efsa_ar\/efsa_news\/efsa_939.htm\">a statement<\/a>.<\/p>\n<p><strong>The curveball: <\/strong>Military-owned companies are really unlikely to go to the EGX this year, but policymakers are adamant that a small handful will offer significant chunks of equity to the private sector in 2021, possibly opening them to IPO in the future. First in the chute: <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5d7a08f-8981-4c32-965f-7ae7fb4c4a23\">Safi, the bottled water brand<\/a>. Wataniya Petroleum is also said to be in the Sovereign Fund of Egypt-led program, but there has been less news there.<\/p>\n<p><strong>Still other curveballs: New exchanges to play on<\/strong>, including boards on which to trade <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ea76e369-faad-4557-b1f6-15c5b295688e\">c<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ea76e369-faad-4557-b1f6-15c5b295688e\">ommodities<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2d49f733-c6d0-420b-874c-9412a58816fc\">futures<\/a>. Hope also springs eternal that we may one day see a secondary market for corporate bonds.<\/p>\n<p><strong>Now, what about those global markets? <\/strong>Chatter about a global equities bubble has picked up again in the past week, with the New York Times musing about <strong><a href=\"https:\/\/www.nytimes.com\/2020\/12\/26\/business\/investors-bull-market-pandemic.html\">\u201clevels of froth reminiscent of the dot-com boom.\u201d<\/a><\/strong> We\u2019ve seen this story before, and it\u2019s a play in three acts:<\/p>\n<ul>\n<li>Talking heads and the financial press alike basically \u201cwill\u201d a correction to happen, often with a fairly real macro shock as the trigger and the Fed taking a step back from its active role;<\/li>\n<li>Investors in global EM pull back \u2014 they may still see pockets of value, but they get swamped with redemptions, leaving them less capital to invest;<\/li>\n<li>Egyptian IPOs get put on the shelf, no matter how compelling the company\u2019s fundamentals.<\/li>\n<\/ul>\n<p><strong>How bad could it get? <\/strong>A 75% sell-off is in store for stocks in early 2021 following a final \u201cmelt-up,\u201d warns David Hunter, the chief macro strategist at Contrarian Macro Advisors and a 47-year market veteran, in this somewhat breathlessly headlined piece by <a href=\"https:\/\/www.businessinsider.com\/stock-market-crash-expert-predicts-drop-10k-gold-david-hunter-2020-12\">Business Insider<\/a>.<\/p>\n<p><strong>Want a more nuanced view on risk in 2021? <\/strong>Go read the Financial Times\u2019 survey of the buy side: <a href=\"https:\/\/www.ft.com\/content\/1afc5e9f-f05d-48f5-a126-870ba70ce254\">What can go wrong? Investors\u2019 views on the big risks to markets in 2021<\/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\/ipo-watch\/\">IPO watch<\/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\/year-in-review-2020\/\">year in review 2020<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/year-in-review-public-markets\/\">YEAR IN REVIEW: PUBLIC MARKETS<\/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=\"568444\" 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=\"568444\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">YEAR IN REVIEW: M&amp;A<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/a-boom-year-for-ma\/\">\r\n                            A boom year for M&#038;A                        <\/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\/30\/a-boom-year-for-ma\/\" 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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Oddly enough, that correlates nicely with 2015, which we declared \u201c<a href=\"https:\/\/enterprise.press\/issues\/2015\/12\/28\/2015-was-the-year-of-ma\/\">The Year of M&A<\/a>\u201d as 39 transactions were concluded even as the EGX30 was down -21.8% for the year.<\/p>\n<p><strong>Wait, Enterprise, where\u2019d ya get yer data? <\/strong>As is the case with our IPO tracker, above, we track every whisper of an M&A that we hear of and keep it on a super-secret Google Sheet.<\/p>\n<p><strong>We think it\u2019s now officially a trend: More and more companies have chosen to grow <\/strong><strong>through merger or acquisition since the late 2016 float of the EGP.<\/strong> We reported on 39 companies tying the knot in 2017, while 56 did so in 2018.<\/p>\n<p><strong>Most M&A activity was among privately held companies<\/strong>, and most of them were no more prone to disclosing transaction values this year than last. But: In total, <strong>we reported on transactions with a disclosed value of EGP 70.8 bn in 2020<\/strong>, more than double the EGP 29.1 bn we covered last year.<\/p>\n<p><strong>Broken transaction of the year: <\/strong>Vodafone Plc\u2019s USD 2.4 bn sale of Vodafone Egypt to Saudi Telecom (STC), which went bust just before Christmas. Vodafone\u2019s group CEO has since chatted with President Abdel Fattah El Sisi to reassure him that Big Red is here to stay \u2014 and sees Egypt as a hub for its push into Africa. Because our tracker covers all <em>announced <\/em>M&A, that figure skews the telecom industry\u2019s contribution to the top sector by value (below).<\/p>\n<p><strong>Transaction of the year: <\/strong>It was whispered of in the market last year, but Fahad El Khater\u2019s Alameda Healthcare (parent company of As-Salam International and Dar El Fouad hospitals) finally sold itself to Cleopatra Hospitals just this week in a landmark transaction that could be worth as much as USD 500 mn. Alameda boss (and majority shareholder) Fahad El Khater becomes the second-largest shareholder in Cleopatra and vice-chairman of CHG \u2014 you can read all about the transaction <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f49a0bad-84a7-49f3-b20e-68c1976ec30b\">here<\/a>.<\/p>\n<p>(Note that the CLHO-Alameda transaction isn\u2019t included in the by-value totals below because neither company would confirm the figure put out there by Bloomberg.)<\/p>\n<p><strong>By number of transactions, banking and financial services as well as healthcare were <\/strong><strong>again the prime drivers of M&A activity <\/strong>in the year now ending. Taking a wide view of industry classifications:<\/p>\n<p><strong>Top industries for M&A in 2020, by #: <\/strong>Banking and financial services (32), healthcare (19), followed by building materials, infrastructure, oil and gas and real estate at six apiece.<\/p>\n<p><strong>Top industries for M&A in 2019, by #: <\/strong>Banking and financial services (15), healthcare (10), food (7), energy (7) and education (6).<\/p>\n<p><strong>Top industries for M&A by announced value, 2020 (in EGP): <\/strong>Tech & telecoms (37.3 bn), pharma (14.4 bn), banking & financial services (6.4 bn).<\/p>\n<p><strong>Top industries for M&A by announced value, 2019 (in EGP): <\/strong>Tech & telecoms (12.2 bn), oil and gas (8.8 bn) and healthcare (2.7 bn).<\/p>\n<p><strong>Foreign interest in Egyptian M&A was on par with 2019. <\/strong>Fully 36% of the M&A stories we covered this year involved transactions with foreign involvement, largely unchanged from 34% in 2019.<\/p>\n<p><strong>About 56% of transactions announced in 2020 are complete<\/strong>, while just 9% went bust. Look for the completion rate to tick up as we head into 2021 \u2014 the USD 500 mn or so Cleopatra \/ Alameda tie-up was on our tracker at the end of 2019 as \u201cpossible.\u201d In total, we end 2020 with 62 completed transactions, 10 broken, 10 in process, 26 we list as planned \/ possible, and two whose status is unknown. <strong>Last year\u2019s completion rate as of today? 80%, by our math.<\/strong><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/year-in-review-2020\/\">year in review 2020<\/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=\"568446\" 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=\"568446\">\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\">YEAR IN REVIEW: INVESTMENT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/now-imagine-what-no-rona-and-low-interest-rates-will-do\/\">\r\n                            Now imagine what no \u2018rona and low interest rates will do\u2026                        <\/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\/30\/now-imagine-what-no-rona-and-low-interest-rates-will-do\/\" 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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By definition, it\u2019s not complete \u2014 plenty of companies make investments without announcing them, particularly (a) smaller and mid-sized companies and (b) companies that like to fly under the radar and are not publicly traded. But after six years of doing this, <strong>we\u2019re convinced it captures the trend and direction year-on-year. <\/strong><\/p>\n<p><strong>#2- None of the figures you\u2019re reading here cover spending on opex. <\/strong>What you pay to run your plant or drill a hole or move stuff around isn\u2019t a balance sheet item \u2014 it goes on your income statement as an operating expense. Our tracker covers capital expenditures \u2014 announced or executed. Stuff that involves companies financing things from their cashflows, by raising debt or equity, or through retained earnings.<\/p>\n<p><strong>#3- Plenty of companies choose not to disclose a value<\/strong> on their investment, as is the case with M&A (above)<\/p>\n<p><strong>So, with those caveats, how did we fare on the investment front in 2020?<\/strong> Not as badly as you might have thought.<\/p>\n<p><strong>We captured 92 investments worth a combined EGP 403 bn in 2020<\/strong> \u2014 again, keep in mind that figure isn\u2019t complete and you can\u2019t use it to calculate an average: 16 of the investments on which we reported did not put a value on the transactions.<\/p>\n<p><strong>In 2019, we chronicled 97 investments worth a combined EGP 690.5 bn. <\/strong>Sounds grim when you look at the value figure, right? Take a breath: Well over EGP 200 bn of the investments on which we reported last year have since been scrapped, including two <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/02\/egypt-withdraws-usd-4-bn-contract-with-al-nowais-for-2-65-gw-coal-plant\/\">\u201cclean coal\u201d<\/a> (what a concept\u2026) <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/26\/egypt-might-be-scrapping-shanghai-electrics-usd-4-4-bn-clean-coal-power-plant-9139\/\">powerplants<\/a> worth nearly USD 9 bn together.<\/p>\n<p><strong>Top three industries for investment in 2020, by value: <\/strong><\/p>\n<ul>\n<li><strong>Infrastructure<\/strong> at EGP 168 bn, thanks solely to the National Egyptian Company for Railroad Industries, in which the government is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b53954d2-8ae2-4eb9-b5c3-ef082e747867\">offering the majority of the equity to private-sector companies<\/a> (you can argue that this is too vague to qualify as an investment announcement, but given the administration\u2019s track record on infrastructure projects\u2026);<\/li>\n<li><strong>Telecoms and technology<\/strong> at EGP 35 bn as Orange, Vodafone Egypt, Etisalat and Teleco Egypt all announced bns in network upgrade plans;<\/li>\n<li><strong>Banking and financial services<\/strong> at EGP 31 bn.<\/li>\n<\/ul>\n<p><strong>Rounding out the top five by value in 2020: <\/strong>Retail and manufacturing.<\/p>\n<p><strong>By comparison, the top industries by value in 2019 <\/strong>were energy (EGP 290 bn), oil and gas (EGP 92 bn), retail (EGP 68 bn), real estate (EGP 68 bn) and healthcare (EGP 34 bn).<\/p>\n<p><strong>The #1 sector by number of transactions this year and last: Manufacturing. <\/strong><\/p>\n<p><strong>The biggest pickups in investment this year <\/strong>by value came in banking and financial services (up 13x), followed by infrastructure (+540%), manufacturing (+164% thanks to a late-in-the-year push), and telecoms (+96%).<\/p>\n<p><strong>Who suffered this year? <\/strong>Oversupply nuked new investment in cement, while real estate, healthcare and and oil and gas were slammed by covid-19.<\/p>\n<p><strong>We saw slightly less foreign involvement<\/strong> in the investment stories we covered in 2020: 71% of transactions we chronicled involved either straight foreign investment or a partnership between foreign and local players. In 2019, the comparable figure was 77%.<\/p>\n<p><strong>Companies were less interested in greenfields during this year of covid. <\/strong>The ratio of investments in greenfields vs. expansion of existing operations was 0.72 this year. Last year, we had more than two greenfield announcements for every expansion.<\/p>\n<p><strong>Unsung trends of the year: <\/strong>Continued appetite for Egypt from development finance institutions. Everybody and their sister is raising a private equity fund to go after SMEs.<\/p>\n<p><strong>What to look out for in 2021? For starters: An end to the pandemic \u2014 and further interest<\/strong> <strong>rate cuts from the Central Bank of Egypt<\/strong>, which will make finance for investment and acquisition alike more affordable for companies \u2014 and encourage them to put their capital to work rather than collecting easy interest at the bank.<\/p>\n<p><strong>The pipeline <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77e5f976-0a11-4547-b842-b6f84f434d61\">speaks now to optimism<\/a><\/strong> on the part of Egyptian corporates, as we noted a few weeks back. And don\u2019t take our word for it: Now, some 87% of Egyptian businesses say they plan to invest more next year, according to an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf3ce57f-be39-44be-817e-b64673a3c3cf\">HSBC survey<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/year-in-review-2020\/\">year in review 2020<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/year-in-review-investment\/\">YEAR IN REVIEW: INVESTMENT<\/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=\"568448\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" 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stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-7yiauuh\" data-v=\"4\" 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       <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-x6bw7vu\" data-v=\"4\" data-block-id=\"x6bw7vu\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-x6bw7vu-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-x6bw7vu-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-myhvzqs\" data-v=\"4\" data-block-id=\"myhvzqs\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-myhvzqs-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-myhvzqs-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 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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=\"568449\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/last-nights-talk-shows-on-30-december-2020\/\">\r\n                            Last Night\u2019s Talk Shows on 30 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\" 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/last-nights-talk-shows-on-30-december-2020\/&title=Last Night\u2019s Talk Shows on 30 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=Last+Night%E2%80%99s+Talk+Shows+on+30+December+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F30%2Flast-nights-talk-shows-on-30-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\/30\/last-nights-talk-shows-on-30-december-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568449\" class=\"content-area-description single-story post-568449 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-enterpriseam tag-hayah-karima tag-last-nights-talk-shows tag-natgas-transition-scheme tag-nevine-gamea wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was a mixed bag of nuts on the airwaves last night<\/strong>, with no single story \u2014 aside from covid-19 warnings and updates \u2014 leading the conversation.<\/p>\n<p><strong>The Great Natural Gas Transition Plan will officially kick off at the beginning of next month<\/strong>, when President Abdel Fattah El Sisi is set to launch the campaign that aims to take some 250k old cars off the road and outfitted with dual-fuel engines by 2023, Trade and Industry Minister Nevine Gamea told Ala Mas\u2019ouleety\u2019s Ahmed Moussa yesterday (<a href=\"https:\/\/www.youtube.com\/watch?v=Uj8mDdPH8jc\">watch, runtime: 4:17<\/a>).<\/p>\n<p><strong>Egyptian expats who have been stuck in transit in the UAE, Turkey, and Oman on their way to Kuwait will soon be able to complete their journey<\/strong> as Kuwait plans to reopen its airspace on 2 January, Emigration Minister Nabila Makram Ebeid told Moussa. The ministry has been helping out the stranded citizens with accommodations while waiting for flights to resume, the minister noted (<a href=\"https:\/\/www.youtube.com\/watch?v=SyPJxGmudIg\">watch, runtime: 10:25<\/a>).<\/p>\n<p>Elsewhere, <strong>the \u201cDecent Life\u201d initiative, which was rolled out at the <\/strong><strong><a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/03\/el-sisi-launches-a-decent-life-initiative\/\">beginning of 2019<\/a><\/strong><strong>, earned airtime for its accomplishments<\/strong> from Al Hayah Al Youm\u2019s Lobna Assal (<a href=\"https:\/\/www.youtube.com\/watch?v=pS-PNn0o5eA\">watch, runtime: 29:17<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hayah-karima\/\">Hayah Karima<\/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\/natgas-transition-scheme\/\">natgas transition scheme<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nevine-gamea\/\">Nevine Gamea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568450\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568451\" 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=\"568451\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/egypt-in-the-news-on-30-december-2020\/\">\r\n                            Egypt in the News on 30 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\/30\/egypt-in-the-news-on-30-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\/30\/egypt-in-the-news-on-30-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\/30\/egypt-in-the-news-on-30-december-2020\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt in the News on 30 December 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/egypt-in-the-news-on-30-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\/30\/egypt-in-the-news-on-30-december-2020\/&title=Egypt in the News on 30 December 2020\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News+on+30+December+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F30%2Fegypt-in-the-news-on-30-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\/30\/egypt-in-the-news-on-30-december-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568451\" class=\"content-area-description single-story post-568451 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-metoo tag-agriculture tag-ahmed-bassam-zaki tag-enterpriseam tag-human-rights wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Leading coverage of Egypt in the foreign press this morning is the sentencing of <\/strong><strong>[redacted] offender Ahmed Bassam Zaki to three years in prison<\/strong> on charges of blackmailing and [redacted] harassing two women on social media. The verdict, which was handed down by the Cairo Economic Court, can still be appealed. Zaki is also facing a separate trial for allegedly [redacted] assaulting three minors. (<a href=\"https:\/\/news.yahoo.com\/egypt-court-sentences-ex-student-143911340.html\">Associated Press<\/a> | <a href=\"https:\/\/www.newindianexpress.com\/world\/2020\/dec\/29\/metooegypt-sentences-man-to-3-years-in-prison-for-sexual-harassment-2242792.html\">AFP<\/a>).<\/p>\n<p><strong>Also worth keeping on your radar this morning:<\/strong> <a href=\"https:\/\/www.reuters.com\/article\/idUSL4N2J91SG\">Reuters<\/a> looks at how Egypt is working to maintain its position as the world\u2019s biggest orange exporter by sticking to strict quality control measures. Ezzedine Fishere suggests in the <a href=\"https:\/\/www.washingtonpost.com\/opinions\/2020\/12\/29\/what-biden-can-do-help-arab-democracy\/\">Washington Post<\/a> that US president-elect Joe Biden can rattle the sanctions saber to make Egypt and other countries in the Middle East change their human rights policies.<\/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\/metoo\/\">#MeToo<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-bassam-zaki\/\">Ahmed Bassam Zaki<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568452\" 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=\"568452\">\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\/30\/what-the-markets-are-doing-on-30-december-2020\/\">\r\n                            What the markets are doing on 30 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\/30\/what-the-markets-are-doing-on-30-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\/30\/what-the-markets-are-doing-on-30-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\/30\/what-the-markets-are-doing-on-30-december-2020\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=What the markets are doing on 30 December 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/what-the-markets-are-doing-on-30-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\/30\/what-the-markets-are-doing-on-30-december-2020\/&title=What the markets are doing on 30 December 2020\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=What+the+markets+are+doing+on+30+December+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F30%2Fwhat-the-markets-are-doing-on-30-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\/30\/what-the-markets-are-doing-on-30-december-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568452\" class=\"content-area-description single-story post-568452 post type-post status-publish format-standard hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>The EGX30 rose 0.7% yesterday<\/strong> on turnover of EGP 1.2 bn (10.7% below the 90-day average). The index is down 23.1% YTD.<\/p><p><strong>In the green: <\/strong>Ezz Steel (+5.9%), GB Auto (+5.1%) and Sidi Kerir Petrochemicals (+5.0%).<\/p><p><strong>In the red: <\/strong>Dice (-2.5%), Orascom Investment Holding (-0.7%) and Sodic (-0.5%).<\/p><p><strong>Globally, it\u2019s a mixed bag this morning: <\/strong>The Nikkei and Australian Securities Exchange are down this morning, while Chinese and South Korean shares are in the green. Futures show wall street likely to open in the green later today \u2014 but the FTSE100, EuroStoxx 50 and the Dax are all set to open in the red.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,737<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: -23.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.68<\/p>\n<\/td>\n<td>\n<p>Sell 15.78<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.68<\/p>\n<\/td>\n<td>\n<p>Sell 15.78<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>8,747<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: 4.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>5,099<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,525<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: -8.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,727<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +15.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,603<\/p>\n<\/td>\n<td>\n<p>+1.6% (YTD: -12.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 48.17<\/p>\n<\/td>\n<td>\n<p>+0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 2.47<\/p>\n<\/td>\n<td>\n<p>+7.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,881.50<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 29,963.94<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568453\" 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=\"568453\">\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\">Making It<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/making-it-season-three-where-do-we-go-from-here\/\">\r\n                            Making It Season Three: Where do we go from here?                        <\/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\" 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/making-it-season-three-where-do-we-go-from-here\/&title=Making It Season Three: Where do we go from here?\">\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=Making+It+Season+Three%3A+Where+do+we+go+from+here%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F30%2Fmaking-it-season-three-where-do-we-go-from-here%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\/30\/making-it-season-three-where-do-we-go-from-here\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/499.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568454\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/making-it-season-three-where-do-we-go-from-here\/499-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/499.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"499.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/499.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/499.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568453\" class=\"content-area-description single-story post-568453 post type-post status-publish format-standard has-post-thumbnail hentry category-making-it tag-actis tag-ahmed-galal-ismail tag-alc-alieldean-weshahi-partners tag-ali-elfakharany tag-arqamfc tag-ashraf-sabry tag-bahaa-ali-el-dean tag-chris-khalifa tag-enterpriseam tag-entrepreneurship tag-fawry tag-hend-el-sherbini tag-hossam-abou-moussa tag-integrated-diagnostics-holding tag-magiccube tag-majid-al-futtaim tag-making-it tag-podcast tag-zooba wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Where do we go from here?<\/strong> Our guests in season three of Making It lead businesses that have endured devaluation, economic instability, and lockdowns across the country and region under covid-19. We discuss how they built resilient businesses that could adapt and survive, as well as where they see their companies and industries going in the near future. Whether you work in food, retail, financial services or even cybersecurity, this season has something of interest for you.<\/p>\n<p>Not ready for a 40-minute episode?<strong> Try these short trailers to get a taste:<\/strong><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/bit.ly\/38s1Q5Q\">Building an international food brand<\/a><\/strong>, with Zooba CEO Chris Khalifa<\/li>\n<li><strong><a href=\"https:\/\/bit.ly\/2KNOUPB\">Kick starting an industry<\/a><\/strong>, with Fawry CEO Ashraf Sabry<\/li>\n<li><strong><a href=\"https:\/\/bit.ly\/2KH0MDh\">Debating the future of retail<\/a><\/strong>, with Majid Al Futtaim Properties CEO Ahmed Galal Ismail<\/li>\n<li><strong><a href=\"https:\/\/bit.ly\/2J9kya3\">Building a people business<\/a><\/strong>, with Bahaa Alieldean of Alieldean, Weshahi & Partners<\/li>\n<li><strong><a href=\"https:\/\/bit.ly\/38qiPpg\">Taking on a USD 48 bn industry<\/a><\/strong>, with MagicCube co-founders Nancy Zayed & Hisham Shawki<\/li>\n<li><strong><a href=\"https:\/\/bit.ly\/37EQ9tH\">Playing moneyball<\/a><\/strong>, with Arqam FC CEO Ali ElFakharany<\/li>\n<li><strong><a href=\"https:\/\/bit.ly\/2WyDLoB\">Growing a diagnostics powerhouse<\/a><\/strong>, with IDH CEO Hend El Sherbini<\/li>\n<li><strong><a href=\"https:\/\/bit.ly\/3pgb4t1\">How to fundraise<\/a><\/strong>, with Actis Partner Hossam Abou Moussa<\/li>\n<\/ul>\n<p><strong>You can also listen on<\/strong>: <a href=\"https:\/\/apple.co\/3ndREnW\">Apple Podcasts<\/a> | <a href=\"https:\/\/bit.ly\/3gKkvh5\">Google Podcasts<\/a> | <a href=\"https:\/\/bit.ly\/2BAv321\">Omny<\/a> | <a href=\"https:\/\/bit.ly\/2W8klGV\">Anghami<\/a>.<\/p>\n<hr>\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\/actis\/\">Actis<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-galal-ismail\/\">Ahmed Galal Ismail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alc-alieldean-weshahi-partners\/\">ALC Alieldean Weshahi &amp; Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ali-elfakharany\/\">Ali ElFakharany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arqamfc\/\">ArqamFC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ashraf-sabry\/\">Ashraf Sabry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bahaa-ali-el-dean\/\">Bahaa Ali El Dean<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chris-khalifa\/\">Chris Khalifa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/entrepreneurship\/\">entrepreneurship<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fawry\/\">Fawry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hend-el-sherbini\/\">Hend El Sherbini<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hossam-abou-moussa\/\">Hossam Abou Moussa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/integrated-diagnostics-holding\/\">Integrated Diagnostics Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/magiccube\/\">MagicCube<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/majid-al-futtaim\/\">Majid Al Futtaim<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/making-it\/\">Making It<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/podcast\/\">podcast<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zooba\/\">Zooba<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"568455\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">11<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/infrastructure-yir-recap\/\"> \r\n                            Infrastructure YiR Recap<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/infrastructure-yir-recap\/\" target=\"_blank\">\n                    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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/500.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"500.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/500.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/500.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-568455\" class=\"content-area-description post-568455 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-chint-electric tag-construction tag-electric-railway tag-energy tag-enterprise-hardhat tag-enterpriseam tag-fintech tag-fuel tag-green-bonds tag-natgas-cars tag-price-volatility tag-solar-panel tag-suez-canal tag-waste-to-energy tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>As 2020 draws to a close,<\/strong> we\u2019re running a recap of our Hardhat Year in Review issues.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08278182-c144-4f3f-839b-d57566716986\">In part 1<\/a><\/strong><strong>, we look at how covid-driven supply-chain disruptions and price volatility impacted energy, construction and shipping<\/strong> \u2014 and how they bounced back.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b8d0e3a-50ae-4777-bfe2-88cd34ee75a2\">Part 2<\/a><\/strong><strong> looks at how infrastructure development had to adapt to the turbulence this year through digitization and diversification<\/strong> \u2014 from the rise of digital services and payments to the development of the smart grid, the government\u2019s plan to transition to natgas cars, and the emergence of green bonds as the testing ground for our debt diversification strategy.<\/p>\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Enara Energy <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fb897630-9f79-4639-ab88-d09cf2821747\">has signed<\/a><\/strong><strong> an agreement<\/strong> with Chinese PV solar panel maker <strong>Chint Electric to develop a sand-to-cell PV panel factory in Egypt.<\/strong> The project looks likely to be a revival of the Armed Forces\u2019 USD 2 bn integrated solar panel factory, for which talks broke down <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/09\/talks-on-armed-forces-usd-2-bn-integrated-solar-panel-factory-stall-on-disagreements-with-chinese-partner\/\">over two years ago<\/a>.<\/li>\n<li><strong>The government <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8df415c-5c63-489d-b8bc-a682c59a8ef4\">plans to generate<\/a><\/strong><strong> 300 MW of electricity from waste-to-energy (WtE) projects by 2025,<\/strong> with tenders for WtE plants to be issued to the private sector by the electricity and environment ministries under a Build-Own-Operate framework.<\/li>\n<li>The Oil Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/29ac4d42-692f-4871-a320-b50e0f52e684\">intends to bring<\/a><strong> Egypt\u2019s total number of natgas filling stations to 550 by 2021<\/strong>, as part of its push for car owners to switch to natgas and dual fuel engines.<\/li>\n<li><strong>The Transport Ministry <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/07472b1d-57c8-4901-ad4d-ffb0e97c4c2e\">is in talks with<\/a><\/strong><strong> the World Bank for two loans worth a combined USD 400 mn for a planned railway upgrade project.<\/strong> One USD 200 mn package would finance the transition to an electric railway signaling system in the Giza-Beni Sueif line, and the other another would finance upgrades to the railway tracks and control system for the line.<\/li>\n<li><strong>The Suez Canal <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed4bfa24-0a5b-4a8d-a214-4f3879d537cb\">is extending<\/a><\/strong><strong> through 1 June 2021<\/strong> its incentive scheme that sees <strong>LNG carriers traveling between the US and SouthEast Asia receiving 30-75% off their transit fees. <\/strong>This follows <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17069688-0787-4133-86d6-097c92f20b6a\">an earlier announcement<\/a> that transit fees for large oil tankers traveling between northern Europe and southeast Asia will be slashed by 48%.<\/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\/chint-electric\/\">Chint Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electric-railway\/\">electric railway<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fuel\/\">fuel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-bonds\/\">green bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/natgas-cars\/\">natgas cars<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/price-volatility\/\">price volatility<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/solar-panel\/\">solar panel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/waste-to-energy\/\">waste-to-energy<\/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>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"568457\" 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\/30\/calendar-on-30-december-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568457\" class=\"content-area-description single-story post-568457 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>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>1 January 2021 (Friday): New Year\u2019s Day, national holiday.<\/p>\n<p>1 January 2021 (Friday): 11k of Egypt\u2019s largest taxpayers begin filing taxes through the electronic <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48e0d573-1690-4010-b404-18b22ca18587\">unified tax platform<\/a>.<\/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>5 January 2021 (Saturday): The annual GCC summit will be held in Riyadh, Saudi Arabia. The agenda includes potential resolution of the three-year-old spat with Qatar.<\/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> in four venues in Alexandria, Cairo, Giza and the New Capital.<\/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>1Q2021: The Annual <a href=\"https:\/\/www.egyptautomotive.com\/1168552\">Egypt Automotive Summit<\/a> will be held.<\/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>2H2021: Egypt\u2019s Commodities Exchange (<a href=\"http:\/\/www.egycomex.com\/\">Egycomex<\/a>) will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/448d2768-4310-463e-af98-dcd93cbfd05a\">begin trading<\/a>.<\/p>\n<p>1 July 2021 (Thursday): Large taxpayers that have not yet signed on on to the e-invoicing platform <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/61c78b1b-ec60-46e8-9760-c995c81f34b9\">will suffer a host of penalties<\/a>, including removal from large taxpayer classification, losing access to government services and business, and losing subsidies.<\/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    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":568433,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-568432","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"3ee42274-0ee1-4e94-85d4-94f624d7e26a","teaser":"","photo_url":"https:\/\/ent.news\/2020\/12\/493.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO 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