{"id":569191,"date":"2020-02-17T04:24:13","date_gmt":"2020-02-17T04:24:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=569191"},"modified":"2025-12-16T06:46:38","modified_gmt":"2025-12-16T06:46:38","slug":"cbe-looking-to-encourage-digital-and-sme-banks-under-proposed-changes-to-banking-act","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-looking-to-encourage-digital-and-sme-banks-under-proposed-changes-to-banking-act\/","title":{"rendered":"CBE looking to encourage digital and SME banks under proposed changes to banking act"},"content":{"rendered":"<section id=\"569193\" 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=\"569193\">\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\/02\/17\/what-were-tracking-on-17-february-2020-2\/\">\r\n                            What we\u2019re tracking on 17 February 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\/02\/17\/what-were-tracking-on-17-february-2020-2\/\" 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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We\u2019d also like to quitely note that the Brits are back as direct flights to Sharm El Sheikh from the UK resume. We have chapter and verse on all of this in this morning\u2019s Speed Round, below.<\/p><p><strong>What everyone\u2019s going to be talking about instead: El Corona<\/strong>, where we are pleased to report that as of dispatch time, <strong>there were no new cases in Egypt<\/strong> after one was reported over the weekend.<\/p><p><strong>Reactions to Egypt\u2019s first confirmed covid-19 case:<\/strong><\/p><ul>\n<li><strong>EGX-listed companies are beginning to file disclosures denying that their businesses have any ties with China<\/strong> or will be affected by the outbreak (<a href=\"https:\/\/egx.com.eg\/downloads\/Bulletins\/239803_1.pdf\">here<\/a> and <a href=\"https:\/\/egx.com.eg\/downloads\/Bulletins\/239804_1.pdf\">here<\/a>).<\/li>\n<li><strong>Egypt is unlikely to be \u201csingled out\u201d as a destination tourists will stay away from<\/strong>, and the detection of our first case probably won\u2019t drive down tourism, former Egypt Tourism Federation Chairman Elhamy El Zayat tells <a href=\"https:\/\/alborsaanews.com\/2020\/02\/16\/1296836\">the local press<\/a>.<\/li>\n<li><strong>Speed Medical will have PCR kits to test for the virus by the end of the month,<\/strong> making it one of the first private medical labs in the country to have the kits on hand, according to <a href=\"https:\/\/egx.com.eg\/downloads\/Bulletins\/239761_1.pdf\">a filing to the EGX (pdf)<\/a>.<\/li>\n<li><strong>Rep. Ayman Aboul Ela wants to see \u201cperiodic and random testing\u201d<\/strong> for the virus in schools and other places with large gatherings, <a href=\"https:\/\/www.youm7.com\/story\/2020\/2\/16\/%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86%D9%89-%D9%8A%D8%B7%D8%A7%D9%84%D8%A8-%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D8%A9-%D8%A8%D8%B4%D8%B1%D8%AD-%D8%AE%D8%B7%D8%AA%D9%87%D8%A7-%D9%84%D9%85%D9%88%D8%A7%D8%AC%D9%87%D8%A9-%D9%81%D9%8A%D8%B1%D9%88%D8%B3-%D9%83%D9%88%D8%B1%D9%88%D9%86%D8%A7-%D8%A3%D9%85%D8%A7%D9%85-%D8%A7%D9%84%D9%86%D9%88%D8%A7%D8%A8\/4632105\">according to Youm7<\/a>.<\/li>\n<\/ul><p><strong>The virus outbreak could infect two-thirds of the global population<\/strong>, said Ira Longini, an adviser to the World Health Organization (WHO), <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-02-13\/coronavirus-could-infect-two-thirds-of-globe-researcher-says?sref=mmeFTDW1\">according to Bloomberg<\/a>, based on a model of the virus\u2019 spread in China. Some public health officials fear <a href=\"https:\/\/www.nytimes.com\/2020\/02\/16\/world\/asia\/coronavirus-cruise-americans.html\">the outbreak may have reached a \u201cturning point\u201d<\/a> after an incident in Cambodia that saw hundreds of people disembark from a cruise ship and then head to airports \u2014 only to find later that at least one passenger was infected.<\/p><p>The numbers as of dispatch this morning are more than 70k cases of coronavirus worldwide with 1,670 deaths, <a href=\"https:\/\/www.bloomberg.com\/graphics\/2020-wuhan-novel-coronavirus-outbreak\/\">according to a Bloomberg live tracker<\/a>, as China\u2019s Hubei province reported more cases than the day before.<\/p><hr class=\"grey-line\"><p><strong>The Central Bank of Egypt will meet this Thursday, 20 February to review interest <\/strong><strong>rates.<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/452adb89-769a-4d1d-a084-7aa4d511604a\">Our poll showed yesterday<\/a> a division among analysts about whether the CBE\u2019s Monetary Policy Committee will resume its easing cycle or leave rates unchanged to study the effects of last year\u2019s rate cuts and potentially inflationary effects of the covid-19 outbreak.<\/p><p><strong>Foreign Minister Sameh Shoukry is on his way back from Germany, where he attended <\/strong><strong>the Munich Security Conference.<\/strong> The minister held talks with several of his regional and European counterparts during the three-day event, and urged the international community to do more to combat the threats posed by terrorism and political instability in North Africa during <a href=\"http:\/\/bit.ly\/2vAs4U8\">a discussion session<\/a> on regional security. The Munich conference is one of the world\u2019s largest gatherings for international security experts and policymakers.<\/p><p class=\"web-image stand-out-borderless\"><a href=\"http:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/Golf-1600px.png?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>On the latest episode of \u201cThe Robots Cometh\u201d:<\/strong> Robo-analysts tend to outperform their human counterparts in generating returns for investors, particularly since they don\u2019t have the innately human biases that sometimes stand in the way of making the right call, according to a <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3514879\">study<\/a> by Indiana University professors <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-02-11\/robot-analysts-outwit-humans-in-study-of-profit-from-stock-calls?srnd=premium-middle-east&amp;sref=mmeFTDW1\">picked up by Bloomberg<\/a>. The small and largely experimental branch of fintech using robo-analysts was found to produce more sell ratings than traditional firms, and are more balanced in their buy\/sell recommendations.<\/p><p><strong>BlackRock has become a target for France\u2019s Yellow Vest protesters<\/strong>, who allege that the US asset manager is attempting to influence French President Emmanuel Macron\u2019s overhaul of the country\u2019s pension system for its own gain, <a href=\"https:\/\/www.nytimes.com\/2020\/02\/14\/business\/france-blackrock-protests.html?action=click&amp;module=News&amp;pgtype=Homepage\">the New York Times reported<\/a>. Blackrock, which manages over USD 7 tn in assets \u2014 more than twice France\u2019s economic output \u2014 has denied the accusations, but the Gray Lady notes that \u201cfinancial firms could get some business from part of the pension overhaul that encourages high earners to invest in stocks.\u201d<\/p><hr class=\"grey-line\"><p><strong>Foreign creditors are getting anxious as opinions diverge on Lebanon\u2019s <\/strong><strong>scheduled debt repayment deadline next month.<\/strong> International creditors Ashmore and Pimco are at odds over whether to push Beirut to repay its debt in full, with Pimco saying that Ashmore\u2019s attempts to pressure the \u201ceffectively bankrupt\u201d government to repay is \u201cjust delaying the inevitable,\u201d <a href=\"https:\/\/www.ft.com\/content\/98a75182-4f24-11ea-95a0-43d18ec715f5\">the Financial Times reports<\/a>. The country seems likely to default on its debts as public pressure mounts to avoid further budget cuts and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-02-16\/lebanon-s-flag-carrier-won-t-accept-local-currency-anymore?srnd=premium-middle-east&amp;sref=mmeFTDW1\">rapidly eroding confidence<\/a> in the country\u2019s local currency is pushing it into even tighter fiscal territory.<\/p><hr class=\"grey-line\"><p><strong>British communications regulator Ofcom has come up with proposals to tighten <\/strong><strong>regulations on internet businesses<\/strong> under a mandate from the UK government to regulate the internet, <a href=\"https:\/\/www.theguardian.com\/media\/2020\/feb\/12\/ofcom-to-be-put-in-charge-of-regulating-internet-in-uk\">according to the Guardian<\/a>. One of the proposals Ofcom has put forth would require annual transparency reports from internet firms, particularly companies that allow user-generated content such as Facebook and Google, on how they define and handle harmful content.<\/p><p><strong>Mark Zuckerberg thinks El Face should be regulated as a newspaper-telecom <\/strong><strong>company hybrid \u2014 only, without the whole \u201cresponsibility\u201d thing. <\/strong>He told the Munich Security Conference that Facebook shouldn\u2019t be responsible for the content circulated on the platform like newspapers with editors normally would be, <a href=\"https:\/\/www.wsj.com\/articles\/zuckerberg-pitches-how-facebook-should-be-regulated-over-content-11581794890?mod=hp_lead_pos4\">according to the Wall Street Journal<\/a>. The Facebook CEO thinks his company\u2019s accountability should be akin to a telecom operator, which can\u2019t be reprimanded for what customers say over the phone, but he didn\u2019t really explain the thought beyond that.<\/p><hr class=\"grey-line\"><p><strong>PSA-<\/strong> <strong>Expect cold, rainy weather in the capital city this evening<\/strong>, with lows expected to reach 13\u00b0C, according to the <a href=\"https:\/\/www.emaeg.org\/?lang=en\">Egyptian Meteorological Authority<\/a>, and a daytime high of 18\u00b0C. Nighttime readings elsewhere in the country \u2014 including Alexandria, Port Said, and Ismailia \u2014 will also range between 11-13\u00b0C, with a chance of light to medium rain.<\/p><hr class=\"grey-line\"><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p><p><strong>In today\u2019s issue:<\/strong> We look at how the government is looking to foreign universities to ensure the quality of private sector higher education, and with that, turn most private sector operators into international universities.<\/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\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/germany\/\">Germany<\/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\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/security\/\">security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-medical\/\">Speed Medical<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/terrorism\/\">terrorism<\/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=\"569194\" 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 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href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/last-nights-talk-shows-for-monday-17-february-2020\/\">\r\n                            Last night\u2019s talk shows for Monday, 17 February 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\/02\/17\/last-nights-talk-shows-for-monday-17-february-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          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href=\"https:\/\/api.whatsapp.com\/send?text=Last+night%E2%80%99s+talk+shows+for+Monday%2C+17+February+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F02%2F17%2Flast-nights-talk-shows-for-monday-17-february-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\/02\/17\/last-nights-talk-shows-for-monday-17-february-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-569195\" class=\"content-area-description single-story post-569195 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-development tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-healthcare tag-ma-watch tag-manufacturing tag-saudi-telecom-company tag-telecom-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The slow news day seeped into the airwaves, giving the talking heads little to chew on <\/strong><strong>last night.<\/strong> Among the highlights were a chat Lamees El Hadidi had with Shuaa Securities\u2019 Amr El Alfy on the latest with the Saudi Telecom Company\u2019s (STC) bid to acquire Vodafone Group\u2019s stake in Vodafone Egypt.<\/p>\n<p><strong>The ball is in TE\u2019s court: <\/strong>Telecom Egypt, which holds a 44.8% stake in Vodafone Egypt, still has three possible courses of action to decide how to respond to STC\u2019s bid to acquire the other 55% stake, El Alfy tells Al Kahera Alaan\u2019s El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=XAfuBiufDmY\">watch, runtime: 12:58<\/a>). Whether TE will decide to offload its stake, keep it, or use its right of first refusal to claim the stake STC is eyeing remains unclear.<\/p>\n<p><strong>A planned industrial zone in Banha would create more than 3.5k direct jobs, <\/strong>cabinet spokesman Nader Saad told Al Hayah Al Youm\u2019s Lobna Assal (<a href=\"https:\/\/www.youtube.com\/watch?v=ND9VVRdzXvM\">watch, runtime: 9:03<\/a>). Such zones will contribute to creating a stronger manufacturing base, allow Egypt to maintain economic growth levels, and keep unemployment rates from rising, Saad added.<\/p>\n<p><strong>Wuhan rescue mission accomplished: <\/strong>The Egyptian expatriates the government brought home from Wuhan earlier this month spent two weeks in quarantine and were scheduled to return home yesterday, Health Ministry spokesperson Khaled Megahed tells Assal (<a href=\"https:\/\/www.youtube.com\/watch?v=hCGmpC1MOjs&t=236s\">watch, runtime 6:41<\/a>). El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=4AHDrsjdNOE\">watch, runtime: 9:38<\/a>), El Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=GgAGnxNKlyk\">watch, runtime: 5:46<\/a>), and Masaa DMC\u2019s Eman El Hosary (<a href=\"https:\/\/www.youtube.com\/watch?v=uuDfobnukjM\">watch, runtime: 6:51<\/a>) all reported the news.<\/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\/development\/\">development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-last-nights-talk-shows\/\">Enterprise+: Last Night\u2019s Talk Shows<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-telecom-company\/\">Saudi Telecom Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"569196\" 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=\"569196\">\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\">Speed Round<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/sme-lenders-and-digital-banks-to-be-made-exempt-from-new-capital-requirements-in-proposed-banking-act\/\">\r\n                            SME lenders and digital banks to be made exempt from new capital requirements in proposed Banking Act                        <\/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\/02\/17\/sme-lenders-and-digital-banks-to-be-made-exempt-from-new-capital-requirements-in-proposed-banking-act\/\" 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\/02\/17\/sme-lenders-and-digital-banks-to-be-made-exempt-from-new-capital-requirements-in-proposed-banking-act\/')\">\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\/02\/17\/sme-lenders-and-digital-banks-to-be-made-exempt-from-new-capital-requirements-in-proposed-banking-act\/\">\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=SME lenders and digital banks to be made exempt from new capital requirements in proposed Banking Act&url=https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/sme-lenders-and-digital-banks-to-be-made-exempt-from-new-capital-requirements-in-proposed-banking-act\/\">\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\/02\/17\/sme-lenders-and-digital-banks-to-be-made-exempt-from-new-capital-requirements-in-proposed-banking-act\/&title=SME lenders and digital banks to be made exempt from new capital requirements in proposed Banking Act\">\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=SME+lenders+and+digital+banks+to+be+made+exempt+from+new+capital+requirements+in+proposed+Banking+Act+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F02%2F17%2Fsme-lenders-and-digital-banks-to-be-made-exempt-from-new-capital-requirements-in-proposed-banking-act%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\/02\/17\/sme-lenders-and-digital-banks-to-be-made-exempt-from-new-capital-requirements-in-proposed-banking-act\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/216.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"569197\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/sme-lenders-and-digital-banks-to-be-made-exempt-from-new-capital-requirements-in-proposed-banking-act\/216-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/216.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"216.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/216.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/216.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-569196\" class=\"content-area-description single-story post-569196 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-abc tag-bank-audi tag-banking tag-blom-bank tag-enterpriseam tag-fincorp tag-first-abu-dhabi-bank tag-misr-iran tag-specialized-banks tag-speed-round tag-united-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-01\"><\/a> <strong>EXCLUSIVE- SME lenders and digital banks to be made exempt from new capital <\/strong><strong>requirements in proposed Banking Act:<\/strong> The proposed Banking Act would exempt SME lenders and digital banks from complying with new capital requirements designed to increase the stability of the financial sector, a Central Bank of Egypt (CBE) source tells Enterprise. A revised version of the draft legislation \u2014 which would hike capital requirements for all commercial banks \u2014 would exempt these so-called \u201cspecialized banks\u201d from meeting the new requirements.<\/p>\n<p><strong>How does the legislation define specialized banks?<\/strong> A copy of the revised legislation seen by Enterprise does not set a clear definition of what the CBE will classify as a \u201cspecialized bank.\u201d One industry watcher with whom we spoke told us that this could be convenient in the future \u2014 the central bank wouldn\u2019t have to get new legislation approved if it decides it wants to widen or change the definition at a later date.<\/p>\n<p><strong>CBE to classify digital banks and SME lenders \u201cspecialized\u201d: <\/strong>One CBE source said that the bank would initially allow dedicated SME lenders and digital banks to qualify as specialized banks. The amount of capital these banks would be required to hold would be set on a case-by-case basis, unlike local commercial banks which would need to hold at least EGP 5 bn in reserve \u2014 a <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/\">tenfold increase<\/a> from the current requirements. Banks that apply for the license would need to submit a market study and risk assessment, after which the CBE would set reserve capital requirements, deposit limits, and the maximum amount of money they can lend.<\/p>\n<p><strong>Existing banks cannot be retrospectively given a specialized bank status<\/strong>, one CBE official told us, explaining that the 2003 Banking Act legally defines all banks currently operating in Egypt as commercial banks. This means that only new banks and subsidiaries of existing ones can be designated specialist. The exemption from the minimum capital requirements would apply only to the subsidiary, not to the parent bank.<\/p>\n<p><strong>The CBE has already received applications from specialized banks in both sectors <\/strong>\u2014 including from <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/10\/national-bank-of-egypt-seeks-cbes-approval-to-establish-a-digital-bank-next-year-8174\/\">the National Bank of Egypt<\/a>, Banque Misr, and Baraka Bank, media reports suggest \u2014 but will begin studying them once the law is approved.<\/p>\n<p><strong>This isn\u2019t the only thing that has changed from the last time we saw the draft legislation.<\/strong><\/p>\n<p><strong>Chief among those changes: <\/strong><strong>Private and state-owned banks<\/strong><strong> would get more control over board composition<\/strong> in the latest draft, which allows them to form their own boards without any CBE intervention. The boards of directors of 100% state-owned banks would be formed with the approval of the prime minister rather than by the presidency.<\/p>\n<p>Also worth mentioning:<\/p>\n<ul>\n<li><strong>The CBE would have fewer punitive power<\/strong><strong>s<\/strong> when banks are found guilty of breaking the law. The current version removes their right to fine individual bank officials, limiting them to handing out fines to the banks themselves. The CBE would maintain its right to fire officials.<\/li>\n<li><strong>Reporting violations:<\/strong> Payment companies would be obliged to report violations to the CBE.<\/li>\n<\/ul>\n<p><strong>The latest version increases penalties for several violations:<\/strong> Businesses that provide banking or payment services without a CBE license would be fined between EGP 1-10 mn, up from EGP 100k-1 mn in the original legislation. People who repeatedly use credit for purposes different from what they stated in their applications would receive both a fine and a jail term, while those found guilty of black market FX trading would receive a harsher punishment.<\/p>\n<p><strong>What\u2019s the current status of the legislation? <\/strong>The House Economic Committee has been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eee29f69-3635-4a87-b701-bfa888da1f29\">discussing the draft legislation since last month<\/a>, three months after <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/\">the cabinet gave its approval<\/a>.<\/p>\n<p><strong>Background:<\/strong> The Banking Act has been in the works <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/15\/cbe-boss-presents-draft-banking-act-to-cabinet\/\">since 2017<\/a> and was only handed over to cabinet for discussion in May last year. The legislation would grant the CBE increased oversight over the banking sector and introduce new regulations to govern the tools devised by technology, including e-payments, fintech, and cryptocurrency, amongst others. It would also enhance data protection and customer privacy by requiring banks to obtain written consent for indirect or direct data dissemination. You can find out more about the legislation <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/\">here<\/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\/abc\/\">ABC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bank-audi\/\">Bank Audi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/blom-bank\/\">Blom Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fincorp\/\">Fincorp<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/first-abu-dhabi-bank\/\">First Abu Dhabi Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/misr-iran\/\">Misr Iran<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/specialized-banks\/\">Specialized Banks<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/united-bank\/\">United Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"569212\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"569213\" 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=\"569213\">\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\">THE MACRO PICTURE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/is-passive-fund-growth-putting-fossil-fuel-divestment-in-jeopardy\/\">\r\n                            Is passive fund growth putting fossil fuel divestment in jeopardy?                        <\/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\/02\/17\/is-passive-fund-growth-putting-fossil-fuel-divestment-in-jeopardy\/\" 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\/02\/17\/is-passive-fund-growth-putting-fossil-fuel-divestment-in-jeopardy\/')\">\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\/02\/17\/is-passive-fund-growth-putting-fossil-fuel-divestment-in-jeopardy\/\">\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=Is passive fund growth putting fossil fuel divestment in jeopardy?&url=https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/is-passive-fund-growth-putting-fossil-fuel-divestment-in-jeopardy\/\">\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\/02\/17\/is-passive-fund-growth-putting-fossil-fuel-divestment-in-jeopardy\/&title=Is passive fund growth putting fossil fuel divestment in jeopardy?\">\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=Is+passive+fund+growth+putting+fossil+fuel+divestment+in+jeopardy%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F02%2F17%2Fis-passive-fund-growth-putting-fossil-fuel-divestment-in-jeopardy%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\/02\/17\/is-passive-fund-growth-putting-fossil-fuel-divestment-in-jeopardy\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/220.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"569214\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/is-passive-fund-growth-putting-fossil-fuel-divestment-in-jeopardy\/220-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/220.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"220.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/220.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/220.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-569213\" class=\"content-area-description single-story post-569213 post type-post status-publish format-standard has-post-thumbnail hentry category-the-macro-picture tag-asset-management tag-blackrock tag-enterpriseam tag-esg tag-the-macro-picture 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>Is passive fund growth putting fossil fuel divestment in jeopardy?<\/strong> The growth of market-tracking passive funds threatens to be a huge stumbling block to the fossil fuel stock divestment movement \u2014 despite efforts from both environmental campaigners and even asset managers themselves, writes <a href=\"https:\/\/www.ft.com\/content\/abd2a946-48d5-11ea-aee2-9ddbdc86190d\">Billy Nauman in the Financial Times<\/a>. Despite a significantly growing number of institutional investors committing to cutting fossil fuel stocks from their portfolios, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-09-11\/passive-u-s-equity-funds-eclipse-active-in-epic-industry-shift\">soaring growth in passive investing<\/a> means that fossil fuel companies can still see sizable inflows \u2014 as long as they retain their position in the right indices.<\/p>\n<p><strong>Asset managers are jumping on board with divestment, but fossil fuel companies are finding ways to lessen its impact:<\/strong> BlackRock, the world\u2019s largest asset manager, <a href=\"https:\/\/www.theguardian.com\/business\/2020\/jan\/14\/blackrock-says-climate-crisis-will-now-guide-its-investments\">said in January<\/a> that it would reshape its investment strategy in response to the climate crisis, pledging to drop USD 500 mn of coal stocks from its actively managed funds. But until its customers choose to pick funds that exclude fossil fuels, BlackRock will retain a significant stake in every major oil company, Nauman writes. Fossil fuel companies appear well aware of the advantages that passive funds can offer, with oil firm Encana securing its inclusion in large US indices by <a href=\"https:\/\/www.reuters.com\/article\/us-encana-results\/encana-to-move-to-u-s-change-name-amid-pipeline-crunch-in-canada-idUSKBN1XA1GK\">relocating from Calgary to Denver<\/a> in January.<\/p>\n<p><strong>Can anything be done to halt the trend?<\/strong> An initiative started by the New Zealand Superannuation Fund in 2017 saw it work with MSCI to create customized indices that weight companies according to their carbon emissions performance. Through this effort, some USD 610 mn has been moved from high carbon companies to lower-risk alternatives. And global fund manager <a href=\"https:\/\/stockhead.com.au\/tech\/how-long-before-climate-change-risk-becomes-an-issue-for-small-caps\/\">State Street recently said<\/a> its USD 3.1 tn passive investing arm would begin voting against company boards that don\u2019t meet ESG standards. But with the purpose of passive investing being the avoidance of this kind of scrutiny on individual market winners and losers, it is difficult to see how the fossil fuel companies can be outmaneuvered without dropping the vehicle altogether, Nauman argues.<\/p>\n<p><strong>And how is Egypt\u2019s most popular ETF doing from an environmental perspective? Not badly at all.<\/strong> The <a href=\"https:\/\/www.etf.com\/EGPT#overview\">VanEck Vectors Egypt Index ETF<\/a>, which has approximately <a href=\"https:\/\/www.thebalance.com\/a-guide-to-investing-in-egypt-1979021\">USD 31 mn under management<\/a>, has an A grade on the <a href=\"https:\/\/fossilfreefunds.org\/fund\/vaneck-vectors-egypt-index-etf\/EGPT\/fossil-fuel-investments\/FSUSA09HGK\/FOUSA08MX1\">Fossil FreeFunds website<\/a>, with 0% fossil fuel exposure.<\/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\/asset-management\/\">asset management<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/blackrock\/\">BlackRock<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/esg\/\">ESG<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-macro-picture\/\">THE MACRO PICTURE<\/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=\"569215\" 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=\"569215\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/egypt-in-the-news-on-17-february-2020\/\">\r\n                            Egypt in the News on 17 February 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\/02\/17\/egypt-in-the-news-on-17-february-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\/02\/17\/egypt-in-the-news-on-17-february-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\/02\/17\/egypt-in-the-news-on-17-february-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 17 February 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/egypt-in-the-news-on-17-february-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\/02\/17\/egypt-in-the-news-on-17-february-2020\/&title=Egypt in the News on 17 February 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+17+February+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F02%2F17%2Fegypt-in-the-news-on-17-february-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\/02\/17\/egypt-in-the-news-on-17-february-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-569215\" class=\"content-area-description single-story post-569215 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-egypt-in-the-news tag-enterpriseam tag-human-rights wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>On an otherwise quiet morning for Egypt in the foreign press, <strong>the prosecutor general denying<\/strong><strong> that detained activist Patrick Zaky was tortured in custody is topping coverage<\/strong>, with most outlets picking up wire copies from the <a href=\"https:\/\/apnews.com\/bee89d931053033f6e85892e7367ea89\">Associated Press<\/a> and <a href=\"https:\/\/www.nation.co.ke\/news\/africa\/Egypt-denies-torture-of-detained-activist\/1066-5458026-103nior\/index.html\">AFP<\/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\/egypt-in-the-news\/\">Egypt in the News<\/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=\"569216\" 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=\"569216\">\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\">Worth watching<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/big-tech-has-entered-the-oil-business\/\">\r\n                            Big tech has entered the oil business                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/big-tech-has-entered-the-oil-business\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/big-tech-has-entered-the-oil-business\/')\">\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\/02\/17\/big-tech-has-entered-the-oil-business\/\">\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=Big tech has entered the oil business&url=https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/big-tech-has-entered-the-oil-business\/\">\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\/02\/17\/big-tech-has-entered-the-oil-business\/&title=Big tech has entered the oil business\">\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=Big+tech+has+entered+the+oil+business+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F02%2F17%2Fbig-tech-has-entered-the-oil-business%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\/02\/17\/big-tech-has-entered-the-oil-business\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/221.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"569217\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/big-tech-has-entered-the-oil-business\/221-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/221.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"221.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/221.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/221.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-569216\" class=\"content-area-description single-story post-569216 post type-post status-publish format-standard has-post-thumbnail hentry category-worth-watching tag-ai tag-amazon tag-enterpriseam tag-google tag-machine-learning tag-microsoft tag-oil-and-gas tag-technology tag-worth-watching wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Big tech has entered the oil business: <\/strong>Google, Microsoft, and Amazon are keen to market themselves as leaders in energy-saving initiatives. But the same machine learning technology these companies use to reduce dependence on fossil fuels in some areas is also being used to automate oil and gas discovery and extraction, <a href=\"https:\/\/www.youtube.com\/watch?v=v3n8txX3144&feature=youtu.be\">this video from Vox shows<\/a> (runtime: 09:01). Cutting edge machine learning AI processes data to train itself to operate as efficiently as possible. With oil being notoriously hard to find, this tech is just what oil companies need to stay profitable. Vast swathes of data amassed by oil companies can be fed to the AI, which can then pinpoint the best places to drill and streamline extraction to make it cheaper. The oil and gas industry spent USD 1.75 bn on AI in 2018 and this is expected to rise to USD 4 bn in 2025. And while they might be publicly trumpeting their role in a shift to renewables and a reduction in energy usage, Google, Microsoft and Amazon are all competing for a piece of that pie.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/amazon\/\">Amazon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/google\/\">Google<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/machine-learning\/\">machine learning<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/microsoft\/\">microsoft<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/technology\/\">technology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/worth-watching\/\">worth watching<\/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=\"569221\" 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=\"569221\">\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\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/the-market-yesterday-31\/\">\r\n                            The Market Yesterday                        <\/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\/02\/17\/the-market-yesterday-31\/\" 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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CIB, the index\u2019s heaviest constituent, ended up 0.02%. EGX30\u2019s top performing constituents were CIB up 0.02% and Orascom Construction up 0.01%. Yesterday\u2019s worst performing stocks were Telecom Egypt down 5.3%, Ezz Steel down 3.8% and Qalaa Holdings down 3.4%. The market turnover was EGP 323 mn, and domestic investors were the sole net buyers.<\/p>\n<p><strong>Foreigners<\/strong>: Net Short | EGP -2.9 mn<br \/>\n <strong>Regional<\/strong>: Net Short | EGP -0.7 mn<br \/>\n <strong>Domestic<\/strong>: Net Long | EGP +3.6 mn<\/p>\n<p><strong>Retail<\/strong>: 72.4% of total trades | 75.0% of buyers | 69.9% of sellers<br \/>\n <strong>Institutions<\/strong>: 27.6% of total trades | 25.0% of buyers | 30.1% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 52.14 (+0.17%)<br \/>\n <strong>Brent:<\/strong> USD 57.28 (-0.07%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 1.90 MMBtu, (+3.59%, March 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,585.80 \/ troy ounce (-0.04%)<\/p>\n<p><strong>TASI:<\/strong> 7,836.96 (-0.48%) (YTD: -6.58%)<br \/>\n <strong>ADX:<\/strong> 5,062.82 (+0.50%) (YTD: -0.26%)<br \/>\n <strong>DFM:<\/strong> 2,734.74 (+0.04%) (YTD: -1.09%)<br \/>\n <strong>KSE Premier Market:<\/strong> 6,849.43 (-0.71%)<br \/>\n <strong>QE:<\/strong> 9,748.74 (-1.00%) (YTD: -6.49%)<br \/>\n <strong>MSM:<\/strong> 4,159.93 (+0.76%) (YTD: +4.49%)<br \/>\n <strong>BB: <\/strong>1,661.78 (-0.04%) (YTD: +3.21%)<\/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\/the-market-yesterday\/\">The Market Yesterday<\/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=\"569222\" 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\/02\/17\/569222\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-569222\" class=\"content-area-description single-story post-569222 post type-post status-publish format-standard hentry category-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>February: An Italian business delegation <a href=\"https:\/\/almalnews.com\/%d9%88%d9%81%d8%af-%d8%a5%d9%8a%d8%b7%d8%a7%d9%84%d9%8a-%d9%8a%d8%b2%d9%88%d8%b1-%d9%85%d8%b5%d8%b1-%d9%81%d8%a8%d8%b1%d8%a7%d9%8a%d8%b1-%d8%a7%d9%84%d9%85%d9%82%d8%a8%d9%84-%d9%84%d9%84%d8%aa%d8%b9\/\">will visit Egypt<\/a> to discuss investments in the Port Said industrial zone.<\/p>\n<p>February: Higher Education Minister Khaled Abdel-Ghaffar <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=19112019&id=2b9e9b1c-45ad-4af5-82a9-f8650319c562\">will visit<\/a> Minsk, Belarus.<\/p>\n<p>19-21 February (Wednesday-Friday): Egyptian Chamber of Leather Industry will participate in the <a href=\"https:\/\/www.lineapelle-fair.it\/en\">Lineapelle Milano<\/a> International Trade Fair, Milan, Italy.<\/p>\n<p>20 February (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>23 February (Sunday): Court session for Arabia Investments Holdings\u2019 <a href=\"https:\/\/almalnews.com\/%d8%aa%d8%a3%d8%ac%d9%8a%d9%84-%d8%af%d8%b9%d9%88%d9%89-%d8%a7%d9%84%d8%b9%d8%b1%d8%a8%d9%8a%d8%a9-%d9%84%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1%d8%a7%d8%aa-%d8%b6%d8%af-%d8%a8%d9%8a%d8%ac-6\/\">lawsuit against Peugeot<\/a>. It was previously postponed to 24 November 2019 and then to 5 January 2020, and now 23 February.<\/p>\n<p>23 February (Sunday): Court session for Amer Group, Porto Group compensation claim against Antaradous<\/p>\n<p>23 February-29 February (Sunday-Saturday): 20 Egyptian companies <a href=\"http:\/\/bit.ly\/2P0fnJc\">will participate<\/a> in the \u201cEgyptian Trade Week\u201d in Kampala, Uganda.<\/p>\n<p>March: <a href=\"https:\/\/bit.ly\/2RMVwyZ\">South Korean business delegation to visit Egypt<\/a>.<\/p>\n<p>March: <a href=\"http:\/\/www.menafatf.org\/about\">The Middle East and North Africa Financial Action Task Force<\/a> (MENAFATF) <a href=\"https:\/\/almalnews.com\/%d9%85%d8%ac%d9%85%d9%88%d8%b9%d8%a9-%d8%a7%d9%84%d8%b9%d9%85%d9%84-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a-%d8%aa%d8%b2%d9%88%d8%b1-%d9%85%d8%b5%d8%b1-%d9%85%d8%a7%d8%b1%d8%b3-%d8%a7%d9%84%d9%85%d9%82\/\">will visit<\/a> Egypt to assess the progress of actions taken to combat money laundering and terrorist sponsoring activities.<\/p>\n<p>1 March (Sunday): <a href=\"https:\/\/www.pdac.ca\/convention\/programming\/presentation-reception-rooms\/sessions\/presentation-reception-rooms\/egyptian-mining-day-(reception-room)\">Egyptian Mining Day<\/a>, Prospectors & Developers Association of Canada Convention, Toronto, Canada.<\/p>\n<p>1 March (Sunday): <a href=\"https:\/\/www.youm7.com\/story\/2019\/11\/28\/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%BA%D8%B1%D9%81%D8%A9-%D8%A7%D9%84%D8%A5%D8%B3%D9%83%D9%86%D8%AF%D8%B1%D9%8A%D8%A9-%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D9%8A%D8%A9-%D9%85%D8%B5%D8%B1-%D8%AA%D8%B3%D8%AA%D8%B6%D9%8A%D9%81-%D9%85%D8%A4%D8%AA%D9%85%D8%B1%D8%A7-%D8%AF%D9%88%D9%84%D9%8A%D8%A7-%D8%B9%D9%86-%D8%A7%D9%84%D9%84%D9%88%D8%AC%D8%B3%D8%AA%D9%8A%D8%A7%D8%AA\/4516709\">A conference<\/a> on \u201clogistics and its impact on the movement of goods and industry,\u201d venue TBD, Alexandria.<\/p>\n<p>2-5 March (Monday-Thursday): EFG Hermes\u2019 16th annual <a href=\"https:\/\/oneonone2020.efghermes.com\/pages\/home.aspx\">One on One conference<\/a>, Atlantis, The Palm, Dubai.<\/p>\n<p>3 March (Tuesday): Business Today\u2019s <a href=\"https:\/\/ent.news\/2020\/1\/BT100_Announcement-converted.pdf\">bt100 awards ceremony<\/a>, Cairo.<\/p>\n<p>4-5 March (Wednesday-Thursday): <a href=\"https:\/\/ent.news\/2019\/10\/Press-Release-26th-Annual-Women-Economic-Forum-March-2020-Cairo-Egypt.pdf\">Women Economic Forum<\/a>, Cairo.<\/p>\n<p>5-8 March (Wednesday-Saturday): 25 Egyptian companies will participate in <a href=\"https:\/\/almalnews.com\/25-%d8%b4%d8%b1%d9%83%d8%a9-%d9%85%d8%b5%d8%b1%d9%8a%d8%a9-%d8%aa%d8%b4%d8%a7%d8%b1%d9%83-%d8%a8%d9%85%d9%86%d8%aa%d8%af%d9%89-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d9%81%d9%8a\/\">a forum on investment in startups<\/a> in Saudi\u2019s King Abdullah Economic City.<\/p>\n<p>6-8 March: Arab Banking Forum, for heads of risk management in Arab banks, organized by the Union of Arab Banks,with the Central Bank of Egypt and the Federation of Egyptian Banks.<\/p>\n<p>7 March (Saturday): International Conference for Investment organized by Suez Canal Economic Authority, Al Galala City, Egypt<\/p>\n<p>17-18 March (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>25-26 March (Wednesday-Thursday): <a href=\"http:\/\/www.megaprojectsconf.com\/\">Mega Projects Conference<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>26 March (Thursday): <a href=\"https:\/\/almalnews.com\/%d8%aa%d8%a3%d8%ac%d9%8a%d9%84-%d8%af%d8%b9%d9%88%d9%89-%d8%b4%d8%b1%d9%83%d8%a9-%d8%b3%d9%88%d8%b1%d9%8a%d8%a9-%d8%b6%d8%af-%d8%a8%d9%88%d8%b1%d8%aa%d9%88-%d8%ac%d8%b1%d9%88%d8%a8-%d8%a5%d9%84%d9%89\/\">Court session<\/a> for Amer Group, Porto Group lawsuit against Antaradous.<\/p>\n<p>7 April (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>12 April (Sunday): Easter Sunday.<\/p>\n<p>20 April (Monday): Sham El Nessim, national holiday.<\/p>\n<p>23 April (Thursday): First day of Ramadan (TBC).<\/p>\n<p>25 April (Saturday): Sinai Liberation Day, national holiday.<\/p>\n<p>28-29 April (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>5-7 May (Tuesday-Thursday): <a href=\"https:\/\/www.afsic.net\/\">AFSIC - Investing in Africa<\/a>, London, United Kingdom.<\/p>\n<p>14 May (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>23-26 May (Saturday-Tuesday): Eid El Fitr (TBC).<\/p>\n<p>9-10 June (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>17-20 June (Wednesday-Saturday): <a href=\"https:\/\/www.automech-formula.com\/en\/home.html\">2019 Automech Formula car expo<\/a>, Egypt International Exhibition Center, Cairo.<\/p>\n<p>30 June (Sunday): June 2013 protests anniversary, national holiday.<\/p>\n<p>25 June (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>28-29 July (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>30 July-3 August (Thursday-Monday): Eid El Adha (TBC), national holiday.<\/p>\n<p>13 August (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>20 August (Wednesday-Thursday): Islamic New Year (TBC), national holiday.<\/p>\n<p>15-16 September (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>24 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>24 September- 2 October (Thursday-Friday): <a href=\"http:\/\/elgounafilmfestival.com\/\">El Gouna Film Festival<\/a>, El Gouna, Egypt.<\/p>\n<p>6 October (Tuesday): Armed Forces Day, national holiday.<\/p>\n<p>29 October (Thursday): Prophet Mohamed\u2019s birthday (TBC), national holiday.<\/p>\n<p>November: Egypt <a href=\"http:\/\/gate.ahram.org.eg\/News\/2284801.aspx\">will host simultaneously<\/a> the International Capital Market Association\u2019s emerging market, and Africa and Middle East meetings.<\/p>\n<p>4-5 November (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>12 November (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>15-16 December (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>24 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>25 December (Friday): Western Christmas.<\/p>\n<p>1 January 2021 (Friday): New Year\u2019s Day, national holiday.<\/p>\n<p>7 January 2021 (Thursday): Coptic Christmas, national holiday.<\/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":569192,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-569191","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"dc25210f-24ea-4d53-8090-fd2fb9f846c9","teaser":"","photo_url":"https:\/\/ent.news\/2020\/2\/215.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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