{"id":570045,"date":"2020-03-17T04:35:06","date_gmt":"2020-03-17T04:35:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=570045"},"modified":"2025-12-16T07:15:42","modified_gmt":"2025-12-16T07:15:42","slug":"cbe-orders-surprise-300-bps-rate-cut-egyptian-airspace-to-effectively-close-on-thursday","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-orders-surprise-300-bps-rate-cut-egyptian-airspace-to-effectively-close-on-thursday\/","title":{"rendered":"CBE orders surprise 300 bps rate cut; Egyptian airspace to effectively close on Thursday"},"content":{"rendered":"<section id=\"570047\" 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=\"570047\">\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\/03\/17\/what-were-tracking-on-17-march-2020\/\">\r\n                            What we\u2019re tracking on 17 March 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\/03\/17\/what-were-tracking-on-17-march-2020\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Futures suggest the Dow, Nasdaq and S&amp;P will all open in the green later today, while Europe looks set to open in the red.<\/p><p><strong>Take a deep breath and contemplate the meaning of the central bank\u2019s surprise rate cut<\/strong>. Our take: It means the bank is <strong>giving the government fiscal room to maneuver without running up double-digit deficits. <\/strong>A rate cut of this magnitude gives space (thanks to lower borrowing costs) to policymakers who need to deal with a potentially wide virus outbreak, support the economy, bail out EgyptAir, and still keep a bullet in the chamber against the unknown. The cut also signals to businesses and citizens alike that their cash is better put to use than it is left in the bank. There\u2019s more, but we think this was the prime motivator.<\/p><p><strong>Take a second deep breath and accept that neither you nor the rest of your team will <\/strong><strong>be as efficient working from home this week (or next) <\/strong>as you have been working at the office. Projects will be late. You\u2019re going to have new or different priorities. Productivity is going to drag (the opposite of what the \u201cwork from home movement\u201d would usually suggest). <strong>This is natural <\/strong>when the world is topsy-turvey When your team is adjusting to new communications tools. When you\u2019re still figuring out how to manage workflow remotely \u2014 and when you have kids at home (and their routines have been destroyed, too).<\/p><p><strong>Now a third: Remember that for the vast majority of us alive today, life will go on. <\/strong>The coronavirus outbreak will resolve, and we\u2019ll be left asking ourselves a whole bunch of new questions. You can get a hint of those questions here, if you\u2019re so inclined: <a href=\"https:\/\/www.nytimes.com\/2020\/03\/16\/us\/coronavirus-hype-overreaction-social-distancing.html\">Some ask a taboo question: Is America overreacting to coronavirus?<\/a><\/p><p><strong>And remember, if we can preach: <\/strong>Your prime directive right now? Keep your people safe \u2014 if a job can be done from home, let it be done at home.<\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a><strong> Egypt has now reported 166 covid-19 cases<\/strong>, including 40 new cases confirmed yesterday, the Health Ministry said in a <a href=\"https:\/\/bit.ly\/3aUP8wa\">statement<\/a> yesterday. With the majority of the new cases being Egyptians (35 of the new cases were nationals and five were foreigners), it suggests we\u2019re now seeing community transmission. Eight of the Egyptians were people who had returned from performing the umrah pilgrimage in Saudi Arabia.<\/p><p><strong>Two more people have died in Egypt<\/strong>, including a 72-year-old German national and a 50-year-old Egyptian from Daqahlia governorate who came into contact with the woman who died of the virus on 12 March.<\/p><p>Health Minister Hala Zayed told talk show host Amr Adib that <strong>unspecified measures will be <\/strong><strong>rolled out in Daqahlia, Damietta and Minya<\/strong> to help control the outbreak. She declined in the interview to characterize those measures as a lockdown like those seen in Italy and now France (<a href=\"https:\/\/www.youtube.com\/watch?v=b3gLRcsAmFM\">watch, runtime: 33:02<\/a>)<\/p><p><strong>Egypt is suspending all flights (inbound and outbound) from this Thursday and until 31 <\/strong><strong>March<\/strong>, Prime Minister Moustafa Madbouly decreed yesterday, <a href=\"https:\/\/bit.ly\/2wWn1Ox\">according to a cabinet statement<\/a>. People looking to return home will be allowed to do so until noon on Thursday, Civil Aviation Minister Mohamed Manar said, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=16032020&amp;id=b4e7b3e1-58d6-40c3-a328-62c9c53e84d1\">according to Al Shorouk<\/a>. Madbouly suggested the cost to the airline industry will be around EGP 2.25 bn. El Anani said he believes the opening of the Grand Egyptian Museum, among other initiatives, will <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=16032020&amp;id=b76a2231-1554-4574-98b1-09997450b9e8\">help bring tourism back<\/a> once the global covid-19 crisis abates.<\/p><p><strong>School shut-down could be extended:<\/strong> Education Minister Tarek Shawky told nighttime talkshow host Lamees El Hadidi in a sit-down interview that the two-week shutdown of Egyptian schools and universities will likely be extended (<a href=\"https:\/\/www.youtube.com\/watch?v=LOvwzaOAPrQ\">watch, runtime: 3:29<\/a>).<\/p><p><strong>The World Health Organization is happy with our covid-19 response to-date<\/strong>, with the organization\u2019s Dr. John Gabor telling CNN Arabic that Egypt\u2019s detection system is \u201cstrong.\u201d <a href=\"http:\/\/bit.ly\/2Qk2LgI\">Cabinet<\/a> posted the video on its Facebook page.<\/p><p><strong>The Sisi administration is preparing a new stimulus package <\/strong>to help the economy. Prime MInister Moustafa Madbouly said it will target both the stock exchange and the real economy. Madbouly\u2019s remarks came at a meeting that included the planning minister and the governor of the Central Bank of Egypt, a <a href=\"http:\/\/bit.ly\/38U4dwD\">cabinet statement<\/a> said, without offering further detail.<\/p><p><strong>Governors are rolling out local bans on shisha<\/strong> in public places.<\/p><p><strong>Prime Minister Moustafa Madbouly wants many civil servants to stay home<\/strong>, whether they work at ministries, government agencies or state-owned companies. The exception: Those working in healthcare and critical sectors including water and electricity services, a <a href=\"https:\/\/bit.ly\/2WkOt38\">cabinet statement<\/a> said.<\/p><p><strong>Half the staff at the House of Representatives will be on leave <\/strong>for two weeks starting today. Priority was given to women and to staff with children under the age of 12, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=16032020&amp;id=ba52ec71-1704-48e1-8ced-eae713ff507f\">Al Shorouk<\/a> reported.<\/p><p><strong>The Governor of Cairo Khaled Abdel Aal said weekly markets<\/strong><strong> mus<\/strong><strong>t close<\/strong> and ordered the shuttering of 129 gymnasiums in the capital, <a href=\"https:\/\/almalnews.com\/%d9%85%d8%ad%d8%a7%d9%81%d8%b8-%d8%a7%d9%84%d9%82%d8%a7%d9%87%d8%b1%d8%a9-%d9%8a%d9%82%d8%b1%d8%b1-%d8%b9%d8%af%d9%85-%d8%a5%d9%82%d8%a7%d9%85%d8%a9-%d8%a7%d9%84%d8%a3%d8%b3%d9%88%d8%a7%d9%82-%d8%a7\/\">Al Mal reports<\/a>.<\/p><p><strong>We won\u2019t price gouge if you don\u2019t hoard: <\/strong>Some domestic manufacturers have promised not to increase prices in the coming two weeks after consumers rushed to stores in a covid-19-motivated buying spree, said Six of October Investors Association head <a href=\"https:\/\/alborsaanews.com\/2020\/03\/16\/1307634\">Mohamed Shaaban said<\/a>. Factory and retail store owners are asking shoppers to stop stockpiling so as not to mess up supply-demand dynamics, Shaaban said.<\/p><p><strong>Raya Contact Center is the latest business to announce it has implemented a <\/strong><strong>work-from-home policy.<\/strong> The measure is for all employees at the company's customer support centers in Egypt and UAE, <a href=\"http:\/\/bit.ly\/39Vumwj\">according to Masrawy<\/a>.<\/p><p><strong>Schools nationwide will undergo deep cleaning starting Friday<\/strong>, <a href=\"https:\/\/www.egypttoday.com\/Article\/1\/82653\/Health-Ministry-says-schools-to-be-cleaned-sterilized-starting-Friday\">according to Egypt Today<\/a>. Cabinet closed schools for two weeks effective this past Sunday.<\/p><hr class=\"grey-line\"><p><strong>GLOBALLY: The European Union is closing its borders at 12 noon today <\/strong><a href=\"https:\/\/www.politico.eu\/article\/emmanuel-macron-eu-external-borders-to-close-from-tuesday\/\">to all non-essential travel<\/a>.<\/p><p><strong>France is going on lockdown<\/strong>, saying people can only leave home for work, to shop for food or to help the elderly and other at-risk populations, the <a href=\"https:\/\/apnews.com\/6a9e2e55e28da2c1c044472b64443032\">Associated Press<\/a><a href=\"https:\/\/apnews.com\/6a9e2e55e28da2c1c044472b64443032\">reports<\/a>. The UK is also <a href=\"https:\/\/www.bbc.com\/news\/uk-51917562\">urging people to work from home<\/a>.<\/p><p><strong>Canada is closing its borders to non-citizens \/ residents. <\/strong>The only exceptions: The immediate family of citizens, plus diplomats, aircrew and (for the time being) Americans, <a href=\"https:\/\/www.cbc.ca\/news\/politics\/cbsa-border-airports-screening-trudeau-covid19-coronavirus-1.5498866\">Canada\u2019s CBC reports<\/a>. \u201cIf you're abroad, it's time for you to come home,\u201d Prime Minister Justin Trudeau said yesterday.<\/p><p><strong>Non-essential services and businesses are closing the world over.<\/strong> Among the measures now being implemented in one combination or another: shopping hours are being curtailed while museums, houses of worship, bars and non-essential shops are closing in <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-germany-closing\/germany-to-shutter-most-shops-bars-churches-idUSKBN2132JN\">Germany<\/a>, <a href=\"https:\/\/alborsaanews.com\/2020\/03\/16\/1307819\">Morocco<\/a>, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus\/new-york-los-angeles-shut-bars-restaurants-worlds-central-banks-coordinate-on-coronavirus-idUSKBN2130EQ\">New York and Los Angeles<\/a><\/p><p><strong>Covid-19 vaccine trials begin, but it won\u2019t be rolled out for at least a year:<\/strong> The US\u2019 National Institute of Health (NIH) started a coronavirus vaccine trial yesterday, <a href=\"https:\/\/apnews.com\/8089a3d0ec8f9fde971bddd7b3aa2ba1\">a US government official told the Associated Press<\/a>. Public health officials estimate that it will take 12 to 18 months for the potential vaccine to be validated and ready for widespread use.<\/p><p><strong>Virus-related deaths outside of China surpassed those inside the country for the <\/strong><strong>first time since the outbreak<\/strong>, with more than 3.3k deaths recorded in countries including Italy, Iran, and Spain as of early yesterday. A total of 3.2k deaths were reported inside China, according to figures compiled by Johns Hopkins University <a href=\"https:\/\/www.wsj.com\/articles\/coronavirus-deaths-outside-china-exceed-those-inside-11584338720?mod=hp_lead_pos1\">reported by The Wall Street Journal<\/a>.<\/p><p><strong>Other international covid-19 updates: <\/strong><\/p><ul>\n<li><strong>G7 country leaders held a video conference<\/strong> yesterday to discuss a coordinated response to the virus outbreak, officials have said, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus\/new-york-los-angeles-shut-bars-restaurants-worlds-central-banks-coordinate-on-coronavirus-idUSKBN2130EQ\">according to Reuters<\/a>. Little of substance <a href=\"https:\/\/www.theguardian.com\/world\/2020\/mar\/16\/g7-leaders-to-hold-emergency-coronavirus-video-summit\">appears to have emerged<\/a> other than a pledge to work together and a warning not to hoard any eventual vaccine.<\/li>\n<li><strong>Saudi Arabia has sent home employees home at all government <\/strong><strong>agencies<\/strong> for a period of 16 days, <a href=\"https:\/\/www.spa.gov.sa\/2047983\">according to a statement<\/a>. The decision does not apply to government employees working in health, security, military and electronic security centers.<\/li>\n<\/ul><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\/3\/Jetty-Web-1.png?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>Demand for oil worldwide has hit a new low as more countries resort to \u201cunprecedented\u201d <\/strong><strong>responses to the covid-19 dilemma<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-15\/global-oil-demand-heads-for-record-annual-drop-as-virus-spreads?srnd=premium-middle-east&amp;sref=mmeFTDW1\">reports Bloomberg<\/a>. The pandemic is leading traders, executives, hedge fund managers, and consultants to revise their oil consumption forecasts by margins, says the business information service.<\/p><p><strong>Throw in a little oil war with Russia and it\u2019s little wonder, then, that Saudi <\/strong><strong>Aramco is slashing capital spending <\/strong>by as much as 23%, down to USD 25-30 bn from USD 32.8 bn, to make up for falling oil prices, the company said on Sunday, <a href=\"https:\/\/www.ft.com\/content\/2db0b152-6694-11ea-a3c9-1fe6fedcca75\">according to the Financial Times<\/a>. Aramco\u2019s stock price dipped by 2.8% yesterday, marking a record low, having fallen by 13% from its initial listing price. That\u2019s not stopped the company from leaving in place a <strong>promise of delivering USD 75 bn in dividends<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-16\/aramco-keeps-75-billion-dividend-promise-even-with-oil-s-plunge?srnd=premium-middle-east&amp;sref=mmeFTDW1\">according to Bloomberg.<\/a><\/p><p><strong>Oil prices dipped below USD 30 a barrel yesterday, <\/strong><a href=\"https:\/\/www.reuters.com\/article\/us-global-oil\/crude-oil-falls-below-30-as-coronavirus-spreads-idUSKBN2121FT\">Reuters reports<\/a>, and <a href=\"https:\/\/www.reuters.com\/article\/us-saudi-aramco-oil-output\/saudi-aramco-likely-to-sustain-high-april-oil-output-through-may-ceo-idUSKBN2132DN\">Saudi<\/a><a href=\"https:\/\/www.reuters.com\/article\/us-saudi-aramco-oil-output\/saudi-aramco-likely-to-sustain-high-april-oil-output-through-may-ceo-idUSKBN2132DN\">Aramco said<\/a> it was \u201cvery comfortable\u201d with the price, adding that its plan to increase output to record levels to capture a larger share of the global market will run from April through to May.<\/p><p><strong>Also in KSA: The kingdom has detained hundreds of government officials in a corruption <\/strong><strong>clampdown<\/strong>, <a href=\"https:\/\/www.reuters.com\/article\/us-saudi-corruption\/saudi-arabia-detains-298-public-officials-in-new-corruption-probes-idUSKBN21212I\">Reuters reports<\/a>. Anti-corruption authority Nazaha <a href=\"https:\/\/twitter.com\/nazaha_gov_sa\/status\/1239176183255875584\">tweeted on Sunday<\/a> that 298 people had been rounded up on charges of bribery, embezzlement, and abuse of power involving USD 101 mn.<\/p><hr class=\"grey-line\"><p><strong>Also: Happy Birthday to The Colonel. <\/strong>We miss you, Dad. Every day.<\/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\/china\/\">China<\/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\/economy\/\">economy<\/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\" 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Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/covid-19-air-travel-suspension-and-cbe-interest-rate-cut-reviewed-on-talk-shows\/\">\r\n                            Covid-19, air travel suspension and CBE interest rate cut reviewed on talk shows                        <\/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\/03\/17\/covid-19-air-travel-suspension-and-cbe-interest-rate-cut-reviewed-on-talk-shows\/\" target=\"_blank\">\n               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<div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570049\" class=\"content-area-description single-story post-570049 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-central-bank-of-egypt tag-covid-19 tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-hala-zayed tag-khaled-el-anany tag-national-bank-of-egypt tag-osama-heikal tag-prime-holding tag-world-health-organization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>CBE interest rate cut: <\/strong>Al Kahera Alaan\u2019s Lamees El Hadidi spoke by phone with Hany Genena, head of research at investment bank Prime Holding, to discuss the Central Bank of Egypt\u2019s unprecedented decision to cut interest rates by 300 bps. He lauded the timing of the decision saying it will help to preserve cash flow for businesses in the months ahead. He added that foreign investment in Egyptian bonds may not be affected as inflation is expected to decrease, ensuring returns remain attractive <a href=\"https:\/\/www.youtube.com\/watch?v=BJPI3W_tzJo\">(watch, runtime: 4:22)<\/a> and <a href=\"https:\/\/www.youtube.com\/watch?v=oSodHInOajE&t=5s\">(watch, runtime: 5:20)<\/a>. Adib spoke by phone with the deputy head of the National Bank of Egypt, Yehya Aboul Fotouh, who said that the CBE\u2019s decision was bold and presented a chance for SMEs to consider expansion <a href=\"https:\/\/www.youtube.com\/watch?v=8smfMbihUMo\">(watch, runtime: 3:31)<\/a>. We have chapter and verse on the CBE\u2019s announcement in this morning\u2019s Speed Round, below.<\/p>\n<p><strong>Flights suspended from Thursday: <\/strong>El Hadidi also spoke by phone with Tourism Minister Khaled El Anani who confirmed that the flights will be suspended from Thursday until the end of the month and that after that time, <strong>airports will allow the landing of empty planes to evacuate foreigners<\/strong> <a href=\"https:\/\/www.youtube.com\/watch?v=nr6_U2chALk\">(watch, runtime: 6:34)<\/a>. She also spoke by phone with State Information Minister Osama Heikal, who said tourists will leave according to the scheduled departure dates unless otherwise requested. Land and sea ports will remain open to allow for the flow of goods. <a href=\"https:\/\/www.youtube.com\/watch?v=algJA0gj8xg\">(watch, runtime: 3:37)<\/a>. Adib also covered the story <a href=\"https:\/\/www.youtube.com\/watch?v=R2xL10iYgAU\">(watch, runtime: 2:36)<\/a>.<\/p>\n<p><strong>WHO delegation to visit Egypt: <\/strong>Adib spoke by phone with Health Minister Hala Zayed, who said that a delegation from the World Health Organization will visit the country on 24 March to review the measures taken against the spread of covid-19 upon a request from Egypt. She added that since two covid-19 deaths were from Daqahliyah, some 300 families in the governorate have been quarantined for 14 days <a href=\"https:\/\/www.youtube.com\/watch?v=b3gLRcsAmFM\">(watch, runtime: 33:02)<\/a>. Min Masr\u2019s Amr Khalil <a href=\"https:\/\/www.youtube.com\/watch?v=rQxT5M_IfUA\">(watch, runtime: 2:48)<\/a> had the same report.<\/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\/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\/hala-zayed\/\">Hala Zayed<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/khaled-el-anany\/\">Khaled El Anany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/osama-heikal\/\">Osama Heikal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/prime-holding\/\">Prime Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-health-organization\/\">World Health Organization<\/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=\"570050\" 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=\"570050\">\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\/03\/17\/cbe-makes-biggest-rate-cut-on-record-to-protect-economy-from-covid-19-outbreak\/\">\r\n                            CBE makes biggest rate cut on record to protect economy from covid-19 outbreak                        <\/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\/03\/17\/cbe-makes-biggest-rate-cut-on-record-to-protect-economy-from-covid-19-outbreak\/\" 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\/03\/17\/cbe-makes-biggest-rate-cut-on-record-to-protect-economy-from-covid-19-outbreak\/')\">\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\/03\/17\/cbe-makes-biggest-rate-cut-on-record-to-protect-economy-from-covid-19-outbreak\/\">\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=CBE makes biggest rate cut on record to protect economy from covid-19 outbreak&url=https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/cbe-makes-biggest-rate-cut-on-record-to-protect-economy-from-covid-19-outbreak\/\">\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\/03\/17\/cbe-makes-biggest-rate-cut-on-record-to-protect-economy-from-covid-19-outbreak\/&title=CBE makes biggest rate cut on record to protect economy from covid-19 outbreak\">\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=CBE+makes+biggest+rate+cut+on+record+to+protect+economy+from+covid-19+outbreak+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F03%2F17%2Fcbe-makes-biggest-rate-cut-on-record-to-protect-economy-from-covid-19-outbreak%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\/03\/17\/cbe-makes-biggest-rate-cut-on-record-to-protect-economy-from-covid-19-outbreak\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/197.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"570051\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/cbe-makes-biggest-rate-cut-on-record-to-protect-economy-from-covid-19-outbreak\/197-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/197.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"197.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/197.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/197.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570050\" class=\"content-area-description single-story post-570050 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-central-bank-of-egypt tag-enterpriseam tag-interest-rates tag-monetary-policy tag-speed-round wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a><strong> The CBE has made its biggest rate cut on record, saying the move is to protect economy <\/strong><strong>from<\/strong> <strong>covid-19 outbreak:<\/strong> The Central Bank of Egypt (CBE) slashed interest rates by 300 bps during an emergency meeting yesterday, <a href=\"https:\/\/ent.news\/2020\/3\/MPC-Press-Release-March-16-2020-1.pdf\">it announced yesterday evening in a statement (pdf)<\/a>. The central bank\u2019s Monetary Policy Committee (MPC) was due to review rates on 2 April, but announced what it said was a \u201cpreemptive decision\u201d that would provide \u201cappropriate support\u201d to the economy amid the global covid-19 outbreak and its economic implications.<\/p>\n<p><strong>Where rates stand now:<\/strong> The CBE\u2019s overnight deposit rate fell to 9.25% from 12.15%, the first time it has been in single digits since March 2016. The bank\u2019s lending rate is now 10.25%, and the main operation and discount rates are both at 9.75%. The central bank had left rates on hold during its past two meetings, having lowered them by 450 bps between February and November last year.<\/p>\n<p><strong>What the CBE said: <\/strong>\u201cThe MPC\u2019s preemptive decision provides appropriate support to domestic economic activity given the current challenging external environment, while the inflation outlook remains consistent with achieving the inflation target of 9% (+\/-3%) in 4Q2020,\u201d it said in the statement. \u201cThe MPC will continue to closely monitor all economic developments and will not hesitate to adjust its stance to achieve its price stability mandate over the medium term.\u201d<\/p>\n<p><strong>CBE Governor Tarek Amer acknowledged the seriousness of the measures<\/strong>, describing it in remarks to reports last night as a <a href=\"https:\/\/alborsaanews.com\/2020\/03\/16\/1308080\">\u201csacrifice to support the Egyptian economy.\u201d<\/a><\/p>\n<p>Amer <a href=\"https:\/\/alborsaanews.com\/2020\/03\/16\/1308080\">also said<\/a> the <strong>central bank is extending the tenor of all bank loans for a period of six <\/strong><strong>months<\/strong>. The extension applies whether the facility is held by an SME, a large corporation or an individual borrower.<\/p>\n<p><strong>\u201cIt is a very bold and unexpected move,\u201d<\/strong> Radwa El Swaify, head of research at Pharos Holding, told Enterprise. \u201cThis will reflect positively on economic growth and the industrial sector and the budget deficit, and potentially on the EGX.\u201d<\/p>\n<p><strong>The jury is out on whether the rate cut would stimulate new investment:<\/strong> Muharram Hilal, vice president of the Investors Union, <a href=\"https:\/\/alborsaanews.com\/2020\/03\/16\/1308069\">said it is way too early<\/a> to start forecasting whether the lower interest rate environment will spark investment given the uncertainty over how the covid-19 outbreak will hit the economy.<\/p>\n<p><strong>What about the hot money?<\/strong> The deep rate cut suggests the central bank has shifted focus from the carry trade to supporting the real economy, <a href=\"https:\/\/alborsaanews.com\/2020\/03\/16\/1308160\">said Abou Bakr Imam<\/a>, head of research at Sigma Securities.<\/p>\n<p><strong>The emergency cut is not likely to cause a significant dip in the EGP-USD exchange rate<\/strong>, especially after the US Federal Reserve on Sunday cut its benchmark rate to zero, said Hany Genena, head of research at Prime Holdings. The EGP has gradually eased against the greenback since the global crisis intensified after surging more than half a pound during the first seven weeks of the year. The currency remained steady at 15.69 yesterday, having dropped 20 piasters since its peak on 23 February.<\/p>\n<p><strong>EGP debt remains \u201crelatively attractive,\u201d<\/strong> HC Securities said, <strong>but foreign bondholders are <\/strong><strong>likely to continue offloading Egyptian debt as concerns over covid-19 grow around the world. <\/strong>The interbank market will likely pick up the slack, Monette Doss, vice president of research at HC Securities, told Enterprise. Yields on Egyptian government debt will remain \u201crelatively attractive\u201d following the rate cut, offering a 0.95% real interest rate (accounting for the 3% rate reduction and HC\u2019s forecast for 9% inflation through 2020) compared to 0% for Turkey, she said.<\/p>\n<p><strong>Yields jump as investors fret over covid-19:<\/strong> Yields on nine-month and seven-year treasuries jumped during auction yesterday as investors grew more concerned about Egypt\u2019s exposure to the covid-19 outbreak. The yield on nine-month bills rose 93 bps to 15.273% \u2014 with the government selling just EGP 4.2 bn of the EGP 10.5 bn offering \u2014 and the rate on seven-year notes jumped 67 bps to 14.653% \u2014 selling EGP 1.2 bn of the EGP 3.5 bn on offer. The yield on three-month bonds fell marginally to 12.892% but the government was only able to offload EGP 92 mn of the EGP 4 bn offering after investors demanded an average yield of 15.857%. The government cancelled its EGP 4 bn auction of three-year bonds and reduced its seven-year offering by 66%, <a href=\"http:\/\/bit.ly\/3a74zlb\">Al Mal reported<\/a>.<\/p>\n<p><strong>We probably haven\u2019t seen the last of CBE stimulus: <\/strong><\/p>\n<ul>\n<li><strong>Expect another 225 bps in cuts over the coming months, Capital Economics says. <\/strong>\u201cThe hit from the coronavirus outbreak is likely to mount in the coming weeks and months and, with inflation no longer a major concern for the CBE, more stimulus lies in store. We now expect the overnight deposit rate to be lowered by an additional 225 bps to 7.5% in the next couple of months, said Jason Tuvey, senior EM economist at Capital Economics.<\/li>\n<li><strong>Another cut coming in April -Shuaa:<\/strong> The MPC is likely to cut again at its next meeting on 2 April, <a href=\"https:\/\/alborsaanews.com\/2020\/03\/16\/1308147\">said Amr Al Alfi<\/a>, head of research at Shuaa Securities Egypt, without predicting by how much.<\/li>\n<\/ul>\n<p><strong>Calls for the CBE to rethink manufacturing support initiative:<\/strong> Magd El Manzalawi, head of the industry committee at the Egyptian Businessmen\u2019s Association, <a href=\"https:\/\/alborsaanews.com\/2020\/03\/16\/1308054\">called on the CBE<\/a> to rethink the subsidized rates of interest offered under its <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/05\/egypt-launches-egp-100-bn-program-to-boost-local-industry-7831\/\">EGP 100 bn program<\/a> to support manufacturers. The initiative provides loans to medium-sized factories with a preferential 10% rate of interest. Now with interest rates 3% lower, Manzalawi said the program no longer provided benefits to the manufacturing sector, and called on the CBE to reduce the interest by 300 bps to 7%.<\/p>\n<p><strong>The story is getting coverage in the international press<\/strong>, most notably from <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-16\/egypt-makes-surprise-rate-cut-to-tackle-virus-s-economic-impact\">Bloomberg<\/a> and <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N2B97TS\">Reuters<\/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\/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\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/monetary-policy\/\">monetary policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/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=\"570063\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570064\" 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=\"570064\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/egypt-in-the-news-on-tuesday-17-march-2020\/\">\r\n                            Egypt in the News on Tuesday 17 March 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 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<\/a>\r\n\r\n                \n<article id=\"post-570064\" class=\"content-area-description single-story post-570064 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-covid-19 tag-egypt-in-the-news tag-enterpriseam tag-health wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egypt\u2019s decision to suspend flights for the next two weeks<\/strong> is leading the conversation in the foreign press: <a href=\"http:\/\/modernghana.com\/news\/989510\/egypt-suspends-flights-from-thursday-over-coronavi.html\">AFP<\/a> | <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N2B95ZQ\">Reuters<\/a> | <a href=\"https:\/\/www.rt.com\/newsline\/483232-egypt-traffic-prevent-spread\/\">RT<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/health\/\">health<\/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=\"570065\" 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=\"570065\">\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\">Worth reading<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/a-new-kind-of-sovereign-wealth-fund-is-emerging-and-egypt-is-at-the-forefront\/\">\r\n                            A new kind of sovereign wealth fund is emerging, and Egypt is at the forefront                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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sovereign wealth fund is emerging, and Egypt is at the forefront\">\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=A+new+kind+of+sovereign+wealth+fund+is+emerging%2C+and+Egypt+is+at+the+forefront+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F03%2F17%2Fa-new-kind-of-sovereign-wealth-fund-is-emerging-and-egypt-is-at-the-forefront%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\/03\/17\/a-new-kind-of-sovereign-wealth-fund-is-emerging-and-egypt-is-at-the-forefront\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/202.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"570066\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/a-new-kind-of-sovereign-wealth-fund-is-emerging-and-egypt-is-at-the-forefront\/202-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/202.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"202.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/202.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/202.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570065\" class=\"content-area-description single-story post-570065 post type-post status-publish format-standard has-post-thumbnail hentry category-worth-reading tag-enterpriseam tag-investment-watch tag-singapore tag-sovereign-fund-of-egypt tag-sovereign-wealth-funds tag-worth-reading wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>A new kind of sovereign wealth fund is emerging, and Egypt is at the forefront:<\/strong> Sovereign wealth funds have traditionally been set up by states with hefty oil and gas revenues or external account surpluses, but a new approach is gaining popularity among states with a very different profile. The establishment of the Sovereign Fund of Egypt (SFE) is a bid to more effectively manage state-owned entities, setting up a commercially oriented arm of the government while reducing the army\u2019s influence in business, according to analysts quoted in a <a href=\"https:\/\/www.ft.com\/content\/088c8189-05cc-43c9-a910-878a0a9fa3ba\">Financial Times opinion piece<\/a>. Egypt\u2019s approach marks a shift away from sovereign wealth funds being sourced by large sums of oil money \u2014 as they are in the Gulf, for example \u2014 and closer towards the example of Singapore, which successfully created its sovereign wealth fund Temasek in 1974 to manage government stakes in telecoms, airlines, manufacturing and shipping companies.<\/p>\n<p><strong>The goal is effective management, but without all the bad press of privatization:<\/strong> The SFE was <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/13\/our-exclusive-talk-with-ayman-soliman-ceo-of-tharaa-egypts-new-sovereign-wealth-fund-6236\/\">created last year<\/a> in part as a response to the broadly unpopular privatization drives of the 1990s and 2000s, the FT piece argues. It\u2019s an example of a sovereign wealth fund operating in a way that more closely resembles private equity than playing its traditional role as a savings bank or mutual fund, says one Renaissance Capital economist.<\/p>\n<p><strong>Other countries are also following this approach, but success has been mixed.<\/strong> Turkey\u2019s sovereign wealth fund was created in 2016, has an equity value of USD 33 bn, and was seeded with government stakes in some of the country\u2019s biggest companies. But it had a rocky start, initially being plagued by political infighting and having its credibility called into question. A Malaysian state development fund, meanwhile, allegedly lost USD 4.5 bn due to embezzlement in the run up to 2015. And South Africa, which has just announced plans to create its own sovereign wealth fund, is widely expected to use the cash flows generated to balance some of its soaring budget deficit, the piece says.<\/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\/singapore\/\">Singapore<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-wealth-funds\/\">Sovereign wealth funds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/worth-reading\/\">worth reading<\/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=\"570067\" 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=\"570067\">\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\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/foreign-ministry-continues-to-internationalize-gerd-dispute-with-calls-to-north-africa\/\">\r\n                            Foreign Ministry continues to internationalize GERD dispute with calls to North Africa                        <\/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\/03\/17\/foreign-ministry-continues-to-internationalize-gerd-dispute-with-calls-to-north-africa\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Foreign Minister Sameh Shoukry last week embarked on a regional tour and visited several European capitals seeking backing for its position in the dispute, which has escalated in recent weeks after the two countries failed to find an agreement during several months of US and World Bank-mediated talks.<\/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\/algeria\/\">Algeria<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy-foreign-trade\/\">Diplomacy + Foreign Trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-ministry\/\">Foreign Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tunisia\/\">Tunisia<\/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=\"570068\" 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=\"570068\">\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\">Infrastructure<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/egypt-to-complete-13-industrial-complexes-by-end-of-2020\/\">\r\n                            Egypt to complete 13 industrial complexes by end of 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\/03\/17\/egypt-to-complete-13-industrial-complexes-by-end-of-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\/03\/17\/egypt-to-complete-13-industrial-complexes-by-end-of-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\/03\/17\/egypt-to-complete-13-industrial-complexes-by-end-of-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 to complete 13 industrial complexes by end of 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/egypt-to-complete-13-industrial-complexes-by-end-of-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\/03\/17\/egypt-to-complete-13-industrial-complexes-by-end-of-2020\/&title=Egypt to complete 13 industrial complexes by end of 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+to+complete+13+industrial+complexes+by+end+of+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F03%2F17%2Fegypt-to-complete-13-industrial-complexes-by-end-of-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\/03\/17\/egypt-to-complete-13-industrial-complexes-by-end-of-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570068\" class=\"content-area-description single-story post-570068 post type-post status-publish format-standard hentry category-infrastructure tag-covid-19 tag-enterpriseam tag-industry tag-infrastructure tag-manufacturing tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The government will complete 13 industrial complexes, including nine in Upper Egypt, by the end of this year, Trade and Industry Minister Nevine Gamea said at a conference yesterday, <a href=\"https:\/\/bit.ly\/2w1Vifp\">according to an official statement<\/a>. The facilities will house around 4.5k factories and will be built in 12 governorates.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/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\/trade\/\">trade<\/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=\"570069\" 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=\"570069\">\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\">Basic Materials + Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/cbe-extends-cash-cover-for-basic-foodstuffs\/\">\r\n                            CBE extends cash cover for basic foodstuffs                        <\/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\/03\/17\/cbe-extends-cash-cover-for-basic-foodstuffs\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li 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foodstuffs&url=https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/cbe-extends-cash-cover-for-basic-foodstuffs\/\">\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\/03\/17\/cbe-extends-cash-cover-for-basic-foodstuffs\/&title=CBE extends cash cover for basic foodstuffs\">\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=CBE+extends+cash+cover+for+basic+foodstuffs+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F03%2F17%2Fcbe-extends-cash-cover-for-basic-foodstuffs%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\/03\/17\/cbe-extends-cash-cover-for-basic-foodstuffs\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570069\" class=\"content-area-description single-story post-570069 post type-post status-publish format-standard hentry category-basic-materials-commodities tag-basic-materials-commodities tag-central-bank-of-egypt tag-commodities tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The Central Bank of Egypt has extended the exclusion period for some basic food commodities, namely rice, lentils and fava beans, from their 100% cash cover for one year until 15 March 2021, <a href=\"http:\/\/bit.ly\/3b4PzEr\">Al Mal reports<\/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\/basic-materials-commodities\/\">Basic Materials + Commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/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=\"570070\" 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=\"570070\">\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\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/raya-chinas-haier-electric-to-establish-egp-200-mn-home-appliances-factory\/\">\r\n                            Raya, China\u2019s Haier Electric to establish EGP 200 mn home appliances factory                        <\/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\/03\/17\/raya-chinas-haier-electric-to-establish-egp-200-mn-home-appliances-factory\/\" 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\/03\/17\/raya-chinas-haier-electric-to-establish-egp-200-mn-home-appliances-factory\/')\">\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\/03\/17\/raya-chinas-haier-electric-to-establish-egp-200-mn-home-appliances-factory\/\">\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=Raya, China\u2019s Haier Electric to establish EGP 200 mn home appliances factory&url=https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/raya-chinas-haier-electric-to-establish-egp-200-mn-home-appliances-factory\/\">\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\/03\/17\/raya-chinas-haier-electric-to-establish-egp-200-mn-home-appliances-factory\/&title=Raya, China\u2019s Haier Electric to establish EGP 200 mn home appliances factory\">\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=Raya%2C+China%E2%80%99s+Haier+Electric+to+establish+EGP+200+mn+home+appliances+factory+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F03%2F17%2Fraya-chinas-haier-electric-to-establish-egp-200-mn-home-appliances-factory%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\/03\/17\/raya-chinas-haier-electric-to-establish-egp-200-mn-home-appliances-factory\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570070\" class=\"content-area-description single-story post-570070 post type-post status-publish format-standard hentry category-manufacturing tag-china tag-enterpriseam tag-manufacturing tag-raya-holding wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Raya Holding has signed a EGP 200 mn partnership agreement with Chinese <a href=\"http:\/\/www.haier.net\/en\/\">Haier<\/a><a href=\"http:\/\/www.haier.net\/en\/\">Electric<\/a> to establish a home appliances factory under the name Haier Raya Electric, <a href=\"https:\/\/bit.ly\/2U9wxWt\">reports Al Mal<\/a>. The factory will be constructed on Raya-owned property in the first industrial zone in Sixth of October city. Ownership of the factory will be split between the two, with Raya holding 85% and Haier holding the remaining 15%.<\/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\/china\/\">China<\/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\/raya-holding\/\">Raya Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570071\" 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=\"570071\">\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\">Automotive + Transportation<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/el-nasr-automotive-restarts-talks-with-dongfeng-over-ev-manufacturing\/\">\r\n                            El Nasr Automotive restarts talks with Dongfeng over EV manufacturing                        <\/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\/03\/17\/el-nasr-automotive-restarts-talks-with-dongfeng-over-ev-manufacturing\/\" 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\/03\/17\/el-nasr-automotive-restarts-talks-with-dongfeng-over-ev-manufacturing\/')\">\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\/03\/17\/el-nasr-automotive-restarts-talks-with-dongfeng-over-ev-manufacturing\/\">\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=El Nasr Automotive restarts talks with Dongfeng over EV manufacturing&url=https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/el-nasr-automotive-restarts-talks-with-dongfeng-over-ev-manufacturing\/\">\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\/03\/17\/el-nasr-automotive-restarts-talks-with-dongfeng-over-ev-manufacturing\/&title=El Nasr Automotive restarts talks with Dongfeng over EV manufacturing\">\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=El+Nasr+Automotive+restarts+talks+with+Dongfeng+over+EV+manufacturing+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F03%2F17%2Fel-nasr-automotive-restarts-talks-with-dongfeng-over-ev-manufacturing%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\/03\/17\/el-nasr-automotive-restarts-talks-with-dongfeng-over-ev-manufacturing\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570071\" class=\"content-area-description single-story post-570071 post type-post status-publish format-standard hentry category-automotive-transportation tag-automotive-transportation tag-china tag-covid-19 tag-dongfeng tag-enterpriseam tag-evs tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>State-owned El Nasr Automotive has restarted talks with Wuhan-based Dongfeng, the front-runner to become Egypt\u2019s first domestic electric vehicle manufacturer, after negotiations were temporarily halted due to the covid-19 outbreak, <a href=\"https:\/\/bit.ly\/3d0KjmR\">Youm7 reports<\/a>, citing an official at El Nasr. We noted late last year that El Nasr was <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/12\/el-nasr-preparing-feasibility-study-for-dongfeng-ev-manufacturing-project-8345\/\">conducting a feasibility study<\/a> to manufacture 25k electric cars in partnership with Dongfeng, and had expected at the time to sign an agreement by 2Q2020. It remains unclear how much this timeline has shifted.<\/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\/automotive-transportation\/\">Automotive + Transportation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dongfeng\/\">Dongfeng<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/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=\"570072\" 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=\"570072\">\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\">Banking + Finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/ebe-to-launch-factoring-arm-with-ecge-nib-national-bank-of-egypt-in-2q2020\/\">\r\n                            EBE to launch factoring arm with ECGE, NIB, National Bank of Egypt in 2Q2020                        <\/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\/03\/17\/ebe-to-launch-factoring-arm-with-ecge-nib-national-bank-of-egypt-in-2q2020\/\" 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\/03\/17\/ebe-to-launch-factoring-arm-with-ecge-nib-national-bank-of-egypt-in-2q2020\/')\">\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\/03\/17\/ebe-to-launch-factoring-arm-with-ecge-nib-national-bank-of-egypt-in-2q2020\/\">\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=EBE to launch factoring arm with ECGE, NIB, National Bank of Egypt in 2Q2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/ebe-to-launch-factoring-arm-with-ecge-nib-national-bank-of-egypt-in-2q2020\/\">\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\/03\/17\/ebe-to-launch-factoring-arm-with-ecge-nib-national-bank-of-egypt-in-2q2020\/&title=EBE to launch factoring arm with ECGE, NIB, National Bank of Egypt in 2Q2020\">\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=EBE+to+launch+factoring+arm+with+ECGE%2C+NIB%2C+National+Bank+of+Egypt+in+2Q2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F03%2F17%2Febe-to-launch-factoring-arm-with-ecge-nib-national-bank-of-egypt-in-2q2020%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\/03\/17\/ebe-to-launch-factoring-arm-with-ecge-nib-national-bank-of-egypt-in-2q2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570072\" class=\"content-area-description single-story post-570072 post type-post status-publish format-standard hentry category-banking-finance tag-banking-finance tag-enterpriseam tag-export-development-bank-of-egypt tag-factoring tag-national-bank-of-egypt tag-national-investment-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The Export Development Bank of Egypt (EBE) is planning to launch a EGP 50 mn factoring arm in 2Q2020, Board Chairman Mervat Sultan <a href=\"https:\/\/bit.ly\/2vpwDRr\">tells Al Mal<\/a>. The EBE will hold a 60% stake in the new arm, while its subsidiary the Export Credit Guarantee Company of Egypt will hold 15%, the National Investment Bank will hold 15%, and the remaining 10% will be held by the National Bank of Egypt (NBE).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking-finance\/\">BANKING + FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/export-development-bank-of-egypt\/\">Export Development Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/factoring\/\">factoring<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-investment-bank\/\">National Investment 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=\"570074\" 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=\"570074\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">Egypt Politics + Economics<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/el-sisi-approves-eur-53-2-mn-financing-agreement-with-ifad\/\">\r\n                            El Sisi approves EUR 53.2 mn financing agreement with IFAD                        <\/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\/03\/17\/el-sisi-approves-eur-53-2-mn-financing-agreement-with-ifad\/\" 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\/03\/17\/el-sisi-approves-eur-53-2-mn-financing-agreement-with-ifad\/')\">\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\/03\/17\/el-sisi-approves-eur-53-2-mn-financing-agreement-with-ifad\/\">\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=El Sisi approves EUR 53.2 mn financing agreement with IFAD&url=https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/el-sisi-approves-eur-53-2-mn-financing-agreement-with-ifad\/\">\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\/03\/17\/el-sisi-approves-eur-53-2-mn-financing-agreement-with-ifad\/&title=El Sisi approves EUR 53.2 mn financing agreement with IFAD\">\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=El+Sisi+approves+EUR+53.2+mn+financing+agreement+with+IFAD+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F03%2F17%2Fel-sisi-approves-eur-53-2-mn-financing-agreement-with-ifad%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\/03\/17\/el-sisi-approves-eur-53-2-mn-financing-agreement-with-ifad\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570074\" class=\"content-area-description single-story post-570074 post type-post status-publish format-standard hentry category-egypt-politics-economics tag-abdel-fattah-el-sisi tag-agriculture tag-debt tag-egypt-politics-economics tag-enterpriseam tag-finance tag-ifad wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>President Abdel Fattah El Sisi has ratified a EUR 53.2 mn financing agreement with the International Fund for Agricultural Development (IFAD) for job promotion and the development of desert areas, <a href=\"https:\/\/www.egypttoday.com\/Article\/3\/82628\/Sisi-approves-%E2%82%AC53-2M-financing-agreement-bet-Egypt-IFAD\">Egypt Today reports<\/a>. The loan is part of a USD 62 mn support package <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/20\/major-italian-companies-looking-to-increase-investments-in-egypt\/\">signed in Rome last year<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-politics-economics\/\">Egypt Politics + Economics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ifad\/\">IFAD<\/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=\"570075\" 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=\"570075\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/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\/03\/17\/the-market-yesterday-52\/\">\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\/03\/17\/the-market-yesterday-52\/\" 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\/03\/17\/the-market-yesterday-52\/')\">\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\/03\/17\/the-market-yesterday-52\/\">\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 Market Yesterday&url=https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/the-market-yesterday-52\/\">\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\/03\/17\/the-market-yesterday-52\/&title=The Market Yesterday\">\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+Market+Yesterday+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F03%2F17%2Fthe-market-yesterday-52%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\/03\/17\/the-market-yesterday-52\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570075\" class=\"content-area-description single-story post-570075 post type-post status-publish format-standard hentry category-the-market-yesterday tag-enterpriseam tag-the-market-yesterday wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><p><strong>EGP \/ USD CBE market average: <\/strong>Buy 15.69 | Sell 15.81<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 15.7 | Sell 15.8<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 15.68 | Sell 15.78<\/p>\n<p><strong>EGX30<\/strong> (Monday): 9,429 (-7.1%)<br \/>\n <strong>Turnover:<\/strong> EGP 621 mn (4% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -32.5%<\/p>\n<p><strong>THE MARKET ON MONDAY:<\/strong> The EGX30 ended Monday\u2019s session down 7.1%. CIB, the index\u2019s heaviest constituent, ended down 6.7%. Yesterday\u2019s worst performing stocks were Qalaa Holding down 10.0%, EFG Hermes down 10.0% and Egyptian Resorts down 9.9%. The market turnover was EGP 621 mn, and foreign investors were the sole net sellers.<\/p>\n<p><strong>Foreigners<\/strong>: Net short | EGP -96.6 mn<br \/>\n <strong>Regional<\/strong>: Net long | EGP +2.7 mn<br \/>\n <strong>Domestic<\/strong>: Net long | EGP +93.9 mn<\/p>\n<p><strong>Retail<\/strong>: 54.5% of total trades | 53.9% of buyers | 55.0% of sellers<br \/>\n <strong>Institutions<\/strong>: 45.5% of total trades | 46.1% of buyers | 45.0% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 28.70 (-9.55%)<br \/>\n <strong>Brent:<\/strong> USD 29.78 (-12.02%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 1.82 MMBtu, (-2.89%, April 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,486.50 \/ troy ounce (-1.99%)<\/p>\n<p><strong>TASI:<\/strong> 5,959 (-5.21%) (YTD: -28.96%)<br \/>\n <strong>ADX:<\/strong> 3,548 (-7.83%) (YTD: -30.10%)<br \/>\n <strong>DFM:<\/strong> 1,842 (-6.15%) (YTD: -33.36%)<br \/>\n <strong>KSE Premier Market:<\/strong> 4,661 (-4.97%)<br \/>\n <strong>QE:<\/strong> 8,431 (+1.45%) (YTD: -19.13%)<br \/>\n <strong>MSM:<\/strong> 3,681 (-1.78%) (YTD: -7.52%)<br \/>\n <strong>BB: <\/strong>1,395 (-1.36%) (YTD: -13.35%)<\/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=\"570076\" 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\/03\/17\/570076\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570076\" class=\"content-area-description single-story post-570076 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>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>March: The French Chamber of Commerce and Industry is sending <a href=\"https:\/\/alborsaanews.com\/2020\/02\/25\/1300124\">10 French companies<\/a> to Egypt to promote French tourists to visit.<\/p>\n<p>24 March (Tuesday): <a href=\"http:\/\/bit.ly\/2VRy4TC\">The Annual Export Summit<\/a>, Nile Ritz Carlton, Cairo, Egypt.<\/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>2 April (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>2-4 April (Thursday- Saturday): Global Forum for Higher Education and Scientific Research (<a href=\"https:\/\/menafn.com\/1099821661\/Egypt-Higher-Education-Ministry-prepares-for-GFHS2020-for-scientific-research\">GFHS2020<\/a>) under the theme \u201cFuture in Action\u201d, new administrative capital, Egypt.<\/p>\n<p>12 April (Sunday): Easter Sunday.<\/p>\n<p>12 April (Sunday): <a href=\"https:\/\/ent.news\/2020\/2\/240116_1.pdf\">Court session for Amer Group<\/a>, Porto Group compensation claim against Antaradous.<\/p>\n<p>17-19 April (Friday-Sunday): IMF, World Bank hold Spring Meetings.<\/p>\n<p>18 April (Saturday): One half of renowned duo 2CELLOS, Stjepan Hauser, known simply as Hauser, will be performing his only show in Egypt and it will take place in Somabay, Hurghada on April 18th. Tickets on sale at Ticketsmarche soon.<\/p>\n<p>19 April (Sunday): <a href=\"https:\/\/ent.news\/2020\/2\/%D8%A7%D8%B1%D8%A7%D8%A8%D9%8A%D8%A7-24-2-2020.pdf\">Court session for Arabia Investments Holdings\u2019<\/a> <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>.<\/p>\n<p>19 April (Sunday): Coptic Easter Sunday, national holiday.<\/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 May (Saturday): An administrative court will look into an appeal by steel rolling mills to overturn a government\u2019s decision to place import tariffs on steel rebar and iron billets. The hearing <a href=\"http:\/\/bit.ly\/32gKHbU\">was postponed<\/a> from 22 February 2020.<\/p>\n<p>23-26 May (Saturday-Tuesday): Eid El Fitr (TBC).<\/p>\n<p>June: <a href=\"https:\/\/www.facebook.com\/CEconomySummit\/\">Circular Economy Summit<\/a>, Egypt, venue TBA.<\/p>\n<p>4-6 June (Thursday-Saturday): <a href=\"https:\/\/sommetafriquefrance202a0.org\/en\/\">2020 Africa-France Summit<\/a>, Bordeaux, France.<\/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":570046,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-570045","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"bf816214-7f4d-4ef2-98c8-a2875c3e37c7","teaser":"","photo_url":"https:\/\/ent.news\/2020\/3\/194.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBE orders surprise 300 bps rate cut; 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