{"id":570480,"date":"2020-04-02T04:26:11","date_gmt":"2020-04-02T04:26:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=570480"},"modified":"2025-12-16T07:29:17","modified_gmt":"2025-12-16T07:29:17","slug":"total-covid-19-cases-leap-to-779","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/total-covid-19-cases-leap-to-779\/","title":{"rendered":"Total covid-19 cases leap to 779"},"content":{"rendered":"<section id=\"570482\" 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=\"570482\">\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\/04\/02\/what-were-tracking-on-02-april-2020\/\">\r\n                            What we\u2019re tracking on 02 April 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\/04\/02\/what-were-tracking-on-02-april-2020\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The federation is also saying companies should be allowed to delay paying social insurance and state-owned utilities for a six-month period, <a href=\"https:\/\/almalnews.com\/%D8%A7%D8%AA%D8%AD%D8%A7%D8%AF-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D8%AB%D9%85%D8%B1%D9%8A%D9%86-%D9%8A%D8%B7%D8%A7%D9%84%D8%A8-%D8%A8%D8%AA%D8%A3%D8%AC%D9%8A%D9%84-%D8%AA%D9%82%D8%AF%D9%8A%D9%85-%D8%A7\/\">Al Mal reports<\/a>. Hassan Allam Holding co-CEO Hassan Allam told us yesterday that the government should delay payment of 2019 taxes \u201cuntil December \u2026 <strong>We\u2019re seeing this in other countries<\/strong> that pay taxes in April, like the US, which has delayed payments until July.\u201d Allam noted that he isn\u2019t calling for a full tax holiday, but a delay to give businesses extra cash in difficult times. Companies have until the end of this month to file taxes.<\/p>\n<p><strong>FOOD FOR THOUGHT- <\/strong>As you head into the weekend, we offer a reading that kept us up at night and then something lighter to take your mind (momentarily) off of it:<\/p>\n<p><strong>You need to reassess what a \u201cbad\u2019 scenario looks like and what a \u201cgood scenario\u201d might<\/strong> <strong>be for your business <\/strong>in the coming 21 months (that\u2019s the rest of this year and next). We think the odds are good that few of us have been sufficiently aggressive in planning \u201cgood\u201d and \u201cbad\u201d scenarios.<\/p>\n<p><strong>The CEOs and c-suite execs we speak with day in and day out feel we\u2019re at something of<\/strong> <strong>a tipping point. <\/strong>We have a few days to a few weeks to prepare for either a gradual recovery or more pain, and it\u2019s hard to tell which way it will break.<\/p>\n<p><strong>If we\u2019re on the upswing, we need to remember the lesson of Chinese factory owners:<\/strong> First, their biggest concern was when they could get people back to work in their idle factories. They then found it was <a href=\"https:\/\/www.nytimes.com\/2020\/03\/12\/business\/china-coronavirus-economy.html?searchResultPosition=8\">harder than expected to get factories up and running again<\/a> \u2014 and then reality set in: <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-china-manufacturin\/chinas-factories-reopen-only-to-fire-workers-as-virus-shreds-global-trade-idUSKBN21D0IG\">Many of their export markets aren\u2019t buying<\/a>, because they are on covid lockdown. <a href=\"https:\/\/www.ft.com\/content\/f47a39ea-6a66-11ea-a3c9-1fe6fedcca75\">And changes in consumer behaviour \u201cpost-covid\u201d<\/a> are still making businesses\u2019 heads spin \u2014 even as they face news that other parts of the country are <a href=\"https:\/\/www.politico.com\/news\/2020\/04\/01\/chinese-county-coronavirus-lockdown-second-wave-159615\">now being locked down<\/a>.<\/p>\n<p><strong>So, the reading? <\/strong><strong>This piece by veteran NYT economics writer Peter Goodman <\/strong><strong>compellingly suggests that <\/strong><strong><a href=\"https:\/\/www.nytimes.com\/2020\/04\/01\/business\/economy\/coronavirus-recession.html\">the global recession is going to be long-lived and quite deep<\/a><\/strong><strong>.<\/strong> Egypt has unquestionably escaped the worst \u2014 so far \u2014 of both covid and the economic damage that it has wrought in Europe and the United States. But even if the virus passes through leaving us relatively unscathed, we\u2019re enmeshed in this thing called the global economy.<\/p>\n<p><strong>The antidote? <\/strong>Parents of a certain age will remember Samuel L. Jackson\u2019s reading of the children\u2019s book (really, parents\u2019 book) <a href=\"https:\/\/www.youtube.com\/watch?v=Cb0t9TUNLpg\">Now go the F**k to Sleep<\/a>. He\u2019s back now reading the sequel: <strong><a href=\"https:\/\/youtu.be\/sSrbxyna4z4?t=370\">Now Stay the F**k at Home (watch starting here<\/a><\/strong>, or rewind to see Jackson\u2019s interview with Jimmy Kimmel.) Sadly, network censors bleeped out the good bits.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/Egypt-coronavirus-1600px.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><strong>COVID-19 IN EGYPT-<\/strong><\/p>\n<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>Egypt\u2019s total number of covid-19 cases leapt to 779 overnight <\/strong>with 69 new cases yesterday, the Health Ministry said in a <a href=\"https:\/\/bit.ly\/3dJEomx\">statement<\/a>. The ministry also confirmed six new deaths from the disease, bringing the death toll to 52. A total of 179 patients are now reported to have fully recovered, while another 221 appear to be on the path to recovery after having tested negative for the virus. The ministry added that <strong>94% of cases were people over 50 years\u2019 old<\/strong>, with 22% aged between 50-59. Some 61% of the cases were men, while women so far account for just 39% of cases.<\/p>\n<p><strong>Virus \u201cunder control\u201d -Madbouly:<\/strong> Prime Minister Moustafa Madbouly said that Egypt\u2019s covid-19 outbreak is \u201cunder control\u201d in a video conference call with the country\u2019s governors, <a href=\"https:\/\/bit.ly\/2UQZJlz\">a cabinet statement said<\/a>. He called for strict adherence to the government\u2019s curfew and precautionary measures as well as the free movement of delivery trucks.<\/p>\n<p><strong>Some private hospitals are reportedly turning away people with respiratory problems.<\/strong> The Health Ministry has called on private hospitals to seal off wards for the isolation and treatment of covid-19 patients after it found that a number of hospitals had turned away people with respiratory problems and directed them to public facilities, a <a href=\"https:\/\/alborsaanews.com\/2020\/04\/01\/1315453\">local press report claims<\/a>.<\/p>\n<p><strong>The Industry Ministry has announced a ban until 17 June on exports of personal <\/strong><strong>protective equipment<\/strong> and other key medical supplies including ethanol and disinfectants, the <a href=\"https:\/\/alborsaanews.com\/2020\/04\/01\/1315479\">local press reports.<\/a><\/p>\n<p><strong>Pharma manufacturers need to have on hand a six-month supply of their meds for the <\/strong><strong>domestic market <\/strong><strong>before exporting<\/strong>, the head of the Egyptian Council of Pharma Exports <a href=\"https:\/\/alborsaanews.com\/2020\/04\/01\/1315339\">Maged George tells the local press<\/a>. Manufacturers have argued that maintaining a six-month inventory of all their products is unnecessary because production capacity is sufficient to cover both local market needs and exports, the report adds.<\/p>\n<p><strong>Evacuation flights are bringing home citizens, and they need to sign pledges to go <\/strong><strong>straight into quarantine. <\/strong>Some 87 people returned on an EgyptAir <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=01042020&id=11596b3c-c40f-445c-8835-bec1cafcb59e\">flight from France<\/a> yesterday, while another flight brought folks <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=01042020&id=c1572e83-223e-4586-87db-185b0493298a\">back from the United States<\/a>. Passengers were only allowed to board after signing an undertaking to quarantine themselves on arrival. Immigration Minister Nabila Makram has previously said the government is prioritizing boarding for those stuck abroad on tourist visas.<\/p>\n<p><strong>Returnees who have already arrived home unprepared for quarantine may be able to get <\/strong><strong>some relief <\/strong>from the Tahya Masr fund, reports <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1722826\">Al Masry Al Youm<\/a>. Information Minister Osama Heikal later <a href=\"https:\/\/www.youtube.com\/watch?v=MhQ-b_q5D9w\">clarified<\/a> that the decision only applies retroactively to those that have already arrived and were caught unaware by the mandatory quarantine. Citizens returning home now are told in advance of the requirement and cannot board flights (above) unless they agree to abide by it.<\/p>\n<p><strong>The Tourism Ministry is setting up a hotline for workers to report layoffs<\/strong>, <a href=\"https:\/\/www.zawya.com\/mena\/en\/economy\/story\/Egypt_to_launch_hotline_for_reporting_unfair_employee_dismissals_in_tourism_sector-SNG_171406941\/\">according to the local press.<\/a> The ministry is meanwhile working on a request to the Madbouly government for <strong>emergency funds to cover near-term industry payrolls<\/strong>, Egyptian Tourism Federation Vice President Asim Wahid <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=01042020&id=55aac291-2623-4bfc-9554-c349389e3e08\">told Al Shorouk<\/a>.<\/p>\n<p><strong>Restaurants and shops who rent at state-controlled tourism sites will get a rent holiday <\/strong>until the covid-19 crisis is over and the sector comes back to life, the <a href=\"https:\/\/alborsaanews.com\/2020\/04\/01\/1315466\">domes<\/a><a href=\"https:\/\/alborsaanews.com\/2020\/04\/01\/1315466\">tic press reports<\/a>. The Sports Ministry is giving a similar rent holiday to businesses in youth centers.<\/p>\n<p><strong>More than EGP 43 bn has now been invested in the new high-interest savings certificates<\/strong> launched by the National Bank of Egypt and Banque Misr <a href=\"https:\/\/bit.ly\/3bEm9wU\">the NBE said yesterday<\/a>. More than EGP 30 bn has been put into the certificates issued by the NBE and Banque Misr has issued around EGP 13.4 bn worth. The two state-owned banks began offering the one-year 15% bonds on 22 March to discourage people from putting their savings into USD as the EGP comes under selling pressure.<\/p>\n<hr class=\"grey-line\" \/>\n<div class=\"stand-out\">\n<p><strong>Our friends at <\/strong><strong><a href=\"https:\/\/www.facebook.com\/watch\/?v=2450645658369210\">CIB<\/a><\/strong><strong> and <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EFGHermes\/videos\/243291100167470\/?v=243291100167470\">EFG Hermes<\/a><\/strong><strong> have joined a social media challenge to raise funds for 10k families<\/strong> affected by the covid-19 pandemic. The #Goodwill_Challenge (<a href=\"https:\/\/bit.ly\/2RjJs7R\">\u062a\u062d\u062f\u064a_\u0627\u0644\u062e\u064a\u0631#<\/a>) was started by Banque Du Caire in cooperation with the Egyptian Food Bank to urge businesses to do their part to help vulnerable families. Amr El Ganainy, CIB\u2019s institutional banking chief, tagged Palm Hills boss Yaseen Mansour after pledging a donation from CIB, while EFG Hermes CEO Karim Awad tagged Al Ahli Bank of Kuwait- Egypt.<\/p>\n<p><strong>You can watch Amr <\/strong>(<a href=\"https:\/\/bit.ly\/3aApTzr\">watch, runtime: 00:41<\/a>) <strong>and Karim <\/strong>(<a href=\"https:\/\/www.facebook.com\/EFGHermes\/videos\/243291100167470\/?v=243291100167470\">watch runtime: 00:29<\/a>) or look for more under the tags above.<\/p>\n<\/div>\n<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\/Marina-Web-1.png?ssl=1\" alt=\"enterprise\" \/><\/a><\/p>\n<p><strong>ON THE GLOBAL FRONT-<\/strong><\/p>\n<p><strong>Trump signs USD 2.2 tn aid package into law:<\/strong> President Trump signed the USD 2.2 tn emergency economic package into law after the bill gained House approval yesterday, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-usa-congress\/historic-2-2-trillion-coronavirus-bill-passes-u-s-house-becomes-law-idUSKBN21E1CM\">Reuters reports<\/a>. The historic legislation, quickly put together to support the economy as it almost certainly heads into recession, passed almost unanimously.<\/p>\n<p><strong>It speaks volumes that the passage of the bill \u2014 the largest financial bailout in US history <\/strong><strong>\u2014 was almost entirely absent from the front pages of the global press yesterday,<\/strong> as covid case counts, market turmoil, medical warnings and lockdowns ate up column inches.<\/p>\n<p><strong>Confirmation that tns of USD are about to flood into the pockets of businesses and<\/strong> <strong>consumers across the US wasn\u2019t enough to stop stocks from sinking into the red.<\/strong> US stock indexes fell more than 4% yesterday as the reality of an extended lockdown intensified concerns about the fate of corporate profits and dividend payouts. More US states issued stay-at-home orders after <a href=\"https:\/\/edition.cnn.com\/2020\/03\/31\/politics\/trump-white-house-guidelines-coronavirus\/index.html\">Trump warned of a \u201cpainful\u201d two weeks ahead<\/a>, and New York Governor Andrew Cuomo suggested that the outbreak may not peak until the end of April. This sent the S&P 500 falling 4.4% \u2014 the biggest daily drop in two weeks. The Dow Jones and Nasdaq followed suit, both closing the session down 4.4%.<\/p>\n<p><strong>Mohamed El Erian has <\/strong><strong>some advice if you need to roll the dice and get back into the market<\/strong> Those looking to take a long position should divide it over five instalments, El Erian said on <a href=\"https:\/\/www.cnbc.com\/2020\/04\/01\/mohamed-el-erian-offers-plan-for-investors-who-want-to-buy-into-market.html\">CNBC\u2019s Squawk Box yesterday<\/a>. Acknowledging the lack of sophistication with the strategy, El Erian said this is the safest way to enter the market right now as it is impossible to predict how the dynamics are going to play out.<\/p>\n<p><strong>As Saudi Arabia shows no sign of backing down in the oil price war, we could soon be<\/strong> <strong>entering the topsy-turvy world of negative oil prices, analysts say:<\/strong> Landlocked crude producers may soon have to start paying to offload their oil as global demand enters an unprecedented slump, <a href=\"https:\/\/www.cnbc.com\/2020\/04\/01\/coronavirus-oil-prices-could-turn-negative-as-storage-nears-capacity.html\">CNBC reports<\/a>. Goldman Sachs analysts warned earlier this week that while seaborne crude will remain in positive territory, the covid-19 shock is \u201cextremely negative for oil prices and is sending landlocked crude prices into negative territory.\u201d<\/p>\n<p><strong>For KSA, you reap what you sow:<\/strong> Despite contributing to the drop in oil prices by ramping up production, Saudi could be setting itself up for long-term disaster, President of Transversal Consulting Ellen Wald writes in <a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2020-04-01\/saudi-arabia-oil-strategy-faces-a-critical-test-in-april?sref=mmeFTDW1\">a Bloomberg opinion piece<\/a>. Saudi wanted to increase demand for its oil and assert its dominance over the global oil industry, but seems to have miscalculated just how low prices could go.<\/p>\n<p><strong>Saudi isn\u2019t the only one ramping up production:<\/strong> US oil companies have also pushed output to near record levels of 13 mn bbl\/d despite plunging demand, <a href=\"https:\/\/www.cnbc.com\/2020\/04\/01\/us-oil-industry-pumps-near-record-volumes-even-as-demand-and-prices-collapse.html\">CNBC reports<\/a>.<\/p>\n<p><strong>This morning\u2019s dire economic prediction is brought to you by Blackrock MD Amer Bisat,<\/strong> who said yesterday that he expects the global economy to contract by 11% during the first half of 2020, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-blackrock-economy\/world-economy-could-contract-by-11-in-first-half-2020-blackrock-managing-director-idUSKBN21J60G\">Reuters reports<\/a>. \u201cTo put this in context, this will be worse than the contraction that we saw in 2008, it will be worse than the one that people estimate happened during the (1918) Spanish flu,\u201d he said. \u201cIt won\u2019t be as bad as the (1930s) Global Depression, which is a significantly worse contraction, but it will certainly be the second-worst economic shock that we\u2019ve seen globally.\u201d<\/p>\n<p><strong>Europe may have written off a V-shaped recovery, but it could be getting the next best<\/strong> <strong>thing:<\/strong> The eurozone and the UK will likely see a \u201ctick mark\u201d recovery after a sharp downturn in the coming months, economists at Berenberg said yesterday, <a href=\"https:\/\/www.cnbc.com\/2020\/04\/01\/coronavirus-europe-expect-a-tick-mark-recovery-economists-say.html\">according to CNBC<\/a>. Rather than a so-called \u2018V-shaped recovery\u2019 \u2014 where a sudden downturn is followed by a rapid surge in activity \u2014 Europe will take around two years to return to pre-covid levels of economic growth, they said.<\/p>\n<p><strong>Gulf states may not even get that:<\/strong> Oil states in the Gulf may witness an \u2018L-shaped\u2019 recovery for years after the crisis, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-01\/gulf-economies-so-warped-by-crisis-that-recovery-may-be-l-shaped?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg Economics\u2019 Ziad Daoud has said<\/a>, suggesting that non-oil growth will push lower due to reticence of governments to spend due to the oil price crash.<\/p>\n<p><strong>M&A is at an 11-year low amid the market turmoil<\/strong> with share prices plummeting and executives more focused on saving their own companies than buying others, the <a href=\"https:\/\/www.ft.com\/content\/08119ae1-b0c8-4cd3-b4b8-b38c8b252f8d\">Financial Times reports<\/a>. M&A activity last week reached USD 12.5 bn, the lowest weekly total since April 2009, and the sharp decline in activity is expected to continue in the short term, according to Citigroup.<\/p>\n<p>The risky asset class known as <strong>collateralized loan obligations (CLO) has plummeted <\/strong><strong>in value this month, leaving several big banks left hanging for USD bns of debt<\/strong>, the <a href=\"https:\/\/www.ft.com\/content\/49ee0c64-cd97-4342-9f03-fec019963fef\">Financial Times reports<\/a>. The market for the derivatives \u2014 a key source of funds for businesses with speculative-grade credit ratings \u2014 has all but evaporated amid the covid-19 outbreak, which is set to leave investment banks holding bns in toxic assets.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>BACK ON THE HOME FRONT- <\/strong><\/p>\n<p><strong>It\u2019s interest rate day:<\/strong> Ten of 11 analysts we surveyed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8926ffc6-5b95-4fc2-8d37-7ca3c9cb4420\">expect the Central Bank of Egypt<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8926ffc6-5b95-4fc2-8d37-7ca3c9cb4420\">will leave rates on hold<\/a> when its Monetary Policy Committee meets later today. This is the first meeting since the central bank delivered an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8926ffc6-5b95-4fc2-8d37-7ca3c9cb4420\">historic 300 bps cut<\/a> last month at a surprise meeting; that cut brought rates back down to pre-float levels. The overnight deposit rate is now at 9.25% and the lending rate is at 10.25%.<\/p>\n<p><strong>The government will review petrol prices today <\/strong>or on Sunday at the latest, <a href=\"https:\/\/almalnews.com\/%d9%85%d8%b5%d8%af%d8%b1-%d8%ad%d9%83%d9%88%d9%85%d9%89-%d8%a7%d8%ac%d8%aa%d9%85%d8%a7%d8%b9-%d9%84%d8%ac%d9%86%d8%a9-%d8%aa%d8%b3%d8%b9%d9%8a%d8%b1-%d8%a7%d9%84%d8%a8%d9%86%d8%b2%d9%8a%d9%86-%d8%a7\/\">Al Mal<\/a><a href=\"https:\/\/almalnews.com\/%d9%85%d8%b5%d8%af%d8%b1-%d8%ad%d9%83%d9%88%d9%85%d9%89-%d8%a7%d8%ac%d8%aa%d9%85%d8%a7%d8%b9-%d9%84%d8%ac%d9%86%d8%a9-%d8%aa%d8%b3%d8%b9%d9%8a%d8%b1-%d8%a7%d9%84%d8%a8%d9%86%d8%b2%d9%8a%d9%86-%d8%a7\/\">reports<\/a>, citing unnamed government sources. Petrol prices are allowed to move up or down 10% when the committee meets every three months, moving in the same direction as global oil prices. The oil ministry has said that reports on social media that prices had already changed are false, <a href=\"https:\/\/www.youm7.com\/story\/2020\/3\/31\/%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84-%D8%AA%D9%86%D9%81%D9%89-%D8%B5%D8%AD%D8%A9-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%88%D9%82%D9%88%D8%AF-%D8%A7%D9%84%D9%85%D8%AA%D8%AF%D8%A7%D9%88%D9%84%D8%A9-%D8%B9%D9%84%D9%89-%D9%85%D9%88%D8%A7%D9%82%D8%B9-%D8%A7%D9%84%D8%AA%D9%88%D8%A7%D8%B5%D9%84-%D9%88%D8%A7%D8%AC%D8%AA%D9%85%D8%A7%D8%B9\/4699663\">Youm7 reports<\/a>.<\/p>\n<p>News triggers triggers to keep your eye on as April starts.<\/p>\n<ul>\n<li><strong>PMI figures for Egypt<\/strong>, Saudi Arabia and the UAE will land (doubtless with a thud) on Sunday, 5 April.<\/li>\n<li><strong>Foreign reserves figures<\/strong> for March will be released on or around Sunday, 5 April.<\/li>\n<li><strong>Inflation figures<\/strong> for March are due on Thursday, 9 April.<\/li>\n<\/ul>\n<p><strong>How the markets are looking today: <\/strong>China and South Korea are in the green, while Hong Kong and India are all solidly in the red this morning. Futures suggest that European markets look set to open down, while the Dow, S&P and Nasdaq are presently projected to open in the green.<\/p>\n<div class=\"stand-out\">\n<p class=\"web-image\"><a href=\"https:\/\/www.youtube.com\/watch?v=gvcXkP9pZvI&feature=youtu.be\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/Breathe-Campaign_2-1600px.jpg?ssl=1\" alt=\"enterprise\" \/><\/a><\/p>\n<p><strong>*** We\u2019ve never asked you for a penny<\/strong>, but we\u2019re doing so today \u2014 not to put a coin in our pocket, but to help the folks at the Breathe campaign raise funds to acquire ventilators the nation needs as the number of covid-19 cases rises.<\/p>\n<p><strong>The Breathe Campaign is raising funds to purchase mechanical ventilators for Egypian hospitals.<\/strong> The campaign, a pilot project by charity startup Humankind with the aid of the Egyptian Cure Bank, has created a star-studded campaign featuring public figures including Yosra, Amina Khalil and Naguib Sawiris simply inhaling and exhaling. You can keep up to date with the campaign on <a href=\"https:\/\/www.instagram.com\/thebreathecampaign\/\">Instagram<\/a> and check out the ad here (<a href=\"https:\/\/www.youtube.com\/watch?v=gvcXkP9pZvI&feature=youtu.be\">watch, runtime: 1:08<\/a>).<\/p>\n<p><strong>Want to make a contribution? <\/strong>Hit up the <a href=\"https:\/\/www.egyptiancurebank.com\/donation\/monetary\/\">Egyptian Cure Bank<\/a>, Fawry or the FawryApp or check out the description section of the Youtube page for other options.<\/p>\n<\/div>\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\" 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         \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\/04\/02\/covid-19-cost-of-quarantining-repatriated-citizens-discussed-on-talk-shows\/\" 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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class=\"content-area-description single-story post-570484 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-covid-19 tag-culture tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-tourism-and-antiquities-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Daily covid-19 update:<\/strong> Masaa DMC\u2019s Ramy Radwan covered the Health Ministry\u2019s daily covid-19 update, which reported 69 new cases and six new deaths. The total number of cases confirmed in Egypt is now 779 and 52 people have died from the virus so far. Twenty-two people were discharged from hospital yesterday after testing negative, bringing that figure to 179 people <a href=\"https:\/\/www.youtube.com\/watch?v=TS3ZC6OWQZI\">(watch, runtime: 4:21)<\/a>. Yahduth Fi Misr\u2019s Sherif Amer <a href=\"https:\/\/www.youtube.com\/watch?v=EvDQ82yiuow\">(watch, runtime: 3:30)<\/a> and Min Masr\u2019s Amr Khalil <a href=\"https:\/\/www.youtube.com\/watch?v=VL52NBASP4U\">(watch, runtime: 5:09)<\/a> also covered the statement.<\/p>\n<p><strong>Rent exemptions for vendors at tourist sites<\/strong>: Al Hayah Al Youm\u2019s Hossam Hadad covered the Supreme Council of Antiquities\u2019s decision to exempt all cafeterias and bazaars at museums and archaeological sites from paying rent until the covid-19 crisis ends and tourists return <a href=\"https:\/\/www.youtube.com\/watch?v=er0TGl14pTM\">(watch, runtime: 2:19)<\/a>.<\/p>\n<p><strong>Quarantine for repatriated Egyptians:<\/strong> Masaa DMC\u2019s Ramy Radwan covered the government\u2019s decision requiring citizens returning from abroad to sign a contract acquiescing to be quarantined for 14 days. The location of quarantine is determined by the Health Ministry, with travelers covering the expense. Anyone refusing to sign the contract will not be allowed to board the flight <a href=\"https:\/\/www.youtube.com\/watch?v=1cK_iXa68D4\">(watch, runtime: 7:12)<\/a>.<\/p>\n<p><strong>Tourism sector to lose bns -El Anani:<\/strong> Yahduth Fi Misr's Sherif Amer spoke with Tourism Minister Khaled El Anani who said that the tourism sector will lose bns because of the state\u2019s preventative measures against covid-19. He added that public health is of greater importance and that the measures will be worth it to protect Egyptians <a href=\"https:\/\/www.youtube.com\/watch?v=ZVsyis71Tls\">(watch, runtime: 4:34)<\/a><strong>.<\/strong><\/p>\n<p><strong>Pyramid lights up for healthcare workers:<\/strong>El Anani also told Amer that the government had projected the words \"Stay at home... Thank you to those who protect us\" onto the Khufu pyramid in Giza in recognition of the work that doctors and health workers are doing to combat the virus <a href=\"https:\/\/www.youtube.com\/watch?v=ZVsyis71Tls&t=96s\">(watch, runtime: 4:34)<\/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\/culture\/\">culture<\/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\/tourism-and-antiquities-ministry\/\">Tourism and Antiquities Ministry<\/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=\"570485\" 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=\"570485\">\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\/04\/02\/the-egp-has-so-far-weathered-the-global-storm-whats-next\/\">\r\n                            The EGP has so far weathered the global storm. What\u2019s next?                        <\/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\/04\/02\/the-egp-has-so-far-weathered-the-global-storm-whats-next\/\" 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\/04\/02\/the-egp-has-so-far-weathered-the-global-storm-whats-next\/')\">\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\/04\/02\/the-egp-has-so-far-weathered-the-global-storm-whats-next\/\">\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 EGP has so far weathered the global storm. What\u2019s next?&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/the-egp-has-so-far-weathered-the-global-storm-whats-next\/\">\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\/04\/02\/the-egp-has-so-far-weathered-the-global-storm-whats-next\/&title=The EGP has so far weathered the global storm. What\u2019s next?\">\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+EGP+has+so+far+weathered+the+global+storm.+What%E2%80%99s+next%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F02%2Fthe-egp-has-so-far-weathered-the-global-storm-whats-next%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\/04\/02\/the-egp-has-so-far-weathered-the-global-storm-whats-next\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/14.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"570486\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/the-egp-has-so-far-weathered-the-global-storm-whats-next\/14-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/14.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"14.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/14.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/14.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570485\" class=\"content-area-description single-story post-570485 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-capital-economics tag-currencies tag-economy tag-enterpriseam tag-renaissance-capital tag-speed-round tag-suez-canal tag-tourism 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 EGP has so far weathered the global storm. What\u2019s next? <\/strong>Egypt appears to have \u201cweathered the worst of the capital flight [from emerging markets, prompted by covid-19] while keeping its import cover largely intact \u2026 and avoiding a non-orderly depreciation,\u201d Renaissance Capital head of MENA research Ahmed Hafez writes in a note out yesterday.<\/p>\n<p><strong>The EGP has fallen just 1% to 15.69 against the greenback since late February<\/strong>, a period in which most emerging market currencies have plunged to <a href=\"https:\/\/enterprise.ft.com\/en-gb\/financialservices\/market-lows\/\">multi-decade lows<\/a>. RenCap now sees the EGP easing to a familiar EGP 17.00-17.50 against the greenback, and notes that \u201con the upside, <strong>we could see foreigners coming back to the debt market<\/strong> (assuming one-year CDS drops another 50-75 bpts) <strong>as investors seem to be changing their stance globally<\/strong>.\u201d Capital Economics, meanwhile, suggested in a note earlier this week that that\u2019s the result of the central bank guiding the market. The consultancy sees policymakers allowing the EGP to weaken over time, cautioning that an overvalued EGP will \u201cfurther weigh on Egypt\u2019s external competitiveness.\u201d<\/p>\n<p><strong>The central bank\u2019s policy response to what\u2019s going on right now is a delicate balancing <\/strong><strong>act. <\/strong>The bank needs to maintain an interest rate that is low enough to give the government room to maneuver in its policy response (without blasting its fiscal deficit target). Low rates also encourage savers and businesses to put capital to work rather than leaving it parked in high-interest deposits. But on the flip sides, rates need to be high enough to keep the twitchy carry trade engaged amid a global meltdown.<\/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\/capital-economics\/\">Capital Economics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/currencies\/\">currencies<\/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\/renaissance-capital\/\">Renaissance Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570494\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570495\" 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=\"570495\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE MACRO PICTURE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/emerging-markets-flock-to-the-imf-for-help-as-covid-19-brings-looming-economic-crisis\/\">\r\n                            Emerging markets flock to the IMF for help as covid-19 brings looming economic crisis                        <\/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\/04\/02\/emerging-markets-flock-to-the-imf-for-help-as-covid-19-brings-looming-economic-crisis\/\" 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\/04\/02\/emerging-markets-flock-to-the-imf-for-help-as-covid-19-brings-looming-economic-crisis\/')\">\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\/04\/02\/emerging-markets-flock-to-the-imf-for-help-as-covid-19-brings-looming-economic-crisis\/\">\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=Emerging markets flock to the IMF for help as covid-19 brings looming economic crisis&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/emerging-markets-flock-to-the-imf-for-help-as-covid-19-brings-looming-economic-crisis\/\">\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\/04\/02\/emerging-markets-flock-to-the-imf-for-help-as-covid-19-brings-looming-economic-crisis\/&title=Emerging markets flock to the IMF for help as covid-19 brings looming economic crisis\">\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=Emerging+markets+flock+to+the+IMF+for+help+as+covid-19+brings+looming+economic+crisis+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F02%2Femerging-markets-flock-to-the-imf-for-help-as-covid-19-brings-looming-economic-crisis%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\/04\/02\/emerging-markets-flock-to-the-imf-for-help-as-covid-19-brings-looming-economic-crisis\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/16.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"570496\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/emerging-markets-flock-to-the-imf-for-help-as-covid-19-brings-looming-economic-crisis\/16-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/16.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"16.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/16.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/16.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570495\" class=\"content-area-description single-story post-570495 post type-post status-publish format-standard has-post-thumbnail hentry category-the-macro-picture tag-debt tag-emerging-markets tag-enterpriseam tag-imf tag-the-macro-picture tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Emerging markets flock to the IMF for help as covid-19 brings looming economic crisis:<\/strong> Eighty-five countries have recently approached the IMF for emergency assistance, driven by record capital outflows, plummeting oil prices, a dearth of tourism, and reduced demand for exports, the <a href=\"https:\/\/www.ft.com\/content\/756d85fa-6fad-412f-9aaf-c3f476415ae1\">Financial Times reports<\/a>. Developing countries are facing a dire situation, with current levels of foreign reserves nowhere near enough to support them through the crisis. The IMF has estimated their total financial need at a \u201cvery conservative\u201d USD 2.5 tn, and said they would still need at least another USD 700 bn even after exhausting their reserves.<\/p>\n<p><strong>Egypt and other EMs could struggle to meet their external funding needs,<\/strong> if cross-border travel stops, remittances fall, oil prices stay low and portfolio outflows continue, according to Morgan Stanley. Because of this, the government is keeping all its options open and is considering asking the IMF for new funding if the situation deteriorates further, Finance Minister Mohamed Maait <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fdd06f40-e2ad-4243-a831-86f9dcf7a60c\">said earlier this week<\/a>.<\/p>\n<p><strong>Debt relief is desirable, but badly-needed funding will only come about through political will.<\/strong> The IMF and the World Bank have issued calls to suspend debt repayments, but analysts say the bigger question of how to free up funding needs momentum that may not exist while developed countries are preoccupied with handling the covid-19 crisis. The IMF has restored its full USD 1 tn lending capacity, and the UN is pushing for a further USD 1 tn to be made available through special drawing rights (SDRs), and an extra USD 500 bn to be set aside for emergency health services and social relief. But some of these processes are lengthy and cumbersome, and will only happen if these international bodies \u2014 and their wealthiest member states \u2014 begin to prioritize supporting EMs.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-macro-picture\/\">THE MACRO PICTURE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570497\" 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=\"570497\">\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\">Spotlight<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/spotlight-majid-al-futtaims-strategy-to-cope-with-covid-19-disruption\/\">\r\n                            Spotlight: Majid Al Futtaim\u2019s strategy to cope with covid-19 disruption                        <\/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\/04\/02\/spotlight-majid-al-futtaims-strategy-to-cope-with-covid-19-disruption\/\" 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\/04\/02\/spotlight-majid-al-futtaims-strategy-to-cope-with-covid-19-disruption\/')\">\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\/04\/02\/spotlight-majid-al-futtaims-strategy-to-cope-with-covid-19-disruption\/\">\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=Spotlight: Majid Al Futtaim\u2019s strategy to cope with covid-19 disruption&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/spotlight-majid-al-futtaims-strategy-to-cope-with-covid-19-disruption\/\">\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\/04\/02\/spotlight-majid-al-futtaims-strategy-to-cope-with-covid-19-disruption\/&title=Spotlight: Majid Al Futtaim\u2019s strategy to cope with covid-19 disruption\">\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=Spotlight%3A+Majid+Al+Futtaim%E2%80%99s+strategy+to+cope+with+covid-19+disruption+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F02%2Fspotlight-majid-al-futtaims-strategy-to-cope-with-covid-19-disruption%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\/04\/02\/spotlight-majid-al-futtaims-strategy-to-cope-with-covid-19-disruption\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/17.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"570498\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/spotlight-majid-al-futtaims-strategy-to-cope-with-covid-19-disruption\/17-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/17.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"17.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/17.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/17.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570497\" class=\"content-area-description single-story post-570497 post type-post status-publish format-standard has-post-thumbnail hentry category-spotlight tag-carrefour tag-covid-19 tag-enterpriseam tag-majid-al-futtaim tag-retail wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Spotlight on Majid Al Futtaim\u2019s strategy to cope with covid-19 disruption:<\/strong> Like so many businesses across the world, Majid Al Futtaim (MAF) has been put in a tight spot by the onset of covid-19. Over the past weeks, the company has shut its leisure, entertainment, and cinema venues to curb the risk of infection and reassigned employees from these businesses to its Carrefour business, which remains operational.<\/p>\n<p><strong>We sat down with MAF Properties CEO Ahmed Ismail to get the lowdown on how the company plans to navigate the crisis. <\/strong>Edited excerpts from our conversation:<\/p>\n<p><strong>Enterprise:<\/strong> Talk us through the steps Majid Al Futtaim has taken on the property side to address the fallout from the covid-19 outbreak.<\/p>\n<p><strong>Ahmed Ismail: <\/strong>It's very difficult to pretend that it's business as usual in these difficult and unprecedented times. Our four shopping centers \u2014 City Center Alexandria, City Center Maadi, City Center Almaza, and Mall of Egypt \u2014 were expected to attract nearly 50 mn visitors this year. Then there\u2019s somewhere around 40k employees who work in the shops within these centers, not to mention the suppliers coming in and out. We took a number of preemptive and protective decisions such as restricting travel, encouraging people to work from home, as well as disinfecting our offices, malls, and facilities on a daily basis.<\/p>\n<p><strong>We then moved to restrict trading hours for shopping centers and retail activities before the government imposed its overnight curfew.<\/strong> However, we realized that the curfew didn\u2019t impact foot traffic at our centers, so we decided it was the responsible long-term move to close down our shopping malls, with the exception of Carrefour, pharmacies, and some other essential outlets. In these conditions, especially in the run-up to Ramadan, Carrefour and pharmacies are obviously very important to keep running. Interestingly, we invested a while ago in some innovations at Carrefour such as scan and go, which is now proving to be very popular now that people are looking to make contactless shopping.<\/p>\n<p><strong>During this period of closure, we\u2019re suspending rent for our tenants.<\/strong> This gives them much-needed operational and financial breathing room. We\u2019re also working on reducing all our operating costs in terms of utilities and other expenses, and these savings will be passed on to our tenants through reduced common-area and facility charges.<\/p>\n<p><strong>E: <\/strong>That\u2019s a pretty big break to commit to for a potentially long time.<\/p>\n<p><strong>AI: <\/strong>We're doing what we think is right. We want to make sure that, at least financially, everyone can weather the storm. Perhaps more importantly, we want to ensure that we can reopen in a strong and sustainable way in partnership with our retailers. There\u2019s a balance to be maintained in a situation like this between being grounded in the reality of what\u2019s happening and trying to look ahead and think about the day when things go back to normal and you reopen. If you don\u2019t work with your tenants through these tough times, that day may not be very successful because they might not have the capacity or the trust in the relationship to reopen with the strength you\u2019d like to see.<\/p>\n<p><strong>E: <\/strong>How long do you expect to keep these measures in place?<\/p>\n<p><strong>AI: <\/strong>We\u2019re monitoring the situation to reassess and adjust as matters unfold on almost a daily basis. This is completely uncharted territory, so it\u2019s very difficult to make any predictions. We\u2019re fortunate to have a strong balance sheet that is BBB rated, which is investment-grade, and that gives us financial breathing room.<\/p>\n<p><strong>E:<\/strong> You\u2019ve said that 99.5% of your staff in Egypt are Egyptians. What does work look like now for these staff members on the ground?<\/p>\n<p><strong>AI:<\/strong> We have staff who used to work at our leisure and entertainment centers \u2014 Vox Cinemas, Magic Planet, and Ski Egypt \u2014 who have been redeployed to Carrefour either in-store or on the online fulfillment side. Carrefour saw an uptick in customer demand during the first three weeks of March, with daily online sales jumping 50% m-o-m.<\/p>\n<p><strong>E:<\/strong> How difficult was this transition for such a large workforce?<\/p>\n<p><strong>AI: <\/strong>We started by implementing very strict work from home and work location policies, which was a fairly smooth transition because we already had tech infrastructure in place from before. Redeploying staff required teaching them some technical skills such as packing bags and cashiering, which are fairly easy to teach if people come from a common understanding of what the company is all about.<\/p>\n<p><strong>The redeployment was a voluntary choice for our staff.<\/strong> We have committed to keep paying our staff their full salaries during the crisis so far, so they were presented with this route as an option, not an obligation. People were welcoming of the idea because it was a good chance for them to grow their skills and exposure to different parts of the business, especially on the e-commerce and online fulfillment side.<\/p>\n<p><strong>E: <\/strong>It\u2019s hard to predict anything, but what are feasible steps businesses and the government can take in the short term to address the current situation?<\/p>\n<p><strong>AI:<\/strong> The government can only do so much. Between the economic stimulus packages and the various public health orders that were issued, that's as far as the government can go. I think that the rest of the responsibility really rests with the community. Large employers, private sector players who have labor-intensive businesses like ourselves have a responsibility to bear in making sure that they partner with the government and help the community in terms of awareness. They have to make the right decisions to ensure that the community weathers this challenge and emerges safe and sound.<\/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\/carrefour\/\">Carrefour<\/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\/majid-al-futtaim\/\">Majid Al Futtaim<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/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=\"570499\" 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=\"570499\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/egypt-in-the-news-on-02-april-2020\/\">\r\n                            Egypt in the News on 02 April 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\/04\/02\/egypt-in-the-news-on-02-april-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\/04\/02\/egypt-in-the-news-on-02-april-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\/04\/02\/egypt-in-the-news-on-02-april-2020\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt in the News on 02 April 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/egypt-in-the-news-on-02-april-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\/04\/02\/egypt-in-the-news-on-02-april-2020\/&title=Egypt in the News on 02 April 2020\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News+on+02+April+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F02%2Fegypt-in-the-news-on-02-april-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\/04\/02\/egypt-in-the-news-on-02-april-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570499\" class=\"content-area-description single-story post-570499 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 tag-media tag-religion wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The only story of note about Egypt this morning in the international press is a Reuters <\/strong><strong>piece on our response to covid-19. <\/strong>The newswire reports that healthcare workers are coming under increasing pressure in under-resourced hospitals despite hefty allocations in last year\u2019s budget and the government\u2019s economic relief package deployed in the wake of the outbreak, <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N2BP7Q9\">Reuters reports<\/a>.<\/p>\n<p>Meanwhile, the UAE\u2019s <a href=\"https:\/\/www.thenational.ae\/world\/mena\/coronavirus-egypt-s-copts-turn-to-video-worship-to-enforce-social-distancing-1.999950\">the National<\/a> notes that <strong>Coptic worshippers are turning to online <\/strong><strong>masses and Sunday school over <\/strong><strong>Zoom<\/strong> as churches remain closed to promote social distancing.<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/media\/\">media<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/religion\/\">Religion<\/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=\"570500\" 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=\"570500\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/tharwa-to-drill-7-new-wells-in-2020\/\">\r\n                            Tharwa to drill 7 new wells in 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 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alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Tharwa to drill 7 new wells in 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/tharwa-to-drill-7-new-wells-in-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\/04\/02\/tharwa-to-drill-7-new-wells-in-2020\/&title=Tharwa to drill 7 new wells in 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=Tharwa+to+drill+7+new+wells+in+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F02%2Ftharwa-to-drill-7-new-wells-in-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\/04\/02\/tharwa-to-drill-7-new-wells-in-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570500\" class=\"content-area-description single-story post-570500 post type-post status-publish format-standard hentry category-energy tag-bp tag-chevron tag-eastern-desert tag-energy tag-enterpriseam tag-exxonmobil tag-oil-ministry tag-shell tag-tharwa-petroleum-company tag-totalenergies wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The Tharwa Petroleum Company will drill seven new exploration wells in 2020, <a href=\"https:\/\/www.petroleum.gov.eg\/ar-eg\/media-center\/news\/news-pages\/Pages\/mop_31032020_04.aspx\">the Oil Ministry<\/a><a href=\"https:\/\/www.petroleum.gov.eg\/ar-eg\/media-center\/news\/news-pages\/Pages\/mop_31032020_04.aspx\"><\/a><a href=\"https:\/\/www.petroleum.gov.eg\/ar-eg\/media-center\/news\/news-pages\/Pages\/mop_31032020_04.aspx\">said in a statement<\/a>. Tharwa president Amr El Leithi said that the company will also secure six new concessions and enter into joint ventures with Total, Exxon Mobil, Chevron, BP and Shell this year. Tharwa owns concessions in Siwa, and the Western and Eastern Deserts, and drilled eight exploration wells in 2019 yielding around 6.8k bbl\/d.<\/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\/bp\/\">BP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chevron\/\">Chevron<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-desert\/\">Eastern Desert<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/exxonmobil\/\">ExxonMobil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-ministry\/\">Oil Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shell\/\">Shell<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tharwa-petroleum-company\/\">Tharwa Petroleum Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/totalenergies\/\">TotalEnergies<\/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=\"570501\" 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=\"570501\">\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\">Automotive + Transportation<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/egypt-receives-second-batch-of-general-electric-locomotives\/\">\r\n                            Egypt receives second batch of General Electric locomotives                        <\/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\/04\/02\/egypt-receives-second-batch-of-general-electric-locomotives\/\" 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\/04\/02\/egypt-receives-second-batch-of-general-electric-locomotives\/')\">\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\/04\/02\/egypt-receives-second-batch-of-general-electric-locomotives\/\">\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 receives second batch of General Electric locomotives&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/egypt-receives-second-batch-of-general-electric-locomotives\/\">\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\/04\/02\/egypt-receives-second-batch-of-general-electric-locomotives\/&title=Egypt receives second batch of General Electric locomotives\">\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+receives+second+batch+of+General+Electric+locomotives+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F02%2Fegypt-receives-second-batch-of-general-electric-locomotives%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\/04\/02\/egypt-receives-second-batch-of-general-electric-locomotives\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570501\" class=\"content-area-description single-story post-570501 post type-post status-publish format-standard hentry category-automotive-transportation tag-automotive-transportation tag-enterpriseam tag-general-electric tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>General Electric delivered the second batch of 20 railway locomotives purchased under an agreement signed in 2017, <a href=\"https:\/\/bit.ly\/2xDlIEy\">according to a cabinet statement<\/a>. Under the agreement, GE is <a href=\"https:\/\/enterprise.press\/stories\/2017\/06\/18\/ge-lands-usd-575-mn-contract-to-supply-egypt-with-100-locomotives\/\">financing and supplying<\/a> 100 new locomotives and refurbishing 81 others at a cost of USD 575 mn, but Transport Minister Kamel El Wazir is quoted in the statement saying that the agreement is worth USD 602.05 mn and covers 110 locomotives. The US company was contracted to build the first 50 locomotives and deliver them in five batches, the first of which was received <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/05\/egypt-receives-first-batch-of-locomotives-from-general-electric-7854\/\">in December 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\/automotive-transportation\/\">Automotive + Transportation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/general-electric\/\">General Electric<\/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=\"570502\" 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=\"570502\">\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\">Banking + Finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/medaf-financial-leasing-granted-license-to-begin-operations-in-egypt\/\">\r\n                            MEDAF Financial Leasing granted license to begin operations in Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/medaf-financial-leasing-granted-license-to-begin-operations-in-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/medaf-financial-leasing-granted-license-to-begin-operations-in-egypt\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/medaf-financial-leasing-granted-license-to-begin-operations-in-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=MEDAF Financial Leasing granted license to begin operations in Egypt&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/medaf-financial-leasing-granted-license-to-begin-operations-in-egypt\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/medaf-financial-leasing-granted-license-to-begin-operations-in-egypt\/&title=MEDAF Financial Leasing granted license to begin operations in Egypt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=MEDAF+Financial+Leasing+granted+license+to+begin+operations+in+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F02%2Fmedaf-financial-leasing-granted-license-to-begin-operations-in-egypt%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/medaf-financial-leasing-granted-license-to-begin-operations-in-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570502\" class=\"content-area-description single-story post-570502 post type-post status-publish format-standard hentry category-banking-finance tag-banking-finance tag-enterpriseam tag-finance tag-financial-regulatory-authority tag-investment-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The Financial Regulatory Authority has granted MEDAF Financial Leasing, the subsidiary of investment holding group <a href=\"http:\/\/www.medafinvestment.com\/about\">MEDAF Investments<\/a>, a financial leasing license, the company\u2019s chair <a href=\"https:\/\/www.zawya.com\/mena\/en\/business\/story\/MEDAFs_subsidiary_obtains_financial_leasing_licence_in_Egypt-SNG_171406952\/\">told the local press<\/a>. The company\u2019s activity is likely to be delayed by covid-19 and will probably start in 2Q2020.<\/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\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570504\" 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=\"570504\">\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\">Other Business News of Note<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/go-plus-considering-holding-company-to-oversee-rfid-car-sticker-system\/\">\r\n                            Go Plus considering holding company to oversee RFID car sticker system                        <\/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\/04\/02\/go-plus-considering-holding-company-to-oversee-rfid-car-sticker-system\/\" 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\/04\/02\/go-plus-considering-holding-company-to-oversee-rfid-car-sticker-system\/')\">\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\/04\/02\/go-plus-considering-holding-company-to-oversee-rfid-car-sticker-system\/\">\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=Go Plus considering holding company to oversee RFID car sticker system&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/go-plus-considering-holding-company-to-oversee-rfid-car-sticker-system\/\">\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\/04\/02\/go-plus-considering-holding-company-to-oversee-rfid-car-sticker-system\/&title=Go Plus considering holding company to oversee RFID car sticker system\">\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=Go+Plus+considering+holding+company+to+oversee+RFID+car+sticker+system+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F02%2Fgo-plus-considering-holding-company-to-oversee-rfid-car-sticker-system%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\/04\/02\/go-plus-considering-holding-company-to-oversee-rfid-car-sticker-system\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570504\" class=\"content-area-description single-story post-570504 post type-post status-publish format-standard hentry category-other-business-news-of-note tag-enterpriseam tag-governance tag-logistics tag-other-business-news-of-note wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Systems developer <a href=\"https:\/\/www.goplus-eg.com\/\">Go Plus<\/a> is considering setting up a holding company to manage the RFID electronic car sticker system the company recently developed for the government, a source in the company <a href=\"https:\/\/bit.ly\/2UyTiEE\">told Al Mal<\/a>. The Interior Ministry <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/26\/traffic-authorities-to-impose-electronic-sticker-on-vehicles-2\/\">recently required<\/a> car owners to attach encoded stickers to windshields in a move that followed <a href=\"https:\/\/enterprise.press\/stories\/2017\/10\/19\/cabinet-approves-new-traffic-law-discusses-plans-to-curb-population-growth\/\">amendments to the Traffic Act<\/a>. Go Plus was contracted to supply 10 mn of those stickers by the end of June as part of a EGP 720 mn five-year project that will also see the company set up data centers and toll gates able to read the stickers on highways.<\/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\/governance\/\">governance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/other-business-news-of-note\/\">Other Business News of Note<\/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=\"570505\" 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=\"570505\">\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\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/the-market-yesterday-64\/\">\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\/04\/02\/the-market-yesterday-64\/\" 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\/04\/02\/the-market-yesterday-64\/')\">\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\/04\/02\/the-market-yesterday-64\/\">\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\/04\/02\/the-market-yesterday-64\/\">\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\/04\/02\/the-market-yesterday-64\/&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%2F04%2F02%2Fthe-market-yesterday-64%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\/04\/02\/the-market-yesterday-64\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570505\" class=\"content-area-description single-story post-570505 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 15.79<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 15.70 | Sell 15.80<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 15.68 | Sell 15.78<\/p>\n<p><strong>EGX30<\/strong> (Wednesday): 9,425 (-1.8%)<br \/>\n <strong>Turnover:<\/strong> EGP 610 mn (2% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -32.5%<\/p>\n<p><strong>THE MARKET ON WEDNESDAY:<\/strong> The EGX30 ended Wednesday\u2019s session down 1.8%. CIB, the index\u2019s heaviest constituent, ended down 1.8%. EGX30\u2019s top performing constituents were EFG Hermes up 1.6%, Porto Group up 1.2%, and Credit Agricole up 1.1%. Yesterday\u2019s worst performing stocks were Juhayna down 9.8%, Ibnsina Pharma down 5.1% and CIRA down 4.9%. The market turnover was EGP 610 mn, and local investors were the sole net buyers.<\/p>\n<p><strong>Foreigners<\/strong>: Net short | EGP -280.3 mn<br \/>\n <strong>Regional<\/strong>: Net short | EGP -0.9 mn<br \/>\n <strong>Domestic<\/strong>: Net long | EGP +281.2 mn<\/p>\n<p><strong>Retail<\/strong>: 38.5% of total trades | 40.6% of buyers | 36.3% of sellers<br \/>\n <strong>Institutions<\/strong>: 61.5% of total trades | 59.4% of buyers | 63.7% of sellers<\/p>\n<hr class=\"grey-line\">\n<p><span style=\"color: #299a0b; font-weight: bold;\">***<br \/>\nPHAROS VIEW<\/span><\/p>\n<\/p>\n<p><strong>Notes from the covid economy:<\/strong> Pharos takes a look at how the telecom, tech, auto, textile and logistics sectors are responding to the pandemic.<\/p>\n<p><strong>The telecom sector is a rare ray of light for an economy coming under increasing amounts of stress.<\/strong> Internet service providers and mobile companies will likely see revenues increase as school and university closures, social distancing and the curfew cause a rise in data consumption, Pharos says.<\/p>\n<p><strong>And fintech may also come out of the pandemic a big winner:<\/strong> The central bank has waived fees and commissions on transfers made through mobile wallets and introduced daily limits on cash withdrawals and deposits. This will likely increase the usage of e-payment platforms, and companies offering basic services (for example bill payment) should see a \u201csolid transaction flow,\u201d Pharos says. If the outbreak causes serious problems for the economy and impacts consumer spending patterns, e-payment companies may see transaction volumes for entertainment and amusement fall. <a href=\"https:\/\/ent.news\/2020\/3\/Egypt-Telecom-and-Technology-On-the-Ground-Update-31-March-2020.pdf\">Read the full note covering telecoms and tech here (pdf)<\/a>.<\/p>\n<p><strong>Auto companies under pressure:<\/strong> Local auto distributors have said that monthly sales will contract \u201csignificantly\u201d in March after the Interior Ministry suspended vehicle licensing for a month and the government reduced working hours as a precautionary measure against the virus. Price cuts and\/or promotional offers to boost demand are likely if lockdowns are extended. On the bright side, the central bank\u2019s 300 bps rate cut and the freezing of debt repayments for six months are positives that mitigate the impact due its favorable effect on car loan repayments, Pharos says.<\/p>\n<p><strong>Textile exporters are facing a global and local demand shock:<\/strong> The textile industry is struggling as global importers halt new orders and amend existing orders. Firms that are heavily reliant on raw materials from China are suffering the most from the disruption to supply chains, and are trying to secure at least one month of inventory. Factories could also face labor shortages due to precautionary measures taken by the state. Local demand is also likely to fall after the government closed retail stores at night and on weekends. <a href=\"https:\/\/ent.news\/2020\/3\/Egypt-Consumer-Discretionary-On-the-Ground-Update-31-March-2020.pdf\">Read the full note on the auto and textile sectors here (pdf)<\/a>.<\/p>\n<p><strong>The virus is wreaking havoc on logistics firms which are facing simultaneous supply and demand shocks<\/strong> as governments resort to export controls, shut down industry and place restrictions on movement. Logistics firms are having to raise prices amid downwards pressure on cargo and container volumes, longer waiting times and higher storage costs. <a href=\"https:\/\/ent.news\/2020\/4\/Egypt-Logistics-On-the-Ground-Update-01-April-2020.pdf\">Read the note here (pdf)<\/a>.<\/p>\n<p><strong>Read the Pharos View published earlier this week on the industrial, real estate, and food sectors <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/58172534-bb0d-492c-b6df-405505b7f9a4\">here (pdf)<\/a><\/strong><strong>.<\/strong><\/p>\n<p><p><span style=\"color: #299a0b; font-weight: bold;\">***<\/span><\/p>\n<hr class=\"grey-line\">\n<p><strong>WTI:<\/strong> USD 21.01 (+2.59%)<br \/>\n <strong>Brent:<\/strong> USD 25.39 (-3.64%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 1.59 MMBtu, (-3.23%, May 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,600.50 \/ troy ounce (+0.24%)<\/p>\n<p><strong>TASI:<\/strong> 6,569 (+0.98%) (YTD: -21.69%)<br \/>\n <strong>ADX:<\/strong> 3,745 (+0.28%) (YTD: -26.22%)<br \/>\n <strong>DFM:<\/strong> 1,720 (-2.85%) (YTD: -37.76%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,108 (-1.73%)<br \/>\n <strong>QE:<\/strong> 8,195 (-0.15%) (YTD: -21.39%)<br \/>\n <strong>MSM:<\/strong> 3,424 (-0.68%) (YTD: -13.97%)<br \/>\n <strong>BB: <\/strong>1,341 (-0.69%) (YTD: -16.70%)<\/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=\"570506\" 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\/04\/02\/570506\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570506\" class=\"content-area-description single-story post-570506 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>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): House of Representatives covid-19 recess ends.<\/p>\n<p>12 April (Sunday): Western Easter Sunday.<\/p>\n<p>12 April (Sunday): <a href=\"https:\/\/ent.news\/2020\/2\/240116_1.pdf\">Court session<\/a> for a lawsuit against Amer Group and Porto Group by Syria-based Antaradous for Touristic Development.<\/p>\n<p>13 April (Monday): Earliest date on which suspension K-12 and university instruction is set to be lifted.<\/p>\n<p>15 April (Wednesday): Suspension of international flights to \/ from Egypt expires.<\/p>\n<p>15 April (Wednesday): Earliest date by which restaurants, gyms, nightclubs, museums and archaeological sites will reopen.<\/p>\n<p>16 April (Thursday): New deadline for individuals to file their tax returns to the Egyptian Tax Authority.<\/p>\n<p>17-19 April (Friday-Sunday): IMF, World Bank will hold virtual Spring Meetings.<\/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>12 April (Sunday): <a href=\"https:\/\/ent.news\/2020\/2\/240116_1.pdf\">Court session<\/a> for a lawsuit against Amer Group and Porto Group by Syria-based Antaradous for Touristic Development.<\/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":570481,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-570480","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"110da7ad-669d-4393-9cc1-879377b07196","teaser":"","photo_url":"https:\/\/ent.news\/2020\/4\/11.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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