{"id":570724,"date":"2020-04-13T04:33:08","date_gmt":"2020-04-13T04:33:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=570724"},"modified":"2025-12-16T07:37:12","modified_gmt":"2025-12-16T07:37:12","slug":"mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/","title":{"rendered":"MPs want funding for bank industry fund + separate bailout mechanism"},"content":{"rendered":"<section id=\"570726\" 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=\"570726\">\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\/13\/what-were-tracking-on-13-april-2020\/\">\r\n                            What we\u2019re tracking on 13 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\/13\/what-were-tracking-on-13-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\/13\/what-were-tracking-on-13-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\/13\/what-were-tracking-on-13-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=What we\u2019re tracking on 13 April 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/what-were-tracking-on-13-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\/13\/what-were-tracking-on-13-april-2020\/&title=What we\u2019re tracking on 13 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=What+we%E2%80%99re+tracking+on+13+April+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F13%2Fwhat-were-tracking-on-13-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\/13\/what-were-tracking-on-13-april-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570726\" class=\"content-area-description single-story post-570726 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-arab-monetary-fund tag-bank-of-america tag-citigroup tag-council-of-state tag-covid-19 tag-debt tag-economy tag-egx tag-enterpriseam tag-equities tag-federation-of-egyptian-banks tag-forbes tag-goldman-sachs tag-house-of-representatives tag-johnson-johnson tag-jpmorgan tag-morgan-stanley tag-palm-hills-developments tag-wells-fargo wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, friends. Only four more days until our four-day weekend<\/strong><strong>.<\/strong> Banks and the stock exchange are closed on Sunday in observance of Coptic Easter, while Monday is a national holiday for Sham El Nessim.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>STORY OF THE MORNING: Saudi Arabia, Russia, and the US have officially put an end to <\/strong><strong>the oil price war <\/strong>after reaching an agreement that would see a multinational coalition cutting output to put a floor under falling prices. Agreement to end the Saudi-Russian price floor came after US President Donald Trump intervened to resolve a standoff between Saudi and Mexico over the extent of the cuts. Under the new agreement, 23 oil-producing countries will withhold a total of 9.7 mn bbl \/ day from global markets. <strong>Brent crude was up 4.2% on the news<\/strong> overnight at dispatch time.<\/p><p><strong>The story dominates the front page in the global press: <\/strong><a href=\"https:\/\/www.wsj.com\/articles\/opec-allies-look-to-resolve-saudi-mexico-standoff-and-seal-broader-oil-deal-11586695794?mod=hp_lead_pos1\">WSJ<\/a> | <a href=\"https:\/\/www.ft.com\/content\/01dd5ae4-16b9-4c20-becc-6a08c6289a67\">FT<\/a> | <a href=\"https:\/\/www.nytimes.com\/2020\/04\/12\/business\/energy-environment\/opec-russia-saudi-arabia-oil-coronavirus.html?action=click&amp;module=RelatedLinks&amp;pgtype=Article\">NYT<\/a> | <a href=\"https:\/\/www.cnbc.com\/2020\/04\/12\/opec-and-allies-finalize-record-oil-production-cut-after-days-of-discussion.html\">CNBC<\/a> | <a href=\"https:\/\/www.reuters.com\/article\/us-global-oil-opec\/opec-russia-approve-biggest-ever-oil-cut-to-support-prices-amid-coronavirus-pandemic-idUSKCN21U0J6\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-12\/oil-price-war-ends-with-historic-opec-deal-to-cut-production?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>.<\/p><hr class=\"grey-line\"><p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>The oil pact wasn\u2019t enough to distract investors from worries that this coming earnings <\/strong><strong>season will be one of the worst in a generation<\/strong>, the global business press suggests. Futures point to a lower open tomorrow for US shares (markets are closed today for Easter Monday), while stocks in Japan, China, and South Korea started the trading week this morning modestly in the red.<\/p><p><strong>Companies in Egypt have an extra month to disclose 1Q20 earnings<\/strong> after the Financial Regulatory Authority (FRA) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f43f2bd9-edde-402a-a80f-409d0b5470e4\">said companies could have until 15 June<\/a>. <strong>What\u2019s more, companies won\u2019t have to conform with IFRS 9 and IFRS 15<\/strong> until the end of the year, according to an FRA decision yesterday carried by <a href=\"https:\/\/bit.ly\/2xgaTbQ\">Hapi Journal<\/a>.<\/p><p><strong>Egyptian companies will soon be required to disclose what covid-19 means to their <\/strong><strong>financials<\/strong>, the newspaper reports, as the regulator strikes a sensible middle ground: Give companies a bit more time, but prompt them to be as transparent with investors as possible under the circumstances.<\/p><p><strong>Across the pond: <\/strong><strong>Banks and healthcare companies are first up in the US:<\/strong> JPMorgan, Wells Fargo and Johnson &amp; Johnson <a href=\"https:\/\/www.cnbc.com\/2020\/04\/09\/banks-and-health-care-companies-will-report-earnings-but-virus-updates-will-matter-most-in-week-ahead.html\">will all report first quarter earnings tomorrow<\/a>, with Citi, Bank of America, Goldman and UnitedHealth following on Wednesday.<\/p><p><strong>Over in Europe<\/strong>, luxury-goods company LVMH, chipmaker ASML Holding and cosmetics giant L\u2019Oreal <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-12\/five-things-to-watch-during-europe-s-terrible-earnings-season?sref=mmeFTDW1\">will release figures this week<\/a> before reporting moves up a gear next week.<\/p><p><strong>\u201cLooming,\u201d \u201cterrible\u201d and \u201cbrutal\u201d are all words being used by the global financial press <\/strong>to describe the coming earnings season:<\/p><ul>\n<li>Global investment banks could see their profits completely wiped out during the first quarter \u2014 and that\u2019s apparently the best case scenario, according to a report published by Oliver Wyman and Morgan Stanley <a href=\"https:\/\/www.ft.com\/content\/43dcabdd-68af-4d9c-83a4-46a74265d4a1\">picked up by the Financial Times<\/a>.<\/li>\n<li>Forecasts for the auto, aviation and oil sectors have been cut dramatically, pushing down average earnings for S&amp;P 500 companies down 10% year-on-year, <a href=\"https:\/\/edition.cnn.com\/2020\/04\/12\/investing\/stocks-week-ahead-earnings-outlook-coronavirus\/index.html\">according to estimates<\/a>.<\/li>\n<li>Tech earnings <a href=\"https:\/\/www.ft.com\/content\/83d35491-daf5-4f6f-bb01-16345bf4abdb\">are almost impossible to predict<\/a> as supply chains in some parts of the world return to normalcy but global demand falls.<\/li>\n<\/ul><p><strong>The EGX30 fell 0.8% in yesterday\u2019s trading session<\/strong> as regional and foreign investors sold. Leading the decliners yesterday were EFG Hermes (down 3.8%), Emaar Misr (-3.7%), and Palm Hills (-3.5%). Trading was anemic on a holiday long weekend for western investors, with total turnover of EGP 480 mn, 22% below the 90-day trailing average. The EGX gained 9.2% last week in four consecutive sessions.<\/p><hr class=\"grey-line\"><p><strong>THINGS TO KEEP YOUR EYE ON-<\/strong><\/p><p><strong>The House of Representatives will discuss real estate tax exemptions on 29 April<\/strong>, <a href=\"https:\/\/alborsaanews.com\/2020\/04\/12\/1319702\">the<\/a><a href=\"https:\/\/alborsaanews.com\/2020\/04\/12\/1319702\">local press reported yesterday<\/a>. The measures are part of the government\u2019s program to support businesses hit by the economic fallout from measures taken to contain the spread of covid-19.<\/p><p><strong>The community is <\/strong><strong>waiting for specifics on the corporate income tax relief <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/27ec0299-b9cb-4e38-b0ac-85fe8a128122\">announced last<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/27ec0299-b9cb-4e38-b0ac-85fe8a128122\">week<\/a> by President Abdel Fattah El Sisi. The measure would allow companies to pay income taxes for FY2019 in installments through 30 June, and we\u2019re told companies can expect to have to pay in three equal installments at the end of April, May and June. <strong>Policymakers are not planning to extend deadlines for remittance of VAT, wage tax <\/strong>or any other levy, we\u2019re told.<\/p><hr class=\"grey-line\"><p><strong>COVID-19 IN EGYPT-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Egypt now has 2,065 confirmed cases of covid-19<\/strong> after the <a href=\"https:\/\/bit.ly\/2Vsgu6G\">Health Ministry reported<\/a> 126 new infections yesterday. The ministry also said that another 13 people had died from the virus, taking the death toll to 159. We now have a total of 589 cases that have tested negative for the virus after first testing positive and being isolated or hospitalized, of whom 447 have fully recovered.<\/p><p><strong>The Armed Forces began yesterday handing out face masks to citizens without charge<\/strong> in Cairo\u2019s major squares, metro and railway stations,<a href=\"https:\/\/www.facebook.com\/EgyArmySpox\/posts\/1931176147013358\">according to a statement<\/a>. Military-owned companies have ramped up daily output of masks to 100k units.<\/p><p><strong>The Council of State (Maglis El Dawla) is postponing all of its sessions until 23 April<\/strong>, <a href=\"https:\/\/bit.ly\/2Vn3PBZ\">according to Al Shorouk<\/a>. Judges and employees will still be required to tend to administrative work.<\/p><p><strong>Al Azhar issued a decree outlining burial and mourning rites for covid-19 victims<\/strong> through its <a href=\"https:\/\/bit.ly\/3b2BE1P\">electronic center for digital fatwas<\/a>. The religious authority said funeral prayers are not required to be carried out at mosques and can take place at hospitals, onsite at graves, and in open spaces.<\/p><hr class=\"grey-line\"><p><strong>BUSINESS IMPACT IN EGYPT-<\/strong><\/p><p><strong>The near-collapse of the automotive market is expected to hit the industry for <\/strong><strong>months to come<\/strong>, says Kayan Egypt CEO Karim El Naggar, <a href=\"https:\/\/bit.ly\/2y6ZcUM\">according to Hapi Journal<\/a>. Naggar says sales have come to a complete halt and repair services are operating at 40% capacity. Modern Motors has also cut back on production at its Suzuki minibus facility in light of the slowdown, company head Mohamed Yunis said in a <a href=\"https:\/\/bit.ly\/2y5sNhw\">Hapi Journal<\/a> report.<\/p><p><strong>AmCham\u2019s take on covid and the economy + the administration\u2019s stimulus measures: <\/strong>Our friends at AmCham are out with a new report on how the pandemic will affect each sector of the Egyptian economy and a run-down on the details of each stimulus measure rolled out by the government to support businesses. <a href=\"https:\/\/ent.news\/2020\/4\/AmchamResearchNoteCOVID19.pdf\">Read the full report here (pdf)<\/a>.<\/p><p><strong>Egypt is set to make a \u201crobust\u201d economic recovery by 2021<\/strong>, the director of the North Africa Office of the United Nations Economic Commission for Africa, Khaled Hussein, <a href=\"https:\/\/www.sis.gov.eg\/Story\/145531\/UN-official-expects-robust-economic-recovery-in-Egypt-in-2021?lang=en-us\">told MENA<\/a>. Hussein lauded the state\u2019s stimulus package and said that Egypt\u2019s recent growth rates and its robust infrastructure make it well positioned for a rapid economic recovery next year.<\/p><p><strong>City Stars Mall reopened yesterday<\/strong> after a two-week closure that began on March 25 for all retail outlets, <a href=\"https:\/\/bit.ly\/2yXHWC1\">according to Al Mal<\/a>. Commercial tenants at the mall have been granted a rent holiday throughout the duration of the closure. Only banks, supermarkets, and food delivery were permitted during the closure.<\/p><p><strong>DONATIONS-<\/strong><\/p><p><strong>The 22 banks comprising the Federation of Egyptian Banks will donate EGP 660 mn<\/strong> over a period of three months in coordination with the Central Bank of Egypt and the Planning Ministry, <a href=\"https:\/\/bit.ly\/2XvJflU\">according to Al Mal<\/a>. The amount each bank is donating has been determined based on their profits last year.<\/p><p><strong>Cleopatra Hospitals Group is donating EGP 10 mn<\/strong>, <a href=\"https:\/\/alborsaanews.com\/2020\/04\/12\/1319949\">according to the local press.<\/a><\/p><p><strong>Al Yassin Holding chairman Yassin El Shokery donated EGP 7 mn<\/strong>, including EGP 5 mn to support day labourers workers through the Tahya Misr Fund, EGP 1 mn to Al Azhar's Zakat and Charity House, and EGP 1 mn to support the poor families, <a href=\"https:\/\/bit.ly\/2yW3f6T\">according to a cabinet statement.<\/a><\/p><p><strong>Palm Hills has handed over to the government a fully equipped 200-room hotel to be <\/strong><strong>used as a quarantine center<\/strong>, Chairman Yassin Mansour said,<a href=\"https:\/\/bit.ly\/2RyK3Cx\">according to a cabinet statement.<\/a> The company is also donating EGP 5 mn to the Health Ministry and will cover the needs of 10k vulnerable families impacted by the pandemic.<\/p><hr class=\"grey-line\"><p><strong>ON THE GLOBAL FRONT-<\/strong><\/p><p><strong>Covid-19 cases appear to be slowing in some of the hardest hit European countries<\/strong>, the WHO said, but the organization has called on countries to think about ongoing containment before they lift lockdown restrictions to avoid a second wave of infections, <a href=\"https:\/\/www.cnbc.com\/2020\/04\/10\/who-sees-welcome-slowing-of-coronavirus-cases-in-hardest-hit-countries.html\">CNBC reports<\/a>. <strong>The WHO is also worried about the rapid acceleration of cases in Africa<\/strong>.<\/p><p><strong>Parts of the US may be able to ease emergency measures in May<\/strong>, but there won\u2019t be a \u201clight switch\u201d moment where everything simultaneously starts up again, Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, <a href=\"https:\/\/edition.cnn.com\/videos\/politics\/2020\/04\/12\/sotu-fauci-reopening.cnn\">told CNN yesterday<\/a>. Fauci advocates a slow and cautious approach to reduce the likelihood of a covid-19 rebound \u2014 which could happen in the fall in any case, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-12\/fauci-says-u-s-reopening-could-start-in-some-ways-in-may?sref=mmeFTDW1\">Bloomberg reports<\/a>.<\/p><p><strong>UK Prime Minister Boris Johnson has left hospital and is on the road to recovery<\/strong>, after a worrisome stint in intensive care for persistent covid-19 symptoms, <a href=\"https:\/\/www.bbc.co.uk\/news\/uk-politics-52262012\">the BBC reports<\/a>.<\/p><hr class=\"grey-line\"><p><strong>SUPPORTING BUSINESS + EMPLOYEES-<\/strong><\/p><p><strong>US lawmakers are similarly exploring ways for the federal government to ensure private<\/strong><strong> sector salaries<\/strong> amid unprecedented layoffs, <a href=\"https:\/\/www.wsj.com\/articles\/lawmakers-seek-new-ways-to-cover-workers-paychecks-during-coronavirus-11586692801?mod=hp_lead_pos3\">according to the Wall Street Journal<\/a>. The proposals would be a sharp expansion beyond the <a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/coronavirus-relief-options\/paycheck-protection-program-ppp\">paycheck protection program<\/a> already enacted as part of the US response.<\/p><p><strong>Qatar has earmarked USD 820 mn for a support fund to pay the salaries of private <\/strong><strong>companies <\/strong>for up to three months, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-12\/qatar-to-pay-private-sector-salaries-as-virus-cripples-business?srnd=premium-middle-east&amp;sref=mmeFTDW1\">according to Bloomberg<\/a>.<\/p><p><strong>Arab countries have dished out a combined USD 180 bn in covid-19 stimulus packages<\/strong>, equivalent to 9.5% of their total GDP,<a href=\"https:\/\/www.amf.org.ae\/sites\/default\/files\/AEO_Apr_2020.pdf\">the Arab Monetary Fund (AMF) said in a research paper (pdf)<\/a>. Growth rates for Arab countries in 2020 are set to be cut by half, the AMF said, but could recover next year if the impact of the pandemic is confined to 1H2020. <strong>A lasting crisis could pave the way for recession<\/strong>, it warned.<\/p><hr class=\"grey-line\"><p><strong>MARKETS + MACRO-<\/strong><\/p><p><strong>Equity and high-yield debt investors should be cautious about false dawns in the<\/strong> <strong>markets<\/strong> and expect a \u201clopsided recovery\u201d from one of the greatest economic shocks in living memory, <a href=\"https:\/\/www.ft.com\/content\/de754324-b669-47cd-b494-9c70fb45d975\">Michael Mackenzie writes for the FT<\/a>. Although last week was by far the best for global markets since covid-19 hit, investors shouldn\u2019t underestimate \u201csecond- and third-order effects on growth\u201d such as \u201crising unemployment, falling capital expenditures and tighter financial conditions,\u201d Anrea Cicione of London-based research house TS Lombard said.<\/p><p><strong>Debt payments by countries in the global south should be canceled this year,<\/strong> argues the <a href=\"https:\/\/jubileedebt.org.uk\/\">Jubilee Debt Campaign<\/a>, as data shows that 64 out of 121 low and middle-income countries surveyed spent more on debt servicing than public health in 2019, <a href=\"https:\/\/www.theguardian.com\/business\/2020\/apr\/12\/pressure-grows-for-developing-world-debt-relief-over-coronavirus\">the Guardian reports<\/a>. This is before covid-19 compounded existing pressure, with the economic fallout including plummeting commodity prices and remittances, substantial capital flight, and increased borrowing costs. <strong>The question of debt relief will be discussed in a series of virtual meetings this week<\/strong> between G20 finance ministers, the World Bank and the IMF.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/Nassef-Sawiris-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>Six Egyptians made the Forbes list of World\u2019s Richest Arabs 2020:<\/strong> Nassef Sawiris tops <a href=\"https:\/\/www.forbesmiddleeast.com\/list\/worlds-richest-arabs-2020\">the list of 21 bn\u2019aires<\/a> with a net worth of USD 5 bn, followed closely by Mohamed Mansour at #4 and Nassef\u2019s brother Naguib at #6. Yassin and Youssef Mansour came in at #7 and #13, and Mohamed Al Fayed was rated #15 with a net worth of USD 1.4 bn. Forbes noted that the covid-19 pandemic\u2019s hit to the global economy affected number of bn\u2019aire on the list as well as their total wealth.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p><p><strong>In today\u2019s issue:<\/strong> We look at an emerging dispute over tuition relief between parents and private schools that teach the national and national language curriculums. Parents want 15% of total tuition to be deferred, refunded, or counted towards upcoming tuition hikes. Schools are saying the move could put them and teachers\u2019 jobs at risk.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-monetary-fund\/\">Arab Monetary Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bank-of-america\/\">Bank of America<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/citigroup\/\">Citigroup<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/council-of-state\/\">Council of State<\/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\/debt\/\">debt<\/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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/federation-of-egyptian-banks\/\">Federation of Egyptian Banks<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/forbes\/\">Forbes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/goldman-sachs\/\">Goldman Sachs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/johnson-johnson\/\">Johnson &amp; Johnson<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jpmorgan\/\">JPMorgan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morgan-stanley\/\">Morgan Stanley<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palm-hills-developments\/\">Palm Hills Developments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wells-fargo\/\">Wells Fargo<\/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=\"570727\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" data-label-slide-of=\"Slide %%d of %%d\">\r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-eh2m6w7\" data-v=\"4\" data-block-id=\"eh2m6w7\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-eh2m6w7-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-eh2m6w7-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240923.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-cjhvsz2\" data-v=\"4\" data-block-id=\"cjhvsz2\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-cjhvsz2-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-cjhvsz2-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240924.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27487.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Live More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-gtno7w2\" data-v=\"4\" data-block-id=\"gtno7w2\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-gtno7w2-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-gtno7w2-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-kx63lyw\" data-v=\"4\" data-block-id=\"kx63lyw\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-kx63lyw-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-kx63lyw-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570728\" 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=\"570728\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-irregular-labor-stipends-get-plenty-of-attention-on-the-airwaves\/\">\r\n                            Egypt\u2019s irregular labor stipends get plenty of attention on the airwaves                        <\/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\/13\/egypts-irregular-labor-stipends-get-plenty-of-attention-on-the-airwaves\/\" 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\/13\/egypts-irregular-labor-stipends-get-plenty-of-attention-on-the-airwaves\/')\">\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\/13\/egypts-irregular-labor-stipends-get-plenty-of-attention-on-the-airwaves\/\">\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\u2019s irregular labor stipends get plenty of attention on the airwaves&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-irregular-labor-stipends-get-plenty-of-attention-on-the-airwaves\/\">\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\/13\/egypts-irregular-labor-stipends-get-plenty-of-attention-on-the-airwaves\/&title=Egypt\u2019s irregular labor stipends get plenty of attention on the airwaves\">\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%E2%80%99s+irregular+labor+stipends+get+plenty+of+attention+on+the+airwaves+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F13%2Fegypts-irregular-labor-stipends-get-plenty-of-attention-on-the-airwaves%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\/13\/egypts-irregular-labor-stipends-get-plenty-of-attention-on-the-airwaves\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570728\" class=\"content-area-description single-story post-570728 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-covid-19 tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-health-ministry tag-manpower-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>On a relatively uneventful night on the airwaves, the talking heads mostly kept<\/strong><strong> themselves busy with covid-19-related news<\/strong> and commentary, including the Health Ministry\u2019s daily case tally (<a href=\"https:\/\/www.youtube.com\/watch?v=3jwB8slP0bE\">watch, runtime: 0:43<\/a> and <a href=\"https:\/\/www.youtube.com\/watch?v=XDnd8z_kds4\">runtime: 0:48<\/a>).<\/p>\n<p><strong>The government hasn\u2019t yet decided on the covid-19 policies it will implement during Ramadan<\/strong> and those will be shaped largely by how the next two weeks progress, Information Minister Osama Heikal told Al Hayah Al Youm\u2019s Lobna Assal. Heikal did not explicitly say that the semi-lockdown could be eased if people adhere to the rules over the next two weeks and said we\u2019ll also be taking our cue from other countries with similar experiences<\/p>\n<p><strong>Heikal also noted that the curfew starting one hour later is not an invitation for workplaces to extend their hours<\/strong>, since that would defeat the purpose of starting curfew hours later to ease crowding on mass transport during rush hour (<a href=\"https:\/\/www.youtube.com\/watch?v=u5tMnrLm5Dg\">watch, runtime: 42:40<\/a>).<\/p>\n<p><strong>The specific procedures for the disbursal of a monthly EGP 500 stipend for day labourers earned a good amount of attention<\/strong>, with Masaa DMC\u2019s Eman El Hosary phoning Manpower Minister Mohamed Saafan (<a href=\"https:\/\/www.youtube.com\/watch?v=rc1OyvcLVAo\">watch, runtime: 9:21<\/a>) Al Kahera Alaan\u2019s Lamees El Hadidi speaking to Manpower Minister spokesman Haitham Saad Eldin (<a href=\"https:\/\/www.youtube.com\/watch?v=-pylRO964t4&t=59s\">watch, runtime: 6:13<\/a>) and El Hekaya\u2019s Amr Adib speaking to CIT Minister Amr Talaat for a chat (<a href=\"https:\/\/www.youtube.com\/watch?v=u6Z-acdBNCA&t=40s\">watch, runtime: 6:15<\/a>).<\/p>\n<p><strong>SCZone projects are moving along on schedule despite covid:<\/strong> The Suez Canal Economic Zone (SCZOne) is expecting to sign new contracts with DP World and other major companies \u201csoon,\u201d SCZone boss Yehia Zaki told \u2018Ala Mas\u2019ouleety\u2019s Ahmed Moussa. Zaki otherwise remained tight-lipped on the topic, but noted that the zone has not seen any significant slowdown resulting from the covid-19 outbreak, reiterating what <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98cec5e9-cf2f-44fe-9c69-5cab9f856fd8\">he told us last month<\/a> (<a href=\"https:\/\/www.youtube.com\/watch?v=CuijcUim8P4\">watch, runtime: 10:36<\/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\/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\/health-ministry\/\">Health Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manpower-ministry\/\">Manpower 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=\"570729\" 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=\"570729\">\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\/13\/egyptian-state-owned-banks-snap-up-tmg-sukuk-issuance\/\">\r\n                            Egyptian state-owned banks snap up TMG sukuk issuance                        <\/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\/13\/egyptian-state-owned-banks-snap-up-tmg-sukuk-issuance\/\" 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\/13\/egyptian-state-owned-banks-snap-up-tmg-sukuk-issuance\/')\">\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\/13\/egyptian-state-owned-banks-snap-up-tmg-sukuk-issuance\/\">\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=Egyptian state-owned banks snap up TMG sukuk issuance&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egyptian-state-owned-banks-snap-up-tmg-sukuk-issuance\/\">\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\/13\/egyptian-state-owned-banks-snap-up-tmg-sukuk-issuance\/&title=Egyptian state-owned banks snap up TMG sukuk issuance\">\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=Egyptian+state-owned+banks+snap+up+TMG+sukuk+issuance+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F13%2Fegyptian-state-owned-banks-snap-up-tmg-sukuk-issuance%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\/13\/egyptian-state-owned-banks-snap-up-tmg-sukuk-issuance\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/115.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"570730\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egyptian-state-owned-banks-snap-up-tmg-sukuk-issuance\/115-jpg-22\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/115.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"115.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/115.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/115.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570729\" class=\"content-area-description single-story post-570729 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-banque-misr tag-efg-hermes tag-enterpriseam tag-financial-regulatory-authority tag-speed-round tag-sukuk tag-talaat-moustafa-group wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>State-owned banks snap up TMG sukuk issuance: <\/strong>Three state-owned banks have taken 97.25% of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/196425a4-a067-4a20-9e61-692629ec1745\">EGP 2 bn of sukuk issued by Talaat Moustafa Group<\/a> last week, <a href=\"https:\/\/bit.ly\/34w0TaD\">Al Mal reports<\/a>, citing unnamed informed sources. Banque Misr and Banque du Caire each bought EGP 725 mn of the securities and Suez Canal Bank bought EGP 495 mn. Other investors and funds took the remaining EGP 55 mn.<\/p>\n<p><strong>The TMG sale is Egypt\u2019s first ever corporate sukuk issuance:<\/strong> The offering, issued by TMG subsidiary the Arab Company for Projects and Urban Development, was 2.5x oversubscribed during the private placement and will be listed on the EGX to be publicly traded by investors. The certificates carry a 57-month tenor, maturing at the end of 2024, and each will have a nominal value of EGP 100. TMG had announced plans <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/072adee9-35c4-4630-8009-27797e16674e\">earlier this year<\/a> to launch a three-year EGP 4.5-5 bn sukuk program in April to finance the company\u2019s real estate leasing projects.<\/p>\n<p><strong>Understanding sukuk:<\/strong> Unlike conventional debt-based bonds which pay out interest to investors, sukuk generate returns based on an underlying asset linked to the issuance. Ownership of the asset \u2014 in this case TMG\u2019s open-air mall in Madinaty \u2014 is typically transferred to a special purpose vehicle which issues trust certificates to investors. Investors will then receive periodic payments based on the profits generated by the asset. The SPV will manage the asset for the duration of the sukuk\u2019s maturity period.<\/p>\n<p><strong>The FRA says five other sukuk offerings worth a combined EGP 5 bn are in the pipeline for this year<\/strong>, the authority\u2019s head of central financing Sayed Abdelfadil <a href=\"https:\/\/alborsaanews.com\/2020\/04\/12\/1319341\">told the local press<\/a>. These include offerings from our friends at <strong>Sawa Capital<\/strong> as well as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5443b7ea-133e-457e-8cba-77fb8bdc4aba\">CIAF Leasing<\/a> and three other unnamed private sector companies operating in housing development, agriculture, and hospitality, he said without providing further details.<\/p>\n<p><strong>Advisors: <\/strong>EFG Hermes acted as the sole coordinator and underwriter for the issuance. The investment bank is also acting as the issuing company, meaning that it will take ownership of the mall until the end of 2024 and issue the certificates. Banque Misr acted as guarantor and received the subscriptions. <strong>Banque Misr and Abu Dhabi Islamic Bank are also expecting to obtain sukuk issuer licenses<\/strong> this year, joining EFG Hermes and Sarwa as the country\u2019s only sukuk managers.<\/p>\n<p><em>Correction (13\/04\/2020):<strong>\u00a0<\/strong>A previous version of this story incorrectly stated that First Abu Dhabi Bank was expecting to acquire a sukuk license.<\/em><\/p>\n<hr \/>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/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\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/talaat-moustafa-group\/\">Talaat Moustafa Group<\/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=\"570740\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570741\" 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=\"570741\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypt-in-the-news-on-13-april-2020\/\">\r\n                            Egypt in the news on 13 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\/13\/egypt-in-the-news-on-13-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\/13\/egypt-in-the-news-on-13-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\/13\/egypt-in-the-news-on-13-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 13 April 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypt-in-the-news-on-13-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\/13\/egypt-in-the-news-on-13-april-2020\/&title=Egypt in the news on 13 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+13+April+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F13%2Fegypt-in-the-news-on-13-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\/13\/egypt-in-the-news-on-13-april-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570741\" class=\"content-area-description single-story post-570741 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-covid-19 tag-easter tag-egypt-in-the-news tag-enterpriseam tag-religion wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>On a quiet morning for Egypt in the foreign press, <strong>the Coptic Orthodox Church\u2019s unprecedented decision to<\/strong><strong> suspend Holy Week and Easter-time prayers<\/strong> and services throughout the country to curb the spread of covid-19 is receiving coverage in <a href=\"https:\/\/www.arabnews.com\/node\/1657386\/middle-east\">Arab News<\/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\/easter\/\">Easter<\/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\/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=\"570745\" 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=\"570745\">\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\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/the-market-yesterday-71\/\">\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\/13\/the-market-yesterday-71\/\" 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\/13\/the-market-yesterday-71\/')\">\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\/13\/the-market-yesterday-71\/\">\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\/13\/the-market-yesterday-71\/\">\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\/13\/the-market-yesterday-71\/&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%2F13%2Fthe-market-yesterday-71%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\/13\/the-market-yesterday-71\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570745\" class=\"content-area-description single-story post-570745 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> (Sunday): 10,237 (-0.8%)<br \/>\n <strong>Turnover:<\/strong> EGP 480 mn (22% below the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -26.7%<\/p>\n<p><strong>THE MARKET ON SUNDAY:<\/strong> The EGX30 ended Sunday\u2019s session down 0.8%. CIB, the index\u2019s heaviest constituent, ended down 1.1%. EGX30\u2019s top performing constituents were Juhayna up 9.9%, Dice up 5.1%, and Credit Agricole up 3.6%. Yesterday\u2019s worst performing stocks were EFG Hermes down 3.8%, Emaar Misr down 3.7% and Palm Hills down 3.5%. The market turnover was EGP 480 mn, and domestic investors were the sole net buyers.<\/p>\n<p><strong>Foreigners<\/strong>: Net Short | EGP -94.3 mn<br \/>\n <strong>Regional<\/strong>: Net Short | EGP -46.2 mn<br \/>\n <strong>Domestic<\/strong>: Net Long | EGP +140.5 mn<\/p>\n<p><strong>Retail<\/strong>: 64.4% of total trades | 72.5% of buyers | 56.2% of sellers<br \/>\n <strong>Institutions<\/strong>: 35.6% of total trades | 27.5% of buyers | 43.8% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 23.02 (+1.14%)<br \/>\n <strong>Brent:<\/strong> USD 31.80 (+1.02%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 1.76 MMBtu, (+1.44%, May 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,740.90 \/ troy ounce (-0.68%)<\/p>\n<p><strong>TASI:<\/strong> 6,865.74 (-2.01%) (YTD: -18.16%)<br \/>\n <strong>ADX:<\/strong> 4,200.80 (+2.12%) (YTD: -17.24%)<br \/>\n <strong>DFM:<\/strong> 1,906.14 (+4.16%) (YTD: -31.06%)<br \/>\n <strong>KSE Premier Market:<\/strong> 4,984.77 (+1.5%)<br \/>\n <strong>QE:<\/strong> 8,896.87 (-1.03%) (YTD: -14.66%)<br \/>\n <strong>MSM:<\/strong> 3,491.50 (+0.55%) (YTD: -12.30%)<br \/>\n <strong>BB: <\/strong>1,297.23 (-0.24%) (YTD: -19.44%)<\/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=\"570746\" 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\/13\/570746\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570746\" class=\"content-area-description single-story post-570746 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>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>23 April (Thursday): Earliest date on which suspension K-12 and university instruction is set to be lifted.<\/p>\n<p>23 April (Thursday): Suspension of international flights to \/ from Egypt expires.<\/p>\n<p>23 April (Thursday): Earliest date by which restaurants, gyms, nightclubs, museums and archaeological sites will reopen.<\/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>29 April (Sunday): House of Representatives covid-19 recess ends.<\/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>17 May (Sunday): A Cairo court will look into an appeal from Antaradous for Touristic Development <a href=\"https:\/\/bit.ly\/2K1eKwa\">seeking annulment of an international arbitration<\/a> that granted Amer Group <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/25\/egyptian-arbitration-court-grants-amer-group-usd-39-mn-in-compensation\/\">USD 39 mn in compensation.<\/a><\/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":570725,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-570724","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"43084391-852d-42e0-940d-b6c2834e1829","teaser":"","photo_url":"https:\/\/ent.news\/2020\/4\/112.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MPs want funding for bank industry fund + separate bailout mechanism - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MPs want funding for bank industry fund + separate bailout mechanism\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T07:37:12+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/112.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/\",\"name\":\"MPs want funding for bank industry fund + separate bailout mechanism - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/112.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2020-04-13T04:33:08+00:00\",\"dateModified\":\"2025-12-16T07:37:12+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/112.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/112.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Issues\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/AMarchives\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"MPs want funding for bank industry fund + separate bailout mechanism\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"MPs want funding for bank industry fund + separate bailout mechanism - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/","og_locale":"en_US","og_type":"article","og_title":"MPs want funding for bank industry fund + separate bailout mechanism","og_url":"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/","og_site_name":"EnterpriseAM Egypt","article_modified_time":"2025-12-16T07:37:12+00:00","twitter_card":"summary_large_image","twitter_image":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/112.jpg?fit=%2C&ssl=1","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/","url":"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/","name":"MPs want funding for bank industry fund + separate bailout mechanism - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/112.jpg?fit=%2C&ssl=1","datePublished":"2020-04-13T04:33:08+00:00","dateModified":"2025-12-16T07:37:12+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/112.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/112.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/mps-want-funding-for-bank-industry-fund-separate-bailout-mechanism\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"Issues","item":"https:\/\/enterpriseam.com\/egypt\/AMarchives\/"},{"@type":"ListItem","position":3,"name":"MPs want funding for bank industry fund + separate bailout mechanism"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}}]}},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/issue"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570724\/revisions"}],"predecessor-version":[{"id":570756,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570724\/revisions\/570756"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570725"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}