{"id":570938,"date":"2020-04-23T04:30:55","date_gmt":"2020-04-23T04:30:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=570938"},"modified":"2025-12-16T07:44:22","modified_gmt":"2025-12-16T07:44:22","slug":"happy-ramadan-yall-plus-egypts-economy-could-grow-3-5-next-year-but-were-looking-at-a-v-shaped-recovery-globally","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/happy-ramadan-yall-plus-egypts-economy-could-grow-3-5-next-year-but-were-looking-at-a-v-shaped-recovery-globally\/","title":{"rendered":"Happy Ramadan, y\u2019all. Plus: Egypt\u2019s economy could grow 3.5% next year, but we\u2019re looking at a V-shaped recovery globally"},"content":{"rendered":"<section id=\"570940\" 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=\"570940\">\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\/23\/what-were-tracking-on-23-april-2020\/\">\r\n                            What we\u2019re tracking on 23 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\/23\/what-were-tracking-on-23-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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Here\u2019s hoping things slow down a bit after the excitement (understatement of the year) of the last few months.<\/p><p><strong>So, when do we eat? <\/strong>Maghreb on Friday will be at 6:28 pm CLT, <a href=\"https:\/\/www.islamicfinder.org\/world\/egypt\/360630\/cairo-prayer-times\/\">according to Islamic FInder<\/a>.<\/p><p><strong>The Madbouly government is expected to announce today whether our nighttime curfew <\/strong><strong>will be <\/strong><strong>changed during Ramadan<\/strong>. It will also announce how it will handle other measures that may remain in place or be implemented throughout the month to limit the spread of covid-19, according to <a href=\"https:\/\/bit.ly\/2Y4hAc1\">a cabinet statement<\/a>.<\/p><p><strong>President Abdel Fattah El Sisi warned that we could be facing \u201cdifficult and harsh\u201d <\/strong><strong>measures<\/strong> to contain the virus if citizens fail to abide by social distancing and hygiene practices (<a href=\"https:\/\/www.youtube.com\/watch?v=TDP21axaeJQ\">watch, runtime: 5:05<\/a>).<\/p><p><strong>PSA- There\u2019s a strong chance of dusty winds today and a sand storm tomorrow<\/strong> to mark the first day of Ramadan, according to the national weather service and our favorite weather app.<\/p><p><strong>HOLIDAY WATCH- Saturday, 25 April is Sinai Liberation Day.<\/strong> The holiday will be observed on Saturday and there will be no \u201creplacement holiday\u201d on Sunday, <a href=\"https:\/\/bit.ly\/2KqNmrG\">according to a statement<\/a>. Labour day (1 May) also falls on a weekend.<\/p><hr class=\"grey-line\"><p><strong>Some readings to keep your brain engaged during fasting hours tomorrow:<\/strong><\/p><p><strong>The year ahead for the coronavirus<\/strong>, an <a href=\"https:\/\/www.nytimes.com\/2020\/04\/18\/health\/coronavirus-america-future.html?referringSource=articleShare\">epic feature from the New York Times<\/a> that has predictions and ideas that apply to countries around the world \u2014 including Egypt. Read it alongside Business Insider editor Nicholas Carlson\u2019s <strong><a href=\"https:\/\/www.businessinsider.com\/wont-be-normal-from-coronavirus-pandemic-covid19-fall-2021-2020-4\">I am personally planning a return to 'normal' in Fall\u20262021<\/a><\/strong> and Farhad Manjoo\u2019s reminder to us in the NYT that even if things calm down soon (unlikely), life won\u2019t return to normal for most parents until the kids go back to physical school in the fall: <strong><a href=\"https:\/\/www.nytimes.com\/2020\/04\/22\/opinion\/coronavirus-parenting-burnout.html\">Two Parents. Two Kids. Two Jobs. No Child Care.<\/a><\/strong><\/p><p><strong>Also worth a read (if a bit angsty): <\/strong><a href=\"https:\/\/www.nytimes.com\/2020\/04\/21\/world\/americas\/coronavirus-social-impact.html\">What will our new normal feel like? Hints are beginning to<\/a><a href=\"https:\/\/www.nytimes.com\/2020\/04\/21\/world\/americas\/coronavirus-social-impact.html\">emerge<\/a>, which looks at the psychic toll of what\u2019s likely to be \u201ca world of half-closures and intermittent lockdowns.\u201d<\/p><p><strong>Silicon Valley types have (deservedly) taken a lot of [redacted] for conflating \u201cvirality\u201d on <\/strong><strong>the internet with virology. <\/strong>But Marc Andreessen spoke to our heart in <strong><a href=\"https:\/\/a16z.com\/2020\/04\/18\/its-time-to-build\/\">It\u2019s time to build<\/a><\/strong>, wherein he declares, \u201cIt\u2019s time for full-throated, unapologetic, uncompromised \u2026 support \u2026 for aggressive investment in new products, in new industries, in new factories, in new science, in big leaps forward.\u201d For newbies: Andreessen is the one who changed our reality by inventing this thing called Netscape and who today runs one of the most <a href=\"https:\/\/a16z.com\/\">high-profile VC outfits in the US of A<\/a>.<\/p><p><strong>The death of retail, part 937: <\/strong>\u201cShuttered flagships. Empty malls. Canceled orders. Risks of bankruptcy. The coronavirus has hit the behemoths of the retail world,\u201d warns the NYT in <a href=\"https:\/\/www.nytimes.com\/2020\/04\/21\/business\/coronavirus-department-stores-neiman-marcus.html?action=click&amp;module=Top%20Stories&amp;pgtype=Homepage\">The Death of the Department Store: \u2018Very Few Are Likely to Survive\u2019<\/a>.<\/p><p><strong>Corporate leaders, don\u2019t be a Di[sney]. <\/strong>The film, TV and cartoon giant is casting itself as the chief corporate baddie in a feature film about how to be a terrible, horrible, no good, very bad employer, having <strong>stopped paying 100k workers even while protecting its executive bonus schemes<\/strong>. The <a href=\"https:\/\/www.ft.com\/content\/db574838-0f40-41ce-9bcd-75039f8cb288\">Financial Times<\/a> has more, including the question of whether Disney will stay on track with a semi-annual USD 1.5 bn dividend payment.<\/p><p><strong>A break from covid for iSheep: <\/strong>Federico Viticci\u2019s review of the new Magic Keyboard for iPad Pro <a href=\"https:\/\/www.macstories.net\/stories\/magic-keyboard-for-ipad-pro-a-new-breed-of-laptop\/\">was the review we wanted<\/a>. But John Gruber\u2019s take at Daring Fireball was <a href=\"https:\/\/daringfireball.net\/2020\/04\/the_ipad_magic_keyboard\">the review we never knew we needed<\/a>.<\/p><hr class=\"grey-line\"><p class=\"web-image\"><a href=\"https:\/\/enterprise.press\/podcast\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/Making-It-Album-Cover-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>MAKING IT IS BACK- The second season of our podcast on building a great business in Egypt launches today<\/strong>, just in time to keep you entertained on Thursdays during Ramadan.<\/p><p><strong>Tap or click here to listen to the first episode on:<\/strong> <a href=\"http:\/\/enterprise.press\/podcast\">Our website<\/a> | <a href=\"https:\/\/podcasts.apple.com\/podcast\/making-it\/id1487974619\">Apple Podcast<\/a> | <a href=\"https:\/\/podcasts.google.com\/?feed=aHR0cHM6Ly93d3cub21ueWNvbnRlbnQuY29tL2QvcGxheWxpc3QvNWE1NmQ3YzMtZjI4MS00NTU3LThlMzEtYWFjODAxN2NjZjA2L2U3ZjE1ZWYwLWMwOWYtNDFiNi1iZDM4LWFiMDUwMGMwNDVlZi82OTc0ODFkMi04OGRmLTRlYjMtYmY3Mi1hYjA1MDBjMjllOWYvcG9kY2FzdC5yc3M&amp;episode=MjAxOTkxNTktOGU2NS00NjUxLWIyZDAtYWJhNTAxNjMyNWI5&amp;ved=0CAcQ38oDahcKEwiokr3Egf3oAhUAAAAAHQAAAAAQAg\">Google Podcast<\/a>. We\u2019re also available on <a href=\"https:\/\/open.spotify.com\/show\/5kp07MwlL0pk8W8i7thpgB\">Spotify<\/a>, but only for non-MENA accounts.<\/p><p><strong>Our first guest is Mohamed El Kalla<\/strong>, CEO of <a href=\"http:\/\/cairoinvest-ir.com\/en\">CIRA<\/a>, one of the largest private-sector education companies covering everything from K-12 through university. The business has grown from a small family concern into an EGX-listed giant that caters learners from all income levels across the country. CIRA today operates 19 K-12 schools and one university under names including Futures, Maverick schools, British Columbia schools, and Badr University, among others.<\/p><p><strong>And with 30k students, it had to pivot on a dime to offer e-learning <\/strong>when this whole coronavirus thing hit.<\/p><p><strong>The CIRA episode is the first one we\u2019ve produced entirely from home<\/strong> \u2014 other episodes had already been recorded by the time we went WFH \u2026 oh \u2026 about 18 years ago, from the feel of things now.<\/p><p><strong>Making It is made possible thanks to the generous support of:<\/strong> Our friends at <a href=\"https:\/\/www.cibeg.com\/English\/Pages\/default.aspx\">CIB<\/a> and <a href=\"https:\/\/www.usaid.gov\/egypt\">the United States Agency for International Development (USAID)<\/a>.<\/p><p><strong>Need some background? <\/strong><a href=\"https:\/\/enterprise.press\/podcast\/\">Tap or click here to listen to our trailer (runtime: 05:24)<\/a>, wherein we grumble about producing a podcast (and the Morning Edition you\u2019re reading now) from home. <\/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 3,659 confirmed cases of covid-19<\/strong> after <a href=\"https:\/\/bit.ly\/34UwKBZ\">the Health Ministry reported<\/a> 169 new infections yesterday. The ministry also said that another 12 people had died from the virus, taking the death toll to 276. We now have a total of 1,270 confirmed covid cases that have since tested negative for the virus after being hospitalized or isolated, of whom 935 have fully recovered.<\/p><p><strong>Authorities have detected nine different subtypes of the virus in Egypt<\/strong> that trigger varying levels of symptoms, head of the Health Ministry\u2019s pandemic science committee Hossam Hosny said (<a href=\"https:\/\/www.youtube.com\/watch?v=mLN4CM6On2g\">watch, runtime: 1:51:19<\/a>).<\/p><p><strong>The<\/strong><strong> Central Bank of Egypt is easing its cap on daily withdrawals during Ramadan to EGP <\/strong><strong>20k from ATMs<\/strong> and EGP 50k for in-branch transactions, the bank <a href=\"https:\/\/ent.news\/2020\/4\/CBE-withdrawal-limits-22-4-2020.pdf\">said yesterday (pdf)<\/a>. The new limits will only apply during Ramadan and deposit limits will remain unchanged, <a href=\"https:\/\/bit.ly\/3eFYU88\">Masrawy reports<\/a>, citing a CBE official. The CBE <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98ceb9d1-cecf-4c5d-839b-745003defa89\">late last month capped<\/a> in-branch withdrawals for individuals at EGP 10k, and ATM withdrawals at EGP 5k per day. The new limits go into effect tomorrow morning.<\/p><p><strong>Telecom Egypt isn\u2019t going to cut you off just yet.<\/strong> The fixed-line provider is kicking the deadline to pay your April landline bill to mid-June, <a href=\"https:\/\/bit.ly\/3eDLcme\">according to Hapi Journal<\/a>.<\/p><p><strong>GAFI will provide temporary six-month operating licenses for new and existing <\/strong><strong>businesses in investment zones<\/strong>, especially those focused on medical supplies and food commodities, a cabinet <a href=\"https:\/\/bit.ly\/2KrdYZm\">statement<\/a> said. A three-month grace period will also be granted for insurance payments and the deadline for investors to provide letters of guarantee reserve units in the zones.<\/p><p><strong>The government is still planning to bring back more than 3.5k Egyptians stranded <\/strong><strong>abroad<\/strong>, President Abdel Fattah El Sisi <a href=\"https:\/\/www.youtube.com\/watch?v=jby0WZywe1Y\">said yesterday (watch, runtime: 1:37)<\/a>.. A repatriation flight brought home 259 citizens from Saudi Arabia yesterday, according to <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1971185\">Al Masry Al Youm<\/a>.<\/p><p><strong>With <\/strong><strong><a href=\"https:\/\/www.nytimes.com\/2020\/04\/22\/world\/africa\/coronavirus-hunger-crisis.html\">food security in the global spotlight<\/a><\/strong><strong>, El Sisi also called on farmers to reduce the <\/strong><strong>amount of wheat they warehouse<\/strong> and sell more of their stock to the Supply Ministry to secure strategic commodity reserves (<a href=\"https:\/\/www.youtube.com\/watch?v=0CDnLVYvFRY\">watch, runtime 18: 47<\/a>). The president\u2019s remarks came as he inaugurated national projects east of the Suez Canal, including the USD 100 mn Al Mahsama agricultural drainage treatment and recycling plant developed by a JV of Hassan Allam and Metito, according to <a href=\"https:\/\/ent.news\/2020\/4\/Metito-Al-Mahsamma-Final-English.pdf\">an emailed statement (pdf)<\/a>. The plant, the largest of its kind in the world, will <strong>bolster food security by contributing to the cultivation of some 70k acres in Sinai<\/strong>.<\/p><p><strong>Diagnostics kit provider Cellex is coming to Egypt <\/strong>after having inked an agreement that makes Prime Speed Medical Services the sole agent for its virology and antibody diagnostic tests, according to <a href=\"https:\/\/ent.news\/2020\/4\/Speed-Medical-22-4-2020.pdf\">a regulatory filing (pdf)<\/a>. Medical diagnostics outfit Speed Medical is a 30% shareholder <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5228f93f-7112-4185-9373-ccce955d2ee4\">since March<\/a> in Prime Speed.<\/p><p><strong>TV stations give advertisers breathing room for Ramadan campaign payment:<\/strong> Egypt TV, CBC and Al Hayat will allow advertisers to pay for their primetime Ramadan campaigns over four monthly installments starting from April company cashflows feel the pinch of corona, <a href=\"https:\/\/bit.ly\/2KqnDzm\">Al Mal reports<\/a>.<\/p><p><strong>DONATIONS-<\/strong><\/p><ul>\n<li><strong>Papermaker Fine <\/strong>has doubled its MENA relief fund, from which Egypt benefits, to USD 2 mn. (<a href=\"http:\/\/www.finehh.com\/News\/ArticleID\/99\/Fine-Hygienic-Holding-Doubles-the-Amount-of-its-Coronavirus-Relief-Fund-to-2-Million\">statement<\/a>)<\/li>\n<li><strong>Henkel Egypt<\/strong> launched a EGP 2 mn initiative to support healthcare personnel in cooperation with the Egyptian Cure Bank. (<a href=\"https:\/\/bit.ly\/3eCNeTL\">Masrawy<\/a>)<\/li>\n<li><strong>China State Construction Engineering Corporation<\/strong> has gifted Egypt with EGP 12 mn-worth of medical supplies, including respirators. (<a href=\"https:\/\/bit.ly\/2xTYtGC\">Youm7<\/a>)<\/li>\n<\/ul><p class=\"web-image\"><a href=\"https:\/\/www.ypo.org\/2020\/04\/latest-ypo-survey-explores-covid-19-business-outlook\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/YPOsurvey-April2020-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>ON THE GLOBAL FRONT-<\/strong><\/p><p><strong>Saudi Arabia will allow Ramadan-evening Taraweeh prayers at the Two Holy Mosques<\/strong>, but will reduce the prayer to five rounds and not allow worshippers inside the mosques, <a href=\"https:\/\/ara.reuters.com\/article\/topNews\/idARAKCN22408N\">according to Reuters<\/a>. Saudi Arabia is also looking to loosen its lockdown and curfew hours during Ramadan. <a href=\"https:\/\/www.khaleejtimes.com\/region\/saudi-arabia\/ramadan-2020-saudi-king-approves-performing-taraweeh-in-the-two-holy-mosques\">Khaleej Times<\/a> has the new curfew timetable.<\/p><p><strong>The UAE is continuing to ramp up corona testing:<\/strong> The UAE has now tested around 10% of the population for covid-19, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-04-22\/u-a-e-ramps-up-coronavirus-testing-rate-to-one-in-ten-people?sref=mmeFTDW1\">Bloomberg<\/a> reported a government spokesman as saying. The Gulf state has opened drive-thru test centers and has made the test free for vulnerable groups and people showing symptoms.<\/p><p><strong>US President Donald Trump signed yesterday an executive order to temporarily suspend <\/strong><strong>issuing permanent residency<\/strong><strong> cards to immigrants<\/strong>, <a href=\"https:\/\/apnews.com\/849b0ba2875ec6f3c84f1af4d0b4b4d7\">reports the Associated Press<\/a>. The 60-day pause is meant to stop foreign workers from competing for jobs amid rising covid-19 unemployment, Trump said, but comes with a laundry list of exemptions, the newswire notes.<\/p><p><strong>US lawmakers edged overnight toward passage of a USD 484 bn stimulus package for <\/strong><strong>small businesses and hospitals<\/strong>, <a href=\"https:\/\/www.wsj.com\/articles\/schumer-says-he-believes-congress-has-a-deal-on-small-business-aid-11587473436?mod=hp_lead_pos1\">the Wall Street Journal reports<\/a>. The move comes less than a month after the country passed a historic USD 2.2 tn stimulus bill.<\/p><p><strong>EVERYTHING MACRO-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Global business chiefs abandon hope for \u2018V-shaped\u2019 recession, prepare for long,<\/strong> <strong>drawn-out recovery:<\/strong> Business leaders around the world are pessimistic about the chances of a rapid recovery from the corona recession and many are bleak about their companies\u2019 chances of survival, <a href=\"https:\/\/www.ypo.org\/2020\/04\/latest-ypo-survey-explores-covid-19-business-outlook\/\">a major poll of chief executives showed yesterday<\/a>. More than 60% of the more than 3.5k CEOs surveyed by YPO now expect a \u2018U-shaped\u2019 recession \u2014 indicating a longer recovery \u2014 rather than a short-lived V-shaped downturn, with 64% expecting their revenues to still be suffering a year from now and 43% forecasting a 20% drop in revenues.<\/p><p><strong>The gloom is real:<\/strong> The outlook has darkened significantly since <a href=\"https:\/\/www.ypo.org\/2020\/03\/ceos-weigh-in-on-covid-19-pandemic\/\">YPO\u2019s last survey in March<\/a> which found a majority of CEOs expecting no significant impact from factors relating to the pandemic. Yesterday\u2019s poll \u2014 conducted in the middle of this month \u2014 now shows that 56% believe the impact will be significantly more negative and more than 10% expressed fear that their businesses could collapse.<\/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\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/donald-trump\/\">Donald Trump<\/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\/entrepreneurship\/\">entrepreneurship<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gafi\/\">GAFI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gold\/\">gold<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/making-it\/\">Making It<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-el-kalla\/\">Mohamed El Kalla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/podcast\/\">podcast<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ramadan\/\">Ramadan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570941\" 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 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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-c81cml7\" data-v=\"4\" data-block-id=\"c81cml7\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-c81cml7-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-c81cml7-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\" 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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=\"570942\" 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=\"570942\">\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\/23\/el-sisi-inaugurates-new-national-projects-imfs-egypt-growth-projections\/\">\r\n                            El Sisi inaugurates new national projects, IMF\u2019s Egypt growth projections                        <\/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\/23\/el-sisi-inaugurates-new-national-projects-imfs-egypt-growth-projections\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" 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Sisi inaugurates new national projects, IMF\u2019s Egypt growth projections&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/el-sisi-inaugurates-new-national-projects-imfs-egypt-growth-projections\/\">\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\/23\/el-sisi-inaugurates-new-national-projects-imfs-egypt-growth-projections\/&title=El Sisi inaugurates new national projects, IMF\u2019s Egypt growth projections\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=El+Sisi+inaugurates+new+national+projects%2C+IMF%E2%80%99s+Egypt+growth+projections+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F23%2Fel-sisi-inaugurates-new-national-projects-imfs-egypt-growth-projections%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\/23\/el-sisi-inaugurates-new-national-projects-imfs-egypt-growth-projections\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570942\" class=\"content-area-description single-story post-570942 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-gdp tag-hassan-allam-holding tag-imf wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>President Abdel Fattah El Sisi\u2019s inauguration yesterday of national projects<\/strong> east of the Suez Canal was in the limelight on last night\u2019s talk shows. The projects inaugurated yesterday included tunnels running under the canal, New Ismailia City, a new agricultural drainage treatment plant constructed by Hassan Allam and Metito and a floating bridge in Ismailia, among several others, Al Hayah Al Youm\u2019s Hossam Haddad said (<a href=\"https:\/\/www.youtube.com\/watch?v=lAXMmRrUvbE\">watch, runtime: 3:40<\/a>). Min Masr\u2019s Amr Khalil (<a href=\"https:\/\/www.youtube.com\/watch?v=in5zExN5jn8\">watch, runtime: 7:49<\/a>) and Yahduth fi Misr\u2019s Sherif Amer (<a href=\"https:\/\/www.youtube.com\/watch?v=MeD9DU_UcPk\">watch, runtime: 5:01<\/a>) also had coverage.<\/p>\n<p><strong>Masaa DMC\u2019s Ramy Radwan took note of IMF projections that Egypt\u2019s GDP growth will slow<\/strong> to 2% this year, but will remain the only country in the MENA region to avoid a contraction <a href=\"https:\/\/www.youtube.com\/watch?v=8Wq5c3sBR7g\">watch, runtime: 2:55<\/a>). We covered the report in depth <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2ecf97e-8c74-428f-843c-0559f5b1540f\">last week<\/a>.<\/p>\n<p><strong>New withdrawal caps for Ramadan:<\/strong> Federation of Egyptian Banks head Mohamed El Etreby had a chat with Sherif Amer to explain the Central Bank of Egypt\u2019s decision to raise the limits on daily in-bank and ATM withdrawals, which we take note of in What We\u2019re Tracking Today, above (<a href=\"https:\/\/www.youtube.com\/watch?v=XGsCkHv_Yq4\">watch, runtime: 3:06<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-allam-holding\/\">Hassan Allam Holding<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570943\" 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=\"570943\">\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\/23\/egyptian-economy-to-grow-3-5-in-fy2020-2021-reuters-poll\/\">\r\n                            Egyptian economy to grow 3.5% in FY2020-2021 \u2013Reuters poll                        <\/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\/23\/egyptian-economy-to-grow-3-5-in-fy2020-2021-reuters-poll\/\" 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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Growth for the current fiscal year will come in at 3%, a downgrade from a previous estimate of 5.8%, according to the 20 analysts polled. The economy expanded 5.6% in 1H2019-2020 but is expected to slow substantially in the second half of the fiscal year as the covid-19 pandemic causes widespread domestic disruption and the global economy enters one of the deepest recessions in living memory.<\/p>\n<p><strong>Just one respondent sees a possible recession:<\/strong> NKC African expects the economy to contract by 1.7% in the coming fiscal year due to \u201cweaker consumption, investment and exports.\u201d<\/p>\n<p><strong>Inflation to remain steady:<\/strong> The analysts predict that inflation will remain within the central bank\u2019s 9% (+\/-3%) target range, slowing to 6% in the current fiscal year before accelerating to 7.5% in FY2020-2021.<\/p>\n<p><strong>More rate cuts on the way?<\/strong> Respondents see the central bank making another 50 bps cut to its overnight lending rate by the end of June 2020, bringing it down to 9.75%. <strong>The CBE <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c85cd3ca-0f37-4939-b45f-222026e8ef7f\">left rates on hold on 2 April<\/a><\/strong><strong>,<\/strong> less than three weeks after the 300 bps cut, leaving its discount rate at 9.75%. <strong>The CBE\u2019s monetary policy committee next meets on 14 May.<\/strong><\/p>\n<p><strong>Fitch sees rates being left on hold: <\/strong>The CBE will hold off on making further cuts to interest rates for the rest of the year due to the global turmoil caused by the novel coronavirus, Fitch Solutions said in a report <a href=\"https:\/\/bit.ly\/34XxFl4\">picked up by Al Mal<\/a>. The central bank, which last month made <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2e78eb3-6978-4eb5-a04f-a3b7247293ed\">an emergency 300 bps cut<\/a> as a \u201cpreemptive\u201d move against covid-19, will keep its foot off the pedal until 2021 as external finance tightens, the ratings agency said.<\/p>\n<p><strong>A tentative return to easing in 2021:<\/strong> Fitch anticipates that the CBE will take a more accommodative turn in 2021 and cut rates by 50 bps. A more aggressive cut could be in store if the economy fails to rebound as expected, it said.<\/p>\n<p><strong>Egypt to withstand corona blowback despite growth slowdown -BNP Paribas:<\/strong> Egypt\u2019s stable financial sector and ample liquidity will help the economy weather the corona storm, <a href=\"https:\/\/alborsaanews.com\/2020\/04\/22\/1323466\">according to BNP Paribas<\/a>, which is forecasting GDP to dip to 2.6% in 2020 before recovering slightly to post 3.4% growth in 2021. Fiscal reforms over the past several years will enable the government to keep servicing debt repayments and its current account deficit, and its healthy FX reserves will support the EGP\u2019s performance against foreign currencies and help the government to accommodate any temporary decline in foreign investment.<\/p>\n<p><strong>Stimulus package gets props:<\/strong> The French bank lauded the state\u2019s EGP 100 bn stimulus package and the CBE\u2019s 300 bps rate cut, for helping alleviate the financial burden on average citizens and limiting potential corporate losses.<\/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\/bnp-paribas\/\">BNP Paribas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fitch\/\">Fitch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-reserves\/\">foreign reserves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/reuters\/\">Reuters<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570956\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570957\" 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=\"570957\">\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\/23\/the-week-the-oil-markets-turned-upside-down\/\">\r\n                            The week the oil markets turned upside down                        <\/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\/23\/the-week-the-oil-markets-turned-upside-down\/\" 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\/23\/the-week-the-oil-markets-turned-upside-down\/')\">\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\/23\/the-week-the-oil-markets-turned-upside-down\/\">\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 week the oil markets turned upside down&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/the-week-the-oil-markets-turned-upside-down\/\">\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\/23\/the-week-the-oil-markets-turned-upside-down\/&title=The week the oil markets turned upside down\">\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+week+the+oil+markets+turned+upside+down+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F23%2Fthe-week-the-oil-markets-turned-upside-down%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\/23\/the-week-the-oil-markets-turned-upside-down\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/201.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"570958\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/the-week-the-oil-markets-turned-upside-down\/201-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/201.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"201.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/201.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/201.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570957\" class=\"content-area-description single-story post-570957 post type-post status-publish format-standard has-post-thumbnail hentry category-the-macro-picture tag-covid-19 tag-energy tag-enterpriseam tag-the-macro-picture wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>The week the oil markets turned upside down:<\/strong> With all the havoc wrought upon the global economy by the coronavirus over the past six weeks, the oil markets have held up relatively well. The key word here is relatively \u2014 up until the beginning of this week WTI prices had plunged more than 61% since the beginning of the year. But until a few days ago prices had held their ground in the mid-USD 20 range since the end of March despite all available evidence pointing to an intensifying supply crisis.<\/p>\n<p><strong><a href=\"https:\/\/www.reuters.com\/article\/audi-oil-prices\/update-1-saudi-arabia-slashes-april-crude-oil-prices-after-opecs-supply-pact-collapsed-idUSL8N2B00TK\">Saudi Aramco\u2019s price cuts<\/a><\/strong><strong> in its attritional oil war with Russia <\/strong><strong>combined with the shuttering of much of the global economy only pointed one way.<\/strong> On Monday, US crude finally caved: Prices crashed <a href=\"https:\/\/www.spglobal.com\/platts\/en\/market-insights\/latest-news\/oil\/042020-oil-futures-nymex-wti-falls-below-5b-to-all-time-record-low\">from USD 55.90\/bbl to USD -37.63<\/a>. With just two days left before the expiry of the May futures contract, traders for the first time in recorded history began throwing money at any buyers they could find in a frantic bid to avoid taking delivery. It was a rampage that some observers speculate could sign the death warrant for WTI as the US benchmark.<\/p>\n<p><strong>WTF happened to WTI?<\/strong> The shutdown of swathes of the global economy combined with the ill-timed Saudi-Russia-US battle for market dominance has resulted in a chronic case of oversupply and an unprecedented demand slump. Across the world, airlines are grounded, cars gather dust in garages, and entire sectors of economies lie anaesthetized by governments desperate to stamp out the spread of the virus. Add to this the price war and Aramco spewing crude at full throttle and you have a world drowning in oil \u2014 mns of barrels <a href=\"https:\/\/www.wsj.com\/articles\/saudi-oil-stranded-in-supertankers-as-backlog-piles-up-11587478831\">lying stationary on newly-deployed supertankers<\/a> and storage sites full to the brim. All this has left Cushing \u2014 the sleepy Oklahoman hub for US crude \u2014 practically overflowing with oil. Traders, seemingly unable to take physical delivery, were at one point <a href=\"https:\/\/www.nytimes.com\/article\/negative-oil-prices-facts-history.html\">paying USD 37.63\/bbl<\/a> to anyone who would take it off their hands.<\/p>\n<p><strong>Was this merely a blip \u2014 or a sign of a more profound imbalance in the markets?<\/strong> Granted, WTI\u2019s momentary trip into sub-zero prices was hardly reflective of the broader market. Contracts further ahead on the curve remained in positive territory, and the more widely-used Brent benchmark fell by a comparatively modest 7.7%. The nature of WTI contracts also played a major role in the sell-off. Contracts for US crude, unlike Brent, <a href=\"https:\/\/www.robeco.com\/en\/insights\/2020\/04\/a-negative-oil-price--a-market-quirk-or-the-new-normal.html\">do not allow cash settlements<\/a>, forcing traders to take delivery if held until expiry. This would have provided little assurance to traders though: The next day, prices of the June contract <a href=\"https:\/\/www.marketwatch.com\/story\/us-oils-june-contract-tumbles-25-to-around-21-year-low-as-expiring-may-contract-hangs-below-0-a-barrel-2020-04-21\">plunged 43% to just USD 11.57<\/a> and June Brent joined the selloff, falling 24.4% to settle at USD 19.33.<\/p>\n<p><strong>A portent of things to come? <\/strong>This extension of volatility into longer-term contracts betrayed a more troubling reality: as long as the status quo persists, Monday\u2019s dive into negative prices may not be merely a historic blip but a portent of things to come. \u201cIf we have not recovered from covid in July so that enough driving has come back and storage is full, then the price of crude oil is going to be zero,\u201d <a href=\"https:\/\/www.cnbc.com\/2020\/04\/21\/oil-traders-have-never-seen-insane-market-like-this-before-fear-more-declines-to-negative-prices.html\">one analyst said<\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-macro-picture\/\">THE MACRO PICTURE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570959\" 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=\"570959\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egypt-in-the-news-on-23-april-2020\/\">\r\n                            Egypt in the News on 23 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\/23\/egypt-in-the-news-on-23-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\/23\/egypt-in-the-news-on-23-april-2020\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/egypt-in-the-news-on-23-april-2020\/&title=Egypt in the News on 23 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+23+April+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F23%2Fegypt-in-the-news-on-23-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\/23\/egypt-in-the-news-on-23-april-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570959\" class=\"content-area-description single-story post-570959 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-covid-19 tag-egypt-in-the-news tag-enterpriseam tag-new-administrative-capital tag-politics tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egypt\u2019s shipment of personal protective equipment to the US<\/strong> earlier this week is still getting attention in the foreign press, with <a href=\"https:\/\/www.timesofisrael.com\/liveblog_entry\/in-role-reversal-egypt-sends-virus-aid-to-us\/\">AFP<\/a> and <a href=\"https:\/\/www.thenational.ae\/world\/mena\/egypt-sends-planeload-of-medical-supplies-to-help-us-battle-coronavirus-1.1009913\">the National<\/a> taking note.<\/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\/new-administrative-capital\/\">new administrative capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"570960\" 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=\"570960\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/kom-ombo-solar-plant-starts-operations-in-aswan\/\">\r\n                            Kom Ombo solar plant starts operations in Aswan                        <\/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\/23\/kom-ombo-solar-plant-starts-operations-in-aswan\/\" 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\/23\/kom-ombo-solar-plant-starts-operations-in-aswan\/')\">\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\/23\/kom-ombo-solar-plant-starts-operations-in-aswan\/\">\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=Kom Ombo solar plant starts operations in Aswan&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/kom-ombo-solar-plant-starts-operations-in-aswan\/\">\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\/23\/kom-ombo-solar-plant-starts-operations-in-aswan\/&title=Kom Ombo solar plant starts operations in Aswan\">\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=Kom+Ombo+solar+plant+starts+operations+in+Aswan+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F23%2Fkom-ombo-solar-plant-starts-operations-in-aswan%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\/23\/kom-ombo-solar-plant-starts-operations-in-aswan\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570960\" class=\"content-area-description single-story post-570960 post type-post status-publish format-standard hentry category-energy tag-energy tag-enterpriseam tag-renewables wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The New and Renewable Energy Authority (NREA) has brought online the 26 MW Kom Ombo solar plant, <a href=\"https:\/\/www.zawya.com\/mena\/en\/business\/story\/Egypts_Kom_Ombo_solar_plant_begins_operation-SNG_172768017\/\">according to the local press<\/a>. The NREA had started trial operations on the plant, which was constructed by Spain\u2019s TSK, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/948e04b6-6319-4813-88ee-43d326f0b6b7\">two weeks ago<\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/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=\"570962\" 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=\"570962\">\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\">MY WFH ROUTINE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/my-wfh-routine-fatma-ghaly-partner-and-ceo-of-azza-fahmy-jewelry\/\">\r\n                            My WFH Routine: Fatma Ghaly, partner and CEO of Azza Fahmy Jewelry                        <\/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\/23\/my-wfh-routine-fatma-ghaly-partner-and-ceo-of-azza-fahmy-jewelry\/\" 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\/23\/my-wfh-routine-fatma-ghaly-partner-and-ceo-of-azza-fahmy-jewelry\/')\">\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\/23\/my-wfh-routine-fatma-ghaly-partner-and-ceo-of-azza-fahmy-jewelry\/\">\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=My WFH Routine: Fatma Ghaly, partner and CEO of Azza Fahmy Jewelry&url=https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/my-wfh-routine-fatma-ghaly-partner-and-ceo-of-azza-fahmy-jewelry\/\">\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\/23\/my-wfh-routine-fatma-ghaly-partner-and-ceo-of-azza-fahmy-jewelry\/&title=My WFH Routine: Fatma Ghaly, partner and CEO of Azza Fahmy Jewelry\">\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=My+WFH+Routine%3A+Fatma+Ghaly%2C+partner+and+CEO+of+Azza+Fahmy+Jewelry+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F04%2F23%2Fmy-wfh-routine-fatma-ghaly-partner-and-ceo-of-azza-fahmy-jewelry%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\/23\/my-wfh-routine-fatma-ghaly-partner-and-ceo-of-azza-fahmy-jewelry\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/202.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"570963\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/my-wfh-routine-fatma-ghaly-partner-and-ceo-of-azza-fahmy-jewelry\/202-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/202.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"202.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/202.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/4\/202.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570962\" class=\"content-area-description single-story post-570962 post type-post status-publish format-standard has-post-thumbnail hentry category-my-wfh-routine tag-enterpriseam tag-my-morning-routine tag-work-from-home 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-09\"><\/a> <strong>Fatma Ghaly, partner and CEO of Azza Fahmy Jewelry:<\/strong> Speaking to us this week is <a href=\"https:\/\/eg.linkedin.com\/in\/fatmaghaly\">Fatma Ghaly<\/a>, partner and CEO of <a href=\"https:\/\/www.azzafahmy.com\/me\/home\">Azza Fahmy Jewelry<\/a>, an international, family-owned, 50 year-old artisanal jewelry brand.<\/p>\n<p><strong>Azza Fahmy Jewelry is a family business, and I've been there for 20 years.<\/strong> I started as a junior in the marketing department and held roles in different departments, working my way up until I took on the position of managing director in 2016. In 2019, I became the CEO.<\/p>\n<p><strong>My WFH days vary, but meditation and exercise are a must to give me energy and clarity, and keep me productive.<\/strong> I usually wake up around 8am and meditate for 30-40 minutes. Then I do an online workout at home from 10-11am with <a href=\"https:\/\/eg.linkedin.com\/in\/sarah-helmy-6320a476\">Sarah Helmy at TheStudio<\/a>. Recently I took up running, which I sometimes do in the afternoon. Now I have some extra time, I\u2019ve been able to go back to painting \u2014 something I hadn\u2019t done in years \u2014 and I actually displayed a painting last month at a TAM Gallery exhibition.<\/p>\n<p><strong>The madness of Zoom meetings and calls begins at 11:30am and lasts until 6 or 7pm.<\/strong> It\u2019s often a little more stressful than being at the office. We have two types of meetings \u2014 crisis management and planning \u2014 and together they take up a big chunk of the day.<\/p>\n<p><strong>I usually go for a walk in Zamalek, where I live, after finishing my work day around 6pm.<\/strong> I\u2019m really noticing and enjoying the use of public space on the island now, and it feels like I'm getting to know the neighborhood differently. Afterwards I head home, shower, watch some TV, spend some time with my family and head to bed very early.<\/p>\n<p><strong>The current environment is very challenging financially as jewelry is not a necessity.<\/strong> I\u2019m aware that we provide luxury goods that people can easily live without, so when our revenues take a hit we have to reassess everything we\u2019re doing, especially from an organizational perspective. It's a very challenging time but the circumstances have forced us to become creative, and some of our new approaches will continue beyond the current situation.<\/p>\n<p><strong>Managing production costs and determining how to continue operations are our major challenges.<\/strong> We have craftsmen who cannot work remotely. In mid-March, we reduced the number of people in our factory from 160 to 10 of the most essential workers living close to the factory.<\/p>\n<p><strong>We\u2019re operating with a mindset of survival, rather than growth.<\/strong> We shut the office in mid-March, and our sales, marketing, and commercial departments transitioned to WFH quite easily, then we followed up with operational reductions. Shops remain open between 10am and 5pm, but we\u2019ve cut staff numbers down to two people per shift, and one shift a day.<\/p>\n<p><strong>Good communication has been instrumental in easing everyone\u2019s anxiety.<\/strong> Regular communication from the partners to the team through e-meetings, calls, and even personal WhatsApp messages have been key to maintaining that connection.<\/p>\n<p><strong>Right now I'm watching the silliest stuff you could imagine:<\/strong> <a href=\"https:\/\/www.imdb.com\/title\/tt0487831\/\">The IT Crowd<\/a>, with its dark, cynical British humor, has been at the top of my list. I\u2019m also re-watching <a href=\"https:\/\/www.imdb.com\/title\/tt0086831\/\">Yes, Prime Minister<\/a>, which is one of my all-time favorite shows and highlights the failure of bureaucratic institutions. I had started watching <a href=\"https:\/\/www.imdb.com\/title\/tt8714904\/\">Narcos: Mexico<\/a> before the height of the pandemic, but I can no longer watch it right now.<\/p>\n<p><strong>Now I\u2019m in the mood for fiction,<\/strong> and getting caught up in a story that helps me think of lighter things. I currently have at my bedside <a href=\"https:\/\/www.amazon.com\/gp\/bookseries\/B00PO9JL70\">Elena Ferrante\u2019s Neapolitan Novels<\/a>, which people have repeatedly recommended. And I recently read <a href=\"https:\/\/www.amazon.com\/Golem-Jinni-Novel-P-S\/dp\/0062110845\">The Golem and the Jinni by Helene Wecker<\/a>, which is great. I felt a connection to the people and relationships depicted, but it's also pure escapism, which is what I need at the moment.<\/p>\n<p><strong>I really miss human interaction.<\/strong> I miss sitting with all the people that I love and physically giving them a hug.<\/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\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/work-from-home\/\">Work from home<\/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=\"570964\" 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=\"570964\">\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\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/23\/the-market-yesterday-77\/\">\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\/23\/the-market-yesterday-77\/\" 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\/23\/the-market-yesterday-77\/')\">\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\/23\/the-market-yesterday-77\/\">\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\/23\/the-market-yesterday-77\/\">\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\/23\/the-market-yesterday-77\/&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%2F23%2Fthe-market-yesterday-77%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\/23\/the-market-yesterday-77\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570964\" class=\"content-area-description single-story post-570964 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 15.68<\/p>\n<p><strong>EGX30<\/strong> (Wednesday): 9,801 (-0.8%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.7 bn (163% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -29.8%<\/p>\n<p><strong>THE MARKET ON WEDNESDAY:<\/strong> The EGX30 ended Wednesday\u2019s session down 0.8%. CIB, the index\u2019s heaviest constituent, ended down 1.2%. EGX30\u2019s top performing constituents were Dice up 9.8%, Sidi Kerir Petrochemicals up 4.3%, and Heliopolis Housing up 3.1%. Yesterday\u2019s worst performing stocks were Eastern Co down 2.6%, Cleopatra Hospitals down 2.3% and Pioneers Holding down 1.8%. The market turnover was EGP 1.7 bn, and foreign investors were the sole net sellers.<\/p>\n<p><strong>Foreigners<\/strong>: Net Short | EGP -204.6 mn<br \/>\n <strong>Regional<\/strong>: Net Long | EGP +9.2 mn<br \/>\n <strong>Domestic<\/strong>: Net Long | EGP +195.4 mn<\/p>\n<p><strong>Retail<\/strong>: 32.0% of total trades | 33.8% of buyers | 30.2% of sellers<br \/>\n <strong>Institutions<\/strong>: 68.0% of total trades | 66.2% of buyers | 69.8% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 13.93 (+1.09%)<br \/>\n <strong>Brent:<\/strong> USD 20.52 (+0.74%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 1.93 MMBtu, (-0.52%, May 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,733.30 \/ troy ounce (-0.29%)<\/p>\n<p><strong>TASI:<\/strong> 6,541.47 (+0.69%) (YTD: -22.03%)<br \/>\n <strong>ADX:<\/strong> 3,987.06 (+3.28%) (YTD: -21.45%)<br \/>\n <strong>DFM:<\/strong> 1,862.28 (+2.01%) (YTD: -32.64%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,074.38 (+0.38%)<br \/>\n <strong>QE:<\/strong> 8,500.23 (+2.09%) (YTD: -18.47%)<br \/>\n <strong>MSM:<\/strong> 3,449.58 (+0.21%) (YTD: -13.35%)<br \/>\n <strong>BB: <\/strong>1,308.53 (-0.32%) (YTD: -18.73%)<\/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=\"570965\" 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\/23\/570965\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570965\" class=\"content-area-description single-story post-570965 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>24 April (Friday): First day of Ramadan.<\/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>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":570939,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-570938","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"3c967c4d-d4c6-4fb2-8aeb-6f86ce3bac88","teaser":"","photo_url":"https:\/\/ent.news\/2020\/4\/192.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>Happy Ramadan, y\u2019all. Plus: Egypt\u2019s economy could grow 3.5% next year, but we\u2019re looking at a V-shaped recovery globally - 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\/happy-ramadan-yall-plus-egypts-economy-could-grow-3-5-next-year-but-were-looking-at-a-v-shaped-recovery-globally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Happy Ramadan, y\u2019all. 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Plus: Egypt\u2019s economy could grow 3.5% next year, but we\u2019re looking at a V-shaped recovery globally - 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\/happy-ramadan-yall-plus-egypts-economy-could-grow-3-5-next-year-but-were-looking-at-a-v-shaped-recovery-globally\/","og_locale":"en_US","og_type":"article","og_title":"Happy Ramadan, y\u2019all. 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