{"id":571984,"date":"2020-06-08T04:23:50","date_gmt":"2020-06-08T04:23:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=571984"},"modified":"2025-12-16T08:19:21","modified_gmt":"2025-12-16T08:19:21","slug":"egx-rallies-on-imf-funding-maait-guides-for-significant-pickup-in-growth-in-mid-2021","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/egx-rallies-on-imf-funding-maait-guides-for-significant-pickup-in-growth-in-mid-2021\/","title":{"rendered":"EGX rallies on IMF funding, Maait guides for significant pickup in growth in mid-2021"},"content":{"rendered":"<section id=\"571986\" 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=\"571986\">\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\/06\/08\/what-were-tracking-on-8-june-2020\/\">\r\n                            What we\u2019re tracking on 8 June 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\/06\/08\/what-were-tracking-on-8-june-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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Let\u2019s take stock of where we stand as we slide into summer. <\/strong>The global covid case count stands at 7 mn this morning, or less than 0.1% of the global population, with total deaths standing at a little over 402k. Brazil reported the largest number of total new cases yesterday at about 27k. MSCI\u2019s World Index of global stocks is down 6% since Wuhan went into lockdown at the end of January, and global GDP contracted about 2.3% last month.<\/p><p><strong>Here at home, shares are down a hair over 20% year-to-date<\/strong>, our economy is one of the only ones in the region expected to post even slightly positive growth this year, and our daily case total has stabilized for the moment at just under 1.5k per day with around 40 people per day succumbing to the infection.<\/p><p><strong>The challenge: Managing our continued reopening. <\/strong>Global experience points the way: California, Florida and Texas are among many states that have <a href=\"https:\/\/www.wsj.com\/articles\/california-and-some-other-states-see-coronavirus-cases-rise-11591540411\">posted rises in infections<\/a> since starting to reopen their economies. <a href=\"https:\/\/www.wsj.com\/articles\/hard-hit-by-coronavirus-new-york-city-faces-next-big-test-reopening-11591522201?mod=hp_lead_pos2\">New York is bracing as it prepares to reopen today<\/a> amid continuing protests for racial equality and an end to police violence. And <a href=\"https:\/\/www.cnbc.com\/2020\/06\/07\/coronavirus-live-updates.html\">South Korea is dealing with an uptick<\/a>.<\/p><hr class=\"grey-line\"><p><strong>The House is back in session \u2014 and their agenda is packed: <\/strong><\/p><ul>\n<li><strong>A bill to set up a tourism support fund could go up for a final vote <\/strong>as early as today, Rep. Galeela Osman <a href=\"https:\/\/bit.ly\/2Y7t6Sk\">told Al Mal<\/a>. The bill received approval yesterday from the House committees for tourism, culture, and media, <a href=\"https:\/\/bit.ly\/2AeuDhf\">Al Mal<\/a> reports.<\/li>\n<li><strong>The FY2020-2021 state budget is up for discussion next week<\/strong>, House Speaker Ali Abdel Aal <a href=\"https:\/\/alborsaanews.com\/2020\/06\/07\/1354686\">told the general assembly<\/a> yesterday.<\/li>\n<li><strong>MPs are set to discuss the reconstitution of the upper house of parliament<\/strong> and a number of business-related bills this week as they close in on their summer vacation. We have more on this in this morning\u2019s Speed Round, below.<\/li>\n<\/ul><p><strong>The markets this morning: <\/strong>Asian shares are cautiously in the green in early trading this morning and Gulf shares posted <a href=\"https:\/\/www.zawya.com\/mena\/en\/markets\/story\/Mideast_Stocks_Gulf_stocks_rise_on_oil_pact_Egypt_lifted_by_IMF_agreement-TR20200607nL8N2DK0ADX1\/\">major gains<\/a> yesterday after Saturday\u2019s OPEC+ agreement that will see producers limit oil production through July. Futures suggest shares in Europe and the US will open in positive territory later today, and the EGX shot up nearly 5% yesterday on news of fresh funding from the IMF (we have the rundown in this morning\u2019s Speed Round, below).<\/p><p><strong>The inaugural <\/strong><strong><a href=\"https:\/\/virtualconference.efghermes.com\/pages\/home.aspx\">EFG Hermes Virtual Investor Conference<\/a><\/strong> will run for six days between <strong>22-30 <\/strong><strong>June<\/strong>. The event will feature one-on-one virtual meetings between investors and business leaders during three two-day sessions running 22-23 June, 24-25 June and 29-30 June.<\/p><p><strong>Other key news triggers<\/strong> coming up this month:<\/p><ul>\n<li><strong>Inflation data<\/strong> for May will land on <strong>Wednesday, 10 June<\/strong>.<\/li>\n<li><strong>The Central Bank of Egypt will meet to review interest rates<\/strong> on Thursday, 25 June.<\/li>\n<li><strong>Founding members of the EastMed Gas Forum will meet this month<\/strong> to ink the Cairo-based energy organization\u2019s charter.<\/li>\n<\/ul><hr class=\"grey-line\"><p><strong>COVID-19 IN EGYPT-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/3eZBZnz\">confirmed<\/a><\/strong><strong> 39 new deaths from covid-19 yesterday<\/strong>, bringing the country\u2019s total death toll to 1,237. Egypt has now disclosed a total of 34,079 confirmed cases of covid-19, after the ministry reported <strong>1,467 new infections yesterday<\/strong>, about on par with the day before. We now have a total of 10,131 confirmed cases that have since tested negative for the virus after being hospitalized or isolated, of whom 8,961 have fully recovered.<\/p><p><strong>Banks to cover infected staff: <\/strong>Central Bank Governor Tarek Amer has instructed the country\u2019s banks to cover the medical costs of employees and their families should they become infected with the virus, <a href=\"https:\/\/bit.ly\/3eYBbiJ\">Masrawy<\/a> reports.<\/p><p><strong>EgyptAir is seeking a EGP 3 bn loan from the National Bank of Egypt<\/strong> as it haemorrhages EGP 1 bn per month amid the ban on international flights and anemic domestic traffic, chairman of the holding company Roshdy Zakaria told the <a href=\"https:\/\/www.alborsaanews.com\/2020\/06\/07\/1354205\">local press<\/a>. The funding would be used to service debt. Zakaria said that the national flag carrier has already drawn down an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c77abca3-96eb-4f3f-a1c6-85d5e4eaa0e8\">EGP 2 bn lifeline<\/a> from the state to fund covid-related obligations, including paying staff salaries.<\/p><p><strong>In other news from the tourism industry:<\/strong><\/p><ul>\n<li>Industry observers expect air travel to <a href=\"https:\/\/bit.ly\/37cBLqv\">resume by mid-July<\/a>.<\/li>\n<li>Some hotel operators say it\u2019s not <a href=\"https:\/\/bit.ly\/3cGg7fF\">financially feasible<\/a> to reopen during the pandemic<\/li>\n<li>Poland is said to be ready to <a href=\"https:\/\/www.alborsaanews.com\/2020\/06\/07\/1354716\">resume direct charter flights<\/a> to the Red Sea as early as the end of June.<\/li>\n<li>More than 162k tourism workers have benefitted from <a href=\"https:\/\/bit.ly\/3dHssBs\">EGP 171 mn in financial aid<\/a> from the Manpower Ministry.<\/li>\n<\/ul><p><strong>Repatriation flights: <\/strong>EgyptAir and Air Cairo are <a href=\"https:\/\/bit.ly\/3h1cQLd\">running flights<\/a> 14-20 June to bring back as many as 3k citizens from Jordan; Air Cairo is <a href=\"https:\/\/bit.ly\/3gX014B\">bringing home<\/a> 1.9k citizens originally in Qatar via Oman.<\/p><p class=\"web-image stand-out-borderless\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/a_new_perspective_web-scaled.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>ON THE GLOBAL FRONT-<\/strong><\/p><p><strong>Imperial College London to bypass Big Pharma to provide cheap, accessible <\/strong><strong>covid-19 vaccine:<\/strong> Imperial College London <a href=\"https:\/\/www.imperial.ac.uk\/news\/198053\/imperial-social-enterprise-accelerate-lowcost-covid19\/\">is preparing<\/a> to bring to market a potential covid-19 vaccine at the lowest possible cost in Britain and in low- and middle-income countries. Private companies have dominated the R&amp;D of potential covid-19 vaccines, raising fears that they will eventually be distributed based on profit, rather than on need. Its vehicle: a newly-created social enterprise <a href=\"https:\/\/beta.companieshouse.gov.uk\/company\/12620501\">VacEquity Global Health<\/a>.<\/p><p class=\"web-image\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-05\/emerging-currencies-enjoy-best-week-in-4-years-on-growth-outlook?sref=mmeFTDW1\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/emcurrencies-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>GLOBAL MACRO-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Weakening USD sends investors flooding into EM currencies:<\/strong> Emerging-market currencies saw their best week in more than four years last week as the weakening USD sent investors storming into risk assets, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-05\/emerging-currencies-enjoy-best-week-in-4-years-on-growth-outlook?sref=mmeFTDW1\">Bloomberg<\/a> reports. EM assets added at least USD 1 tn in value during the week as currencies joined a rally that had been spurred by stocks and bonds. EM equities added around USD 800 bn during the first four days of trading while bonds added USD 40 bn.<\/p><p><strong>Uncertainty over trajectory of virus in Africa fails to dent exuberance: <\/strong>More than half of the top-performing developing-country bond markets this quarter are in Africa, where daily infection rates continue to climb. \u201c[Investors] seem prepared to ignore rising cases in lower-income countries where ineffective lockdowns have been dropped,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-07\/virus-spreads-as-africa-re-opens-and-investors-aren-t-worried?srnd=premium-middle-east\">said Charles Robertson<\/a>, global chief economist at Renaissance Capital<\/p><p><strong>Global remittances could fall 20-30% this year -IIF:<\/strong> The flow of global remittances could fall between 20-30% this year as economies across the world enter simultaneous contraction, the Institute of International Finance has said. By comparison, receipts fell only 5% during the global financial crisis, suggesting that countries with high external funding needs such as Egypt, the Philippines and much of Central America could face pressure, the IIF said.<\/p><p><strong>US policymakers need to act fast to prevent the economic crisis from further <\/strong><strong>entrenching economic inequalities -El Erian:<\/strong> The economic damage wrought by the pandemic has overwhelmingly fallen on the poorest and most vulnerable communities in the US \u2014 if policymakers don\u2019t act decisively to ramp up contact tracing and expand welfare programs the US faces deepening economic, institutional and social instability, Mohamed El Erian and Michael Spence write in <a href=\"https:\/\/www.foreignaffairs.com\/articles\/united-states\/2020-06-01\/great-unequalizer?utm_campaign=tw_daily_soc&amp;utm_medium=social&amp;utm_source=twitter_posts\">Foreign Affairs<\/a>.<\/p><p><strong>AND THE REST OF THE WORLD- <\/strong><\/p><p><strong>Protests against racial injustice and police brutality continued to flare up across US <\/strong><strong>cities and European capitals:<\/strong> Thousands of protesters continued to peacefully gather calling for racial justice and police reform in major cities and <a href=\"https:\/\/time.com\/5847228\/george-floyd-nationwide-protests\/\">small towns<\/a> across the US, <a href=\"https:\/\/www.theguardian.com\/us-news\/2020\/jun\/07\/george-floyd-protests-enter-third-week\">the Guardian<\/a> reports. The UK, Italy, Spain, Belgium, Denmark and Hungary also saw <a href=\"https:\/\/www.euronews.com\/2020\/06\/06\/black-lives-matter-protesters-take-to-streets-in-europe-despite-pandemic-restrictions\">demonstrations<\/a>. Protesters <a href=\"https:\/\/www.bbc.com\/news\/uk-england-bristol-52955868\">toppled<\/a> a statue of a colonial-era slave trader in Bristol and the <a href=\"https:\/\/www.npr.org\/sections\/live-updates-protests-for-racial-justice\/2020\/06\/05\/871278150\/belgians-target-some-royal-monuments-in-black-lives-matter-protest\">defaced<\/a> a likeness of King Leopold II statue in Belgium. South Korea, Australia and Japan <a href=\"https:\/\/www.euronews.com\/2020\/06\/06\/black-lives-matter-protesters-take-to-streets-in-europe-despite-pandemic-restrictions\">saw gatherings<\/a> fan out in city centers.<\/p><p><strong>80% of Americans think their country is \u201cspiraling out of control\u201d <\/strong>and \u201cvoters by a 2-to-1 margin are more troubled by the actions of police in the killing of George Floyd than by violence at some protests,\u201d according to a <a href=\"https:\/\/www.wsj.com\/articles\/americans-are-more-troubled-by-police-actions-in-killing-of-george-floyd-than-by-violence-at-protests-poll-finds-11591534801\">Wall Street Journal \/ NBC News poll<\/a>.<\/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> Should we care where Egyptian universities fall on global rankings of higher education?<\/p>\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\/aviation\/\">aviation<\/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\/health-ministry\/\">Health Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n            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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\" 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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=\"571988\" 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=\"571988\">\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\/06\/08\/maait-gives-lamees-an-update-on-egypts-economic-outlook-amid-covid-19\/\">\r\n                            Maait gives Lamees an update on Egypt\u2019s economic outlook amid covid-19                        <\/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\/06\/08\/maait-gives-lamees-an-update-on-egypts-economic-outlook-amid-covid-19\/\" 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\/06\/08\/maait-gives-lamees-an-update-on-egypts-economic-outlook-amid-covid-19\/')\">\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\/06\/08\/maait-gives-lamees-an-update-on-egypts-economic-outlook-amid-covid-19\/\">\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=Maait gives Lamees an update on Egypt\u2019s economic outlook amid covid-19&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/maait-gives-lamees-an-update-on-egypts-economic-outlook-amid-covid-19\/\">\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\/06\/08\/maait-gives-lamees-an-update-on-egypts-economic-outlook-amid-covid-19\/&title=Maait gives Lamees an update on Egypt\u2019s economic outlook amid covid-19\">\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=Maait+gives+Lamees+an+update+on+Egypt%E2%80%99s+economic+outlook+amid+covid-19+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F08%2Fmaait-gives-lamees-an-update-on-egypts-economic-outlook-amid-covid-19%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\/06\/08\/maait-gives-lamees-an-update-on-egypts-economic-outlook-amid-covid-19\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571988\" class=\"content-area-description single-story post-571988 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-budget-deficit tag-covid-19 tag-education tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-finance-ministry tag-imf tag-mohamed-maait tag-thanaweya-amma 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-05\"><\/a> <strong>The highlight of last night\u2019s talk shows was Finance Minister Mohamed<\/strong><strong> Maait\u2019s chat with <\/strong><strong>Al Kahera Alaan\u2019s Lamees El Hadidi<\/strong> for an update on Egypt\u2019s macro indicators and the government\u2019s outlook amid covid-19.<\/p>\n<p><strong>The government is constantly updating its forecasts for Egypt\u2019s economic growth<\/strong> as developments in the global economy rapidly unfold \u2014 some of which are positive, including the better-than-expected <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1800a0e-2b5f-4e61-b9b0-47dcd587a593\">jobs data<\/a> from Canada and the US, Maait said. The minister reiterated government expectations that Egypt will close out the current fiscal year (it ends on 30 June) with 4-4.2% GDP growth, down from original expectations of 6% growth.<\/p>\n<p><strong>Expect to see GDP growth recover significantly in mid-2021<\/strong>, or by the beginning of FY2021-2022, the minister said. Planning Minister Hala El Said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1bcb5938-812d-4641-afd7-16a4d0f073a5\">had previously said<\/a> the majority of Egypt\u2019s growth in the coming fiscal year (3.5%) will likely be concentrated in its second half, with \u201cvery low growth\u201d expected in the first half of the government\u2019s new fiscal year, which runs July-December of this calendar year.<\/p>\n<p><strong>Egypt is still actively looking at financing from other international institutions beyond the IMF to help plug its budget deficit<\/strong>, after having secured a USD 2.8 bn rapid financing instrument and reaching an initial agreement over an additional USD 5.2 bn standby agreement from the fund, Maait told Lamees.<\/p>\n<p><strong><a href=\"https:\/\/www.youtube.com\/watch?v=hioLYpal1QI\">Tap or click here to watch the full interview (runtime: 27:34).<\/a><\/strong><\/p>\n<p><strong>PepsiCo is investing USD 100 mn in Egypt this year to expand its production lines<\/strong>, GAFI boss Mohamed Abdel Wahab told El Hekaya\u2019s Amr Adib. The investment is part of a total USD 515 mn the company pledged to invest over four years <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/24\/pepsico-to-invest-usd-515-mn-in-egypt-through-2021\/\">back in 2018<\/a> (<a href=\"https:\/\/www.youtube.com\/watch?v=8xEE-6R0JhQ\">watch, runtime: 2:41<\/a>).<\/p>\n<p><strong>The Education Ministry is moving exams for three Thanaweya Amma subjects to at-home exams<\/strong> as it looks to reduce the number of students that pour into testing rooms, Minister Tarek Shawki told Lamees (<a href=\"https:\/\/www.youtube.com\/watch?v=EnBqONn1TPI\">watch, runtime: 17:55<\/a>).<\/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\/budget-deficit\/\">budget deficit<\/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\/education\/\">Education<\/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\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/thanaweya-amma\/\">Thanaweya Amma<\/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=\"571989\" 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=\"571989\">\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\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/\">\r\n                            Egypt\u2019s stocks nearly 5% higher after early SBA agreement                        <\/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\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/\" 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\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/')\">\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\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/\">\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 stocks nearly 5% higher after early SBA agreement&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/\">\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\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/&title=Egypt\u2019s stocks nearly 5% higher after early SBA agreement\">\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+stocks+nearly+5%25+higher+after+early+SBA+agreement+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F08%2Fegypts-stocks-nearly-5-higher-after-early-sba-agreement%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\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/80.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"571990\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/egypts-stocks-nearly-5-higher-after-early-sba-agreement\/80-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/80.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"80.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/80.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/80.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-571989\" class=\"content-area-description single-story post-571989 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-debt tag-enterpriseam tag-equities tag-imf tag-speed-round wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>EGX rallies nearly 5% on news we reached a preliminary agreement for more IMF <\/strong><strong>funding: <\/strong>The EGX30 rose 4.6% in heavy trading yesterday after the International Monetary Fund (IMF) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16be15c7-809a-4228-ae03-8d3acd1c122f\">announced on Friday<\/a> it had reached a staff-level agreement to provide Egypt with a one-year, USD 5.2 bn loan. The benchmark index is now down 20.4% for the year, largely in response to the pandemic\u2019s economic fallout and a shutdown of the tourism industry, <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N2DK053\">Reuters<\/a> notes.<\/p>\n<p><strong>Biggest gainers: <\/strong>The EGX30\u2019s top performing companies were Pioneers Holding (+8.6%), EFG Hermes (+8.2%), and TMG Holding (+6.2%). Trading was heavy, with EGP 1.4 bn-worth of shares changing hands, about 89% above the trailing 90-day average.<\/p>\n<p><strong>The announcement of the standby agreement with the IMF also helped slow the USD\u2019s <\/strong><strong>rally against the<\/strong><strong> EGP<\/strong>, which was was changing hands at 16.17 against the greenback yesterday, inching up two piasters from 16.15 \/ USD 1 on Thursday, <a href=\"https:\/\/ent.news\/2020\/6\/ExchangeRatesHistorical-1-1.pdf\">according to CBE data (pdf)<\/a>. The EGP had held steady at 15.70 throughout the onset of the covid-19 pandemic, after peaking at 15.49 on 23 February.<\/p>\n<p><strong>What to expect from the IMF loan: <\/strong>The loan, which still needs a final sign-off from the fund\u2019s executive board (expected some time this month), would come in the form of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16be15c7-809a-4228-ae03-8d3acd1c122f\">a stand-by arrangement<\/a> (SBA) to help withstand the economic fallout from the covid-19 pandemic and safeguard Egypt\u2019s recent economic gains and reform program. It comes on top of the USD 2.8 bn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11bab53b-215b-4264-9f9f-0134b47a0e99\">rapid financing instrument<\/a> Egypt received last month to help plug in the budget gap and support temporary spending to fight the pandemic.<\/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\/debt\/\">debt<\/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\/imf\/\">IMF<\/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=\"572004\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"572005\" 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=\"572005\">\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\/06\/08\/how-does-the-egyptian-economy-achieve-escape-velocity-from-the-covid-19-downturn\/\">\r\n                            How does the Egyptian economy achieve escape velocity from the covid-19 downturn?                        <\/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\/06\/08\/how-does-the-egyptian-economy-achieve-escape-velocity-from-the-covid-19-downturn\/\" 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\/06\/08\/how-does-the-egyptian-economy-achieve-escape-velocity-from-the-covid-19-downturn\/')\">\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\/06\/08\/how-does-the-egyptian-economy-achieve-escape-velocity-from-the-covid-19-downturn\/\">\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=How does the Egyptian economy achieve escape velocity from the covid-19 downturn?&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/how-does-the-egyptian-economy-achieve-escape-velocity-from-the-covid-19-downturn\/\">\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\/06\/08\/how-does-the-egyptian-economy-achieve-escape-velocity-from-the-covid-19-downturn\/&title=How does the Egyptian economy achieve escape velocity from the covid-19 downturn?\">\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=How+does+the+Egyptian+economy+achieve+escape+velocity+from+the+covid-19+downturn%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F08%2Fhow-does-the-egyptian-economy-achieve-escape-velocity-from-the-covid-19-downturn%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\/06\/08\/how-does-the-egyptian-economy-achieve-escape-velocity-from-the-covid-19-downturn\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/84.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"572006\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/how-does-the-egyptian-economy-achieve-escape-velocity-from-the-covid-19-downturn\/84-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/84.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"84.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/84.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/84.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572005\" class=\"content-area-description single-story post-572005 post type-post status-publish format-standard has-post-thumbnail hentry category-the-macro-picture tag-agriculture tag-china tag-covid-19 tag-deglobalization tag-economy tag-enterpriseam tag-infrastructure tag-investment-watch tag-majid-al-futtaim tag-outsourcing tag-pandemic tag-sovereign-fund-of-egypt tag-supply-chain tag-the-macro-picture tag-world-economic-forum wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>How does the Egyptian economy achieve escape velocity from the covid-19 <\/strong><strong>downturn?<\/strong> The answer lies in the \u201cstrategic monetization\u201d of public infrastructure, reorienting supply chains and capitalizing on business process outsourcing, Ahmed Galal Ismail, CEO of Majid Al Futtaim Properties, writes for the <a href=\"https:\/\/www.weforum.org\/agenda\/2020\/06\/egypt-economy-thrive-during-global-pandemic\">World Economic Forum<\/a>. The government should focus on bringing into the fold infrastructure investors who have expertise in turnaround situations and steady value creation, and help pass on critical infrastructure projects (such as upgrading the power grid and improving water sanitation) to the private sector, thereby lowering government spending.<\/p>\n<p><strong>Responding to deglobalization trends:<\/strong> Egypt should look to develop local supply chains and work with Chinese firms to strengthen distribution networks and upgrade manufacturing capacity, Ismail says. Lessening dependence on increasingly fragile global supply chains will allow the government to develop local agriculture and integrate new technologies. On top of this, Egypt should exploit its warm ties with Chinese firms and use them to build stronger regional supply chains.<\/p>\n<p><strong>Capitalizing on demographics:<\/strong> The country\u2019s young, educated population is also a key asset Egypt can use to market itself as an attractive business process outsourcing (BPO) destination for multinationals. With 500k graduates every year and one of the largest IT workforces in the world, Egypt is well-placed to attract new foreign investment in outsourcing, Ismail writes.<\/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\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/deglobalization\/\">deglobalization<\/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\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/majid-al-futtaim\/\">Majid Al Futtaim<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/outsourcing\/\">outsourcing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pandemic\/\">pandemic<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supply-chain\/\">supply chain<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-macro-picture\/\">THE MACRO PICTURE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-economic-forum\/\">World Economic Forum<\/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=\"572007\" 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=\"572007\">\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\/06\/08\/egypt-in-the-news-on-8-june-2020\/\">\r\n                            Egypt in the News on 8 June 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\/06\/08\/egypt-in-the-news-on-8-june-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\/06\/08\/egypt-in-the-news-on-8-june-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\/06\/08\/egypt-in-the-news-on-8-june-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 8 June 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/egypt-in-the-news-on-8-june-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\/06\/08\/egypt-in-the-news-on-8-june-2020\/&title=Egypt in the News on 8 June 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+8+June+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F08%2Fegypt-in-the-news-on-8-june-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\/06\/08\/egypt-in-the-news-on-8-june-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572007\" class=\"content-area-description single-story post-572007 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-covid-19 tag-culture tag-egypt-in-the-news tag-enterpriseam tag-history tag-jumia tag-middle-east tag-music tag-pandemic tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a pleasantly slow morning for Egypt in the international press. <\/strong>Reuters looks <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-egypt-hotels\/egypts-hotels-win-over-domestic-tourists-with-on-site-clinics-idUSKBN23B32U\">at hotels<\/a><a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-egypt-hotels\/egypts-hotels-win-over-domestic-tourists-with-on-site-clinics-idUSKBN23B32U\"><\/a><a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-egypt-hotels\/egypts-hotels-win-over-domestic-tourists-with-on-site-clinics-idUSKBN23B32U\">reopening<\/a> in this time of covid and what it says is a <a href=\"https:\/\/ara.reuters.com\/article\/businessNews\/idARAKBN23E0DW\">shortage of domestic cigarettes<\/a> in 13 governorates, while Israel\u2019s <a href=\"https:\/\/www.haaretz.com\/middle-east-news\/.premium-more-dangerous-than-coronavirus-the-song-egypt-doesn-t-want-you-to-listen-to-1.8893679\">Haaretz<\/a> looks at the popularity of mahraganat. For photo nerds: The <a href=\"http:\/\/barber.org.uk\/sights-of-wonder\/\">Barber Institute of Fine Arts<\/a> is displaying a collection of photos from the Prince of Wales\u2019 1862 tour of the Middle East which took him through Egypt, among other points, <a href=\"https:\/\/www.apollo-magazine.com\/sights-of-wonder-photographs-from-the-1862-royal-tour\/\">Apollo Magazine<\/a> reports.<\/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\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/culture\/\">culture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/history\/\">History<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jumia\/\">Jumia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east\/\">Middle East<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/music\/\">music<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pandemic\/\">pandemic<\/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=\"572008\" 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=\"572008\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/amira-oran-appointed-israeli-ambassador-to-egypt\/\">\r\n                            Amira Oran appointed Israeli ambassador to Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/amira-oran-appointed-israeli-ambassador-to-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/amira-oran-appointed-israeli-ambassador-to-egypt\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/amira-oran-appointed-israeli-ambassador-to-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Amira Oran appointed Israeli ambassador to Egypt&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/amira-oran-appointed-israeli-ambassador-to-egypt\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/amira-oran-appointed-israeli-ambassador-to-egypt\/&title=Amira Oran appointed Israeli ambassador to Egypt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Amira+Oran+appointed+Israeli+ambassador+to+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F08%2Famira-oran-appointed-israeli-ambassador-to-egypt%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/amira-oran-appointed-israeli-ambassador-to-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572008\" class=\"content-area-description single-story post-572008 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-benjamin-netanyahu tag-diplomacy tag-diplomacy-foreign-trade tag-enterpriseam tag-israel wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Israeli Prime Minister Benjamin Netanyahu has approved the appointment of Amira<\/strong><strong> Oron as Tel Aviv\u2019s ambassador to Egypt<\/strong>, the first full-time envoy to Cairo in more than 18 months and the first-ever woman to fill the post, according to <a href=\"https:\/\/www.timesofisrael.com\/liveblog_entry\/amira-oron-confirmed-as-new-ambassador-to-egypt\/\">The Times of Israel<\/a>. Oron, who was originally tapped for the post <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/31\/amira-oron-appointed-as-new-israeli-ambassador-to-egypt\/\">back in 2018<\/a>, was previously in charge of the Egypt desk at Israel\u2019s Foreign Ministry and served as an ambassador to Turkey.<\/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\/benjamin-netanyahu\/\">Benjamin Netanyahu<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy-foreign-trade\/\">Diplomacy + Foreign Trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/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=\"572013\" 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=\"572013\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/08\/the-market-yesterday-104\/\">\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\/06\/08\/the-market-yesterday-104\/\" 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\/06\/08\/the-market-yesterday-104\/')\">\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\/06\/08\/the-market-yesterday-104\/\">\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\/06\/08\/the-market-yesterday-104\/\">\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\/06\/08\/the-market-yesterday-104\/&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%2F06%2F08%2Fthe-market-yesterday-104%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\/06\/08\/the-market-yesterday-104\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572013\" class=\"content-area-description single-story post-572013 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 16.17 | Sell 16.27<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 16.17 | Sell 16.27<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 16.15 | Sell 16.25<\/p>\n<p><strong>EGX30<\/strong> (Sunday): 11,109 (+4.6%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.4 bn (89% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -20.4%<\/p>\n<p><strong>THE MARKET ON SUNDAY:<\/strong> The EGX30 ended Sunday\u2019s session up 4.6%. CIB, the index\u2019s heaviest constituent, ended up 5.6%. EGX30\u2019s top performing constituents were Pioneers Holding up 8.6%, EFG Hermes up 8.2%, and TMG Holding up 6.2%. Yesterday\u2019s worst performing stocks were Juhayna down 0.8% and Ibnsina Pharma down 0.3%. The market turnover was EGP 1.4 bn, and regional investors were the sole net sellers.<\/p>\n<p><strong>Foreigners<\/strong>: Net Long | EGP +15.1 mn<br \/>\n <strong>Regional<\/strong>: Net Short | EGP -177.2 mn<br \/>\n <strong>Domestic<\/strong>: Net Long | EGP +162.1 mn<\/p>\n<p><strong>Retail<\/strong>: 62.0% of total trades | 52.2% of buyers | 71.8% of sellers<br \/>\n <strong>Institutions<\/strong>: 38.0% of total trades | 47.8% of buyers | 28.2% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 39.64 (+0.23%)<br \/>\n <strong>Brent:<\/strong> USD 42.63 (+0.78%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 1.76 MMBtu, (-1.23%, July 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,683.90 \/ troy ounce (+0.05%)<\/p>\n<p><strong>TASI:<\/strong> 7,267.86 (+0.83%) (YTD: -13.37%)<br \/>\n <strong>ADX:<\/strong> 4,405.32 (+2.37%) (YTD: -13.21%)<br \/>\n <strong>DFM:<\/strong> 2,133.34 (+4.60%) (YTD: -22.84%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,507.27 (+0.88%)<br \/>\n <strong>QE:<\/strong> 9,349.30 (+1.05%) (YTD: -10.32%)<br \/>\n <strong>MSM:<\/strong> 3,538.32 (+0.59%) (YTD: -11.12%)<br \/>\n <strong>BB: <\/strong>1,269.85 (-0.27%) (YTD: -21.14%)<\/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\/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=\"572014\" 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\/06\/08\/572014\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572014\" class=\"content-area-description single-story post-572014 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>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>13 June (Saturday): Earliest date on which suspension of international flights to \/ from Egypt expires.<\/p>\n<p>13 June (Saturday): Earliest date by which restaurants, gyms, nightclubs, museums and archaeological sites will reopen.<\/p>\n<p>22-30 June (Monday-Tuesday): <a href=\"https:\/\/virtualconference.efghermes.com\/pages\/home.aspx\">EFG Hermes Virtual Investor Conference<\/a>.<\/p>\n<p>25 June (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>30 June (Tuesday): Anniversary of the June 2013 protests, national holiday.<\/p>\n<p>12 July (Sunday): North Cairo Court <a href=\"https:\/\/www.egx.com.eg\/downloads\/Bulletins\/245503_1.pdf\">will hold a court session<\/a> for the international arbitration case filed by Syrian Antrados against Porto Group for USD 176 mn after being pushed back from an initial 17 May court date.<\/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\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":571985,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-571984","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"cc8b1e57-761e-4e10-b4d0-977b9b54904b","teaser":"","photo_url":"https:\/\/ent.news\/2020\/6\/77.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>EGX rallies on IMF funding, Maait guides for significant pickup in growth in mid-2021 - 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\" 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