{"id":572220,"date":"2020-06-16T04:29:17","date_gmt":"2020-06-16T04:29:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=572220"},"modified":"2025-12-16T08:27:15","modified_gmt":"2025-12-16T08:27:15","slug":"sweeping-changes-to-vat-act-could-give-advertisers-a-break","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/sweeping-changes-to-vat-act-could-give-advertisers-a-break\/","title":{"rendered":"Sweeping changes to VAT Act could give advertisers a break"},"content":{"rendered":"<section id=\"572222\" 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=\"572222\">\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\/16\/what-were-tracking-on-16-june-2020\/\">\r\n                            What we\u2019re tracking on 16 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\/16\/what-were-tracking-on-16-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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That\u2019s gotta count for something, right? Some symbolic suggestion that the worst of 2020 \u2014 the year that just keeps on giving \u2014 may slowly start to recede? Maybe?<\/p><p><strong>Today\u2019s must-read interview:<\/strong> Our sitdown with EBRD regional boss Heike Harmgart in Spotlight, just after Speed Round.<\/p><p>Now, to put you in the right frame of mind for this morning\u2019s issue: <strong>This is one of the <\/strong><strong><a href=\"https:\/\/public.flourish.studio\/visualisation\/2637725\/\">best<\/a><\/strong><strong><a href=\"https:\/\/public.flourish.studio\/visualisation\/2637725\/\">visualizations we\u2019ve seen<\/a><\/strong><strong> of leading global causes of death in January-May <\/strong>2020. As we\u2019ve said before: It\u2019s not that lots of people are dying of covid-19. It\u2019s that they\u2019re dying <em>all at once.<\/em><\/p><p><strong>How are the markets looking? <\/strong>Asian shares opened sharply in the green this morning and futures point to a strong open in both Europe and the United States later today after US shares staged a strong comeback yesterday.<\/p><hr class=\"grey-line\"><p><strong>COVID-19 IN EGYPT-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>We set a new single-day record for deaths and infections yesterday<\/strong>, as the Health Ministry <a href=\"https:\/\/bit.ly\/2Y4OqZK\">confirmed<\/a> 97 new deaths from covid-19 and 1,691 new infections. The country\u2019s total death toll is now at 1,672 and the total number of confirmed cases is at 46,289. We now have a total of 13,732 confirmed cases that have since tested negative for the virus after being hospitalized or isolated, of whom 12,329 have fully recovered.<\/p><p><strong>Drive-thru covid-19 testing on university campuses by the end of the week:<\/strong> The Health Ministry and Speed Medical will be offering RT-PCR tests for the virus that causes covid-19 at drive-thru facilities at Ain Shams, Cairo University, 6 October University and Future University starting Thursday, according to <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/372177\/Egypt\/Politics-\/Egypt-to-open-its-first-drivethrough-coronavirus-t.aspx\">Ahram Online<\/a>. Tests can be booked in advance <a href=\"https:\/\/apps.apple.com\/eg\/app\/speed-lab\/id1098215735\">through an app<\/a> where users can also check their results.<\/p><p><strong>Ain Shams University has fully equipped a 200-bed field hospital to treat patients<\/strong> that will start operations this Thursday, according to <a href=\"https:\/\/bit.ly\/2UGBDL1\">a cabinet statement<\/a>. The news comes as some <strong>786 apartments in public housing have been designated as temporary quarantine facilities<\/strong> in Minya and Fayoum, Housing Minister Assem El-Gazzar said in <a href=\"https:\/\/bit.ly\/3e4Uqal\">a ministry statement<\/a>.<\/p><p><strong>A number of private-sector pharma companies have been given the green light to <\/strong><strong>manufacture vitamin C, zinc and food supplements <\/strong>in response to what the National Food Safety Authority says is a \u201csevere supply shortage\u201d amid surging consumer demand, <a href=\"https:\/\/bit.ly\/3e51jIX\">Al Mal<\/a> reports.<\/p><p><strong>We\u2019re buying everything we can online:<\/strong> <a href=\"https:\/\/www.valu.com.eg\/\">Valu<\/a>, EFG Hermes\u2019 consumer finance arm, has seen online purchases skyrocket during the pandemic to exceed 50% of total volumes, up from 22% prior to the outbreak, company CEO Mohamed El Feky <a href=\"https:\/\/bit.ly\/2UIG7AA\">said<\/a>.<\/p><p><strong>National flag carrier EgyptAir is seeking <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0e92be2-e7e8-4dce-83c7-79adc6426c90\">a EGP 3 bn loan<\/a><\/strong> from the National Bank of Egypt after having lost some EGP 3 bn and fallen into the red since the suspension of flights in March, <a href=\"https:\/\/www.youtube.com\/watch?v=2ncZQAAqw18&amp;feature=youtu.be&amp;t=193\">Aviation Minister Mohamed Manar told<\/a> talkshow maven Lamees El Hadidy. The airline lined up an<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c77abca3-96eb-4f3f-a1c6-85d5e4eaa0e8\">EGP 2 bn lifeline<\/a> from the state back in May to fund obligations. EgyptAir will slowly resume scheduled commercial flights in July.<\/p><p><strong>France will finance Egypt\u2019s acquisition of EUR 15 mn worth of medical equipment <\/strong>and protective gear, the International Cooperation Ministry said in a <a href=\"https:\/\/bit.ly\/37H1I1X\">statement<\/a>.<\/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\/6\/SOMA-ENTERPRISE_1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>ON THE GLOBAL FRONT-<\/strong><\/p><p><strong>Covid-19 vaccine may not prevent spread, but could greatly improve survival rates:<\/strong> Expedited attempts to develop a vaccine may result in a product that prevents death, but not necessarily infection, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-15\/the-first-covid-vaccines-may-not-prevent-you-from-getting-covid?sref=mmeFTDW1\">Bloomberg suggests<\/a>. \u201cDesperation for a way to keep economies \u2026 could mean settling for a vaccine that prevents people from getting really sick or dying but doesn\u2019t stop them from catching the coronavirus.\u201d<\/p><p><strong>Considering a little jaunt to Europe when Egyptian airspace starts reopening in July?<\/strong> Look for updates <a href=\"https:\/\/www.schengenvisainfo.com\/news\/timeline-of-eu-member-states-reopening-their-borders\/\">here<\/a> on which countries are allowing in visitors, from where, and under which conditions. The commission has also launched <a href=\"https:\/\/reopen.europa.eu\/en\">Re-Open EU<\/a> to advise travellers on the status of border restrictions across the Shengen zone. <a href=\"https:\/\/www.euronews.com\/2020\/06\/15\/which-european-countries-have-opened-their-borders-ahead-of-the-summer-holiday-season\">Euronews has a good rundown<\/a> on the state of play as of yesterday.<\/p><p><strong>But you may not need to travel as much for business going forward<\/strong>, the Wall Street Journal contends, writing that execs are \u201crethinking multiday trips and plan for less travel\u201d in favour of video conferences. <a href=\"https:\/\/www.wsj.com\/articles\/business-travel-wont-be-taking-off-soon-amid-coronavirus-11592220844?mod=hp_lista_pos1\">CEOs in the US of A are down with the shift<\/a>, the Journal writes.<\/p><p><strong>SIGN OF THE TIMES- <\/strong>\u201cSome of Qatar\u2019s biggest state-owned companies have cut their wage bills as part of a wider government plan to reduce spending and bolster finances to mitigate the impact of the coronavirus outbreak,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-15\/top-qatar-state-companies-cut-wage-bills-over-pandemic?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg reports<\/a>.<\/p><p><strong>AND THE REST OF THE WORLD- <\/strong><\/p><p><strong>BP will cut up to USD 17.5 bn from the value of its assets in its 2Q2020 earnings<\/strong> after lowering its longer-term oil and gas price assumptions amid the pandemic, which it expects will <strong>speed the transition away from fossil fuels<\/strong>, a company <a href=\"https:\/\/www.bp.com\/en\/global\/corporate\/news-and-insights\/press-releases\/bp-revises-long-term-price-assumptions.html\">statement<\/a> said on Monday. The energy giant revised its price assumptions for benchmark Brent crude oil to an average of USD 55 per barrel for 2021-2050. The new prices are revised down around 30% from previous assumptions, a company official <a href=\"https:\/\/www.reuters.com\/article\/us-bp-writeoffs\/bp-to-take-up-to-17-5-billion-writedown-lowers-oil-outlook-idUSKBN23M0QA\">told Reuters<\/a>. The <a href=\"https:\/\/www.ft.com\/content\/2d84fc23-f38d-498f-9065-598f47e1ea09\">Financial Times<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-15\/bp-sees-quarterly-charges-write-offs-of-up-to-17-5-billion\">Bloomberg<\/a> covered the report.<\/p><p><strong>The top headline in the business press on both sides of the Atlantic this morning: <\/strong>The US Supreme Court has ruled that <strong>LGBTQ workers cannot be discriminated in the workplace<\/strong> as they are covered under federal human rights laws. The <a href=\"https:\/\/www.ft.com\/content\/bdefc9d3-9f86-4152-98cc-d727e260208b\">FT<\/a>, <a href=\"https:\/\/www.nytimes.com\/2020\/06\/15\/us\/gay-transgender-workers-supreme-court.html?action=click&amp;module=Top%20Stories&amp;pgtype=Homepage\">NYT<\/a> and <a href=\"https:\/\/www.wsj.com\/articles\/supreme-court-rules-for-gay-rights-in-the-workplace-11592230310?mod=hp_lead_pos1\">WSJ<\/a> are all leading with the story at dispatch time this morning, while <a href=\"https:\/\/www.reuters.com\/article\/us-usa-court-lgbt-religion-analysis\/next-lgbtq-rights-legal-battle-looms-after-supreme-court-victory-idUSKBN23M36O\">Reuters<\/a> notes that the decision yesterday sets up another legal battle as SCOTUS is now set to take up \u201canother major legal fight over the scope of religious-rights exemptions to certain federal laws that could dilute the landmark decision\u2019s impact.\u201d<\/p><p><strong>Was Carlos actually set up? <\/strong>Top Nissan execs who objected to celebrity CEO Carlos Ghosn\u2019s plan to accelerate integration with Renault started plotting to \u201cdethrone one of the most celebrated leaders in the automotive industry \u2026 almost a year before Ghosn\u2019s arrest in late 2018 for alleged financial misconduct,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-14\/nissan-email-trail-casts-new-light-on-takedown-of-carlos-ghosn\">Bloomberg<\/a> reports.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/youtube-music-1600px-1-1.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>YouTube Music and YouTube Premium are now available in Egypt: <\/strong>YouTube has launched its music streaming app, <a href=\"https:\/\/music.youtube.com\/\">YouTube Music<\/a>, in Egypt for a monthly subscription fee of EGP 49.99, according to a <a href=\"https:\/\/ent.news\/2020\/6\/YouTube-Music-and-YouTube-Premium-launch-in-the-Egypt.pdf\">press release (pdf)<\/a>. <a href=\"https:\/\/www.youtube.com\/premium\">YouTube Premium<\/a> is also launching at a monthly fee of EGP 59.99 where subscribers get streaming without ads, background play, offline access, as well as a subscription to YouTube Music. The platform also offers a family plan for up to five members at a monthly rate of EGP 89.99.<\/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\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/french-development-agency\/\">French Development Agency<\/a>\n                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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\/16\/the-latest-on-egypts-gerd-talks-sporting-activities-are-making-a-gradual-comeback\/\">\r\n                            The latest on Egypt\u2019s GERD talks; sporting activities are making a (gradual) comeback                        <\/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            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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\/16\/the-latest-on-egypts-gerd-talks-sporting-activities-are-making-a-gradual-comeback\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572224\" class=\"content-area-description single-story post-572224 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-ashraf-sobhi tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-ethiopia tag-gerd tag-sports tag-sudan tag-youth-and-sports-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The latest developments in Egypt\u2019s negotiations with Ethiopia and Sudan on the Grand<\/strong><strong> Ethiopian Renaissance Dam<\/strong> were once again the main talking point on the airwaves. Al Kahera Alaan\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=woxXB4YMEi0\">watch, runtime: 03:33<\/a>) and El Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=WpJ6uiqyfPM\">watch, runtime: 2:52<\/a>) both took note of the story, which we also cover in this morning\u2019s Diplomacy + Foreign Trade, below.<\/p>\n<p><strong>Sporting activities are making a (gradual) comeback:<\/strong> The Youth and Sports Ministry <a href=\"https:\/\/bit.ly\/3e88lfT\">has decided<\/a> to allow sporting clubs to gradually resume sporting activities and training as of 1 July, leading with non-contact sports such as tennis, golf, archery, and weightlifting. Sports with \u201cmedium\u201d levels of contact (including rowing, hockey, and volleyball, among others) and contact sports that take place in enclosed spaces, such as squash, judo, taekwondo, and handball, will be allowed to begin training on 1 July and resume competitions on 1 August. Minister Ashraf Sobhi phoned in to Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=3f1s-gwm3sg\">watch, runtime: 7:04<\/a>) and Al Kahera Alaan (<a href=\"https:\/\/www.youtube.com\/watch?v=xi1meK9WrYA\">watch, runtime: 10:56<\/a>) to explain the ministry\u2019s plan to safely resume these activities.<\/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\/ashraf-sobhi\/\">Ashraf Sobhi<\/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\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/youth-and-sports-ministry\/\">Youth and Sports Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"572225\" 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=\"572225\">\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\/16\/ads-will-be-subject-to-vat-but-not-stamp-tax-vat-drawback-system-for-tourists-could-be-expanded-under-sweeping-changes-proposed-to-value-added-tax-act\/\">\r\n                            Ads will be subject to VAT (but not stamp tax), VAT drawback system for tourists could be expanded under sweeping changes proposed to Value-Added Tax Act                        <\/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\/16\/ads-will-be-subject-to-vat-but-not-stamp-tax-vat-drawback-system-for-tourists-could-be-expanded-under-sweeping-changes-proposed-to-value-added-tax-act\/\" 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\" 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drawback system for tourists could be expanded under sweeping changes proposed to Value-Added Tax Act\">\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=Ads+will+be+subject+to+VAT+%28but+not+stamp+tax%29%2C+VAT+drawback+system+for+tourists+could+be+expanded+under+sweeping+changes+proposed+to+Value-Added+Tax+Act+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F16%2Fads-will-be-subject-to-vat-but-not-stamp-tax-vat-drawback-system-for-tourists-could-be-expanded-under-sweeping-changes-proposed-to-value-added-tax-act%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\/16\/ads-will-be-subject-to-vat-but-not-stamp-tax-vat-drawback-system-for-tourists-could-be-expanded-under-sweeping-changes-proposed-to-value-added-tax-act\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/173.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"572226\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/ads-will-be-subject-to-vat-but-not-stamp-tax-vat-drawback-system-for-tourists-could-be-expanded-under-sweeping-changes-proposed-to-value-added-tax-act\/173-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/173.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"173.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/173.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/173.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572225\" class=\"content-area-description single-story post-572225 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-enterpriseam tag-legislation tag-speed-round tag-tax wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>SMART POLICY- Most commercial advertising will be subject to value-added tax under <\/strong><strong>sweeping amendments to the VAT Act <\/strong>that the Finance Ministry <a href=\"http:\/\/www.mof.gov.eg\/MOFGallerySource\/Arabic\/PDF\/VAT_amendments_suggestions.pdf\">finalized yesterday and<\/a><a href=\"http:\/\/www.mof.gov.eg\/MOFGallerySource\/Arabic\/PDF\/VAT_amendments_suggestions.pdf\">posted to its website (pdf)<\/a>. In a move sure to be welcomed by advertisers and media organizations alike, the amendments would (if passed) also lift the 20% stamp tax on advertisements. Direct advertising and merchandising were previously exempt from VAT and subject to stamp duties on the overall size per transaction.<\/p>\n<p><strong>Departing tourists would be able to claim VAT rebates <\/strong>on select items worth more than EGP 1.5k or more in a move that retailers should cheer; the executive regulations of the current act had previously outlined a system that would have allowed VAT drawbacks to start at an EGP 5k threshold.<\/p>\n<p><strong>Baked snacks, soap, and cleaning products would become subject to VAT,<\/strong> instead of a 5% \"table\" or \"schedule\" tax.<\/p>\n<p><strong>Businesses will need to file their VAT returns online every month. <\/strong>VAT currently needs to be remitted to the state\u2019s coffers within 60 days of an invoice being issued, payment being received or a good \/ service being delivered, whichever is earlier.<\/p>\n<p><strong>The proposed changes would also afford special economic zones the same VAT <\/strong><strong>treatment freezones receive. <\/strong>Businesses in special economic zones, including those in the Suez Canal Economic Zone (SCZone), would not be required to remit VAT for any goods or services they purchase or export. The move is part of a drive to give incentives to businesses that want to set up shop in SEZs, <a href=\"http:\/\/www.mof.gov.eg\/Arabic\/MOFNews\/Media\/Pages\/release15-6-2020.aspx\">the ministry said in a statement<\/a>. This comes a day after we reported that officials from the SCZone are working with the government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8174ee8d-0d52-41d5-99db-6815f838a0dd\">to introduce incentives<\/a> through separate legislative amendments to the law governing such dedicated zones.<\/p>\n<p><strong>Health Ministry allowed to exempt pharma components from VAT where it sees fit:<\/strong> The changes would also allow the health minister to issue decrees exempting raw materials used in the manufacturing of pharma products from VAT. This comes after a decree last July exempting 58 active ingredients and components used for medications. Pharma manufacturers <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/19\/pharma-producers-seek-further-exemption-from-vat-but-ministry-rejects-6560\/\">are already granted<\/a> VAT exemptions on active ingredients used in their products under the original 2016 legislation.<\/p>\n<p><strong>No VAT on blood collection, vaccines, contraceptives: <\/strong>Another change would exempt sellers of antibodies, vaccines, blood plasma and blood collection bags, and birth control devices and contraceptives from charging and remitting VAT in a change that has \u201ccovid-19\u201d written all over it.<\/p>\n<p><strong>Other tweaks to VAT exemptions: <\/strong>Construction and maintenance works for places of worship, blended edible oils, and accessible vehicles would also be exempt from VAT. Those goods and services could still be subject to excise or \u201ctable\u201d duties that can be either lower or higher than the VAT rate.<\/p>\n<p><strong>Other elements of the proposed changes:<\/strong><\/p>\n<ul>\n<li>Paper makers would be exempt from VAT on their raw materials in a bid to boost the industry. We noted this <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfcf497b-7f1b-46c2-8fd2-ab50c007d3a3\">earlier this year<\/a>;<\/li>\n<li>Violators would incur higher fees and under more broadly stated circumstances;<\/li>\n<li>Water bills would no longer incur an extra charge from VAT levied on sewage treatment;<\/li>\n<li>International ferry operators would be exempt from VAT.<\/li>\n<\/ul>\n<p><strong>Where do we stand on the bill? <\/strong>The ministry published the proposals yesterday to invite public feedback. Once those wrap up, a bill should make its way to the House of Representatives for a discussion and vote. <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/30\/egypt-working-on-new-income-tax-vat-laws-maait\/\">As was previously anticipated<\/a>, the changes would leave the current 14% VAT rate unchanged.<\/p>\n<p><strong>Plan to widen the VAT tax base: <\/strong>Finance Minister Mohamed Maait <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1a3e57e3-9316-4c3c-a764-e5fa15b33bda\">told us in January<\/a> that his ministry is aiming to increase the number of taxpayers to 550k from 70k through the proposed changes. This is planned to be done by \u201ctighter\u201d practices that will look to prevent businesses from understating the value of their transactions in VAT returns. Besides removing a ceiling on VAT law violation fees that would allow authorities to impose higher penalties, it\u2019s still unclear how the draft changes are more stringent.<\/p>\n<p><strong>Bottom line: <\/strong>On first glance, this is a very smart, pro-business set of amendments.<\/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\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/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=\"572236\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"572237\" 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=\"572237\">\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\">Spotlight<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/spotlight-the-ebrds-heike-harmgart-on-egypts-post-covid-economy-what-policymakers-can-do-and-the-banks-investment-plans\/\">\r\n                            Spotlight: The EBRD\u2019s Heike Harmgart on Egypt\u2019s post-covid economy, what policymakers can do, and the bank\u2019s investment plans                        <\/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\/16\/spotlight-the-ebrds-heike-harmgart-on-egypts-post-covid-economy-what-policymakers-can-do-and-the-banks-investment-plans\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The European Bank for Reconstruction and Development (EBRD) is no exception \u2014 its latest <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8564fa19-5f0c-4f52-8d2e-a0a73e372c22\">Regional Economic Prospects report<\/a> sees Egypt doing better than any other country in the region this year, and achieving growth rates second only to Lebanon in 2021.<\/p>\n<p><strong>We sat down with Heike Harmgart, the EBRD\u2019s managing director for the southern and eastern Mediterranean<\/strong> (SEMED) region to discuss Egypt\u2019s post-covid economy, what policymakers can do to stimulate growth, and the EBRD\u2019s investment plans. Edited excerpts from our conversation:<\/p>\n<p><strong>Enterprise:<\/strong> What do you think Egypt needs to do to maintain the relatively positive economic outlook, and what should happen for us to exceed expectations?<\/p>\n<p><strong>Heike Harmgart:<\/strong> Egypt will be severely affected by the covid-19 outbreak, as is the case with all countries we assess. This really shows how interconnected our world is. Egypt has entered the pandemic crisis from a point of strength, after achieving high economic growth in 2019, and it is the only country in the MENA region that will not endure a recession in 2020. We think Egypt will then rebound quite sharply in 2021. That outlook shows the success of the already-enacted macroeconomic reforms and the resilience of the Egyptian economy.<\/p>\n<p><strong>Now, policymakers need to think about how to ensure that you end up in the best possible scenario at the end of this crisis.<\/strong> But the catch is that all scenarios are globally interdependent, so how Egypt or any other single country will perform economically will depend significantly on what other countries are doing, even with the best individual response in place.<\/p>\n<p><strong>For example, some scenarios we've been running had different assumptions for tourism, which is a very important sector for Egypt.<\/strong> Obviously, tourism rebounding in spring 2021 would be much better than recovery in summer or fall 2021. But tourism recovery depends on a number of global factors, including how testing is incorporated in the travel process, and the policies set in place by the countries from which tourists are coming to Egypt. At what point will they reopen their borders and have global or bilateral agreements to resume tourism? The sector will take time to recover regardless, but a key policy to pursue is setting high-quality hygiene standards at hotels and tourism sites, and extensive testing and tracing. That\u2019s the only thing Egypt can do itself.<\/p>\n<p><strong>Other key contributors to Egypt\u2019s economy that unfortunately isn\u2019t under the control of politicians are remittances and revenues from the Suez Canal<\/strong>, which have been hard hit. We do hope that global trade will resume strongly, and even if some global value chains become shorter, the Suez Canal will remain one of the most vital trade routes globally.<\/p>\n<p><strong>Egypt needs to focus now on continuing to ensure that the health system can cope with the health part of the crisis.<\/strong> There are other countries that have struggled immensely, and the cost is paid by both the affected and the healthy parts of the population. So I think that the key here is testing, testing, testing, and contact tracing, followed by quarantine.<\/p>\n<p><strong>We also believe it\u2019s critical to make sure that domestic investment and domestic demand remains strong.<\/strong> The Central Bank of Egypt has been giving banks liquidity to on-lend to SMEs, and government investments in vital infrastructure will form the base for a more resilient and faster economic rebound.<\/p>\n<p><strong>From a legislative perspective, anything that gives the private sector more oxygen and space to breathe would be helpful in this crisis.<\/strong> The initial phase of recovery will require significant dependence on the private sector, so it is important at this time to ensure that the sector is resilient and can innovate. This is not the time to over-regulate or make processes like license applications cumbersome \u2014 this is a golden window to reduce bureaucracy and ensure that domestic investment can be maintained in these difficult times. This doesn\u2019t just apply to Egypt; it\u2019s a global phenomenon and all countries should look at how to simplify doing business.<\/p>\n<p><strong>One way to do that is to make business more digitally enabled.<\/strong> This is a huge opportunity for Egypt that shouldn\u2019t be neglected. Many locally grown startups can be brought on to help with this transition. There's a huge upside there, and it would be a huge loss if we come out the other end with the same amount of bureaucracy.<\/p>\n<p><strong>E: <\/strong>What policies or reforms would you like to see the government enacting to improve the business climate, both now and a little further down the line?<\/p>\n<p><strong>HH:<\/strong> One thing that Egypt has done incredibly well in the past is embarking on a path to a green transition. There have been a few heat waves over the past weeks \u2014 this shows the excellent level of radiation for solar energy. Investments in solar and renewable energy are really paying off now, and this is the time to continue focusing on green innovation, which will be more resilient than other sectors \u2014 this crisis has already proven that. If you look at funds that are investing exclusively in the green economy, they\u2019ve been doing much better than their competitors with more diversified portfolios. In 2019, the EBRD had two major investments in wind energy: EUR 75 mn in the Lekela wind project, and we invested another USD 60 mn in equity in Infinity.<\/p>\n<p><strong>There\u2019s also a lot of scope to improve the capabilities of economic zones like the Suez Canal Economic Zone<\/strong>, where there are a lot of synergies between companies. Egypt is already in a good position there and should continue to invest.<\/p>\n<p><strong>Then there\u2019s the fintech route.<\/strong> We've supported a lot of Egyptian startups, including ones focused on fintech, and there\u2019s a vibrant scene of accelerators, venture startups, and tech-enabled startups through our Star Venture program. These need to be supported throughout the crisis to ensure the recovery and also to ensure that companies have flexibility in their delivery mode.<\/p>\n<p><strong>E:<\/strong> How has the pandemic changed the EBRD\u2019s approach to investment?<\/p>\n<p><strong>HH:<\/strong> Generally, we have changed our approach to all our countries of operation because it's a global crisis. While we are open for our regular business, and I think our regular strategic priorities for Egypt, namely green and inclusive and integrated remain valid, there is a need to respond to this crisis immediately. Our board of directors swiftly approved a large global solidarity package of an initial EUR 1 bn followed by EUR 4 bn for the 38 economies where we invest. This package will allow a much faster approval for our existing clients, with a particular focus on the private sector. In the second phase, we\u2019re also looking at faster approval for vital infrastructure.<\/p>\n<p><strong>E:<\/strong> What does that mean for Egypt?<\/p>\n<p><strong>HH:<\/strong> We want to further support SMEs that are the backbone of the Egyptian economy to help make them resilient and to enable their recovery. What they need during this period is urgent financing, and some of it is on a very small scale, through onlending via local banks. Egyptian banks asked us for additional liquidity to help lend to the real economy, particularly smaller exporters. In response, the Bank approved USD 850 mn of support to five Egyptian banks \u2014 QNB, the National Bank of Egypt, the National Bank of Kuwait, CIB, and Banque Misr \u2014 with USD 350 mn dedicated to trade-related activities. Egypt was one of the first countries to benefit from the solidarity package financing and the scale is probably one of the largest. The loan approval happened very quickly as these banks are our existing clients.<\/p>\n<p><strong>We\u2019re also looking at how to support other clients like the Egyptian Electricity Holding Company on vital infrastructure projects, and other ways to support the real economy.<\/strong> There\u2019s also a lot of demand for EBRD support from agribusiness companies and other industries such as the construction sector which is struggling at this point in time and needs extra liquidity to make sure they don't have to resort to layoffs and to keep the lights on. This shows how things are changing \u2014 we\u2019re starting to get a lot more demand from the real economy directly, as opposed to demand being more concentrated among banks. This could take longer because we haven\u2019t worked with some of them and the due diligence process takes time to understand their business models; nevertheless this is an area we\u2019re looking at.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/2020\/06\/16\/spotlight-ebrds-heike-harmgart-egypts-post-covid-economy-policymakers-can-banks-investment-plans\/\">Tap or click here to read the rest of the interview.<\/a><\/strong><\/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\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/heike-harmgart\/\">Heike Harmgart<\/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=\"572239\" 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=\"572239\">\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\/16\/egypt-in-the-news-on-16-june-2020\/\">\r\n                            Egypt in the news on 16 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\/16\/egypt-in-the-news-on-16-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\/16\/egypt-in-the-news-on-16-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\/16\/egypt-in-the-news-on-16-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 16 June 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/egypt-in-the-news-on-16-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\/16\/egypt-in-the-news-on-16-june-2020\/&title=Egypt in the news on 16 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+16+June+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F16%2Fegypt-in-the-news-on-16-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\/16\/egypt-in-the-news-on-16-june-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572239\" class=\"content-area-description single-story post-572239 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-canada tag-egypt-in-the-news tag-enterpriseam tag-gender tag-human-rights wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Exiled Egyptian LGBT activist Sarah Hegazy has died in Canada. <\/strong>Hegazy, one of 57 people arrested for raising a rainbow flag at a Mashrou Leila concert in Cairo in 2017, committed suicide in exile. She later served three months in prison before relocating to Canada, where she had been granted asylum. The news received considerable attention in social media and has since crossed over into the international press: <a href=\"https:\/\/www.reuters.com\/article\/us-egypt-lgbt-activist-trfn\/death-of-egypt-lgbt-activist-jailed-for-waving-rainbow-flag-mourned-idUSKBN23M2YQ\">Reuters<\/a> | <a href=\"https:\/\/www.nytimes.com\/2020\/06\/15\/world\/middleeast\/egypt-gay-suicide-sarah-hegazi.html\">New York Times<\/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\/canada\/\">Canada<\/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\/gender\/\">gender<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/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=\"572240\" 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=\"572240\">\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\">Worth Listening<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/how-sap-egypt-managing-director-hoda-mansour-achieved-triple-digit-growth-for-one-of-the-biggest-software-multinationals\/\">\r\n                            How SAP Egypt Managing Director Hoda Mansour achieved triple digit growth for one of the biggest software multinationals                        <\/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\/16\/how-sap-egypt-managing-director-hoda-mansour-achieved-triple-digit-growth-for-one-of-the-biggest-software-multinationals\/\" 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\/16\/how-sap-egypt-managing-director-hoda-mansour-achieved-triple-digit-growth-for-one-of-the-biggest-software-multinationals\/')\">\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\/16\/how-sap-egypt-managing-director-hoda-mansour-achieved-triple-digit-growth-for-one-of-the-biggest-software-multinationals\/\">\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 SAP Egypt Managing Director Hoda Mansour achieved triple digit growth for one of the biggest software multinationals&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/how-sap-egypt-managing-director-hoda-mansour-achieved-triple-digit-growth-for-one-of-the-biggest-software-multinationals\/\">\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\/16\/how-sap-egypt-managing-director-hoda-mansour-achieved-triple-digit-growth-for-one-of-the-biggest-software-multinationals\/&title=How SAP Egypt Managing Director Hoda Mansour achieved triple digit growth for one of the biggest software multinationals\">\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+SAP+Egypt+Managing+Director+Hoda+Mansour+achieved+triple+digit+growth+for+one+of+the+biggest+software+multinationals+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F16%2Fhow-sap-egypt-managing-director-hoda-mansour-achieved-triple-digit-growth-for-one-of-the-biggest-software-multinationals%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\/16\/how-sap-egypt-managing-director-hoda-mansour-achieved-triple-digit-growth-for-one-of-the-biggest-software-multinationals\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/178.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"572241\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/how-sap-egypt-managing-director-hoda-mansour-achieved-triple-digit-growth-for-one-of-the-biggest-software-multinationals\/178-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/178.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"178.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/178.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/178.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572240\" class=\"content-area-description single-story post-572240 post type-post status-publish format-standard has-post-thumbnail hentry category-worth-listening tag-enterpriseam tag-hoda-mansour tag-making-it tag-podcast tag-sap tag-smes tag-technology tag-worth-listening wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>In this week\u2019s episode of Making It<\/strong>, <a href=\"https:\/\/www.sap.com\/mena\/index.html\">SAP Egypt<\/a> Managing Director Hoda Mansour outlines the strategy she used to achieve triple digit growth in SAP\u2019s cloud business. From taking on government initiatives, expanding the SME customer base, and hiring non-tech industry experts, Mansour gives us a peek behind the digital services and infrastructure curtain. <strong>Making It is taking a publishing break this week <\/strong>and will return next week with the final episode of <a href=\"https:\/\/enterprise.press\/podcast\/\">season two<\/a>.<\/p>\n<p><strong>Tap or click here to listen to our chat with Hoda:<\/strong> <a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/triple-digit-growth-how-sap-created-digital-safety\/id1487974619?i=1000477450194\">Apple Podcast<\/a> | <a href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly9vbW55LmZtL3Nob3dzL21ha2luZy1pdC9wbGF5bGlzdHMvcG9kY2FzdC5yc3M\/episode\/OGQwODRkYTctYjY1Ni00MGI1LWExNzEtYWJkNjAwY2FjMTlm?hl=en-EG&ved=2ahUKEwiX0qX8tf7pAhUdBGMBHVkLB3MQjrkEegQICxAG&ep=6\">Google Podcast<\/a> | <a href=\"http:\/\/enterprise.press\/podcast\">Our<\/a><a href=\"http:\/\/enterprise.press\/podcast\">website<\/a> | <a href=\"https:\/\/omny.fm\/shows\/making-it\">Omny<\/a>. We\u2019re also available on <a href=\"https:\/\/open.spotify.com\/show\/5kp07MwlL0pk8W8i7thpgB\">Spotify<\/a>, but only for non-MENA accounts. Subscribe to Making It on your podcatcher of choice <a href=\"https:\/\/bit.ly\/35lugvb\">here<\/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\/hoda-mansour\/\">Hoda Mansour<\/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\/podcast\/\">podcast<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sap\/\">SAP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/technology\/\">technology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/worth-listening\/\">WORTH LISTENING<\/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=\"572242\" 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=\"572242\">\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\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/sudan-calls-ethiopias-gerd-proposal-a-retreat-from-previously-agreed-upon-principles\/\">\r\n                            Sudan calls Ethiopia\u2019s GERD proposal \u201ca retreat from previously agreed upon principles\u201d                        <\/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\/16\/sudan-calls-ethiopias-gerd-proposal-a-retreat-from-previously-agreed-upon-principles\/\" 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\/16\/sudan-calls-ethiopias-gerd-proposal-a-retreat-from-previously-agreed-upon-principles\/')\">\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\/16\/sudan-calls-ethiopias-gerd-proposal-a-retreat-from-previously-agreed-upon-principles\/\">\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=Sudan calls Ethiopia\u2019s GERD proposal \u201ca retreat from previously agreed upon principles\u201d&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/sudan-calls-ethiopias-gerd-proposal-a-retreat-from-previously-agreed-upon-principles\/\">\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\/16\/sudan-calls-ethiopias-gerd-proposal-a-retreat-from-previously-agreed-upon-principles\/&title=Sudan calls Ethiopia\u2019s GERD proposal \u201ca retreat from previously agreed upon principles\u201d\">\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=Sudan+calls+Ethiopia%E2%80%99s+GERD+proposal+%E2%80%9Ca+retreat+from+previously+agreed+upon+principles%E2%80%9D+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F16%2Fsudan-calls-ethiopias-gerd-proposal-a-retreat-from-previously-agreed-upon-principles%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\/16\/sudan-calls-ethiopias-gerd-proposal-a-retreat-from-previously-agreed-upon-principles\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572242\" class=\"content-area-description single-story post-572242 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-afd tag-diplomacy-foreign-trade tag-education tag-enterpriseam tag-ethiopia tag-gerd tag-hurghada tag-irrigation-ministry tag-kfw tag-sudan tag-transport tag-un tag-vocational-education wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Sudan calls Ethiopia\u2019s GERD proposal \u201ca complete retreat from previously agreed upon <\/strong><strong>principles,\u201d <\/strong>according to <a href=\"https:\/\/bit.ly\/3fuRAf0\">an Irrigation Ministry statement<\/a>. That said, Egypt, Sudan and Ethiopia appeared to make modest progress yesterday on technical issues; talks will continue today.<\/p>\n<p><strong>Egypt has said it would seek \u201cother political options\u201d including <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/81c9a030-7138-4ac1-bd34-532f1664523c\">reaching out<\/a><\/strong><strong> to the UN <\/strong><strong>Security Council <\/strong>if Ethiopia remains \u201cintransigent,\u201d according to <a href=\"https:\/\/bit.ly\/37zOEv5\">a Foreign Ministry statement<\/a>.<\/p>\n<p>In other news:<\/p>\n<ul>\n<li>Germany\u2019s KfW has inked a EUR 41.5 mn agreement to set up <strong>applied technology <\/strong><strong>institutes<\/strong> in Hurghada and Aswan and upgrade <strong>vocational training<\/strong> and applied technology centers in Cairo and Alexandria, according to t<a href=\"https:\/\/alborsaanews.com\/2020\/06\/15\/1357795\">he local press<\/a>.<\/li>\n<li>Egypt signed on Sunday a EUR 50 mn agreement with the French Development Agency (<strong>AFD<\/strong>) to develop <strong>Cairo Metro<\/strong>\u2019s line one, according to a Transport Ministry <a href=\"https:\/\/bit.ly\/2Ywjv7C\">statement<\/a>.<\/li>\n<\/ul>\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\/afd\/\">AFD<\/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\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hurghada\/\">Hurghada<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/irrigation-ministry\/\">Irrigation Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kfw\/\">Kfw<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/un\/\">UN<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vocational-education\/\">Vocational education<\/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=\"572243\" 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=\"572243\">\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\">Real Estate + Housing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/homes-at-egypts-new-capital-r3-district-to-be-delivered-by-end-of-2020\/\">\r\n                            Homes at Egypt\u2019s new capital R3 district to be delivered by end of 2020                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n       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href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/homes-at-egypts-new-capital-r3-district-to-be-delivered-by-end-of-2020\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Homes at Egypt\u2019s new capital R3 district to be delivered by end of 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/homes-at-egypts-new-capital-r3-district-to-be-delivered-by-end-of-2020\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/homes-at-egypts-new-capital-r3-district-to-be-delivered-by-end-of-2020\/&title=Homes at Egypt\u2019s new capital R3 district to be delivered by end of 2020\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Homes+at+Egypt%E2%80%99s+new+capital+R3+district+to+be+delivered+by+end+of+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F16%2Fhomes-at-egypts-new-capital-r3-district-to-be-delivered-by-end-of-2020%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/homes-at-egypts-new-capital-r3-district-to-be-delivered-by-end-of-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572243\" class=\"content-area-description single-story post-572243 post type-post status-publish format-standard hentry category-real-estate-housing tag-construction tag-enterpriseam tag-new-administrative-capital tag-real-estate tag-real-estate-housing wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Deliveries at the new administrative capital\u2019s R3 residential district will be complete before the end of the year, New Administrative Capital Authority head <a href=\"https:\/\/www.zawya.com\/mena\/en\/story\/Egypts_New_Capitals_R3_neighbourhood_to_be_delivered_before_yearend-SNG_177057646\/\">Mohamed Abdel Maksoud said<\/a>. The 1k feddan neighborhood is now 88.5% complete.<\/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\/construction\/\">construction<\/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\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate-housing\/\">Real Estate + Housing<\/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=\"572244\" 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=\"572244\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Automotive + Transportation<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/careem-to-roll-out-delivery-and-e-wallet-application-super-app-by-end-of-month\/\">\r\n                            Careem to roll out delivery and e-wallet application Super App by end of month                        <\/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\/16\/careem-to-roll-out-delivery-and-e-wallet-application-super-app-by-end-of-month\/\" 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\/16\/careem-to-roll-out-delivery-and-e-wallet-application-super-app-by-end-of-month\/')\">\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\/16\/careem-to-roll-out-delivery-and-e-wallet-application-super-app-by-end-of-month\/\">\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=Careem to roll out delivery and e-wallet application Super App by end of month&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/careem-to-roll-out-delivery-and-e-wallet-application-super-app-by-end-of-month\/\">\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\/16\/careem-to-roll-out-delivery-and-e-wallet-application-super-app-by-end-of-month\/&title=Careem to roll out delivery and e-wallet application Super App by end of month\">\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=Careem+to+roll+out+delivery+and+e-wallet+application+Super+App+by+end+of+month+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F16%2Fcareem-to-roll-out-delivery-and-e-wallet-application-super-app-by-end-of-month%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\/16\/careem-to-roll-out-delivery-and-e-wallet-application-super-app-by-end-of-month\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572244\" class=\"content-area-description single-story post-572244 post type-post status-publish format-standard hentry category-automotive-transportation tag-automotive-transportation tag-careem tag-enterpriseam tag-fintech tag-food tag-uber wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Uber subsidiary Careem has launched a new app, Super App, consolidating its ride-hailing services for cars and bikes along with delivery and e-wallet services, as it looks to expand beyond ride-hailing in the region, according to a <a href=\"https:\/\/ent.news\/2020\/6\/Final_Press-Release_-Careem-becomes-region%E2%80%99s-first-everyday-Super-App_11-Jun-20.pdf\">statement (pdf)<\/a>. The company invested USD 50 mn in the app, which will be rolled out across regional markets by the end of the month. Careem expects to finish rolling out the app this month with the aim of \u201cbringing together people's essential, everyday services in one place, with a single sign-on and integrated payment system.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive-transportation\/\">Automotive + Transportation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/careem\/\">Careem<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uber\/\">Uber<\/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=\"572246\" 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=\"572246\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">ON YOUR WAY OUT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/egypts-rowad-2030-opens-applications-for-new-ai-incubator\/\">\r\n                            Egypt\u2019s Rowad 2030 opens applications for new AI incubator                        <\/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\/16\/egypts-rowad-2030-opens-applications-for-new-ai-incubator\/\" 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\/16\/egypts-rowad-2030-opens-applications-for-new-ai-incubator\/')\">\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\/16\/egypts-rowad-2030-opens-applications-for-new-ai-incubator\/\">\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 Rowad 2030 opens applications for new AI incubator&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/egypts-rowad-2030-opens-applications-for-new-ai-incubator\/\">\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\/16\/egypts-rowad-2030-opens-applications-for-new-ai-incubator\/&title=Egypt\u2019s Rowad 2030 opens applications for new AI incubator\">\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+Rowad+2030+opens+applications+for+new+AI+incubator+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F16%2Fegypts-rowad-2030-opens-applications-for-new-ai-incubator%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\/16\/egypts-rowad-2030-opens-applications-for-new-ai-incubator\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/180.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"572247\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/egypts-rowad-2030-opens-applications-for-new-ai-incubator\/180-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/180.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"180.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/180.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/180.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572246\" class=\"content-area-description single-story post-572246 post type-post status-publish format-standard has-post-thumbnail hentry category-on-your-way-out tag-ai tag-enterpriseam tag-entrepreneurship tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Gov\u2019t entrepreneurship program opens applications for new AI incubator: <\/strong>State-backed <a href=\"https:\/\/rowad2030.com\/en\/\">Rowad 2030<\/a> is now accepting applicants for a newly launched artificial intelligence startup incubator, <a href=\"https:\/\/bit.ly\/30Gu36K\">the Planning and Economic Development Ministry said<\/a>. The new incubator has branches at Alexandria and Ain Shams universities. Rowad 2030 launched by the government in 2017 as part of Egypt\u2019s 2030 sustainable development vision. Alongside setting up incubators, the program offers state-sponsored scholarships to study entrepreneurship.<\/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\/ai\/\">AI<\/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\/startups\/\">startups<\/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=\"572248\" 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=\"572248\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/16\/the-market-yesterday-110\/\">\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\/16\/the-market-yesterday-110\/\" 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\/16\/the-market-yesterday-110\/')\">\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\/16\/the-market-yesterday-110\/\">\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\/16\/the-market-yesterday-110\/\">\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\/16\/the-market-yesterday-110\/&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%2F16%2Fthe-market-yesterday-110%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\/16\/the-market-yesterday-110\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572248\" class=\"content-area-description single-story post-572248 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 16.13 | Sell 16.23<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 16.13 | Sell 16.23<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 16.11 | Sell 16.21<\/p>\n<p><strong>EGX30<\/strong> (Monday): 10,668 (-0.6%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.4 bn (84% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -23.6%<\/p>\n<p><strong>THE MARKET ON MONDAY:<\/strong> The EGX30 ended Monday\u2019s session down 0.6%. CIB, the index\u2019s heaviest constituent, ended down 1.5%. EGX30\u2019s top performing constituents were Heliopolis Housing up 3.1%, Madinet Nasr Housing up 3.1%, and Telecom Egypt 2.1%. Yesterday\u2019s worst performing stocks were Dice down 2.1%, Ezz Steel down 1.8% and Orascom Construction down 1.7%. The market turnover was EGP 1.4 bn, and foreign investors were the sole net sellers.<\/p>\n<p><strong>Foreigners<\/strong>: Net Short | EGP -180.5 mn<br \/>\n <strong>Regional<\/strong>: Net Long | EGP +1.3 mn<br \/>\n <strong>Domestic<\/strong>: Net Long | EGP +179.1 mn<\/p>\n<p><strong>Retail<\/strong>: 41.7% of total trades | 43.8% of buyers | 39.6% of sellers<br \/>\n <strong>Institutions<\/strong>: 58.3% of total trades | 56.2% of buyers | 60.4% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 37.12 (+2.37%)<br \/>\n <strong>Brent:<\/strong> USD 39.88 (+2.88%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 1.67 MMBtu, (-3.58%, July 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,727.20 \/ troy ounce (-0.58%)<\/p>\n<p><strong>TASI:<\/strong> 7,263.65 (-0.40%) (YTD: -13.42%)<br \/>\n <strong>ADX:<\/strong> 4,267.76 (-0.20%) (YTD: -15.92%)<br \/>\n <strong>DFM:<\/strong> 2,051.70 (-1.92%) (YTD: -25.79%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,409.38 (+1.16%)<br \/>\n <strong>QE:<\/strong> 9,134.02 (-0.55%) (YTD: -12.39%)<br \/>\n <strong>MSM:<\/strong> 3,520.66 (+0.02%) (YTD: -11.57%)<br \/>\n <strong>BB: <\/strong>1,275.15 (+0.07%) (YTD: -20.81%)<\/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=\"572249\" 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\/16\/572249\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572249\" class=\"content-area-description single-story post-572249 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>17 June (Wednesday): The Arab Ministerial Council for Tourism and Arab Tourism Organization <a href=\"https:\/\/bit.ly\/2XZXIq4\">meet<\/a> to discuss recommendations on covid-19 relief packages.<\/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>1 July (Wednesday): Official reopening of Egypt\u2019s airspace to inbound and outbound international flights.<\/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\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":572221,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-572220","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"2d07623c-dcff-47ae-91b7-b49436002f9a","teaser":"","photo_url":"https:\/\/ent.news\/2020\/6\/170.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>Sweeping changes to VAT Act could give advertisers a break - 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\/sweeping-changes-to-vat-act-could-give-advertisers-a-break\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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