{"id":572341,"date":"2020-06-22T03:43:55","date_gmt":"2020-06-22T03:43:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=572341"},"modified":"2025-12-16T08:31:21","modified_gmt":"2025-12-16T08:31:21","slug":"egypt-was-africas-fdi-bright-spot-last-year","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/egypt-was-africas-fdi-bright-spot-last-year\/","title":{"rendered":"Egypt was Africa\u2019s FDI bright spot last year"},"content":{"rendered":"<section id=\"572343\" 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=\"572343\">\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\/22\/what-were-tracking-on-21-june-2020-2\/\">\r\n                            What we\u2019re tracking on 21 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\/22\/what-were-tracking-on-21-june-2020-2\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" 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category-what-were-tracking-today tag-central-bank-of-egypt tag-covid-19 tag-donald-trump tag-dr-congo tag-eastern-mediterranean-gas-forum tag-energy tag-enterpriseam tag-imf tag-interest-rates tag-pandemic tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>It\u2019s a deceptively slow news day, ladies and gentlemen<\/strong>, with few \u201cbig\u201d business \/ finance \/ econ stories vying for headlines as attention is squarely on the trifecta that is covid-19, the breakdown of GERD talks with Ethiopia, and the spectre of military intervention in Libya.<\/p><p><strong>It\u2019s an even slower newsday abroad <\/strong>\u2014 slow enough that CNBC is making into front-page, above the fold news a piece on a <a href=\"https:\/\/www.cnbc.com\/2020\/06\/21\/review-watching-star-wars-for-the-first-time-on-disney-plus.html\">39-year-old guy watching the Star Wars movies for the first time\u2026<\/a><\/p><p><strong>Worth reading for the startup types and fintech bros out there: <\/strong>German fintech outfit <a href=\"https:\/\/www.wirecard.com\/\">Wirecard<\/a>, a payments firm and erstwhile success story, is scrambling to figure out <a href=\"https:\/\/www.ft.com\/content\/574ca70f-1d1e-4ade-b02b-9b846ea88d14\">how EUR 1.9 bn<\/a><a href=\"https:\/\/www.ft.com\/content\/574ca70f-1d1e-4ade-b02b-9b846ea88d14\">has gone missing<\/a>. They asked their auditors, who don\u2019t know where it\u2019s gone, either. Investors and regulators both appear to have been asleep at the switch, exposing the global fintech industry to new calls for sharper regulatory oversight. <a href=\"https:\/\/www.ft.com\/wirecard\">The FT literally owns the story.<\/a> Raising money for fintech? Expect some pointed DD questions ahead.<\/p><p><strong>Over in the US of A: <\/strong>The Donald\u2019s <a href=\"https:\/\/www.businessinsider.com\/trump-aired-racist-misleading-coronavirus-claims-at-rally-2020-6\">desultory rally<\/a> was <a href=\"https:\/\/www.reuters.com\/article\/us-usa-election-trump-tiktok\/tiktok-users-k-pop-fans-say-they-helped-sabotage-trump-rally-with-false-registrations-idUSKBN23S0L6\">trolled by US teens and K Pop fans<\/a>, and the Wall Street Journal is cheering the fact that <a href=\"https:\/\/www.wsj.com\/articles\/more-stocks-are-driving-market-rally-decreasing-reliance-on-big-tech-11592758800?mod=hp_lead_pos1\">non-tech shares<\/a> are now helping lead Wall Street\u2019s rally.<\/p><p><strong>For the iSheep among us:<\/strong> The outcome of this evening\u2019s keynote to open Apple\u2019s first-ever virtual WWDC at 7am CLT will likely lead business news tomorrow. <a href=\"https:\/\/www.apple.com\/apple-events\/\">You can watch the keynote here live<\/a>.<\/p><hr class=\"grey-line\"><p><strong>News triggers in these final days of the month: <\/strong>The CBE will review interest rates this coming Thursday, and the IMF\u2019s executive board is to meet on Friday to discuss Egypt\u2019s request for a USD 5.2 bn standby facility, according to the fund\u2019s calendar.<\/p><p><strong>A little less certain: <\/strong>Founding members of the <strong>East Med Gas Forum<\/strong> were to meet this month in Cairo to finalize their founding charter, but no date has yet been announced. Meanwhile, the government\u2019s <strong>fuel pricing committee <\/strong>is set to meet in the first week of July for its quarterly review of fuel prices. The committee cut prices on all grades of fuel by 0.25 EGP at its last meeting in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0fe48ff8-9e18-473d-a0b4-b14d60ee993a\">April<\/a>.<\/p><hr class=\"grey-line\"><p><strong>COVID-19 IN EGYPT-<\/strong><\/p><p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/37WaU2w\">confirmed<\/a><\/strong><strong> 87 new deaths from covid-19 yesterday<\/strong>, bringing the country\u2019s total death toll to 2,193. Egypt has now disclosed a total of 55,233 confirmed cases of covid-19, after the ministry reported 1,475 new infections yesterday. We now have a total of 16,214 confirmed cases that have since tested negative for the virus after being hospitalized or isolated, of whom 14,736 have fully recovered.<\/p><p><strong>The Health Ministry expects to see a drop in new covid-19 cases by mid-July<\/strong>, head of the ministry\u2019s covid-19 control committee Hossam Hosny told talk show host Khaled Abu Bakr last night. Hosny also hinted at forthcoming news on the availability of more beds for covid-19 patients (<a href=\"https:\/\/www.youtube.com\/watch?v=gVRh_QqQyuU\">watch, runtime: 4:45<\/a>).<\/p><p><strong>The Central Bank of Egypt has extended until 15 September its decision to exempt<\/strong> <strong>EGP-denominated<\/strong><strong> transfers between local banks from fees and commissions<\/strong>, according to <a href=\"https:\/\/ent.news\/2020\/6\/CBE-EGP-transfers.pdf\">a circular (pdf)<\/a>. The CBE first ordered banks to charge no fees and commissions on these transfers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fec63e66-71d2-4779-91fb-5dd6ba414562\">in March<\/a> as part of a bid to reduce footfall in branches.<\/p><p><strong>Cleopatra Hospitals transformed two of its hospitals <\/strong>\u2014 El Katib and Queens \u2014 <strong>into <\/strong><strong>covid-19 isolation and treatment facilities<\/strong> in mid-May, the company <a href=\"https:\/\/ent.news\/2020\/6\/Cleopatra-1Q2020-One-Pager-E-FINAL-1.pdf\">announced yesterday (pdf)<\/a>. The group has also launched home visits and a <a href=\"https:\/\/bit.ly\/3b2KjRj\">telemedicine app<\/a> to aid patients who wish to be treated from home.<\/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-3-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a>\u201cWork, engage and communicate in an environment inspired by tranquility promoting productivity, clarity, and peace of mind.\u201d<\/p><p><strong>ON THE GLOBAL FRONT-<\/strong><\/p><p><strong>It may be time to think of covid-19 as a long-burning forest fire <\/strong>and <a href=\"https:\/\/www.nytimes.com\/2020\/06\/21\/health\/coronavirus-pandemic-spread-trump.html?action=click&amp;module=Top%20Stories&amp;pgtype=Homepage\">not something that<\/a><a href=\"https:\/\/www.nytimes.com\/2020\/06\/21\/health\/coronavirus-pandemic-spread-trump.html?action=click&amp;module=Top%20Stories&amp;pgtype=Homepage\">comes and goes in waves<\/a>, a top US epidemiologist says.<\/p><p><strong>Dubai is opening its doors to tourists on 7 July for the first time since going on<\/strong><strong> lockdown<\/strong>, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-21\/dubai-eases-air-travel-restrictions-for-tourists-and-residents?srnd=premium-middle-east\">Bloomberg<\/a>. Incoming visitors will have to present certification verifying they have tested negative for covid-19 or be tested at the airport.<\/p><p><strong>Israel may reimpose lockdown measures<\/strong> if citizens don\u2019t abide by mask-wearing and social-distancing rules, Prime Minister Benjamin Netanyahu warned on Sunday, following a spike in new covid-19 cases, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-21\/netanyahu-warns-of-possible-second-coronavirus-lockdown?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports.<\/p><p><strong>AND THE REST OF THE WORLD- <\/strong><\/p><p><strong>Japan is trying to lure Hong Kong-based financial institutions to Tokyo <\/strong>as concerns about Chinese encroachment in the territory grow, the <a href=\"https:\/\/www.ft.com\/content\/6584c9f0-0b2c-4d5b-a976-fe4cc980d262\">Financial Times<\/a> reports. The government is reportedly considering offering visa waivers, office space without charge, and tax advice to asset managers, traders and bankers in a bid to capitalize on fears triggered by China\u2019s national security law. The bill would give Beijing the right to intervene directly to disperse gatherings and supervise policing of \u201csubversive events\u201d in the city and would see China setting up a central office in Hong Kong authorized to gather intelligence, among other things, reports the <a href=\"https:\/\/www.wsj.com\/articles\/china-reveals-key-powers-in-hong-kong-national-security-law-11592654071\">Wall Street Journal<\/a>, citing newly released details of the controversial bill.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/Making-It-Album-Cover-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>Making It is back this Thursday for the final episode of its second season.<\/strong> Until then, catch up on season two on: <a href=\"https:\/\/bit.ly\/2zMij7I\">Our website<\/a> | <a href=\"https:\/\/podcasts.apple.com\/podcast\/making-it\/id1487974619\">Apple Podcast<\/a> | <a href=\"https:\/\/podcasts.google.com\/?feed=aHR0cHM6Ly93d3cub21ueWNvbnRlbnQuY29tL2QvcGxheWxpc3QvNWE1NmQ3YzMtZjI4MS00NTU3LThlMzEtYWFjODAxN2NjZjA2L2U3ZjE1ZWYwLWMwOWYtNDFiNi1iZDM4LWFiMDUwMGMwNDVlZi82OTc0ODFkMi04OGRmLTRlYjMtYmY3Mi1hYjA1MDBjMjllOWYvcG9kY2FzdC5yc3M%3D\">Google Podcast<\/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\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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/donald-trump\/\">Donald Trump<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dr-congo\/\">DR Congo<\/a>\n         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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=\"572345\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/foreign-policy-leads-the-conversation-on-egypts-talk-shows\/\">\r\n                            Foreign policy leads the conversation on Egypt\u2019s talk shows                        <\/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 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/foreign-policy-leads-the-conversation-on-egypts-talk-shows\/&title=Foreign policy leads the conversation on Egypt\u2019s talk shows\">\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=Foreign+policy+leads+the+conversation+on+Egypt%E2%80%99s+talk+shows+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F22%2Fforeign-policy-leads-the-conversation-on-egypts-talk-shows%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\/22\/foreign-policy-leads-the-conversation-on-egypts-talk-shows\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572345\" class=\"content-area-description single-story post-572345 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-covid-19 tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-libya tag-sameh-shoukry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Foreign policy was in the limelight once again on the airwaves last night.<\/strong><\/p>\n<p><strong>Shoukry speaks on GERD, Libya:<\/strong> Egypt is working to bring all parties to the Libyan conflict to the negotiating table to work out a political resolution and avoid a military escalation in our western neighbor, Foreign Minister Sameh Shoukry told \u2018Ala Mas\u2019ouleety\u2019s Ahmed Moussa. The minister noted that the emergency Arab League meeting on Libya, which Egypt called for, is scheduled to take place today. Shoukry also discussed Egypt\u2019s decision to turn to the UN Security Council on the Grand Ethiopian Renaissance Dam, telling Moussa that the council should block Ethiopia from unilaterally deciding to fill the dam\u2019s reservoir before reaching an agreement with its downstream neighbors (<a href=\"https:\/\/www.youtube.com\/watch?v=KQ_4N4T2QiM\">watch, runtime: 10:56<\/a>).<\/p>\n<p>Elsewhere, <strong>Education Minister Tarek Shawki recapped the first day of Thanaweya Amma exams<\/strong> and the ministry\u2019s efforts to prevent any coronavirus infections inside exam halls in a phone call with El Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=J2lAsHRh3nY\">watch, runtime: 0:54<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-last-nights-talk-shows\/\">Enterprise+: Last Night\u2019s Talk Shows<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/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=\"572346\" 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=\"572346\">\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\/22\/spotlightmeet-abdalla-elebiary-the-new-chief-investment-officer-of-the-sovereign-fund-of-egypt\/\">\r\n                            Spotlight:Meet Abdalla ElEbiary, the new chief investment officer of the Sovereign Fund of Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/spotlightmeet-abdalla-elebiary-the-new-chief-investment-officer-of-the-sovereign-fund-of-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/spotlightmeet-abdalla-elebiary-the-new-chief-investment-officer-of-the-sovereign-fund-of-egypt\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/spotlightmeet-abdalla-elebiary-the-new-chief-investment-officer-of-the-sovereign-fund-of-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Spotlight:Meet Abdalla ElEbiary, the new chief investment officer of the Sovereign Fund of Egypt&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/spotlightmeet-abdalla-elebiary-the-new-chief-investment-officer-of-the-sovereign-fund-of-egypt\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/spotlightmeet-abdalla-elebiary-the-new-chief-investment-officer-of-the-sovereign-fund-of-egypt\/&title=Spotlight:Meet Abdalla ElEbiary, the new chief investment officer of the Sovereign Fund of Egypt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Spotlight%3AMeet+Abdalla+ElEbiary%2C+the+new+chief+investment+officer+of+the+Sovereign+Fund+of+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F22%2Fspotlightmeet-abdalla-elebiary-the-new-chief-investment-officer-of-the-sovereign-fund-of-egypt%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/spotlightmeet-abdalla-elebiary-the-new-chief-investment-officer-of-the-sovereign-fund-of-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/220.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"572347\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/spotlightmeet-abdalla-elebiary-the-new-chief-investment-officer-of-the-sovereign-fund-of-egypt\/220-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/220.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"220.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/220.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/220.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572346\" class=\"content-area-description single-story post-572346 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-abdullah-elebiary tag-covid-19 tag-economy tag-enterpriseam tag-investment-watch tag-moves tag-private-equity tag-sovereign-fund-of-egypt tag-speed-round wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>MOVES- <\/strong><strong>Meet Abdalla ElEbiary, the new chief investment officer of the Sovereign Fund of <\/strong><strong>Egypt<\/strong><strong>: <\/strong>The covid-19 crisis has shifted the calculus for nationstates and investors alike, with many having to shift gears on both long-term and short-term investments. Egypt is no different. But while worrying about the short-term is essential, it is almost equally important to not lose sight of the long-term goals that will position us to better take advantage of the recovery. That\u2019s precisely what <a href=\"https:\/\/tsfe.com\/\">the Sovereign Fund of Egypt (SFE)<\/a> hopes to do, and you can see that in the transactions it has so-far disclosed. The SFE <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2377b687-8d51-4e2a-8731-0458d605cea0\">signed an MoU last month<\/a> with New York-based Concord International Investments to set up a joint venture to manage a USD 300 mn healthcare fund focused on Egypt and the Middle East, while also expressing interest i<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/411fcac8-32e5-407b-8c08-ad7ae0c31a60\">n logistics and transportation projects<\/a>. This is in turn balanced by long-term transactions in sectors that are underperforming during covid-19 today, such as tourism with the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1303125-401f-4d38-a2d5-cdd14ae88090\">Bab El Azab revamp<\/a>. As the SFE\u2019s role in this balance becomes more crucial during the crisis, having the right CIO is important.<\/p>\n<p><strong>Enter our friend Abdalla ElEbiary<\/strong>, who many readers may remember from his time with private-equity outfit turned investment company Qalaa Holdings. He\u2019s no Nostrodamus (as much as we may feel like we\u2019re living through a film based on some Nostradamus fever dream). But he is someone who knows private equity and balancing long-term risks and rewards, having joined Qalaa in the early days after a run at at the investment banking division of Meryll Lynch.<\/p>\n<p><strong>In his first interview since his appointment, ElEbiary discusses what the role of the SFE <\/strong><strong>is during the crisis.<\/strong> He walks us through how best to navigate it, and how best to position Egypt for a recovery. He also updates us on the fund\u2019s strategy, the status of key transactions, his ideal investment scenario, and what investors want to get out of Egypt in these times.<\/p>\n<p>Edited excerpts from the interview:<\/p>\n<p><strong>What\u2019s the role of the SFE during the crisis? <\/strong>In general, the fund\u2019s goal is to enhance investment in Egypt and maximize the value of public sector assets for future generations. In a perfect scenario, a consortium of local, regional, and international investors would be assembled, some bringing operating experience and specific technical knowhow, to join forces with the SFE to refurbish or add value to a public sector asset. The partnership would result in a successful transaction, with generous, private-sector targeted returns for investors, sustainable development, and knowledge and management transfer to the Egyptian economy, says ElEbiary. \u201cThat scenario would hit all my high notes.\u201d<\/p>\n<p><strong>Covid-19 has meant refocusing on healthcare, food and food security, logistics and infrastructure during the crisis period.<\/strong> The SFE already announced its intention to do this, says ElEbiary. \u201cGlobally, the pandemic has highlighted the need for more healthcare investments, and I think Egypt would benefit from this.\u201d It\u2019s also demonstrated the importance of food security, part of which comes from solid and uninterrupted supply chains. The SFE is emphasizing partnerships and investment projects that tackle these specific industries, launching a healthcare fund, considering setting up strategic medical warehouses, and planning other investments that will be announced in due course, he adds.<\/p>\n<p><strong>But creating long-term value requires a long-term investment outlook, so hard-hit key areas like tourism won\u2019t be overlooked either. <\/strong>Private equity as a vehicle has a 7-10-year investment horizon, but the SFE takes an even longer-term view, says ElEbiary. \u201cWe need to make the right fundamental investment decisions, not based on anomalies or where we are in the business cycle.\u201d Tourism, specialized real estate projects, and hospitality management are sectors where Egypt has a strategic advantage, so it\u2019s important to continue investing in them, even if they\u2019re temporarily hit by covid-19. So developments like the recently announced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1303125-401f-4d38-a2d5-cdd14ae88090\">Bab El Azab revamp<\/a> or developing the Mugamma El Tahrir are long-term projects that will take years rather than months, and ultimately add value to the Egyptian economy in a sustainable way.<\/p>\n<p><strong>We\u2019re also looking to monetize the fruits of previous long-term investments that are garnering investor interest.<\/strong> The government\u2019s investment in infrastructure projects from 2016 onwards has built up Egypt\u2019s economy so it continues to attract investors. Projects like the <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/25\/actis-confirms-its-bidding-for-a-stake-in-egypts-combined-cycle-plants-6971\/\">Siemens-built combined-cycle power plants<\/a>, and the construction of desalination and wastewater treatment plants are large-scale, successful initiatives that are attracting interest from local, regional and international investors, says ElEbiary. Now it is time to monetize these projects, he adds.<\/p>\n<p><strong>SFE transactions including sale of the Siemens power plants and the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/a29d7c71-07af-4359-8e79-0fe084f93dc9\">potential listing of Armed Forces companies<\/a><\/strong><strong> are still on the table, but details are limited. <\/strong>All of these projects are moving forward, says ElEbiary, but they are ongoing processes, so there\u2019s a limit to how much information can be disclosed. Investors have expressed interest in the Siemens plants, and discussions with others about buying shares in army-owned companies are expected to take place \u201cin the very near future.\u201d The Bab El Azab project agreement was signed in early June, and now developing the plans and structure of the investment is the priority, before securing the right investors and setting the budget, he says.<\/p>\n<p><strong>The SFE\u2019s partners should expect returns that are in line with the private sector, says ElEbiary.<\/strong> Investors should also expect ROIs in line with market performance, especially as Egypt\u2019s country risk keeps coming down over the long-term. A fund\u2019s ROI needs to be measured against its lifecycle, which is typically 7-10 years, says ElEbiary. Thanks to the devaluation, the IMF program, subsidy cuts and other measures, Egypt has taken important steps to improve the government balance sheet, and its risk-adjusted return keeps decreasing. All this helps to make Egypt\u2019s investment climate more attractive.<\/p>\n<p><strong>And the SFE\u2019s current focus of capital and resources on specific sectors, as well as its ESG plan, align with global investor priorities.<\/strong> Sustainable development and having <a href=\"https:\/\/www.investopedia.com\/terms\/e\/environmental-social-and-governance-esg-criteria.asp\">environmental, social and governance (ESG)<\/a> criteria for projects doesn\u2019t necessarily mean you should expect them to yield returns lower than private sector-targeted returns, ElEbiary emphasizes.<\/p>\n<p><strong>What also helps? The SFE is designed to be as agile as a private sector entity:<\/strong> The SFE has been set up to work and undertake transactions like a private sector outfit, meaning it is flexible to move as rapidly as possible, says ElEbiary. The people who work there are dynamic and responsive, and all are aligned in wanting the best for Egypt and wanting to act quickly. The first item on the agenda when he settles into the role and checks on safety protocols is some organizational housekeeping, he tells us. It\u2019s about making sure the right people are sitting round the table and they have the right hiring policy in place to continue attracting top talent.<\/p>\n<p><strong>Whatever shape the recovery will take, the SFE has to lay the groundwork for it: <\/strong>Whether we\u2019re set to see a V-shaped, U-shaped, or W-shaped recovery is very difficult to judge and will depend on global trends and how the pandemic changes, says ElEbiary. The IMF <a href=\"https:\/\/blogs.imf.org\/2020\/06\/16\/the-great-lockdown-through-a-global-lens\/\">has said<\/a> that for the first time since the Great Depression, both advanced and emerging market economies will be in recession in 2020, so it really becomes a question of who can best weather the storm and rebound the fastest. \u201cThe post-2014 economic reform, the pipeline of transactions we are developing in multiple industries, are all testament to how solid the Egyptian economy is today,\u201d he adds. Though they have a long list of prospective investments and partners, it\u2019s relatively easy to prioritize some investments \u2014 which could be quick wins \u2014 and put others on the back burner, in response to the ups and downs of the market. \u201cThis is not a one or two-year race, or even a ten-year race. This is a much longer race than that,\u201d he says.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/2020\/06\/22\/spotlight-introducing-new-chief-investment-officer-sovereign-fund-egypt-abdullah-el-ebiary\/\">You can catch the rest of the interview here<\/a><\/strong>, in which ElEbiary talks about expectations on the <strong>M&A and IPO <\/strong>fronts for the coming period \u2014 and why the SFE is fundamentally not about <strong>crowding out the private sector<\/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\/abdullah-elebiary\/\">Abdullah ElEbiary<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-equity\/\">private equity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"572357\" 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=\"572357\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE MACRO PICTURE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/egypt-southern-africa-were-the-two-bright-spots-in-africa-last-year-as-fdi-dipped-across-the-continent\/\">\r\n                            Egypt, Southern Africa were the two bright spots in Africa last year as FDI dipped across the continent                        <\/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\/22\/egypt-southern-africa-were-the-two-bright-spots-in-africa-last-year-as-fdi-dipped-across-the-continent\/\" 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\/22\/egypt-southern-africa-were-the-two-bright-spots-in-africa-last-year-as-fdi-dipped-across-the-continent\/')\">\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\/22\/egypt-southern-africa-were-the-two-bright-spots-in-africa-last-year-as-fdi-dipped-across-the-continent\/\">\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, Southern Africa were the two bright spots in Africa last year as FDI dipped across the continent&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/egypt-southern-africa-were-the-two-bright-spots-in-africa-last-year-as-fdi-dipped-across-the-continent\/\">\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\/22\/egypt-southern-africa-were-the-two-bright-spots-in-africa-last-year-as-fdi-dipped-across-the-continent\/&title=Egypt, Southern Africa were the two bright spots in Africa last year as FDI dipped across the continent\">\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%2C+Southern+Africa+were+the+two+bright+spots+in+Africa+last+year+as+FDI+dipped+across+the+continent+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F22%2Fegypt-southern-africa-were-the-two-bright-spots-in-africa-last-year-as-fdi-dipped-across-the-continent%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\/22\/egypt-southern-africa-were-the-two-bright-spots-in-africa-last-year-as-fdi-dipped-across-the-continent\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/222.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"572358\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/egypt-southern-africa-were-the-two-bright-spots-in-africa-last-year-as-fdi-dipped-across-the-continent\/222-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/222.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"222.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/222.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/222.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572357\" class=\"content-area-description single-story post-572357 post type-post status-publish format-standard has-post-thumbnail hentry category-the-macro-picture tag-africa tag-angola tag-covid-19 tag-enterpriseam tag-fdi tag-gdp tag-oil-and-gas tag-south-africa tag-the-macro-picture tag-unctad wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Egypt, Southern Africa were the two bright spots in Africa last year as FDI dipped across <\/strong><strong>the continent:<\/strong> Egypt remained the top recipient of foreign direct investment (FDI) in Africa last year, with inflows rising 11% y-o-y to USD 9 bn, according to <a href=\"https:\/\/unctad.org\/en\/PublicationsLibrary\/wir2020_en.pdf\">UNCTAD\u2019s 2020 World Investment Report (pdf)<\/a>. Egypt\u2019s rising FDI receipts bucked the downward trend in the rest of Africa, which saw a 10% y-o-y drop in inflows to USD 45 bn last year. Southern Africa stood out as the continent\u2019s only subregion with higher FDI flows in 2019 (+22%) but the report notes that this uptick was mainly driven by a slowdown in net divestment from Angola, as inflows to the region\u2019s largest economy, South Africa, decreased by 15% in 2019.<\/p>\n<p><strong>The downtrend preceded covid-19, but the pandemic is likely to continue weighing on FDI prospects for the continent this year.<\/strong> The first quarter of 2020 already saw a notable dip in greenfield investment, with the value of these projects taking a harder hit than their volume. Monthly cross-border M&A targeting Africa also plummeted 72% in April. UNCTAD now projects a 25-40% drop in FDI this year, particularly as GDP forecasts have been slashed from 3.2% growth to a 2.8% contraction in 2020 as investment projects are being put on ice due to the economic uncertainty surrounding the pandemic. The report sees investments in aviation, hospitality, tourism, and leisure \u2014 which accounted for 10% of the USD 77 bn-worth of greenfield projects last year \u2014 being affected more than other industries.<\/p>\n<p><strong>A beacon of hope:<\/strong> Even with global FDI expected to nosedive 40% in 2020 and fall another 5-10% next year, UNCTAD sees a rebound in the cards in 2022 \u2014 but still notes that the outlook is \u201chighly uncertain.\u201d The recovery will be led by a restructuring of global value chains \u201cfor resilience, replenishment of capital stock and recovery of the global economy,\u201d the report says. In the meantime, UNCTAD stresses that focusing on investing in developing infrastructure and domestic resources in Africa will help make individual countries more resilient.<\/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\/africa\/\">Africa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/angola\/\">Angola<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/south-africa\/\">South Africa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-macro-picture\/\">THE MACRO PICTURE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/unctad\/\">UNCTAD<\/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=\"572359\" 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=\"572359\">\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\">Image of the Day<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/ring-of-fire-eclipse-lights-up-eastern-hemisphere\/\">\r\n                            \u2018Ring of fire\u2019 eclipse lights up eastern hemisphere                        <\/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\/22\/ring-of-fire-eclipse-lights-up-eastern-hemisphere\/\" 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\/22\/ring-of-fire-eclipse-lights-up-eastern-hemisphere\/')\">\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\/22\/ring-of-fire-eclipse-lights-up-eastern-hemisphere\/\">\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=\u2018Ring of fire\u2019 eclipse lights up eastern hemisphere&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/ring-of-fire-eclipse-lights-up-eastern-hemisphere\/\">\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\/22\/ring-of-fire-eclipse-lights-up-eastern-hemisphere\/&title=\u2018Ring of fire\u2019 eclipse lights up eastern hemisphere\">\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=%E2%80%98Ring+of+fire%E2%80%99+eclipse+lights+up+eastern+hemisphere+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F22%2Fring-of-fire-eclipse-lights-up-eastern-hemisphere%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\/22\/ring-of-fire-eclipse-lights-up-eastern-hemisphere\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/223.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"572360\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/ring-of-fire-eclipse-lights-up-eastern-hemisphere\/223-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/223.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"223.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/223.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/223.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572359\" class=\"content-area-description single-story post-572359 post type-post status-publish format-standard has-post-thumbnail hentry category-image-of-the-day tag-astronomy tag-enterpriseam tag-germany tag-image-of-the-day tag-russia tag-space wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>\u201cRing of fire\u201d eclipse lights up eastern hemisphere:<\/strong> Yesterday\u2019s summer solstice brought with it <a href=\"https:\/\/www.independent.co.uk\/life-style\/gadgets-and-tech\/news\/solar-eclipse-2020-live-stream-watch-where-when-time-date-a9577456.html\">a rare kind of solar eclipse<\/a>. Sometimes referred to by astronomers as a \u201cring of fire,\u201d the annular eclipse appears as a disk of light in the sky, caused by the moon being too far from Earth to cause a total solar eclipse. The eclipse passed from west to east over 12 countries.<\/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\/astronomy\/\">astronomy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/germany\/\">Germany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/image-of-the-day\/\">IMAGE OF THE DAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/space\/\">space<\/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=\"572361\" 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=\"572361\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/egypt-in-the-news-on-22-june-2020\/\">\r\n                            Egypt in the News on 22 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\/22\/egypt-in-the-news-on-22-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\/22\/egypt-in-the-news-on-22-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\/22\/egypt-in-the-news-on-22-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 22 June 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/egypt-in-the-news-on-22-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\/22\/egypt-in-the-news-on-22-june-2020\/&title=Egypt in the News on 22 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+22+June+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F22%2Fegypt-in-the-news-on-22-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\/22\/egypt-in-the-news-on-22-june-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572361\" class=\"content-area-description single-story post-572361 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-egypt-in-the-news tag-enterpriseam tag-libya tag-saudi-arabia tag-tourism tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Egypt signaling it could intervene in Libya<\/strong> is still leading the conversation in the foreign press this morning. <a href=\"https:\/\/www.thenational.ae\/world\/gcc\/gulf-states-rally-behind-egypt-over-call-to-secure-borders-with-libya-1.1036853\">The National<\/a> notes Saudi Arabia, the UAE, and Bahrain backing Egypt\u2019s right to stage a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b18c478-9c6f-4e91-a79b-6ce21e2ef59d\">military intervention<\/a> to protect its borders if the Government of National Accord attempts to seize the Libyan city of Sirte. A ceasefire in the strategic city depends on whether Russia and Turkey can reach an agreement, <a href=\"https:\/\/www.ft.com\/content\/e6aa87b0-5e0b-477f-9b89-693f31c63919\">Financial Times<\/a>\u2019 Heba Saleh says.<\/p>\n<p>Also getting attention in the foreign press:<\/p>\n<ul>\n<li><strong>Egypt\u2019s papyrus industry is in trouble: <\/strong>The absence of tourism in Egypt the past few months has caused the demand for papyrus to plummet, causing manufacturers to stop production and wait for better days, according to <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-egypt-papyrus\/egyptian-villagers-struggle-to-keep-art-of-papyrus-making-viable-idUSKBN23P25M\">Reuters<\/a>.<\/li>\n<li><strong><a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-egypt-exams\/egyptian-high-school-pupils-masked-and-gloved-head-into-exams-idUSKBN23S0O4\">Reuters<\/a><\/strong><strong> took note of the start of Thanaweya Amma exams yesterday<\/strong>, which saw masked highschoolers screened for fevers before packing into testing centers.<\/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\/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\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/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=\"572362\" 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=\"572362\">\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\/22\/shoukry-reiterates-legitimacy-of-egypts-potential-intervention-in-libya\/\">\r\n                            Shoukry reiterates legitimacy of Egypt\u2019s potential intervention in Libya                        <\/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\/22\/shoukry-reiterates-legitimacy-of-egypts-potential-intervention-in-libya\/\" 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\/22\/shoukry-reiterates-legitimacy-of-egypts-potential-intervention-in-libya\/')\">\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\/22\/shoukry-reiterates-legitimacy-of-egypts-potential-intervention-in-libya\/\">\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=Shoukry reiterates legitimacy of Egypt\u2019s potential intervention in Libya&url=https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/shoukry-reiterates-legitimacy-of-egypts-potential-intervention-in-libya\/\">\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\/22\/shoukry-reiterates-legitimacy-of-egypts-potential-intervention-in-libya\/&title=Shoukry reiterates legitimacy of Egypt\u2019s potential intervention in Libya\">\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=Shoukry+reiterates+legitimacy+of+Egypt%E2%80%99s+potential+intervention+in+Libya+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F06%2F22%2Fshoukry-reiterates-legitimacy-of-egypts-potential-intervention-in-libya%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\/22\/shoukry-reiterates-legitimacy-of-egypts-potential-intervention-in-libya\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572362\" class=\"content-area-description single-story post-572362 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-diplomacy tag-diplomacy-foreign-trade tag-enterpriseam tag-ethiopia tag-gerd tag-libya tag-politics tag-war wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egypt\u2019s potential Libya interaction is legitimate, Shoukry reiterates: <\/strong>Foreign Minister Sameh Shoukry yesterday echoed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b18c478-9c6f-4e91-a79b-6ce21e2ef59d\">Saturday\u2019s statements<\/a> by President Abdel Fattah El Sisi, telling Al Arabiya (<a href=\"https:\/\/www.facebook.com\/AlArabiya\/videos\/3075787799164742\">watch: runtime: 13:15<\/a>) that any military intervention in Libya to protect our western borders with Libya would be legitimate, but stressed that such a course would be Egypt\u2019s last resort. Cypriot Forein Minister <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=21062020&id=87c52e48-90c3-4d6a-b338-c73431fb713a\">Nicos Christodoulides<\/a> told Shoukry in a phone call yesterday that Nicosia supports Egypt\u2019s position. Shoukry also discussed the Libya issue with his Russian counterpart, <a href=\"https:\/\/bit.ly\/2YohCLz\">Sergei Lavrov<\/a>.<\/p>\n<p><strong>Shoukry also maintained the government\u2019s willingness to find a political solution with Ethiopia<\/strong> over the Grand Ethiopian Renaissance Dam, stressing that the decision to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c7e34221-d773-40c6-a9c7-2747168a67fc\">escalate the dispute to the UN Security Council<\/a> following the breakdown in talks last week came as Ethiopia \u201chas consistently refused to mediate.\" The minister also discussed Egypt\u2019s position on the negotiations with the <a href=\"http:\/\/2abcnews.go.com\/International\/wireStory\/ap-interview-egypt-stop-ethiopia-dam-fill-71374965\">Associated Press<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy-foreign-trade\/\">Diplomacy + Foreign Trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war\/\">war<\/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=\"572367\" 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=\"572367\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/the-market-yesterday-113\/\">\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\/22\/the-market-yesterday-113\/\" 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\/22\/the-market-yesterday-113\/')\">\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\/22\/the-market-yesterday-113\/\">\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\/22\/the-market-yesterday-113\/\">\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\/22\/the-market-yesterday-113\/&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%2F22%2Fthe-market-yesterday-113%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\/22\/the-market-yesterday-113\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572367\" class=\"content-area-description single-story post-572367 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 16.12 | Sell 16.22<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 16.12 | Sell 16.22<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 16.10 | Sell 16.20<\/p>\n<p><strong>EGX30<\/strong> (Sunday): 10,824 (-0.3%)<br \/>\n <strong>Turnover:<\/strong> EGP 761 mn (2% below the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -22.5%<\/p>\n<p><strong>THE MARKET ON SUNDAY:<\/strong> The EGX30 ended Sunday\u2019s session down 0.3%. CIB, the index\u2019s heaviest constituent, ended down 0.6%. EGX30\u2019s top performing constituents were Eastern Company up 2.4%, KIMA up 1.8%, and Juhayna up 1.5%. Yesterday\u2019s worst performing stocks were Pioneers Holding down 3.2%, Qalaa Holding down 2.8% and Palm Hills down 2.0%. The market turnover was EGP 761 mn, and domestic investors were the sole net buyers.<\/p>\n<p><strong>Foreigners<\/strong>: Net Short | EGP -3.9 mn<br \/>\n <strong>Regional<\/strong>: Net Short | EGP -1.7 mn<br \/>\n <strong>Domestic<\/strong>: Net Long | EGP +5.6 mn<\/p>\n<p><strong>Retail<\/strong>: 83.7% of total trades | 82.3% of buyers | 85.1% of sellers<br \/>\n <strong>Institutions<\/strong>: 16.3% of total trades | 17.7% of buyers | 14.9% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 39.75 (+2.34%)<br \/>\n <strong>Brent:<\/strong> USD 42.19 (+1.64%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 1.67 MMBtu, (+1.89%, July 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,753.00 \/ troy ounce (+1.27%)<\/p>\n<p><strong>TASI:<\/strong> 7,345.88 (-0.13%) (YTD: -12.44%)<br \/>\n <strong>ADX:<\/strong> 4,334.75 (-0.24%) (YTD: -14.60%)<br \/>\n <strong>DFM:<\/strong> 2,058.55 (-0.94%) (YTD: -25.54%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,482.08 (+0.71%)<br \/>\n <strong>QE:<\/strong> 9,285.13 (-0.38%) (YTD: -10.94%)<br \/>\n <strong>MSM:<\/strong> 3,525.34 (+0.27%) (YTD: -11.45%)<br \/>\n <strong>BB: <\/strong>1,274.55 (+0.02%) (YTD: -20.84%)<\/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=\"572368\" 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\/22\/572368\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572368\" class=\"content-area-description single-story post-572368 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>25 June (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>26 June (Friday): The IMF\u2019s executive board will decide on whether to disburse a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16be15c7-809a-4228-ae03-8d3acd1c122f\">USD 5.2 bn standby loan<\/a>.<\/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":572342,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-572341","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"39d07f8d-882a-445c-901e-6f60e4bd3981","teaser":"","photo_url":"https:\/\/ent.news\/2020\/6\/217.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>Egypt was Africa\u2019s FDI bright spot last year - 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\/egypt-was-africas-fdi-bright-spot-last-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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