{"id":572803,"date":"2020-07-09T03:41:02","date_gmt":"2020-07-09T03:41:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=572803"},"modified":"2025-12-16T08:46:56","modified_gmt":"2025-12-16T08:46:56","slug":"rania-al-mashat-on-our-podcast-egypts-stock-buyback-boom","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/rania-al-mashat-on-our-podcast-egypts-stock-buyback-boom\/","title":{"rendered":"Rania Al-Mashat on our podcast + Egypt\u2019s stock buyback boom"},"content":{"rendered":"<section id=\"572805\" 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=\"572805\">\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\/07\/09\/what-were-tracking-on-9-july-2020\/\">\r\n                            What we\u2019re tracking on 9 July 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\/07\/09\/what-were-tracking-on-9-july-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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Don\u2019t read our interview this morning with International <\/strong><strong>Cooperation Minister Rania Al-Mashat. <\/strong>Listen to it instead. Trust us on this. You\u2019ll get the gist from this morning\u2019s story, but if you really want to get to know the woman leading Egypt\u2019s program of economic diplomacy, you need to hear her tell the story in her own words, in her own voice. She\u2019s smart, engaging and \u2014 as she\u2019s proven at the central bank and as tourism minister \u2014 just the person you want in your corner in a crisis.<\/p><p><strong>Listening is really easy: <\/strong><strong><a href=\"https:\/\/bit.ly\/3iGasdy\">Just tap or click here<\/a><\/strong><strong>(runtime: 41:05) to listen <\/strong><strong>on <\/strong><strong>our website.<\/strong> No special software required. Or if you\u2019re a podcast nerd, head over to <a href=\"https:\/\/apple.co\/3eeHPR7\">Apple Podcasts<\/a> or listen to us on <a href=\"https:\/\/bit.ly\/2ZenebL\">Omny<\/a>. We\u2019re also available on <a href=\"https:\/\/spoti.fi\/2O43oJx\">Spotify<\/a>, but only for non-MENA accounts, and will be on Google Podcasts soon.<\/p><p><strong>Al-Mashat spoke with us for the first episode of Enterprise After Hours<\/strong>, our new podcast featuring business leaders, policymakers and cultural icons. Our aim is to have deeper, longer conversations on a wider range of issues than how to build a great business in Egypt \u2014 the subject of <a href=\"https:\/\/bit.ly\/2zMij7I\">our entrepreneur-focused series<\/a><a href=\"https:\/\/bit.ly\/2zMij7I\">Making It<\/a>. Each episode of Enterprise After Hours will drop in its own feed in your podcatcher of choice, accompanied by a written excerpt in the Morning Edition you\u2019re reading now.<\/p><p><strong>Podcasts are the perfect way to kill your morning or afternoon commute. <\/strong>Or if you, like us, aren\u2019t doing that while on WFH, they\u2019re the perfect breakfast \/ morning routine companion and the ideal way to feed your brain while you do the dishes after dinner.<\/p><p><strong>Want to suggest a guest for Enterprise After Hours or Making It? <\/strong>Email us at editorial@enterprise.press \u2014 we would really love to hear from you. We\u2019re already in production on season three of Making It, so email us today.<\/p><hr class=\"grey-line\"><p><strong>It\u2019s officially FY2020-2021 for state coffers:<\/strong> President Abdel Fattah El Sisi approved yesterday the state budget for the new fiscal year, according to the Official Gazette. You can catch a refresher on highlights of the budget <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/534d27dd-1a99-4ffd-8382-86ca774067ea\">here<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0557143-d132-4f80-a888-edd3c67085c5\">here<\/a>. The Madbouly government said previously that it will review the budget when 1Q2020-2021 wraps on 30 September to tweak key assumptions as it gets more clarity on the road ahead.<\/p><p><strong>Meanwhile: It\u2019s looking more and more like schools are going to be embracing \u201cblended <\/strong><strong>learning\u201d come fall<\/strong>, with students splitting their time each week between learning at home and learning on campus. That\u2019s the word we\u2019re getting from a number of top private schools in Egypt, and it\u2019s what New York \u2014 the largest school district in the US \u2014 <a href=\"https:\/\/www.nytimes.com\/2020\/07\/08\/nyregion\/nyc-schools-reopening-plan.html?referringSource=articleShare\">said yesterday it will be doing<\/a>.<\/p><p><strong>That\u2019s going to put plenty of pressure on businesses to be flexible with working parents <\/strong>come fall \u2014 which, incidentally, is just weeks away. The notion that those of privileged to have jobs that can be done at home have weeks or months of WFH left ahead of us is the subject an on-point <a href=\"https:\/\/www.cnbc.com\/2020\/07\/08\/op-ed-companies-in-emergency-mode-during-phase-2-of-remote-work.html\">CNBC column<\/a> by Wendy Pfeiffer, CIO of Google-owned cloud computing platform <a href=\"https:\/\/www.nutanix.com\/en\">Nutanix<\/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\/2VZOFnm\">confirmed<\/a><\/strong><strong> 75 new deaths from covid-19 yesterday<\/strong>, bringing the country\u2019s total death toll to 3,564. Egypt has now disclosed a total of 78,304 confirmed cases of covid-19, after the ministry reported <strong>1,025 new infections yesterday<\/strong>. We now have a total of 22,241 cases who have fully recovered.<\/p><p><strong>Around <\/strong><strong><a href=\"https:\/\/alborsaanews.com\/2020\/07\/08\/1364535\">1k tourism companies<\/a><\/strong> <strong>have obtained health and safety certificates to resume <\/strong><strong>operations, <\/strong>600 of which are in Cairo and Giza governorates.<\/p><p><strong>EgyptAir is offering a <\/strong><strong><a href=\"https:\/\/bit.ly\/2ObmAoI\">25% discount on flights from Cairo to Dubai<\/a><\/strong> booked before 20 July for travel until 20 September. A 20% discount is also available for flights to Abu Dhabi and Sharjah booked before 15 July for travel until 31 August.<\/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\/7\/Somabay-July5-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>ON THE GLOBAL FRONT-<\/strong><\/p><p><strong>The planet now has 12 mn confirmed cases of the coronavirus,<\/strong> according to the Johns Hopkins University\u2019s corona tracker.<\/p><p><strong>The US has won the inglorious award of being the first country to surpass 3 mn cases, <\/strong>after California, Texas and Arizona all set new single-day records yesterday.<\/p><p><strong>Dubai is expecting an \u201caggressive\u201d rebound in tourism by the end of the year<\/strong> after the emirate opened its borders to foreign visitors yesterday, Helal Al Marri, director general of Dubai\u2019s Department of Tourism and Commerce Marketing, told Bloomberg (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-08\/dubai-tourism-chief-expects-aggressive-bounce-back-by-year-end\">watch, runtime: 07:45<\/a>).<\/p><p><strong>GLOBAL MACRO-<\/strong><\/p><p><strong>European banks look to go green:<\/strong> Both the European Central Bank and the European Bank for Reconstruction and Development have outlined plans to increase investment in green bonds as they look to step up involvement in the low-carbon economy. In an interview with <a href=\"https:\/\/www.ft.com\/content\/f776ea60-2b84-4b72-9765-2c084bff6e32\">the FT<\/a>, ECB boss Christine Lagarde said that the bank could deploy some of its EUR 2.8 tn emergency asset-purchase program to buy green bonds, while the EBRD <a href=\"https:\/\/www.ebrd.com\/news\/2020\/ebrd-unveils-proposal-to-be-majority-green-bank-by-2025.html\">announced plans<\/a> to commit half of its annual investments to green projects by 2025.<\/p><p><strong>That\u2019s good news for: CIB<\/strong>, which we recently reported is planning <a href=\"https:\/\/enterprise.press\/hardhats\/2020-year-green-bonds-become-real-egypt\/\">Egypt\u2019s first-ever green<\/a><a href=\"https:\/\/enterprise.press\/hardhats\/2020-year-green-bonds-become-real-egypt\/\">bond issue<\/a>.<\/p><p><strong>Party time for goldbugs:<\/strong> Gold prices surged past USD 1.8k \/ oz for the first time since 2011 yesterday, <a href=\"https:\/\/www.ft.com\/content\/b5d9e57f-74f6-4445-88bb-ca6ddff20525\">the Financial Times<\/a> reports. Investors shovelled a record USD 40 bn of cash into gold-backed funds during the first half of the year as the pandemic caused chaos in global financial markets.<\/p><p><strong>Naguib, the inveterate goldbug, expects Au to hit USD 2k: <\/strong>Gold futures could climb to USD 2k an ounce if investors can\u2019t shake their anxiety about the direction of the global economy, celebrity b\u2019naire and La Mancha Mining Chairman Naguib Sawiris told <a href=\"https:\/\/www.cnbcarabia.com\/news\/view\/69920\/%D9%86%D8%AC%D9%8A%D8%A8-%D8%B3%D8%A7%D9%88%D9%8A%D8%B1%D8%B3-%D9%84%D9%80-CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D9%82%D8%AF-%D9%8A%D8%B5%D9%84-%D9%84%D9%85%D8%B3%D8%AA%D9%88%D9%8A%D8%A7%D8%AA-2,000-%D8%AF%D9%88%D9%84%D8%A7%D8%B1.html\">CNBC Arabia<\/a> yesterday. Sawiris recently said he was interested in the government\u2019s gold exploration tender in the Eastern Desert and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63b1ca0f-2b06-4455-bac0-a7b0b6d6159d\">getting close to wrapping up talks<\/a> to acquire a 51% stake in state-owned Shalateen Mining.<\/p><p><strong>AND THE REST OF THE WORLD- <\/strong><\/p><p><strong>There are now eight names competing to be the next boss of the World Trade <\/strong><strong>Organization<\/strong> after Kenya, the UK and Saudi Arabia put forward candidates at the last minute yesterday. Kenya\u2019s Amina Mohamed \u2014 former chair of the WTO\u2019s general council \u2014 and Nigeria\u2019s Ngozi Okonjo-Iweala \u2014 ex-finance minister and World Bank official \u2014 are the frontrunners for the position, <a href=\"https:\/\/www.ft.com\/content\/c8ed0a05-6959-4fa0-9621-df89e21ddebe\">the FT<\/a> says. Egyptian-Swiss lawyer and trade negotiator Abdel Hamid Mamdouh is Egypt\u2019s candidate.<\/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\/aviation\/\">aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate-change\/\">climate change<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/european-central-bank\/\">European Central Bank<\/a>\n                <!-- 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   <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\/07\/09\/womens-rights-geopolitics-top-stories-on-talk-shows\/\">\r\n                            Women\u2019s rights, geopolitics top stories on 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 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\/07\/09\/womens-rights-geopolitics-top-stories-on-talk-shows\/\" 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class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Women%E2%80%99s+rights%2C+geopolitics+top+stories+on+talk+shows+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F07%2F09%2Fwomens-rights-geopolitics-top-stories-on-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\/07\/09\/womens-rights-geopolitics-top-stories-on-talk-shows\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572807\" class=\"content-area-description single-story post-572807 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-covid-19 tag-daesh tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-gerd tag-libya tag-sameh-shoukry tag-turkey tag-un wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Women\u2019s rights and geopolitics dominated the airwaves last night,<\/strong> with the nation\u2019s talking heads devoting much of their coverage to discussing cabinet proposals to protect the identities of assault victims, and Foreign Minister Sameh Shoukry\u2019s statements on Libya to the UN Security Council<\/p>\n<p><strong>Draft law to safeguard crime victims: <\/strong>Ala Mas'ouleety's Ahmed Moussa highlighted the cabinet\u2019s approval of a draft law to protect the anonymity of victims of crimes, including sexual assault and harassment. <a href=\"https:\/\/www.youtube.com\/watch?v=k1hN4uieUY0\">(watch, runtime: 7:48)<\/a>. Masaa DMC\u2019s Ramy Radwan spoke with Maya Morsi, the head of the Women National Council <a href=\"https:\/\/www.youtube.com\/watch?v=y0Z1dkauM9c\">(watch, runtime: 17:09)<\/a> while Yahduth Fi Misr\u2019s Sherif Amer also gave the story some coverage <a href=\"https:\/\/www.youtube.com\/watch?v=vUjWwUxSOPI\">(watch, runtime: 3:01)<\/a>. We have more on this in this morning\u2019s Speed Round, below.<\/p>\n<p><strong>Egypt voices Libya concerns to UNSC:<\/strong> Radwan covered Foreign Minister Sameh Shoukry's statement to the UN Security Council yesterday, during which he stressed that Libya had become a safe haven for terrorists and called for disarming militias and reaching a political solution in the country. Shoukry called on the international community to counter the terrorist threat in Libya and noted the resurgence of Daesh in several Libyan cities <a href=\"https:\/\/www.youtube.com\/watch?v=lCNR-Y5OvJM\">(watch, runtime: 1:47)<\/a>. Amer <a href=\"https:\/\/www.youtube.com\/watch?v=Gb8h7-UUpXs\">(watch, runtime: 1:24)<\/a> covered the same report.<\/p>\n<p><strong>Former foreign minister Mohamed El Orabi expressed disappointment that the security <\/strong><strong>council failed to adopt a resolution on the Libyan conflict<\/strong> and called for firm positions to be taken against any country involved in supporting terrorist groups. He appeared in an interview with Moussa <a href=\"https:\/\/www.youtube.com\/watch?v=MeX-f-OatQE\">(watch, runtime: 10:11)<\/a>.<\/p>\n<p><strong>Alexandria Library head weighs in on GERD, Libya:<\/strong> Amer spoke with the head of Alexandria Library Mostafa El Feky, who said that Egypt is not working against Ethiopian interests regarding the Grand Ethiopian Renaissance Dam (GERD), but injustice. He said that the GERD dispute would not be solved regionally but required international intervention to put pressure on Ethiopia. Regarding Libya, El Feky said that Shoukry\u2019s statement to the Security Council demonstrated that Egypt was keen on a political solution to the crisis, and condemned the \u201cTurkish invasion\u201d of Libya, saying Turkey was \u201ctransferring\u201d the Syrian conflict to Libya to cripple its development <a href=\"https:\/\/www.youtube.com\/watch?v=x1upQXj6tuk\">(watch, runtime: 5:03)<\/a>, <a href=\"https:\/\/www.youtube.com\/watch?v=eUdUsWFpbHw\">(watch, runtime: 3:31)<\/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\/daesh\/\">Daesh<\/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\/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\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"572808\" 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=\"572808\">\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\/07\/09\/the-coronavirus-is-fuelling-a-stock-buyback-boom-in-egypt\/\">\r\n                            The coronavirus is fuelling a stock buyback boom in 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\/07\/09\/the-coronavirus-is-fuelling-a-stock-buyback-boom-in-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(); 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As the benchmark EGX30 index fell to three-and-a-half-year lows, experiencing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7a867c5b-e75b-4e7a-a096-4ac71c6f9a07\">single-day routs<\/a> unlike anything seen since the political turbulence of 2012, companies jumped at the opportunity to repurchase stock, in what is for the Egyptian market a novel corrective measure in the face of a financial crisis.<\/p>\n<p><strong>First things first: What are buybacks?<\/strong> Share buybacks are when a company repurchases stock from shareholders at market value, reabsorbing that portion of ownership of the company. It has been a common practice since the 1980s globally, and has since reached levels that are setting off alarm bells among some analysts.<\/p>\n<p><strong>What\u2019s the point? <\/strong>It\u2019s a way to drive up your share price while also returning excess cash to shareholders who want out of your stock entirely. More on all of that in a moment.<\/p>\n<p><strong>Buybacks are common in developed markets, but were rare here<\/strong> until the Financial Regulatory Authority <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d1a2851-45f5-4e3c-8253-11648f702ff4\">stepped in at the beginning of March<\/a>. As shares around the world slumped in the early days of covid, the FRA made buybacks easier by suspending a three-day notice requirement and allowing companies to buy back shares on the same day, giving companies the ability to buy back their own shares without overtly signalling that sellers might want to drive up the price.<\/p>\n<p><strong>This opened the floodgates: More than 20 EGX-listed companies<\/strong> have bought back anywhere from 0.5-2.5% of their floating shares since the FRA\u2019s announcement. Blue chips including Orascom Development Egypt (ODE), Elsewedy Electric, GB Auto, Palm Hills and Madinet Nasr have all lined up to buy back shares, some immediately after rules were relaxed (see <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3149c8cd-79a1-4ea8-aea8-c6f7a9c952f8\">here<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5425ccbd-60bb-444f-8f4e-e11f05102474\">here<\/a>).<\/p>\n<p><strong>What\u2019s the logic underpinning the surge in buybacks?<\/strong><\/p>\n<p><strong>Supporting share prices:<\/strong> Buybacks help to prop up a company\u2019s share price (even if only temporarily) by decreasing the number of floating shares \u2014 available to public investors and not \u201clocked in\u201d and held by company executives, governments or private parties \u2014 causing the earnings per share (or EPS ratio) to increase and (the theory goes) demand to rise.<\/p>\n<p><strong>Taking the panic sellers out of the market:<\/strong> \u201cThere were people who were in \u201cpanic mode\u201d and selling at any price. This of course made other investors nervous. So you go in and buy these shares and eliminate the panic sellers. Now there\u2019s renewed activity around the stock and investors are buying the stock again,\u201d says Hany Berzi, CEO of Edita, which since March has purchased 2.3 mn shares, 0.32% of the company\u2019s total outstanding shares.<\/p>\n<p><strong>It is also a way to telegraph confidence to investors:<\/strong> For private equity outfit B Investments, the market crash in March made it imperative to \u201csend a clear signal\u201d to investors that the company believed its stock was undervalued, Investor Relations Manager Omar Labban told Enterprise. The company\u2019s buybacks communicated confidence in the stock, and that was reflected in investor demand which he says increased more than eightfold. \u201cBefore the buybacks began on 29 March, the daily trade was around 6.5k shares a day, that increased to over 50-60k after the buybacks.\u201d The company has bought back around 800k shares, or 0.51% of all outstanding shares, since late March.<\/p>\n<p><strong>Buybacks became an attractive proposition as stocks slid:<\/strong> Companies can use buybacks to invest in themselves when they believe their shares are undervalued. MNHD, for instance, bought back some 7 mn shares, 0.5% of the company\u2019s capital, since the market crash in March. \u201cWe believe it was a good opportunity to buy. The price was very low, and we had extra cash. We believe in the value of the company so we wanted to \u2018put our money where our mouth is\u2019 as the expression goes,\u201d said Investor Relations Manager Salah Katamish.<\/p>\n<p><strong>Analysts agree:<\/strong> \u201cIn March [equities] looked very underpriced \u2026 and with the CBE having cut interest rates aggressively in March, the opportunity cost of stock buybacks has fallen,\u201d Simon Kitchen, head of global strategy at EFG Hermes, tells us. \u201cThe demand outlook was also unclear at the time, so perhaps companies felt buybacks would be a good use of cash.\u201d Allen Sandeep, head of research at Naeem Brokerage, also said that companies were seeing more value in buybacks than capital investment. \u201cEgyptian stocks have been hammered. Pandemic-driven concerns have led to a severe mispricing of stocks \u2026 so we now have a situation wherein companies find more value in investing within, by making buybacks, than making new investments,\u201d he said.<\/p>\n<p><strong>The FRA loosened the rules:<\/strong> Kitchen stressed that the FRA\u2019s move to ease regulations was itself a driving factor behind the surge in buybacks, a view shared by the regulator. \u201cWe wanted to make the right policy decision at the right time,\u201d an FRA official told us, speaking on condition of anonymity. \u201cGiven market volatility in March, providing companies with the opportunity to buy back stocks right away instead of having to wait 72 hours made a world of difference.\u201d<\/p>\n<p><strong>Buybacks aren\u2019t without their critics:<\/strong> Detractors say buybacks artificially boost share prices while adding no real earned value. They also run the risk of sapping liquidity: \u201cBuybacks can be supportive for stock prices in the short run, but they also reduce freefloat, which can be negative in the longer run,\u201d says Kitchen. There\u2019s also an opportunity cost: Could the money have done more had it been invested or saved to help companies cope during a downturn? \u201cIt is arguably better for the economy that companies invest in fixed assets \u2014 generating employment and boosting real demand \u2014 rather than financial assets,\u201d Kitchen says.<\/p>\n<p><strong>It all comes down to timing, says Berzi:<\/strong> \u201cYou have to strike a balance,\u201d says Berzi. \u201cThe stock had reached a very low price, and we needed to give support to our stock so we decided to buy shares back. Also to create demand for the stock in light of the covid-19 circumstances and the major deterioration that occurred for all stock prices. It wasn\u2019t the time expansion,\u201d he added.<\/p>\n<p><strong>More on the horizon?<\/strong> With the EGX stabilized and volumes high, buybacks aren\u2019t on the agenda at Edita or MNHD in the near term. MNHD\u2019s Katamish says the company capitalized on a window of opportunity and that there are no upcoming plans to buy more stock. Edita\u2019s Berzi is playing his cards closer to his chest. B Investments, however, is looking at another buyback once it has board approval.<\/p>\n<p><strong>The FRA can always close the door:<\/strong> The suspension of the three-day notice period, while temporary, will remain in effect until an announcement terminating the policy is made. The FRA source says that while it has no plans to do anything to make buybacks even easier, the market regulator has not ruled it out either. \u201cWe don\u2019t believe [facilitating buybacks] is necessary at this time, but we are keeping a close eye on the market and we\u2019ll see how things develop,\u201d the source said. \u201cWe will make the best decision for what best supports the market at any given time.\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\/b-investments\/\">B Investments<\/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\/edita\/\">Edita<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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  <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-development-egypt\/\">Orascom Development Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palm-hills-developments\/\">Palm Hills Developments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pandemic\/\">pandemic<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation\/\">regulation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/share-repurchase\/\">share repurchase<\/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=\"572822\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"572823\" 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=\"572823\">\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\">ENTERPRISE AFTER HOURS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/09\/enterprise-after-hours-episode-1-a-conversation-with-rania-al-mashat\/\">\r\n                            Enterprise After Hours Episode #1 \u2014 A conversation with Rania Al Mashat                        <\/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\/07\/09\/enterprise-after-hours-episode-1-a-conversation-with-rania-al-mashat\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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src=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/61.png?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"572824\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/09\/enterprise-after-hours-episode-1-a-conversation-with-rania-al-mashat\/61-png\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/61.png?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"61.png\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/61.png?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/61.png?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572823\" class=\"content-area-description single-story post-572823 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-after-hours tag-covid-19 tag-development tag-ebrd tag-economy tag-enterprise-after-hours tag-enterpriseam tag-imf tag-international-cooperation-ministry tag-international-finance-corporation tag-rania-al-mashat tag-sdgs 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>Enterprise After Hours Episode #1 \u2014 A conversation with Rania Al Mashat: <\/strong>In trying times, it\u2019s natural to look to leaders for reassurance. We got that and more from the first guest of our new podcast series Enterprise After Hours: International Cooperation Minister Rania Al Mashat (<a href=\"https:\/\/www.linkedin.com\/in\/rania-a-al-mashat-a00899182\">Linkedin<\/a>). A career economist, Al Mashat rose to prominence at the age of 25, when she became one of the youngest hires ever at the International Monetary Fund. Later, as a sub-governor for monetary policy at the CBE, she was intimately involved in shielding the country from the global financial crisis and helped stabilize the economy following 2011, as well as helping form the 2016 reform agenda. She was then tapped to become Tourism Minister in 2018 at a time when the sector was still struggling to get back on its legs. She\u2019s someone who understands the global macro climate, the nuances of the Egyptian monetary system, and development economics.<\/p>\n<p><strong>A rock in a crisis: <\/strong>Al Mashat is someone whose voice has been called on time and time again when Egypt faces a crisis, making her an ideal first guest for our new series. We spoke about how she sees her ministry leading economic diplomacy today, why the business community should care about sustainable development, and how the current crisis presents an opportunity to achieve that vision.<\/p>\n<p><strong>Tap or click here to listen to the episode (runtime: 41:05) on <\/strong><a href=\"https:\/\/bit.ly\/3iGasdy\">our website<\/a> | <a href=\"https:\/\/apple.co\/3eeHPR7\">Apple Podcasts<\/a> | <a href=\"https:\/\/bit.ly\/2ZenebL\">Omny<\/a>. We\u2019re also available on <a href=\"https:\/\/spoti.fi\/2O43oJx\">Spotify<\/a>, but only for non-MENA accounts.<\/p>\n<p>Edited excerpts of our conversation:<\/p>\n<p><strong>In short, the role of MOIC is economic diplomacy,<\/strong> says Al Mashat. So when Egypt engages in development projects \u2014 whether sovereign projects, public-private partnership projects, or private sector projects \u2014 with international partners or institutions, it is the MOIC that coordinates those bilateral and multilateral development partnerships. It <strong>connects Egypt to the global economy<\/strong> and works to line up the funding to move the country towards sustainable development.<\/p>\n<p><strong>The MOIC supports both national and private sector projects. What is essential is the viability of the individual projects. <\/strong>Certain international institutions will only provide financing to private sector companies. These institutions back countries that are undertaking reforms, where the private sector can be vibrant, contribute positively, and eventually pay back the financing it is given, says Al Mashat.<\/p>\n<p><strong>The MOIC\u2019s mandate also extends to bilateral cooperation agreements. <\/strong>\u201cIf we\u2019re talking about our relationship with Germany, France, or Switzerland, for example, many of these countries also reach out to invest in SMEs.\u201d<\/p>\n<p><strong>The development financing that the MOIC coordinates is just one possible financing instrument for a project,<\/strong> out of an array of sources that include borrowing from domestic banks, taking a loan from the government, or going to international markets. The MOIC works in partnership with individual line ministries to secure development financing with favorable conditions, says Al Mashat. It also creates a platform where multiple stakeholders can partner to fulfil particular development goals.<strong> Aswan\u2019s Benban project is an example of this.<\/strong> It\u2019s a public-private partnership, which started with structural reform by the electricity ministry. This enabled private sector firms to go to international partners to get development financing.<\/p>\n<p><strong>This is all part of a larger global goal \u2014 financing for the SDGs: <\/strong>The MOIC is essentially responsible for coordinating Egypt\u2019s investment in the <a href=\"https:\/\/www.un.org\/sustainabledevelopment\/development-agenda\/\">17 Sustainable Development Goals (SDGs)<\/a>, which all UN member states are working to finance and implement between now and 2030. They include overcoming hunger, overcoming poverty, gender equality, innovation, infrastructure, clean energy, supporting life underwater, partnership, promoting health and wellbeing. The MOIC\u2019s design of projects and financing structures is always informed by the question of how the SDGs will be accomplished, she says.<\/p>\n<p><strong>So it is pushing forward with the <\/strong><strong><a href=\"https:\/\/ent.news\/2020\/4\/MOIC-Global-Partnerships-Narrative-External.pdf\">Global Partnership Narrative (pdf)<\/a><\/strong><strong> \u2014 designed to create widespread awareness of why the SDGs matter. <\/strong>The aim is for everyone to know why a water desalination in Sinai or Port Said is important for a person in Cairo, or why a Maadi-based STEM school for girls is important for the city of Assiut. These projects show the collaboration between the government and the private sector and the international community, she says.<\/p>\n<p><strong>\u201cIn the past five years, we\u2019ve had around USD 25 bn invested in 247 projects spanning the 17 SDGs. <\/strong>We want to document all these projects, so that people can see not just the USD value of this development financing, but see it as an impact value,\u201d says Al Mashat. MOIC produces a weekly digest which it sends to interested parties, says Al Mashat. It will issue a report in July outlining its recent work during the crisis period, she adds.<\/p>\n<p><strong>But covid-19 is forcing a rethink of how Egypt prioritizes action on the SDGs.<\/strong> An updated version of <a href=\"http:\/\/mcit.gov.eg\/Publication\/Publication_Summary\/1020\/\">Egypt Vision 2030<\/a>, which shows how the government prioritizes the SDGs, was due to come out in April, and is now being revisited in light of covid. But some projects are being fast-tracked because of their importance in the current climate, says Al Mashat. These include a collaboration between the Finance Ministry and the World Bank on the new universal healthcare system, transportation projects which will allow for more connectivity and growth, renewable energy projects to generate more clean energy, and projects that support the private sector and SMEs. \u201cAll of these are going to reshape the recovery,\u201d she says. While all the goals are important, the government sees mitigating the socioeconomic impact of covid-19 on vulnerable groups as crucial, along with ensuring SMEs remain supported as engines of growth, and putting health front and center.<\/p>\n<p><strong>Still, covid-19\u2019s rapid spread has strained timeframes, and ensuring wider SDG commitments are not forgotten<\/strong> are among immediate concerns over how to mitigate the current situation, Al Mashat adds.<\/p>\n<p><strong>One possible silver lining? Covid-19 is forcing governments throughout the world to implement reforms quickly. <\/strong>\u201cIn some sense, as devastating as it\u2019s been, it\u2019s also created a little bit of an expedited reform agenda,\u201d says Al Mashat.<\/p>\n<p><strong>As the only MENA country the IMF sees showing positive growth in the crisis, multilateral partners are confident in our recovery.<\/strong> The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b47a22c-5356-4ebb-8019-0d038f5afd7f\">IMF\u2019s July 2020 World Economic Outlook<\/a> predicts 2% growth for Egypt through the end of 2020. This compares to a contraction of -8% for advanced economies and -5% for emerging markets. And engagement from international partners is testament to them betting on the future and on a government that is committed to reforms, she says.<\/p>\n<p><strong>This is not the first time that economic reforms have paved the way for Egypt\u2019s recovery following a crisis.<\/strong> The CBE undertook many reforms between 2005 and 2008, says Al Mashat, so when the global financial crisis hit, Egypt was on a very strong footing. Later, amid the turbulence of 2011, the CBE had so much credibility that it faced very little disruption \u2014 especially compared to transition periods in Eastern European countries, she says. \u201cThe lesson learned here is that reform is a continuous process, and something that should be prioritized all the time.\u201d<\/p>\n<p><strong>Constant reform is also a personal philosophy that Al Mashat has applied time and again throughout her career.<\/strong> As an advisor to the IMF\u2019s chief economist, Al Mashat spent almost two years using her academic knowledge and her practical experience at the CBE to help countries operationalize their monetary policy and financial stability reforms, contributing to the IMF book <a href=\"https:\/\/www.amazon.com\/Advancing-Frontiers-Monetary-Policy-Tobias\/dp\/148432594X\">Advancing the Frontiers of Monetary Policy<\/a>. When called to return to Cairo in 2018 and be sworn in as tourism minister, she was asked to apply her economic expertise to run this sector, a key part of Egypt\u2019s GDP, with an economic model in mind. \u201cWhenever you take a new job, you need to take time to understand the<a href=\"https:\/\/www.jstor.org\/stable\/3990069?seq=1\">initial conditions<\/a>, by looking at the industry details and identifying stakeholders, potential, internal and external partners. When I was sworn in, Egypt was over halfway through its IMF reform program, which included monetary policy, fiscal policy and structural reforms. Structural reforms are always done on a sectoral level, and I applied them to the tourism sector, bringing the <a href=\"https:\/\/www.amcham.org.eg\/cyberlink\/events\/view\/1168\/egypts-tourism-reform-program-e-trp-revealed\">Egypt Tourism Reform Program (E-TRP)<\/a> with its overarching objective and pillars of reform into play.\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\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development\/\">development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-after-hours\/\">Enterprise After Hours<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-cooperation-ministry\/\">International Cooperation Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-finance-corporation\/\">International Finance Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rania-al-mashat\/\">Rania Al Mashat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sdgs\/\">SDGs<\/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=\"572825\" 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=\"572825\">\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\/07\/09\/egypt-in-the-news-on-9-july-2020\/\">\r\n                            Egypt in the news on 9 July 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\/07\/09\/egypt-in-the-news-on-9-july-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\/07\/09\/egypt-in-the-news-on-9-july-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\/07\/09\/egypt-in-the-news-on-9-july-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 9 July 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/07\/09\/egypt-in-the-news-on-9-july-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\/07\/09\/egypt-in-the-news-on-9-july-2020\/&title=Egypt in the news on 9 July 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+9+July+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F07%2F09%2Fegypt-in-the-news-on-9-july-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\/07\/09\/egypt-in-the-news-on-9-july-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572825\" class=\"content-area-description single-story post-572825 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-ahmed-bassam-zaki tag-ancient-egypt tag-egypt-in-the-news tag-enterpriseam tag-ethiopia tag-gerd tag-national-security tag-sports tag-suez-canal wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The [redacted] assault charge brought against former student Ahmed Bassam Zaki <\/strong>is leading the conversation on Egypt in the foreign press this morning: <a href=\"https:\/\/www.reuters.com\/article\/us-egypt-harrassment\/egypt-charges-student-with-sex-crimes-in-case-that-stoked-debate-idUSKBN248270\">Reuters<\/a>, the <a href=\"https:\/\/www.nytimes.com\/2020\/07\/08\/world\/middleeast\/egypt-metoo-rape-assault.html?searchResultPosition=6\">New York Times<\/a> and <a href=\"https:\/\/www.thenational.ae\/opinion\/comment\/egypt-is-taking-the-right-steps-to-tackle-sexual-abuse-1.1046174\">the National<\/a> are out with pieces on the story that could prove to be a #MeToo moment that forces a nation into cultural change.<\/p>\n<p><strong>The wider view of stalling GERD talks:<\/strong> <a href=\"https:\/\/www.ft.com\/content\/bdb2c384-2406-4f64-bde1-c2878ff520cd\">The Financial Times<\/a> outlines Ethiopia\u2019s (or the Horn of Africa\u2019s) century-old resistance against outside interference and how that plays out in their insistence to fill the dam\u2019s reservoirs during the ongoing rainy season \u2014 agreement or not.<\/p>\n<p><strong>Egypt reverses US statue debate:<\/strong> Egyptians have criticized a proposal to bring back the statue of French diplomat Ferdinand de Lesseps, who was behind the idea to build the Suez Canal, reports <a href=\"https:\/\/apnews.com\/d7128f71fc990e8f9d9447dd1316facc\">the 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\/ahmed-bassam-zaki\/\">Ahmed Bassam Zaki<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ancient-egypt\/\">Ancient Egypt<\/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\/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\/national-security\/\">national security<\/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\/suez-canal\/\">Suez Canal<\/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=\"572826\" 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=\"572826\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/09\/quit-harassing-us-citizens-pompeo-tells-egypt\/\">\r\n                            Quit harassing US citizens, Pompeo tells 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\/07\/09\/quit-harassing-us-citizens-pompeo-tells-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\/07\/09\/quit-harassing-us-citizens-pompeo-tells-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\/07\/09\/quit-harassing-us-citizens-pompeo-tells-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=Quit harassing US citizens, Pompeo tells Egypt&url=https:\/\/enterpriseam.com\/egypt\/2020\/07\/09\/quit-harassing-us-citizens-pompeo-tells-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\/07\/09\/quit-harassing-us-citizens-pompeo-tells-egypt\/&title=Quit harassing US citizens, Pompeo tells 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=Quit+harassing+US+citizens%2C+Pompeo+tells+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F07%2F09%2Fquit-harassing-us-citizens-pompeo-tells-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\/07\/09\/quit-harassing-us-citizens-pompeo-tells-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572826\" class=\"content-area-description single-story post-572826 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-diplomacy tag-diplomacy-foreign-trade tag-enterpriseam tag-human-rights tag-mike-pompeo tag-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>US Secretary of State Mike Pompeo has called on the Egyptian government to stop the <\/strong><strong>\u201cunwanted harassment\u201d of US citizens<\/strong>, a few days after Cairo <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2c1f4a96-b00a-414b-a7c2-784e1d0157bc\">released Mohamed Amashah from prison<\/a>, <a href=\"https:\/\/www.france24.com\/en\/20200708-pompeo-asks-egypt-to-stop-harassing-us-citizens\">AFP<\/a> reports. Amashah was detained in Egypt for almost 16 months after protesting in Tahrir Square, going on hunger strike in March in protest of his arrest. \u201cWe thank Egypt for securing his release and his repatriation,\u201d Pompeo said during a press conference yesterday. \u201cBut at the same time, we urge Egyptian officials to stop unwarranted harassment of US citizens and their families who remain there.\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\/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\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mike-pompeo\/\">Mike Pompeo<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"572827\" 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=\"572827\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/09\/the-market-yesterday-125\/\">\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\/07\/09\/the-market-yesterday-125\/\" 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\/07\/09\/the-market-yesterday-125\/')\">\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\/07\/09\/the-market-yesterday-125\/\">\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\/07\/09\/the-market-yesterday-125\/\">\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\/07\/09\/the-market-yesterday-125\/&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%2F07%2F09%2Fthe-market-yesterday-125%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\/07\/09\/the-market-yesterday-125\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572827\" class=\"content-area-description single-story post-572827 post type-post status-publish format-standard hentry category-the-market-yesterday tag-enterpriseam tag-the-market-yesterday wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><p><strong>EGP \/ USD CBE market average: <\/strong>Buy 15.97 | Sell 16.07<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 15.96 | Sell 16.06<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 15.99 | Sell 16.09<\/p>\n<p><strong>EGX30<\/strong> (Wednesday): 11,275 (+0.7%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.6 bn (84% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -20.3%<\/p>\n<p><strong>THE MARKET ON WEDNESDAY:<\/strong> The EGX30 ended Wednesday\u2019s session up 0.7%. CIB, the index\u2019s heaviest constituent, ended up 1%. EGX30\u2019s top performing constituents were Madinet Nasr Housing up 6%, Sodic up 5%, and Porto Group up 4%. Yesterday\u2019s worst performing stocks were Dice down 4.3%, Eastern Co down 1.7% and Kima down 1%. The market turnover was EGP 1.6 bn, and local investors were the sole net buyers.<\/p>\n<p><strong>Foreigners<\/strong>: Net short | EGP -4.5 mn<br \/>\n <strong>Regional<\/strong>: Net short | EGP -26.2 mn<br \/>\n <strong>Domestic<\/strong>: Net long | EGP +30.7 mn<\/p>\n<p><strong>Retail<\/strong>: 68% of total trades | 63.3% of buyers | 72.7% of sellers<br \/>\n <strong>Institutions<\/strong>: 32% of total trades | 36.7% of buyers | 27.3% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 40.88 (+0.64%)<br \/>\n <strong>Brent:<\/strong> USD 43.35 (+0.63%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 1.82 MMBtu, (-3.04%, August contract)<br \/>\n <strong>Gold:<\/strong> USD 1,817.80 \/ troy ounce (+0.44%)<\/p>\n<p><strong>TASI:<\/strong> 7,394 (-0.08%) (YTD: -11.86%)<br \/>\n <strong>ADX:<\/strong> 4,311 (-0.67%) (YTD:-15.05%)<br \/>\n <strong>DFM:<\/strong> 2,083 (-0.69%) (YTD: -24.65%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,616 (-0.35%)<br \/>\n <strong>QE:<\/strong> 9,224 (-0.21%) (YTD: -11.52%)<br \/>\n <strong>MSM:<\/strong> 3,493 (-0.27%) (YTD: -12.25%)<br \/>\n <strong>BB: <\/strong>1,283 (+0.2%) (YTD: -20.3%)<\/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=\"572828\" 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\/07\/09\/572828\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-572828\" class=\"content-area-description single-story post-572828 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>12 July (Sunday): Postponed court session for the <a href=\"https:\/\/alborsaanews.com\/2020\/07\/05\/1363442\">appeal<\/a> filed by the Egyptian Resorts against the Tourism Development Authority<\/p>\n<p>14 July (Tuesday): <a href=\"https:\/\/ent.news\/2020\/7\/image001.jpg\">Egyptian Private Equity Association webinar<\/a> on the post-corona economy.<\/p>\n<p>15 July (Wednesday): STC will reportedly announce at 5pm Riyadh time whether it intends to go through with its offer to acquire a controlling stake in Vodafone Egypt.<\/p>\n<p>23 July (Thursday): 23 July revolution anniversary, national holiday.<\/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>5 August (Wednesday): IHS Markit PMI for Egypt released.<\/p>\n<p>11-12 August (Tuesday-Wednesday): Senate elections take place.<\/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>8-9 September (Tuesday-Wednesday): Run-off Senate elections.<\/p>\n<p>15 September (Tuesday): 2019-2020 academic year ends for Egyptian universities.<\/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>6 October (Tuesday): Armed Forces Day.<\/p>\n<p>8 October (Thursday): National holiday in observance of Armed Forces Day.<\/p>\n<p>23-31 October (Friday-Saturday): Updated dates for <a href=\"http:\/\/elgounafilmfestival.com\/\">El Gouna Film Festival<\/a>, El Gouna, Egypt.<\/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<p>25 January 2021 (Monday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>28 January 2021 (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>4 February 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>18 March 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>12 April 2021 (Monday): First day of Ramadan (TBC).<\/p>\n<p>25 April 2021 (Sunday): Sinai Liberation Day.<\/p>\n<p>29 April 2021 (Thursday): National holiday in observance of Sinai Liberation Day.<\/p>\n<p>29 April 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>3 May (Monday): Sham El Nessim.<\/p>\n<p>6 May (Thursday): National holiday in observance of Sham El Nessim.<\/p>\n<p>12-15 May (Wednesday-Saturday): Eid El Fitr (TBC).<\/p>\n<p>10 June (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>22 July (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/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":572804,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-572803","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"1acef8dc-e60c-4460-b169-9b04f020d1e1","teaser":"","photo_url":"https:\/\/ent.news\/2020\/7\/54.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>Rania Al-Mashat on our podcast + Egypt\u2019s stock buyback boom - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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