{"id":573285,"date":"2020-07-28T04:17:41","date_gmt":"2020-07-28T04:17:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=573285"},"modified":"2025-12-16T09:03:43","modified_gmt":"2025-12-16T09:03:43","slug":"egypts-current-account-deficit-narrows-in-3q-and-its-mostly-thanks-to-remittances","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/egypts-current-account-deficit-narrows-in-3q-and-its-mostly-thanks-to-remittances\/","title":{"rendered":"Egypt\u2019s current account deficit narrows in 3Q \u2014 and it\u2019s mostly thanks to remittances"},"content":{"rendered":"<section id=\"573287\" 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=\"573287\">\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\/28\/what-were-tracking-on-28-july-2020\/\">\r\n                            What we\u2019re tracking on 28 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\/28\/what-were-tracking-on-28-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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We are however yet to\u00a0hear anything from the EGX and the central bank, and the Manpower Ministry hasn't yet confirmed the holiday for the private sector.<\/p><p><strong>F<\/strong><strong>RA committee to meet for first time since the onset of corona next week:<\/strong> The Financial Regulatory Authority\u2019s (FRA) advisory committee will discuss \u201cthe most important\u201d files when it holds its first meeting since the start of the covid-19 pandemic next week, committee member and industry lobby group the Egyptian Capital Markets Association (ECMA) Chair Mohamed Maher said, according to <a href=\"https:\/\/bit.ly\/2EoaLKt\">Al Mal<\/a>.<\/p><p><strong>We\u2019re not sure yet what is on the agenda, but we expect proposals to stimulate the local <\/strong><strong>bond market to get some attention.<\/strong> Maher <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1f28b8ad-4544-4c1f-85a9-a13032133f6c\">said earlier this month<\/a> that the regulator was close to finalizing a set of measures to encourage trading in the local bond market, including tax exemptions, reducing trading fees, and increasing the range of tradable securities.<\/p><p><strong>On a related note<\/strong>: The ECMA is pushing for more clarity on plans by the Central Bank of Egypt to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7b4ddba3-8def-4cd8-bf0c-92394f17dd73\">pump EGP 20 bn into the stock market<\/a>, Maher said. The CBE announced the stimulus plan during the height of the corona-induced market instability in March, but Maher suggested yesterday that the bank is yet to provide any support. The ECMA is also lobbying the CBE to give brokerage firms access to soft loans it provides to other industries to help them cope with low trading volumes.<\/p><p><strong>The Mostaqbal<\/strong><strong> Watan Party looks set to dominate next month\u2019s Senate elections,<\/strong> with 95 of its members vying for the 100 individual seats up for grabs in the 300-member chamber. The National Elections Authority (NEA) <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/375485\/Egypt\/Politics-\/Egypts-Mostaqbal-Watan-Party-slated-to-win-Senate-.aspx\">announced on Sunday<\/a> that bids from 787 candidates have been accepted. Continued restrictions on public gatherings mean that no public rallies can be held, but candidates can hold closed sessions or campaign door-to-door.<\/p><p><strong>The US Federal Reserve begins its two-day meeting today to review interest rates.<\/strong> <a href=\"https:\/\/www.reuters.com\/article\/us-usa-fed-treasuries\/fed-meeting-expected-to-leave-u-s-bond-stock-relationship-out-of-whack-idUSKCN24S0DD\">No<\/a><a href=\"https:\/\/www.reuters.com\/article\/us-usa-fed-treasuries\/fed-meeting-expected-to-leave-u-s-bond-stock-relationship-out-of-whack-idUSKCN24S0DD\">major policy adjustments are expected<\/a>, but officials have been making noises about ramping up bond-buying to hold down interest rates in what\u2019s known as <a href=\"https:\/\/www.investopedia.com\/what-is-yield-curve-control-4797189\">yield-curve control<\/a>.<\/p><hr class=\"grey-line\"><p><strong>COVID-19 IN EGYPT-<\/strong><\/p><p><strong>Covid-19 cases continue to fall:<\/strong> The Health Ministry yesterday <a href=\"https:\/\/bit.ly\/30QlYuJ\">confirmed<\/a> 420 new cases of covid-19, down from 479 on Sunday. This brings the nation\u2019s total confirmed cases to 92,482. The ministry also reported 46 new deaths yesterday, increasing the overall death toll to 4,652. We now have a total of 34,838 cases who have fully recovered.<\/p><p><strong>Russian flag carrier Aeroflot is expected to start taking bookings to Cairo from 8-9 August,<\/strong> after Moscow announced it would resume international air travel from next month, <a href=\"https:\/\/bit.ly\/3jSC8N9\">Mubasher<\/a> reports, citing MENA.<\/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-july26-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>ON THE GLOBAL FRONT-<\/strong><\/p><p><strong>The surge in cases in the US sunbelt is showing signs of abating,<\/strong> with Florida, California and Arizona all reporting slightly lower cases yesterday, <a href=\"https:\/\/www.ft.com\/content\/bdd393ec-9b97-41b6-bb7c-decf3356cca5\">the Financial Times<\/a> reports. Nationwide, yesterday saw the smallest daily increase in three weeks, with 55,134 people testing positive for the virus.<\/p><p><strong>The World Health Organization warned countries that they cannot leave travel <\/strong><strong>suspensions in place indefinitely,<\/strong> and urged governments to do more to tackle the virus within their borders, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-who\/travel-bans-cannot-be-indefinite-countries-must-fight-virus-at-home-who-idUSKCN24S16N\">Reuters<\/a> reports.<\/p><p><strong>Keeping your company safe in the age of WFH:<\/strong> Companies are looking to AI-powered software, cloud solutions, and privacy screens to protect their data from hackers as WFH forces them to search for new ways to keep workforces and their company secrets safe, reports <a href=\"https:\/\/www.cnbc.com\/2020\/07\/27\/hackers-remote-working-.html\">CNBC<\/a>. Other companies are introducing more stringent background checks on new hires, and are more closely monitoring employees.<\/p><p class=\"web-image\"><a href=\"https:\/\/www.ft.com\/content\/728eab35-4771-4b4f-9597-a25c6c863ef5\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/Gold_July2020-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>GLOBAL MACRO-<\/strong><\/p><p><strong>Republicans unveil USD 1 tn stimulus package:<\/strong> Republican lawmakers in the US Senate have proposed cutting jobless benefits as part of a USD 1 tn stimulus package, setting up a confrontation with congressional Democrats staunchly opposed to reducing support for the unemployed. The proposals would send another round of USD 1.2k checks to most citizens, but slash the weekly USD 600 unemployment benefit to just USD 200 until September, after which workers would be paid 70% of their previous wages. Democrats want to maintain the current unemployment benefit until January (<a href=\"http:\/\/nytimes.com\/2020\/07\/27\/us\/politics\/republicans-jobless-aid.html\">New York Times<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/gop-to-release-coronavirus-aid-proposal-after-delay-11595860826?mod=hp_lead_pos1\">Wall Street Journal<\/a> | <a href=\"https:\/\/www.ft.com\/content\/3c6d86e9-93b4-41af-9803-046940cedf99\">Financial Times<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-27\/gop-rolls-out-1-trillion-stimulus-to-start-talks-with-democrats?srnd=premium\">Bloomberg<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/us-policy\/2020\/07\/27\/senate-stimulus-coronavirus\/\">Washington Post<\/a>).<\/p><p><strong>Gold prices hit a new record high yesterday<\/strong> as increasing fears for the US economic recovery sent investors piling into the safe haven asset, <a href=\"https:\/\/www.ft.com\/content\/728eab35-4771-4b4f-9597-a25c6c863ef5\">the FT<\/a> says. The price of the precious metal reached new highs of USD 1,945.16 per ounce during trading, surpassing the previous high of USD 1,921 set in September 2011.<\/p><p><strong>The rally isn\u2019t done yet,<\/strong> according to analysts who told <a href=\"https:\/\/www.cnbc.com\/2020\/07\/27\/gold-prices-could-top-2000-this-year-analysts-predict.html\">CNBC<\/a> that prices could surge past USD 2k per ounce this year.<\/p><p><strong>The spike in gold prices coincided with a drop in the USD,<\/strong> which fell to a two-year low yesterday. <a href=\"https:\/\/www.ft.com\/content\/9d9fa97c-154f-46fb-affd-51f45a0de08a\">The FT<\/a> reports that the USD index, which tracks the greenback against a basket of currencies, fell 0.9% to lows not seen since May 2018.<\/p><p><strong>And US treasury yields were driven lower:<\/strong> The yield on the benchmark 10-year note fell to 0.5815% and the 30-year bond to 1.2215% as investors bought into safe haven assets<strong>, <\/strong><a href=\"https:\/\/www.cnbc.com\/2020\/07\/27\/us-treasury-prices-move-higher-amid-concerns-over-coronavirus-infections-geopolital-tension.html\">CNBC reports<\/a>.<\/p><p><strong>Bitcoin rallied above USD 10k for the first time since early June, rising nearly 11% <\/strong><strong>over the last week<\/strong>, as large investors continued to buy into the market in a bid to push the price past USD 10.5k, according to <a href=\"https:\/\/www.cnbc.com\/2020\/07\/27\/bitcoin-btc-price-jumps-above-10000-for-the-first-time-since-june.html\">CNBC<\/a>.<\/p><p><strong>AND THE REST OF THE WORLD- <\/strong><\/p><p><strong>Germany-based software developer SAP will IPO its American subsidiary <\/strong><strong>Qualtrics<\/strong>, which specializes in gathering and analysing customer experience data, according to <a href=\"https:\/\/www.ft.com\/content\/a1b0543a-9852-46b6-881f-99903e5b64e8\">the Financial Times<\/a>. SAP acquired Qualtrics two years ago for USD 8 bn, in what was one of SAP\u2019s largest transactions. The company\u2019s CFO hasn\u2019t disclosed how much of the company will be listed but said that floating a 10-15% stake would be a \u201cregular size.\u201d<\/p><p><strong>Lebanon\u2019s credit rating has been cut to \u2018Venezuela\u2019:<\/strong> Moody\u2019s has downgraded Lebanon\u2019s credit rating further into junk as the country continues to reel from a severe financial crisis, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-27\/lebanese-rating-cut-at-moody-s-suggests-major-bondholder-losses?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports. The country\u2019s rating was cut to Ca from C, reflecting the agency\u2019s expectation that investors are likely to take losses of more than 65% on their holdings of Lebanese debt.<\/p><p><strong>Heads are rolling at Intel:<\/strong> The US chipmaker has fired its chief engineering officer less than a week after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4f1c455d-b237-4b42-9983-250e02f4950e\">the company revealed<\/a> that it had fallen a year behind on its next generation of chips, threatening its position as the world\u2019s premier manufacturer of semiconductors, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-27\/intel-chief-engineering-officer-renduchintala-leaving-chipmaker?srnd=premium&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                     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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\/28\/new-gerd-talks-eid-preparations-and-covid-19-treatments-covered-on-yesterdays-talks-shows-eid-zamalek-bahraini-embassy-covid-19-epifluvir-tiktok-avigan-remdesivir\/\">\r\n                            New GERD talks, Eid preparations, and covid-19 treatments covered on yesterday\u2019s talks shows, Eid, Zamalek, Bahraini embassy, covid-19, Epifluvir, TikTok, Avigan, Remdesivir                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- 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Remdesivir&url=https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/new-gerd-talks-eid-preparations-and-covid-19-treatments-covered-on-yesterdays-talks-shows-eid-zamalek-bahraini-embassy-covid-19-epifluvir-tiktok-avigan-remdesivir\/\">\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\/28\/new-gerd-talks-eid-preparations-and-covid-19-treatments-covered-on-yesterdays-talks-shows-eid-zamalek-bahraini-embassy-covid-19-epifluvir-tiktok-avigan-remdesivir\/&title=New GERD talks, Eid preparations, and covid-19 treatments covered on yesterday\u2019s talks shows, Eid, Zamalek, Bahraini embassy, covid-19, Epifluvir, TikTok, Avigan, Remdesivir\">\n                    LinkedIn       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      \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/new-gerd-talks-eid-preparations-and-covid-19-treatments-covered-on-yesterdays-talks-shows-eid-zamalek-bahraini-embassy-covid-19-epifluvir-tiktok-avigan-remdesivir\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573289\" class=\"content-area-description single-story post-573289 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-ethiopia tag-gerd tag-sudan wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Summer break for Lamees and Amr:<\/strong> Media power couple (Al Kahera Alaan\u2019s) Lamees El Hadidi and (El Hekaya\u2019s) Amr Adib will taking the entire month of August off <a href=\"https:\/\/www.youtube.com\/watch?v=1P4P_JRu8Ew\">(watch, runtime: 1:14)<\/a> <a href=\"https:\/\/www.youtube.com\/watch?v=NRCQ9-totB0\">(watch, runtime: 3:01)<\/a>. It\u2019s alright for some...<\/p>\n<p><strong>Egypt, Sudan criticize Ethiopia as new round of GERD talks commence: <\/strong>Ala Mas'ouleety's Ahmed Moussa spoke with Alaa Al Zawahiri, the member of Egypt's technical team in the Grand Ethiopian Renaissance Dam (GERD) talks, who discussed the details of yesterday's first meeting in the new round of African Union-sponsored talks. He said that the teams of both Egypt and Sudan found Ethiopia\u2019s unilateral move in filling the dam\u2019s reservoir unacceptable, but that they remained committed to the talks to reach an agreement. He also noted that Ethiopia requested a week to conduct internal consultations before resuming the talks <a href=\"https:\/\/www.youtube.com\/watch?v=0NJT90V3D5k\">(watch, runtime: 26:16)<\/a>. Al Kahera Alaan\u2019s Lamees El Hadidi spoke with Irrigation Ministry spokesperson Mohamed El Sebaei to discuss the meeting <a href=\"https:\/\/www.youtube.com\/watch?v=5yWAe-yQZqQ\">(watch, runtime: 10:52)<\/a>. Masaa DMC\u2019s Eman El Hosary also covered the new round of talks <a href=\"https:\/\/www.youtube.com\/watch?v=RSu0sZmMqYw\">(watch, runtime: 5:16)<\/a>.<\/p>\n<p><strong>Transport minister inspects Zamalek building damage:<\/strong> Moussa spoke with Transport Minister Kamel El Wazir, who discussed his visit to the Zamalek properties damaged by metro works, a building on Brazil street and the outer wall of the Bahraini embassy. He said that the repairs will take two weeks and will be carried out by Arab Contractors and Orascom, in cooperation with the French company Vinci <a href=\"https:\/\/www.youtube.com\/watch?v=HeWlEu1IMIY\">(watch, runtime: 5:51)<\/a>. El Hadidi <a href=\"https:\/\/www.youtube.com\/watch?v=nBaCqSjpk1M\">(watch, runtime: 3:38)<\/a> and El Hekaya\u2019s Amr Adib also covered El Wazir\u2019s visit <a href=\"https:\/\/www.youtube.com\/watch?v=DysFBC-MZz0\">(watch, runtime: 5:36)<\/a>.<\/p>\n<p><strong>\u201cMagical\u201d covid-19 treatment?<\/strong> Moussa spoke with Mohei Hafiz, the head of the Investors and Health Committee of the Investors Union, who said that a local vaccine, Ivermectin, was having a \u201cmagical\u201d effect on covid-19 patients, and its price will cost no more than EGP 15. Hafiz added that the Egyptian vaccine would also be trialled on 500 healthy people in the coming period, and the results will be announced in mid-September. <a href=\"https:\/\/www.youtube.com\/watch?v=WmLBEuluJtM\">(watch, runtime: 4:20)<\/a>. Adib spoke Ahmed El Kilani, Managing Director of EIPICO Pharmaceutical Industries, who said that the covid-19 treatment medicine Enfluvir will be made widely available in hospitals soon. He added that his company was waiting for the Health MInistry to greenlight the production of local variants of Avigan and Remdesivir <a href=\"https:\/\/www.youtube.com\/watch?v=2caw59ymKs0\">(watch, runtime: 4:56)<\/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\/enterprise-last-nights-talk-shows\/\">Enterprise+: Last Night\u2019s Talk Shows<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/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=\"573290\" 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=\"573290\">\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\/28\/rising-remittances-curb-current-account-deficit-in-3q2019-2020\/\">\r\n                            Rising remittances curb current account deficit in 3Q2019-2020                        <\/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\/28\/rising-remittances-curb-current-account-deficit-in-3q2019-2020\/\" 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\/28\/rising-remittances-curb-current-account-deficit-in-3q2019-2020\/')\">\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\/28\/rising-remittances-curb-current-account-deficit-in-3q2019-2020\/\">\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=Rising remittances curb current account deficit in 3Q2019-2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/rising-remittances-curb-current-account-deficit-in-3q2019-2020\/\">\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\/28\/rising-remittances-curb-current-account-deficit-in-3q2019-2020\/&title=Rising remittances curb current account deficit in 3Q2019-2020\">\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=Rising+remittances+curb+current+account+deficit+in+3Q2019-2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F07%2F28%2Frising-remittances-curb-current-account-deficit-in-3q2019-2020%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\/28\/rising-remittances-curb-current-account-deficit-in-3q2019-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/222.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"573291\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/rising-remittances-curb-current-account-deficit-in-3q2019-2020\/222-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/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\/7\/222.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/222.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573290\" class=\"content-area-description single-story post-573290 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-account-deficit tag-economy tag-enterpriseam tag-fdi tag-non-oil-trade tag-portfolio-investment tag-speed-round tag-suez-canal tag-tourism 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>Rising remittances curb current account deficit in 3Q2019-2020:<\/strong> A rise in foreign remittances helped Egypt\u2019s current account shrug off the effects of the covid-19 pandemic during 3Q FY2019-2020, narrowing the deficit markedly to USD 2.8 bn from USD 4.5 bn a year earlier, according to <a href=\"https:\/\/ent.news\/2020\/7\/Press-Release-about-Balance-of-Payments-Performance-In-July-March-of-FY-2019-2020.pdf\">official data (pdf)<\/a> released by the Central Bank of Egypt yesterday. Remittances, a key source of hard currency for the country, increased by USD 1.7 bn to USD 7.9 bn during 3Q2019-2020 despite the global headwinds in March. This helped the current account deficit for the first nine months of the fiscal year shrink to USD 7.3 bn, compared to USD 9.8 bn a year earlier.<\/p>\n<p><strong>Non-oil trade deficit falls: <\/strong>The non-oil trade deficit fell by USD 2.2 bn to USD 27.3 bn during the first three quarters of FY2019-2020, from USD 29.5 bn in the same period a year earlier. A key contributor was merchandise exports such as gold, radio and TV transmitters and pharma products, which rose by USD 1.2 bn to USD 13.6 bn. Imports of iron, coal, spare parts for cars, and pharma products dropped, contributing to the reduced deficit. In 3Q, non-oil merchandise exports rose almost USD 300 mn to USD 4.4 bn while imports fell 3.2% to USD 13.7 bn.<\/p>\n<p><strong>But oil exports continued to decline:<\/strong> The oil trade deficit widened to USD 773.3 mn in 9M2019-2020 (from a USD 294.3 mn deficit last year), driven by a decline in oil exports, which fell by USD 1.2 bn to USD 7.3 bn. The deficit would have been wider had it not been for the slump in oil prices in 3Q, which caused a 21.3% decline in oil imports to USD 2.3 bn during the three-month period.<\/p>\n<p><strong>Foreign direct investment inflows more than halved during 3Q<\/strong> to USD 970.5 mn from USD 2.3 bn in 3Q2018-2019, amid heightened uncertainty because of the pandemic.<\/p>\n<p><strong>Tourism revenues decline in 3Q:<\/strong> Tourism revenues, another key source of currency, came under pressure during the third quarter, falling 11.4% to USD 2.3 bn (against USD 2.6 bn the year before) as the government suspended international flights towards the end of March. The overall travel balance fell to USD 1.5 bn from USD 1.9 bn, exacerbated by an 11.4% rise in travel payments.<\/p>\n<p>Other key metrics:<\/p>\n<ul>\n<li><strong>Suez Canal receipts rose <\/strong>by USD 84.4 mn to USD 1.4 bn in the third quarter. <\/li>\n<li><strong>Portfolio investments recorded net outflows of USD 8.2 bn in 3Q,<\/strong> compared to net inflows of USD 6.9 bn.<\/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\/account-deficit\/\">Account deficit<\/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\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-oil-trade\/\">non-oil trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/portfolio-investment\/\">portfolio investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"573310\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"573311\" 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=\"573311\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/egypt-in-the-news-on-28-july-2020\/\">\r\n                            Egypt in the News on 28 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\/28\/egypt-in-the-news-on-28-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            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                <!-- <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\/28\/egypt-in-the-news-on-28-july-2020\/&title=Egypt in the News on 28 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+28+July+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F07%2F28%2Fegypt-in-the-news-on-28-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\/28\/egypt-in-the-news-on-28-july-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573311\" class=\"content-area-description single-story post-573311 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-egypt-in-the-news tag-enterpriseam tag-law tag-legislation tag-religion tag-social-media tag-tiktok wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The jailing of five female social media influencers is dominating the conversation on <\/strong><strong>Egypt in the foreign press this morning:<\/strong> A court yesterday sentenced five female TikTok personalities to two years\u2019 in prison for posting \u201cindecent\u201d content on the video-sharing app. The women were also handed fines of EGP 300k each (<a href=\"https:\/\/www.theguardian.com\/world\/2020\/jul\/27\/egypt-jails-women-for-two-years-over-tiktok-videos\">AFP<\/a> | <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL5N2EY4YX\">Reuters<\/a> | <a href=\"https:\/\/www.bbc.co.uk\/news\/world-middle-east-53557576\">BBC<\/a>).<\/p>\n<p><strong>Elsewhere:<\/strong> <a href=\"https:\/\/www.haaretz.com\/middle-east-news\/egypt\/.premium-sissi-sets-his-sights-on-al-azhar-the-beating-heart-of-egypt-s-religious-life-1.9022494\">Haaretz<\/a> looks at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0baf2463-11f7-4409-813c-6937bde46dfa\">a proposed law<\/a> that would make Dar Al Ifta independent of Al Azhar and report directly to the government, while Egypt\u2019s MeToo moment is also getting more attention from <a href=\"https:\/\/www.ft.com\/content\/4677d8ef-c727-4770-9ed8-e414265a4da4\">the Financial<\/a><a href=\"https:\/\/www.ft.com\/content\/4677d8ef-c727-4770-9ed8-e414265a4da4\">Times<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/law\/\">law<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/religion\/\">Religion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-media\/\">social media<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tiktok\/\">Tiktok<\/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=\"573312\" 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=\"573312\">\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\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/saudi-foreign-minister-shows-support-for-egypt-on-libya-egypt-to-boost-agricultural-exports\/\">\r\n                            Saudi foreign minister shows support for Egypt on Libya; Egypt to boost agricultural exports                        <\/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      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class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Saudi foreign minister shows support for Egypt on Libya during talks with El Sisi:<\/strong> Saudi Foreign Minister Prince Faisal Bin Farhan expressed support for Egypt\u2019s position on Libya during talks with President Abdel Fattah El Sisi in Cairo yesterday, according to an <a href=\"https:\/\/bit.ly\/2X0PGw2\">Ittihadiya<\/a> statement. Farhan said that Saudi Arabia\u2019s position is \u201cidentical to the current Egyptian efforts to settle various disputes in the region\u201d during the meeting that discussed a host of regional issues including the crises in Libya, Yemen, Syria and Iraq, the statement said.<\/p>\n<p><strong>Bin Farhan also met with Foreign Minister Sameh Shoukry<\/strong> to discuss regional developments, a Foreign Ministry <a href=\"https:\/\/twitter.com\/MfaEgypt\/status\/1287686672344395779?s=09&fbclid=IwAR2RwO8HchNXZth6gpyUC6Rvjw2dcR1fZk27iMC9fQN0Z6LusByeBb281YY\">statement<\/a> said.<\/p>\n<p><strong>Egypt is aiming to increase its agricultural exports by 5-10% to reach USD 2.7 bn this <\/strong><strong>fiscal year, <\/strong>compared to EGP 2.4 bn exported last year, the <a href=\"https:\/\/alborsaanews.com\/2020\/07\/27\/1369971\">local press<\/a> reports, citing an unnamed official. Egypt is seeking to increase its production and exports of sugar cane, citrus fruit, soybeans, sunflowers and peanuts this year, and expand wheat cultivation by 200k feddans to reach a total area of 3.6 mn feddans, the official said.<\/p>\n<p><strong>Egypt is the world\u2019s top producer of dates,<\/strong> accounting for 21% of the global market, said Agriculture Ministry spokesman Mohamed El Kersh, the <a href=\"https:\/\/alborsaanews.com\/2020\/07\/27\/1370054\">local press<\/a> reports. It\u2019s also the top exporter of frozen strawberries and the third largest exporter of dried onions, he said.<\/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\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture-ministry\/\">Agriculture Ministry<\/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\/sameh-shoukry\/\">Sameh Shoukry<\/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\/sudan\/\">Sudan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/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=\"573313\" 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=\"573313\">\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\">Infrastructure<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/kharafi-national-lands-egp-775-mn-maintenance-contract-with-cairo-airport\/\">\r\n                            Kharafi National lands EGP 775 mn maintenance contract with Cairo Airport                        <\/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\/28\/kharafi-national-lands-egp-775-mn-maintenance-contract-with-cairo-airport\/\" 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\/28\/kharafi-national-lands-egp-775-mn-maintenance-contract-with-cairo-airport\/')\">\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\/28\/kharafi-national-lands-egp-775-mn-maintenance-contract-with-cairo-airport\/\">\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=Kharafi National lands EGP 775 mn maintenance contract with Cairo Airport&url=https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/kharafi-national-lands-egp-775-mn-maintenance-contract-with-cairo-airport\/\">\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\/28\/kharafi-national-lands-egp-775-mn-maintenance-contract-with-cairo-airport\/&title=Kharafi National lands EGP 775 mn maintenance contract with Cairo Airport\">\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=Kharafi+National+lands+EGP+775+mn+maintenance+contract+with+Cairo+Airport+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F07%2F28%2Fkharafi-national-lands-egp-775-mn-maintenance-contract-with-cairo-airport%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\/28\/kharafi-national-lands-egp-775-mn-maintenance-contract-with-cairo-airport\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573313\" class=\"content-area-description single-story post-573313 post type-post status-publish format-standard hentry category-infrastructure tag-aviation tag-enterpriseam tag-infrastructure wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Kharafi National has signed a EGP 775 mn contract with Cairo International Airport to provide maintenance and operational checks at the Terminal 2 building, Executive Manager Elia Saber said, according to <a href=\"https:\/\/bit.ly\/39Fyj9n\">Al Shorouk<\/a>. Kharafi National is a Kuwait-based subsidiary of Saudi Al Kharafi Group.<\/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\/aviation\/\">aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"573314\" 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=\"573314\">\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\">Basic Materials + Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/egypt-to-increase-sugar-production-to-2-5-2-6-mn-tonnes-this-year\/\">\r\n                            Egypt to increase sugar production to 2.5-2.6 mn tonnes this year                        <\/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\/28\/egypt-to-increase-sugar-production-to-2-5-2-6-mn-tonnes-this-year\/\" 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\/28\/egypt-to-increase-sugar-production-to-2-5-2-6-mn-tonnes-this-year\/')\">\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\/28\/egypt-to-increase-sugar-production-to-2-5-2-6-mn-tonnes-this-year\/\">\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 to increase sugar production to 2.5-2.6 mn tonnes this year&url=https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/egypt-to-increase-sugar-production-to-2-5-2-6-mn-tonnes-this-year\/\">\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\/28\/egypt-to-increase-sugar-production-to-2-5-2-6-mn-tonnes-this-year\/&title=Egypt to increase sugar production to 2.5-2.6 mn tonnes this year\">\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+to+increase+sugar+production+to+2.5-2.6+mn+tonnes+this+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F07%2F28%2Fegypt-to-increase-sugar-production-to-2-5-2-6-mn-tonnes-this-year%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\/28\/egypt-to-increase-sugar-production-to-2-5-2-6-mn-tonnes-this-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573314\" class=\"content-area-description single-story post-573314 post type-post status-publish format-standard hentry category-basic-materials-commodities tag-agriculture tag-basic-materials-commodities tag-commodities tag-enterpriseam tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Egypt will increase sugar production to 2.5-2.6 mn tonnes in FY2020-2021, up from <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=22072019&id=936f5b17-59a0-4058-bf93-b506d72df833\">2.48<\/a><a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=22072019&id=936f5b17-59a0-4058-bf93-b506d72df833\">mn tonnes last year<\/a>, Mustafa Abdel Gawad, head of the Agriculture Ministry's Sugar Crops Council, told <a href=\"https:\/\/ara.reuters.com\/article\/businessNews\/idARAKCN24R0EG\">Reuters<\/a>. This is sufficient to cover 80% of domestic consumption, with the remainder to be covered through imports, he said.<\/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\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/basic-materials-commodities\/\">Basic Materials + Commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/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=\"573315\" 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=\"573315\">\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\">Banking + Finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/national-railways-authority-to-borrow-eur-100-mn-for-siemens-signaling-project\/\">\r\n                            National Railways Authority to borrow EUR 100 mn for Siemens signaling project                        <\/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\/28\/national-railways-authority-to-borrow-eur-100-mn-for-siemens-signaling-project\/\" 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\/28\/national-railways-authority-to-borrow-eur-100-mn-for-siemens-signaling-project\/')\">\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\/28\/national-railways-authority-to-borrow-eur-100-mn-for-siemens-signaling-project\/\">\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=National Railways Authority to borrow EUR 100 mn for Siemens signaling project&url=https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/national-railways-authority-to-borrow-eur-100-mn-for-siemens-signaling-project\/\">\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\/28\/national-railways-authority-to-borrow-eur-100-mn-for-siemens-signaling-project\/&title=National Railways Authority to borrow EUR 100 mn for Siemens signaling project\">\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=National+Railways+Authority+to+borrow+EUR+100+mn+for+Siemens+signaling+project+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F07%2F28%2Fnational-railways-authority-to-borrow-eur-100-mn-for-siemens-signaling-project%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\/28\/national-railways-authority-to-borrow-eur-100-mn-for-siemens-signaling-project\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573315\" class=\"content-area-description single-story post-573315 post type-post status-publish format-standard hentry category-banking-finance tag-banking-finance tag-enterpriseam tag-infrastructure tag-siemens tag-transport-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The National Railways Authority will in the coming weeks sign a EUR 100 mn syndicated loan agreement with a consortium of unnamed local banks to pay Siemens for its work to install electrical signaling systems and develop railway lines and crossings, <a href=\"https:\/\/bit.ly\/2EivYoZ\">Al Mal<\/a> reports, citing unnamed sources. The loan will carry a tenor of 3-5 years and will be guaranteed by the Finance Ministry.<\/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\/banking-finance\/\">BANKING + FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/siemens\/\">Siemens<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport-ministry\/\">Transport Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"573317\" 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=\"573317\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Other Business News of Note<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/lulu-opens-egp-180-mn-hypermarket-in-sheraton\/\">\r\n                            LuLu opens EGP 180 mn hypermarket in Sheraton                        <\/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\/28\/lulu-opens-egp-180-mn-hypermarket-in-sheraton\/\" 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\/28\/lulu-opens-egp-180-mn-hypermarket-in-sheraton\/')\">\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\/28\/lulu-opens-egp-180-mn-hypermarket-in-sheraton\/\">\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=LuLu opens EGP 180 mn hypermarket in Sheraton&url=https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/lulu-opens-egp-180-mn-hypermarket-in-sheraton\/\">\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\/28\/lulu-opens-egp-180-mn-hypermarket-in-sheraton\/&title=LuLu opens EGP 180 mn hypermarket in Sheraton\">\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=LuLu+opens+EGP+180+mn+hypermarket+in+Sheraton+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F07%2F28%2Flulu-opens-egp-180-mn-hypermarket-in-sheraton%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\/28\/lulu-opens-egp-180-mn-hypermarket-in-sheraton\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573317\" class=\"content-area-description single-story post-573317 post type-post status-publish format-standard hentry category-other-business-news-of-note tag-enterpriseam tag-investment-watch tag-lulu-group tag-other-business-news-of-note tag-retail wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>India\u2019s LuLu Group has opened its second EGP 180 mn hypermarket branch in the District Mall in Cairo\u2019s Sheraton neighborhood, Chairman Youssef Abdel Qadir said at a presser, according to <a href=\"https:\/\/bit.ly\/2D7B7Qn\">Al Mal<\/a>. The group signed a <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/24\/lulu-market-to-open-two-branches-in-egypt-next-year-9016\/\">USD 500 mn investment pact<\/a> with the government last year to open four new retail outlets. Abdel Qadir said yesterday that the group plans to invest USD 500 mn over the next three years to open 11 hypermarkets, four mini markets and an advanced logistics center. It was originally scheduled to <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/24\/lulu-market-to-open-two-branches-in-egypt-next-year-9016\/\">open two malls in the first half of 2020<\/a> at a cost of USD 400 mn.<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lulu-group\/\">Lulu Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/other-business-news-of-note\/\">Other Business News of Note<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/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=\"573320\" 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=\"573320\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">ON YOUR WAY OUT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/ancient-artifacts-will-soon-be-going-on-display-in-cairo-airport\/\">\r\n                            Ancient artifacts will soon be going on display in Cairo Airport                        <\/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\/28\/ancient-artifacts-will-soon-be-going-on-display-in-cairo-airport\/\" 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\/28\/ancient-artifacts-will-soon-be-going-on-display-in-cairo-airport\/')\">\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\/28\/ancient-artifacts-will-soon-be-going-on-display-in-cairo-airport\/\">\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=Ancient artifacts will soon be going on display in Cairo Airport&url=https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/ancient-artifacts-will-soon-be-going-on-display-in-cairo-airport\/\">\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\/28\/ancient-artifacts-will-soon-be-going-on-display-in-cairo-airport\/&title=Ancient artifacts will soon be going on display in Cairo Airport\">\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=Ancient+artifacts+will+soon+be+going+on+display+in+Cairo+Airport+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F07%2F28%2Fancient-artifacts-will-soon-be-going-on-display-in-cairo-airport%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\/28\/ancient-artifacts-will-soon-be-going-on-display-in-cairo-airport\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/229.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"573321\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/ancient-artifacts-will-soon-be-going-on-display-in-cairo-airport\/229-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/229.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"229.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/229.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/229.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573320\" class=\"content-area-description single-story post-573320 post type-post status-publish format-standard has-post-thumbnail hentry category-on-your-way-out tag-aviation tag-culture tag-enterpriseam tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Ancient artifacts will soon be going on display in Cairo Airport:<\/strong> A team from the Supreme Council of Antiquities has begun installing ancient artifacts in Cairo International Airport\u2019s Terminal 3, the Tourism Ministry said in <a href=\"https:\/\/bit.ly\/3f5AYKq\">a statement<\/a> yesterday. Seventy items will be put on display at the terminal, said Mostafa Waziri, secretary-general of the council.<\/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\/aviation\/\">aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/culture\/\">culture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"573322\" 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=\"573322\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/the-market-yesterday-137\/\">\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\/28\/the-market-yesterday-137\/\" 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\/28\/the-market-yesterday-137\/')\">\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\/28\/the-market-yesterday-137\/\">\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\/28\/the-market-yesterday-137\/\">\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\/28\/the-market-yesterday-137\/&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%2F28%2Fthe-market-yesterday-137%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\/28\/the-market-yesterday-137\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573322\" class=\"content-area-description single-story post-573322 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 15.93 | Sell 16.03<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 15.93 | Sell 16.03<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 15.92 | Sell 16.02<\/p>\n<p><strong>EGX30<\/strong> (Monday): 10,575 (+0.5%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.1 bn (18% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -24.3%<\/p>\n<p><strong>THE MARKET ON MONDAY:<\/strong> The EGX30 ended Monday\u2019s session up 0.5%. CIB, the index\u2019s heaviest constituent, ended up 1.3%. EGX30\u2019s top performing constituents were Orascom Investment Holding up 8.1%, Cleopatra Hospital up 2.4%, and Qalaa Holdings up 2.4%. Yesterday\u2019s worst performing stocks were Ibnsina Pharma down 3.4%, EFG Hermes down 1.8% and Sodic down 1.5%. The market turnover was EGP 1.1 bn, and foreign investors were the sole net sellers.<\/p>\n<p><strong>Foreigners<\/strong>: Net short | EGP -96.0 mn<br \/>\n <strong>Regional<\/strong>: Net long | EGP +12.7 mn<br \/>\n <strong>Domestic<\/strong>: Net long | EGP +83.2 mn<\/p>\n<p><strong>Retail<\/strong>: 60.8% of total trades | 55.9% of buyers | 65.7% of sellers<br \/>\n <strong>Institutions<\/strong>: 39.2% of total trades | 44.1% of buyers | 34.3% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 41.65 (+0.87%)<br \/>\n <strong>Brent:<\/strong> USD 43.50 (+0.37%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 1.73 MMBtu, (-4.31%, August 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,963.50 \/ troy ounce (+1.99%)<\/p>\n<p><strong>TASI:<\/strong> 7,455 (+0.29%) (YTD: -11.13%)<br \/>\n <strong>ADX:<\/strong> 4,330 (+1.06%) (YTD: -14.68%)<br \/>\n <strong>DFM:<\/strong> 2,061 (+0.11%) (YTD: -25.45%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,352 (+1.69%)<br \/>\n <strong>QE:<\/strong> 9,351 (-0.26%) (YTD: -10.30%)<br \/>\n <strong>MSM:<\/strong> 3,556 (-0.03%) (YTD: -10.66%)<br \/>\n <strong>BB: <\/strong>1,281 (-0.13%) (YTD: -20.39%)<\/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=\"573323\" 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\/28\/573323\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573323\" class=\"content-area-description single-story post-573323 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>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>3 August (Monday): <a href=\"https:\/\/bit.ly\/2CFn0C0\">Churches in Cairo and Alexandria reopen<\/a>.<\/p>\n<p>5 August (Wednesday): IHS Markit PMI for Egypt released.<\/p>\n<p>9-10 August (Sunday-Monday): Egyptian expats vote by post in Senate elections.<\/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>13-15 August (Thursday-Saturday): RiseUp from Home digital event. Pre-registration available <a href=\"https:\/\/riseupsummit.us10.list-manage.com\/track\/click?u=ad664250c45f81b40bcb342ac&id=4f674c89a2&e=99cb233f8f\">here<\/a>.<\/p>\n<p>16 August (Sunday): House of Representatives reconvenes after a brief recess.<\/p>\n<p>20 August (Thursday): Islamic New Year (TBC), national holiday.<\/p>\n<p>8-9 September (Tuesday-Wednesday): Run-off Senate elections.<\/p>\n<p>12 September (Saturday): Court session for Egyptian Resorts Company lawsuit against The Tourism Development Authority<\/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>20 September (Sunday): A Cairo administrative court is due to issue a ruling in a third-party lawsuit <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=26072020&id=ba514e75-6e4a-46ad-b8d1-bbc17912d90d\">demanding the government block YouTube in Egypt<\/a> for carrying an allegedly sacreligious video. The case is an infamous 2012-vintage lawsuit still wending its way through the courts.<\/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>16 September (Wednesday): The last day for the final results of the senate elections to be announced.<\/p>\n<p>17 October (Saturday): 2020-2021 academic year <a href=\"https:\/\/egyptindependent.com\/egypts-academic-year-to-start-october-17-but-decisions-remain-to-be-made\/\">begins<\/a> for K-12 students at state schools and students in <a href=\"https:\/\/bit.ly\/3eRqo9E\">public universities<\/a><\/p>\n<p>23-31 October (Friday-Saturday): <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":573286,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-573285","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"f350ac92-16fe-4d10-a916-23a90a6e4a84","teaser":"","photo_url":"https:\/\/ent.news\/2020\/7\/219.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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