{"id":574124,"date":"2020-08-31T03:33:25","date_gmt":"2020-08-31T03:33:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=574124"},"modified":"2025-12-16T09:31:51","modified_gmt":"2025-12-16T09:31:51","slug":"the-gcc-scramble-for-egypt-bank-abc-in-for-blom-egypt-as-emirates-nbd-eyes-bank-audi","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/the-gcc-scramble-for-egypt-bank-abc-in-for-blom-egypt-as-emirates-nbd-eyes-bank-audi\/","title":{"rendered":"The GCC scramble for Egypt: Bank ABC in for Blom Egypt as Emirates NBD eyes Bank Audi"},"content":{"rendered":"<section id=\"574126\" 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=\"574126\">\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\/08\/31\/what-were-tracking-on-monday-31-august-2020\/\">\r\n                            What we\u2019re tracking on Monday, 31 August 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\/08\/31\/what-were-tracking-on-monday-31-august-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 sorry for yesterday\u2019s mix-up.<\/p><p><strong>And sticking with that theme<\/strong> \u2014 <strong>the 72-hour PCR test rule is still in effect as of today:<\/strong> Yesterday we picked up a statement from the US embassy that claimed that from 1 September all inbound travellers would need to take a PCR test <strong>no earlier than 48 hours before arrival<\/strong>, rather than 72 hours as has been the standard. We have learned that this information was incorrect and have updated the story on our website accordingly.<\/p><p><strong>Tomorrow, Egyptian nationals will join foreigners in needing to present a negative PCR test upon arrival<\/strong>.<\/p><hr class=\"grey-line\"><p><strong>Details on the establishment of the EGP 100 mn commodity exchange <\/strong><strong>(<\/strong><strong><a href=\"http:\/\/www.egycomex.com\/\">Egycomex<\/a><\/strong><strong>) will be announced on Thursday, <\/strong>Supply Minister Ali El Moselhy <a href=\"http:\/\/www.msit.gov.eg\/details.html?topicID=742\">said in a statement<\/a>. There are a number of lingering questions on the exchange that we\u2019re hoping will be addressed on Thursday:<\/p><ul>\n<li><strong>When trading will begin:<\/strong> It is unclear yet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/75cc4fe3-c649-41cd-83b3-f999dec7badc\">whether trading in the exchange will start<\/a> in September as sources revealed to the local press back in January.<\/li>\n<li><strong>Ownership of the exchange: <\/strong>49% of the exchange will be held by a combination of private, state and quasi-state entities, according to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/75cc4fe3-c649-41cd-83b3-f999dec7badc\">past statements by Moselhy<\/a>. The EGX has staked its claim on 30% of the exchange, according to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/88e9bc9b-d75b-4884-bf0e-79d4b04dbfec\">EGX Chairman Mohamed Farid<\/a>.<\/li>\n<li><strong>What commodities will be traded:<\/strong> The exchange was expected to initially trade in six commodities: wheat, rice, corn, potatoes, onions, and oranges.<\/li>\n<\/ul><p><strong>We\u2019re expecting that UAE-led USD 2 bn covid-19 loan to come in at some point <\/strong><strong>this week:<\/strong> The USD 2 bn Emirates NBD and First Abu Dhabi Bank (FAB)-arranged loan requested <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2ee825d6-f117-4afc-8f93-14ee436294e6\">last week<\/a> to plug government financing gaps is reportedly going to be disbursed to the Central Bank of Egypt (CBE) at some point this week, <a href=\"https:\/\/bit.ly\/34MUUAe\">Al Mal<\/a> reports, citing an unnamed source at the Finance Ministry. The FinMin has reportedly met all conditions required of the lenders to receive the loan, and the funds will be paid as soon as parliament gives the go-ahead. The two UAE banks are leading a consortium of 12 financial institutions that include Mashreq, HSBC, Citibank, Sumitomo Mitsui Banking Corporation and ABC Bahrain.<\/p><p><strong>Other key news triggers coming up in the next two weeks:<\/strong><\/p><ul>\n<li>PMI figures for August will land on Thursday, 3 September;<\/li>\n<li>Foreign reserves figures should be out early next week;<\/li>\n<li>Runoff elections for Senate seats are scheduled for 8-9 September. Look for final results on the 16th;<\/li>\n<li>Inflation data for August should be out on or around Thursday, 10 September.<\/li>\n<\/ul><hr class=\"grey-line\"><p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/3gFPusX\">reported<\/a><\/strong><strong> 230 new covid-19 infections yesterday<\/strong>, up from 212 the day before. Egypt has now disclosed a total of 98,727 confirmed cases of covid-19. The ministry also reported 23 new deaths, bringing the country\u2019s total death toll to 5,399. We now have a total of 72,120 confirmed cases that have fully recovered.<\/p><p><strong>Travellers arriving to Hurghada, Sharm El Sheikh, Marsa Alam and Taba airports <\/strong><strong>will be able to get a PCR test for USD 30 starting from tomorrow,<\/strong> the Civil Aviation Authority <a href=\"https:\/\/bit.ly\/3gHLHeV\">announced<\/a> yesterday.<\/p><p><strong>Israel\u2019s Health Ministry has given the OK to reopen the Taba border crossing, <\/strong>provided those entering the Jewish state from Sinai quarantine for 14 days, <a href=\"https:\/\/www.timesofisrael.com\/liveblog_entry\/health-ministry-gives-okay-to-reopen-border-crossing-with-egypt\/\">the Times of Israel<\/a> reports. The border has been closed since April because of the covid-19 pandemic.<\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>The EGX is looking to be the third best performer in MENA in August<\/strong><strong>,<\/strong> with many of the region\u2019s major indices heading for their best monthly gains since April, reports <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-08-30\/gulf-stocks-head-for-best-month-since-april-inside-em?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>. The EGX is so far up 7.9% in August, trailing only behind Dubai and Kuwait. Dubai\u2019s DFM General Index is leading the region, surging 10.3% so far this month. The rebound in stock prices comes as investor optimism for a covid-19 vaccine grows and oil prices continue to rise from their historic lows in April.<\/p><p><strong>The benchmark gauges of Saudi Arabia and Qatar also clocked in gains<\/strong>. Saudi\u2019s benchmark Tadawul index is up 7% since the start of the month while the Qatari exchange is up 5.9%. The Israeli exchange has been the region\u2019s worst performer, up just 2.1% since the start of the month.<\/p><p><strong>Gains are likely to continue:<\/strong> \u201cEquity markets are likely to continue their upward trend, encouraged by liquidity packages being rolled out by central banks and hopes of potential vaccines to treat covid-19,\u201d said Iyad Abu Hweij, managing partner at Allied Investment Partners PJSC in Dubai.<\/p><p><strong>Also from MENA:<\/strong><strong> Bahrain plans to tap the USD debt market to tackle its growing budget <\/strong><strong>deficit, <\/strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-08-30\/bahrain-plans-return-to-debt-markets-with-mix-of-bonds-and-sukuk?sref=mmeFTDW1\">Bloomberg<\/a> reports, citing people familiar with the matter. The GCC country could sell a mix of conventional bonds and Islamic sukuk in a \u201cbenchmark-size\u201d issue that would typically be worth at least USD 500 mn. The sources didn\u2019t provide a timeline for the plan, it would follow a USD 5 bn three-part offering <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d2765f5-252e-4315-9c7d-9712d50c8581\">completed<\/a> by Abu Dhabi last week.<\/p><p><strong>Dubai is also considering the sale of Islamic bonds in USD, <\/strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-08-30\/dubai-is-said-to-be-in-talks-with-banks-for-dollar-sukuk-sale?srnd=premium-middle-east\">Bloomberg<\/a> reports, citing unnamed sources familiar with the matter. The Gulf emirate is in talks with banks and has sent a request for proposals for a benchmark sukuk, but has not made a final decision on whether to go ahead with the offering.<\/p><p><strong>Saudi, Abu Dhabi set the precedent:<\/strong> Issuance by Bahrain and Dubai would follow other Gulf states that have sought to capitalize on the strong appetite for USD bonds in order to plug gaps in their finances. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d2765f5-252e-4315-9c7d-9712d50c8581\">Abu Dhabi marketed<\/a> a triple-tranche USD bond offering that is expected to reel in USD 5 bn, while <a href=\"https:\/\/news.bristol.gov.uk\/news\/bristol-city-centres-first-covid-19-testing-site-open\">Riyadh raised USD 7 bn<\/a> in a three-tranche issuance in April.<\/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\/8\/SOMA-ENTERPRISE-APPAMEND-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>Global cases of covid-19 have breached the 25 mn mark with the US, Brazil and <\/strong><strong>India <\/strong><strong><a href=\"https:\/\/coronavirus.jhu.edu\/map.html\">far outpacing<\/a><\/strong><strong> all other countries<\/strong> in the total number of recorded cases of covid-19 to date. India reported on Sunday the highest single-day increase since the outbreak of the pandemic with 78,761 new cases reported, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-global-cases\/global-coronavirus-cases-surpass-25-million-reuters-tally-idUSKBN25Q064?il=0\">Reuters<\/a> reports. India has been driving much of the growth in new infections since 7 August, but Latin America remains the region with the largest case count and the US the single biggest contributor to global cases, with nearly 6 mn infections to date.<\/p><p><strong>FDA head is open to bypassing regular approvals for a US-made vaccine: <\/strong>Head of the US Food and Drug Administration (FDA), Stephen Hahn, is reportedly looking to speed up development of a covid-19 vaccine suggesting that drug manufacturers who apply for FDA authorization before the conclusion of Phase Three trials may be found \u201cappropriate\u201d by the administration in the interest of a public health emergency, he said in an interview with <a href=\"https:\/\/www.ft.com\/content\/f8ecf7b5-f8d2-4726-ba3f-233b8497b91a\">the FT<\/a> yesterday. Phase Three trials are typically the most stringent round of tests on a new vaccine, and have in recent months been shirked by Russia and China, much to the chagrin of healthcare experts who voiced concerns over safety. Hahn also denied that the FDA\u2019s decision was politically motivated to benefit the Trump administration in the run-up to the November presidential election.<\/p><hr class=\"grey-line\"><p><strong>Israel-UAE normalization signing ceremony in mid-Sept: <\/strong>Israel is planning to hold a signing ceremony for its normalization agreement with UAE in Washington by mid-September, according to <a href=\"https:\/\/www.reuters.com\/article\/us-israel-emirates-usa\/israel-hopes-for-washington-signing-ceremony-on-uae-deal-by-mid-september-idUSKBN25Q07A?il=0\">Reuters<\/a>. The final date could be decided later today when Israeli and US officials meet in Abu Dhabi for talks.<\/p><p><strong>Walmart links up with Microsoft for joint TikTok bid<\/strong>: Microsoft has teamed up with Walmart to offer a joint bid to acquire the US operations of Chinese video-sharing app TikTok, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-08-27\/microsoft-oracle-submit-bids-to-buy-tiktok-as-deadline-looms\">Bloomberg<\/a>, citing people familiar with the matter. The two firms are competing against <a href=\"https:\/\/www.theguardian.com\/technology\/2020\/aug\/18\/software-firm-oracle-in-talks-to-buy-tiktok-and-challenge-microsoft-bid\">Oracle<\/a> \u2014 and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff9d3841-7ad6-40f1-9887-caf589a202fa\">perhaps Twitter<\/a> \u2014 for an agreement that could be signed within the week.<\/p><p><strong>China is trying its best to scupper the sale:<\/strong> China updated it\u2019s export controls over the weekend to ensure that TikTok owner ByteDance must be granted government approval before an agreement is signed, a move that can potentially jeopardize the sale, according to <a href=\"https:\/\/www.wsj.com\/articles\/china-tightens-ai-export-restrictions-11598703527?mod=hp_lead_pos2\">The Wall Street Journal<\/a>. ByteDance also <a href=\"https:\/\/newsroom.tiktok.com\/en-us\/tiktok-files-lawsuit\">filed a lawsuit<\/a> against the US government last Monday that challenged President Donald Trump\u2019s executive order to ban the app.<\/p><p><strong>NMC administrators say company needs to exit Saudi: <\/strong>Administrators to embattled Emirati healthcare provider NMC are looking to sell the company\u2019s Saudi Arabian ventures, which it launched last year, <a href=\"https:\/\/arab.news\/mmcn3\">reports Arab News<\/a>. The Saudi arm has been judged as \u201cnon-core,\u201d administrators Alvarez &amp; Marsal told creditors in a recent presentation. NMC was forced into administration by a UK court <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aad1197a-091b-4858-8b2e-f2b4189ed56f\">earlier this year<\/a> amid allegations that it had cooked its books. NMC\u2019s assets in Saudi include a 53% stake in Saudi Medical Care Group, which in turn holds 49% in the Tadawul-listed <a href=\"https:\/\/www.care.med.sa\/\">CARE<\/a>.<\/p><p><strong>Former Bank of England governor Mark Carney will join Brookfield Asset Management to <\/strong><strong>head its impact investing team,<\/strong> <a href=\"https:\/\/financialpost.com\/investing\/mark-carney-to-head-esg-investing-at-brookfield-asset-management\">the Financial Post<\/a> reports. Carney joins the investment firm, which currently has USD 500 bn AUM, as it tries to scale up its investments in environmental and social investing to rival its real estate, private equity and infrastructure businesses.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p><p><strong>In today\u2019s issue:<\/strong> What happens when an exam algorithm goes rogue? We look at the recent IGCSE controversy that saw thousands of students awarded exceptionally low grades for their summer exams thanks to an algorithmic malfunction.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/angola\/\">Angola<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bytedance\/\">ByteDance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gcc\/\">GCC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/japan\/\">Japan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/microsoft\/\">microsoft<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east\/\">Middle East<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/misr-for-central-clearing-depository-and-registry\/\">Misr for Central Clearing Depository and Registry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oracle\/\">oracle<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/prime-minister\/\">prime minister<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shinzo-abe\/\">Shinzo Abe<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span 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class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"574128\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/states-efforts-in-curbing-building-violations-and-treating-water-top-stories-on-talk-shows\/\">\r\n                            State\u2019s efforts in curbing building violations and treating water 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 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href=\"https:\/\/api.whatsapp.com\/send?text=State%E2%80%99s+efforts+in+curbing+building+violations+and+treating+water+top+stories+on+talk+shows+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F08%2F31%2Fstates-efforts-in-curbing-building-violations-and-treating-water-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\/08\/31\/states-efforts-in-curbing-building-violations-and-treating-water-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-574128\" class=\"content-area-description single-story post-574128 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-agriculture tag-building-code tag-elon-musk tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-suez-canal-economic-zone tag-water wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Presenter and commentator Amr Adib has wrapped up his summer break and will be<\/strong> <strong><a href=\"https:\/\/bit.ly\/3hDsNae\">back on air on Friday<\/a><\/strong> with his weekday talk show El Hekaya on MBC. Until then, Ahmed Moussa still had the airwaves mostly to himself:<\/p>\n<p><strong>Building violations on agricultural land: <\/strong>Ala Mas\u2019ouleety\u2019s Ahmed Moussa spoke with Sayed Khalifa, the head of the Agricultural Syndicate, who discussed the work the Agriculture and Land Reclamation Ministry is doing to confront those illegally building on agricultural land. He said that President Abdel Fattah El-Sisi is the first president to address the problem of encroachment on these lands. Khalifa said that every feddan of agricultural land used for construction uses three times the amount of water it previously consumed as farmland. Every day Egypt loses 82 feddans of land, affecting the livelihood of 2k people, he said, noting that more than 1.2 mn feddans have been registered as encroached upon agricultural land <a href=\"https:\/\/www.youtube.com\/watch?v=sf3MfsF0hFI\">(watch, runtime: 23:23)<\/a>.<\/p>\n<p><strong>State\u2019s water treatment and desalination efforts:<\/strong> Moussa spoke with Vice Housing Minister Sayed Ismail, who spoke on Housing Minister Assem El Gazzar\u2019s announcement that the government plans to invest EGP 134.2 bn in seawater desalination plants by the middle of the century <a href=\"https:\/\/www.youtube.com\/watch?v=ur_lczBLYOE\">(watch, runtime: 6:32)<\/a>, <a href=\"https:\/\/www.youtube.com\/watch?v=F22abszeuJo\">(watch, runtime: 6:25)<\/a>, <a href=\"https:\/\/www.youtube.com\/watch?v=HCHMvvCzyoE\">(watch, runtime: 3:30)<\/a>. We have more coverage of the state\u2019s investments in desalination plants in today\u2019s Speed Round below.<\/p>\n<p><strong>State of the Suez Canal economic zone:<\/strong> Al Hayah Al Youm\u2019s Lobna Assal spoke with Mohamed Yahya Zaki, the head of the Suez Canal Economic Zone, who said that he had discussed with President Abdel Fattah El Sisi the current challenges to drawing new investments in light of covid. They reviewed the performance of the zone\u2019s six ports, and talked about possible incentives and regulatory amendments to help improve the current business climate <a href=\"https:\/\/www.youtube.com\/watch?v=VneeDRhvtaY\">(watch, runtime: 6:26)<\/a>.<\/p>\n<p><strong>Pros and cons of a brain chip:<\/strong> Al Hayah Al Youm\u2019s Lobna Assal spoke with security expert Mohamed El Gendy to discuss the security implications of Elon Musk\u2019s Neuralink brain chip. They discussed the potential for breakthroughs in treating physical conditions such as dementia, Parkinson\u2019s and spinal cord injuries <a href=\"https:\/\/www.youtube.com\/watch?v=vYcL0zX-W9k\">(watch, runtime: 8:20)<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/building-code\/\">building code<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elon-musk\/\">Elon Musk<\/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\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/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=\"574129\" 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=\"574129\">\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\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/\">\r\n                            Bank ABC enters race to acquire Blom Bank\u2019s Egypt assets                        <\/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\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/\" 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\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/')\">\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\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/\">\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=Bank ABC enters race to acquire Blom Bank\u2019s Egypt assets&url=https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/\">\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\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/&title=Bank ABC enters race to acquire Blom Bank\u2019s Egypt assets\">\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=Bank+ABC+enters+race+to+acquire+Blom+Bank%E2%80%99s+Egypt+assets+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F08%2F31%2Fbank-abc-enters-race-to-acquire-blom-banks-egypt-assets%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\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/253.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"574130\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/253-jpg-80\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/253.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"253.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/253.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/253.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574129\" class=\"content-area-description single-story post-574129 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-bank-abc tag-bank-audi tag-banking tag-blom-bank tag-emirates-nbd tag-enterpriseam tag-ma-watch tag-regulation-watch tag-speed-round wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>M&A WATCH- The GCC scramble for Lebanese banks continues as<\/strong> <strong>Bank ABC enters <\/strong><strong>race for Blom Bank\u2019s Egypt assets:<\/strong> Bahrain\u2019s Arab Banking Corporation <a href=\"https:\/\/www.bank-abc.com\/En\/Pages\/default.aspx\">(Bank ABC)<\/a> is reportedly competing with Emirates NBD to acquire Blom Bank\u2019s Egypt assets, <a href=\"https:\/\/bit.ly\/2G2OHFU\">Hapi Journal<\/a> reports, citing sources close to the talks. Bank ABC is interested in growing its presence here by adding the Lebanese bank\u2019s assets to its Bank ABC Egypt operations, the sources said. Blom <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c516247-c57d-49ad-a7bc-e20dc516e2b5\">confirmed earlier this month<\/a> it is looking to sell its Egypt assets as its home country suffers its worst economic crisis in decades. The Central Bank of Egypt greenlit its request to kick off a due diligence process on a transaction that could be valued at USD 250-300 mn. Emirates NBD was the first name to emerge as an interested party, but Blom had approached several potential suitors alongside the Dubai-based financial institution.<\/p>\n<p><strong>Emirates NBD is also reportedly interested in purchasing the Egypt assets of Bank Audi, <\/strong>another financially stressed Lebansese bank, <a href=\"https:\/\/dailynewsegypt.com\/2020\/08\/30\/emirates-nbd-eyes-acquisition-of-bank-audi-egypt-alongside-blom-bank\/\">the local press<\/a> reported yesterday, citing sources in the know. Again, NBD\u2019s interest comes from a desire to expand its footprint in Egypt by adding Audi\u2019s assets to its own Egypt branch, the sources said, adding that <strong>the acquisition could close as early as October<\/strong>. Bank Audi <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff2efc95-ce2f-404c-9df4-97974ad38ad0\">recently denied<\/a> that it\u2019s engaged in any acquisition talks after negotiations with First Abu Dhabi Bank (FAB) broke down in May due to the pandemic.<\/p>\n<p><strong>Gulf-based banks have been particularly interested in Egypt over the past few years. <\/strong>Egypt\u2019s favorable interest rate climate, the relatively small market capitalization of some of the country\u2019s largest banks compared to emerging market peers, and a largely unbanked population are all draws for international investors, we noted <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e23790e2-2a6d-4d14-ad97-06b28577b368\">back in January<\/a>. GCC countries, by contrast, have smaller populations, with the region tending to be \u201c<a href=\"https:\/\/www.arabnews.com\/node\/1699441\">overbanked<\/a>.\u201d<\/p>\n<p><strong>GCC bankers first saw an opening <\/strong><strong>when a handful of European banks exited Egypt and other emerging markets<\/strong> following tougher regulations under the 2009 <a href=\"https:\/\/www.investopedia.com\/terms\/b\/basell-iii.asp#:~:text=Basel%20III%20is%20a%202009,of%20reserve%20capital%20on%20hand.\">Basel III accords<\/a>, which limited many established banks\u2019 ability to take risks using depositor money coming from their home countries. And <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9292b38e-a024-4cca-b039-1c4542deecfe\">as acquisitions are the only way into Egypt\u2019s banking sector<\/a>, prominent GCC names including Qatar\u2019s QNB AlAhli (previously National Societe General Bank) and Al Ahli Bank of Kuwait (previously Piraeus), as well as other large banks from Arab and neighboring countries, were able to take advantage of this and buy out the existing European banks.<\/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\/bank-abc\/\">Bank ABC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bank-audi\/\">Bank Audi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/blom-bank\/\">Blom Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emirates-nbd\/\">Emirates NBD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation-watch\/\">regulation watch<\/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=\"574144\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"574145\" 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=\"574145\">\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\/08\/31\/egypt-in-the-news-on-31-august-2020\/\">\r\n                            Egypt in the News on 31 August 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\/08\/31\/egypt-in-the-news-on-31-august-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\/08\/31\/egypt-in-the-news-on-31-august-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\/08\/31\/egypt-in-the-news-on-31-august-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 31 August 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/egypt-in-the-news-on-31-august-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\/08\/31\/egypt-in-the-news-on-31-august-2020\/&title=Egypt in the News on 31 August 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+31+August+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F08%2F31%2Fegypt-in-the-news-on-31-august-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\/08\/31\/egypt-in-the-news-on-31-august-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574145\" class=\"content-area-description single-story post-574145 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-czech-republic tag-education tag-egypt-in-the-news tag-enterpriseam tag-human-rights tag-immigration tag-new-zealand wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Topping coverage of Egypt in the foreign press:<\/strong> Wire pickups of the arrest of a second suspect allegedly involved in the 2014 Fairmont Hotel [redacted] case and the detention of three others being held in Lebanon are leading the conversation this morning (<a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL4N2FW0AP\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/75230ab93ba7a397d22560a406ac42b0\">AP<\/a>).<\/p>\n<p><strong>It turns out that pre-Nasr Egypt seriously backed the idea of a dam on the <\/strong><strong>Blue Nile.<\/strong> The Egyptian government proposed in 1946 a joint project with Ethiopia to construct a dam near the source of the Blue Nile, only for Addis Ababa to roundly reject the idea. That\u2019s according to documents declassified by the British government seen by <a href=\"https:\/\/www.bbc.com\/arabic\/middleeast-53954132\">BBC Arabic<\/a>.<\/p>\n<p><strong>The \u201cKings of the Sun\u201d exhibition of ancient Egyptian artifacts is getting <\/strong><strong>coverage in <\/strong><strong><a href=\"https:\/\/www.al-monitor.com\/pulse\/originals\/2020\/08\/egypt-archeology-czech-republic-museum-tourism.html\">Al Monitor<\/a><\/strong> ahead of its <a href=\"https:\/\/www.prague.eu\/en\/event\/27661\/kings-of-the-sun\">opening in Prague today<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/czech-republic\/\">Czech Republic<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/immigration\/\">immigration<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-zealand\/\">New Zealand<\/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=\"574146\" 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=\"574146\">\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\/08\/31\/diplomacy-foreign-trade-on-31-august-2020\/\">\r\n                            Diplomacy + Foreign Trade on 31 August 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\/08\/31\/diplomacy-foreign-trade-on-31-august-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\/08\/31\/diplomacy-foreign-trade-on-31-august-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\/08\/31\/diplomacy-foreign-trade-on-31-august-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=Diplomacy + Foreign Trade on 31 August 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/diplomacy-foreign-trade-on-31-august-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\/08\/31\/diplomacy-foreign-trade-on-31-august-2020\/&title=Diplomacy + Foreign Trade on 31 August 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=Diplomacy+%2B+Foreign+Trade+on+31+August+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F08%2F31%2Fdiplomacy-foreign-trade-on-31-august-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\/08\/31\/diplomacy-foreign-trade-on-31-august-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574146\" class=\"content-area-description single-story post-574146 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-diplomacy tag-diplomacy-foreign-trade tag-enterpriseam tag-libya tag-politics tag-sameh-shoukry tag-trade tag-un tag-war wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Foreign Minister Sameh Shoukry met with deputy head of the United Nations <\/strong><strong>Support Mission in Libya Stephanie Williams<\/strong> to discuss efforts to reach a political solution to the conflict in Libya, a Foreign Ministry <a href=\"https:\/\/bit.ly\/3baj6xs\">statement<\/a> said on Sunday. Shoukry stressed the importance of Libya\u2019s warring parties abiding by a ceasefire to safeguard the country's resources according to the roadmap laid out in the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/38833ec4-0b6c-42b6-8d9d-2d74307b8f57\">Cairo Declaration<\/a>.<\/p>\n<p><strong>This came a day after the UN voiced concerns about a \u201cdramatic turn of events\u201d in Libya<\/strong> that saw an internal power struggle between senior figures in the Tripoli-based government brought out into the open, the <a href=\"https:\/\/apnews.com\/46e8011c95a0d4629a682035c44a6695\">Associated Press<\/a> reports. The UN Support Mission called for a \u201creturn to a full and inclusive political process\u201d after Prime Minister Fayez Al Serraj suspended and ordered an investigation into his interior minister following anti-corruption protests.<\/p>\n<p><strong>Egypt should review its trade agreements and scrap those that don\u2019t provide <\/strong><strong>benefits, <\/strong>the head of the House industry committee and Faragalla Group, Mohamed Farag Amer, told the <a href=\"https:\/\/alborsaanews.com\/2020\/08\/29\/1377978\">local press<\/a>. He said that Egypt has not witnessed any significant increase in its exports \u2014 hovering around the USD 20-25 bn mark \u2014 over the past 10 years, and has exposed local industry to unfair competition with foreign firms. He did not provide details on which agreements he believed were detrimental and should be subject to review.<\/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\/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\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/un\/\">UN<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war\/\">war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"574150\" 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=\"574150\">\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\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/the-market-yesterday-157\/\">\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\/08\/31\/the-market-yesterday-157\/\" 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\/08\/31\/the-market-yesterday-157\/')\">\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\/08\/31\/the-market-yesterday-157\/\">\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\/08\/31\/the-market-yesterday-157\/\">\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\/08\/31\/the-market-yesterday-157\/&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%2F08%2F31%2Fthe-market-yesterday-157%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\/08\/31\/the-market-yesterday-157\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574150\" class=\"content-area-description single-story post-574150 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 15.81 | Sell 15.91<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 15.81 | Sell 15.91<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 15.82 | Sell 15.92<\/p>\n<p><strong>EGX30<\/strong> (Sunday): 11,434 (-0.2%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.3 bn (21% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -18.1%<\/p>\n<p><strong>THE MARKET ON SUNDAY:<\/strong> The EGX30 ended Sunday\u2019s session down 0.2%. CIB, the index\u2019s heaviest constituent, ended down 0.5%. EGX30\u2019s top performing constituents were Dice up 8.6%, Sidi Kerir Petrochemicals up 3.9%, and Kima up 3.0%. Yesterday\u2019s worst performing stocks were CIRA down 4.4%, Juhayna down 1.8% and Eastern Company down 1.7%. The market turnover was EGP 1.3 bn, and foreign investors were the sole net sellers.<\/p>\n<p><strong>Foreigners<\/strong>: Net short | EGP -36.7 mn<br \/>\n <strong>Regional<\/strong>: Net long | EGP +4.2 mn<br \/>\n <strong>Domestic<\/strong>: Net long | EGP +32.6 mn<\/p>\n<p><strong>Retail<\/strong>: 86.6% of total trades | 87.1% of buyers | 86.1% of sellers<br \/>\n <strong>Institutions<\/strong>: 13.4% of total trades | 12.9% of buyers | 13.9% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 42.97 (-0.16%)<\/p>\n<p><strong>Brent:<\/strong> USD 45.81 (+0.46%)<\/p>\n<p><strong>Natural Gas:<\/strong> (Nymex, futures prices) USD 2.66 MMBtu, (-1.96%, October 2020 contract)<\/p>\n<p><strong>Gold:<\/strong> USD 1,974.90 \/ troy ounce (+2.19%)<\/p>\n<p><strong>TASI:<\/strong> 7,983 (+0.62%) (YTD: -4.83%)<br \/>\n <strong>ADX:<\/strong> 4,537 (+0.05%) (YTD: -10.60%)<br \/>\n <strong>DFM:<\/strong> 2,261 (-0.34%) (YTD: -18.21%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,874 (+0.37%)<br \/>\n <strong>QE:<\/strong> 9,922 (+0.40%) (YTD: -4.82%)<br \/>\n <strong>MSM:<\/strong> 3,751 (+0.38%) (YTD: -5.77%)<br \/>\n <strong>BB: <\/strong>1,380 (+0.57%) (YTD: -14.24%)<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-market-yesterday\/\">The Market Yesterday<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"574151\" 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\/08\/31\/574151\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574151\" class=\"content-area-description single-story post-574151 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>31 August (Monday): The first ever commercial flight between Israel and UAE to land in Abu Dhabi<\/p>\n<p>September: <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/03\/egypt-gets-its-first-federation-for-securities\/#:~:text=Egypt%20gets%20its%20first%20federation%20for%20securities%3A%20The%20Financial%20Regulatory,securities%2C%20according%20to%20a%20statement.\">The Egyptian Federation for Securities<\/a> will hold elections for its board of directors after they were <a href=\"https:\/\/bit.ly\/3hpX2Bp\">postponed<\/a> in March due to the lockdown.<\/p>\n<p>1 September (Tuesday): Tourist activities will resume in <a href=\"https:\/\/bit.ly\/2FGrdpU\">Luxor<\/a> and <a href=\"https:\/\/bit.ly\/31hAZY2\">Aswan<\/a>.<\/p>\n<p>1 September (Tuesday): All travelers to Egypt \u2014 including citizens, long-term residents and tourists \u2014 must show PCR tests.<\/p>\n<p>3 September (Thursday): Details on the establishment of Egypt\u2019s commodity exchange <a href=\"http:\/\/www.msit.gov.eg\/details.html?topicID=742\">to be announced.<\/a><\/p>\n<p>5 September (Saturday): Ahmed Shafik faces <a href=\"https:\/\/bit.ly\/3lwPXla\">retrial<\/a> at Cairo Court of Appeals in so-called Aviation Ministry corruption case.<\/p>\n<p>1-7 September (Tuesday-Tuesday): Possible announcement from the Education Ministry on what the new academic year will look like,<\/p>\n<p>September (date TBD): The General Authority for Investment (GAFI) <a href=\"https:\/\/bit.ly\/3kOkVVq\">will host<\/a> a virtual meeting with the Arab-German Chamber of Commerce and Industry and some 120 German companies to discuss investment prospects in Egypt.<\/p>\n<p>8 September (Tuesday) Online Egyptian-Bahraini Businessmen Association meeting <a href=\"https:\/\/www.alborsaanews.com\/2020\/08\/27\/1377531\">to discuss<\/a> mutual trade and investment opportunities.<\/p>\n<p>8-9 September (Tuesday-Wednesday): Run-off Senate elections.<\/p>\n<p>9 September-25 October: KLM to run passenger flights to Cairo for the first time since 2017.<\/p>\n<p>12 September (Saturday): Court session for Egyptian Resorts Company lawsuit against the Tourism Development Authority<\/p>\n<p>14-15 September (Monday-Tuesday) The Chemical Industries Export Council will organize a <a href=\"https:\/\/bit.ly\/3kBMjWw\">virtual conference<\/a> to discuss export options for Egyptian chemical exporters in Kenya and Uganda<\/p>\n<p>15 September (Tuesday): 2019-2020 academic year ends for Egyptian universities.<\/p>\n<p>Mid-September: Proposed time slot for UAE-Israel normalization agreement signing ceremony which will be held in Washington, US<\/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>16 September (Wednesday): The last day for the final results of the senate elections to be announced.<\/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>24 September (Thursday): The European Union <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N2FU544\">will discuss<\/a> imposing sanctions on Turkey to limit the country\u2019s ability to expand its search for oil and gas in contested eastern Mediterranean waters.<\/p>\n<p>27 September (Sunday): Former Finance Minister Youssef Boutros Ghali to be retried on charges he squandered public funds in a case related to the printing of coupons for butane canisters.<\/p>\n<p>Late October or November: Voters head to the polls to elect a new House of Representatives. Election dates still TBD.<\/p>\n<p>1 October (Thursday): House of Representatives reconvenes for its sixth and final legislative session before elections for the house later in October or November.<\/p>\n<p>4 October (Sunday): Senate convenes for its first session.<\/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>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>4-7 November (Wednesday-Saturday): <a href=\"https:\/\/www.cityscapeegypt.com\/en\/Home.html\">Cityscape Egypt Expo<\/a>, International Exhibition Center, Cairo<\/p>\n<p>12 November (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>1 December (Tuesday): The IMF will conduct a first review of targets set under the USD 5.2 bn standby loan approved in June (proposed date).<\/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 2021 (Monday): Sham El Nessim.<\/p>\n<p>6 May 2021 (Thursday): National holiday in observance of Sham El Nessim.<\/p>\n<p>12-15 May 2021 (Wednesday-Saturday): Eid El Fitr (TBC).<\/p>\n<p>1 June 2021 (Tuesday): The IMF will conduct a second review of targets set under the USD 5.2 bn standby loan approved in June 2020 (proposed date).<\/p>\n<p>10 June 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>26-29 June 2021 (Saturday-Tuesday): <a href=\"https:\/\/www.thebig5constructegypt.com\/?utm_source=Adestra&utm_medium=email&CID=003D000002UIHn4IAH&utm_campaign=Egyp%5Bt%20postponement%20generic%20exp%20visp&utm_term&utm_content=7014G000001cG3zQAE&CNAME=Enterprise\">The Big 5 Construct Egypt<\/a>, Cairo International Convention Center<\/p>\n<p>22 July 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":574125,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-574124","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"49794903-762b-4f4e-a6f0-b8d7aeb50578","teaser":"","photo_url":"https:\/\/ent.news\/2020\/8\/252.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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