{"id":574246,"date":"2020-09-03T03:48:14","date_gmt":"2020-09-03T03:48:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=574246"},"modified":"2025-12-16T09:36:03","modified_gmt":"2025-12-16T09:36:03","slug":"praise-from-the-imf-and-the-prospect-of-a-moodys-upgrade-good-news-to-end-the-week","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/praise-from-the-imf-and-the-prospect-of-a-moodys-upgrade-good-news-to-end-the-week\/","title":{"rendered":"Praise from the IMF and the prospect of a Moody\u2019s upgrade \u2014 good news to end the week"},"content":{"rendered":"<section id=\"574248\" 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=\"574248\">\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\/09\/03\/what-were-tracking-on-3-september-2020\/\">\r\n                            What we\u2019re tracking on 3 September 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\/09\/03\/what-were-tracking-on-3-september-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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Egypt\u2019s PMI <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aaa2b485-2ac7-44a7-a97c-5b3247eafeb0\">hit a one-year high in July<\/a> as output and exports picked up speed following the three-month shutdown of much of the economy in the second quarter. It wasn\u2019t all great news though: Despite the 12-month high, activity remained in contraction and employment continued to decline. <a href=\"https:\/\/www.markiteconomics.com\/Public\/Release\/PressReleases\">You\u2019ll find the release here at the appointed hour.<\/a><\/p><p><strong>The EGX is allowing brokerages to trade in bulk on NileX from today, after completing a <\/strong><strong>pooled <\/strong><strong>accounts system for the small-cap exchange<\/strong>, according to an <a href=\"https:\/\/bit.ly\/2QJ3cRw\">EGX statement<\/a>. The pool system that the EGX brands at Omnipass allows stock brokers to collect purchase orders and buy in bulk before dividing the shares among their clients. In a sale, the broker would book transactions and then settle with Misr for Central Clearing, Depository and Registry. The service has only been available on the big board since July 2019.<\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>We\u2019ll know this coming Tuesday, 8 September, what the school year will look like for both <\/strong><strong>private and public K-12 schools<\/strong>, Education Minister Tarek Shawki said in <a href=\"https:\/\/bit.ly\/34Uoxja\">a statement<\/a> yesterday. The announcement will include details on safety requirements, how tuition will be handled, private tutoring, and use of online platforms.<\/p><p><strong>What can you expect? <\/strong>We\u2019re told that the reopening protocol will include a <strong>hybrid system <\/strong><strong>that will see students going to school in person no more than twice a week<\/strong>. The system is expected to blend online and in-class learning and will feature social distancing measures (in class, at lunchtime and at recess); separate entrances and exits; daily temperature checks; and mandatory masking on buses, among other measures.<\/p><p><strong>Who\u2019s not affected by this? <\/strong>Association-run and other independent schools that are not directly regulated by the Education Ministry, including Cairo American College and the British International School, Cairo. Classes have started at many of these schools with strict distancing measures and \/ or hybrid learning in place.<\/p><p><strong>When does the school year start? <\/strong>Private schools regulated by the Education Ministry can kick off the school year on 15 September. Public schools go back on 17 October.<\/p><hr class=\"grey-line\"><p><strong>Other key news triggers coming up in the next few weeks:<\/strong><\/p><ul>\n<li><strong>Foreign reserves figures<\/strong> should be out early next week;<\/li>\n<li><strong>Runoff elections for Senate seats<\/strong> are scheduled for 8-9 September. Look for final results on the 16th;<\/li>\n<li><strong>Inflation data for August<\/strong> should be out on or around Thursday, 10 September.<\/li>\n<li><strong>Interest rate day <\/strong>falls on Thursday, 24 September when the central bank next meets to discuss its policy rates.<\/li>\n<\/ul><p><strong>Editor\u2019s note: <\/strong>We\u2019re taking a break this week from our usually scheduled Work From Home Routine interviews. We appreciate all your suggestions, so please keep them coming \u2014 email us on editorial@enterprise.press.<\/p><hr class=\"grey-line\"><p><strong>A reminder to those among you who are planning to fly:<\/strong><\/p><p><strong>Emirates Airlines is adding three more weekly flights between Dubai and Cairo<\/strong> <strong>starting 3 September <\/strong>due to an increase in demand. That will bring us to 17 weekly flights between the destinations, according to <a href=\"https:\/\/bit.ly\/3jDCJB7\">a company statement.<\/a><\/p><p><strong>KLM flights will return on 9 September after a three-year hiatus. <\/strong>The Dutch airline announced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2d161473-069f-478f-88c3-903283812882\">last week<\/a> that it will be running two weekly flights between Amsterdam and Cairo from 9 September to 25 October.<\/p><hr class=\"grey-line\"><p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/3jxIBfk\">reported<\/a><\/strong><strong> 165 new covid-19 infections yesterday<\/strong>, down from 176 the day before. Egypt has now disclosed a total of 99,280 confirmed cases of covid-19. The ministry also reported 21 new deaths, bringing the country\u2019s total death toll to 5,461. We now have a total of 74,626 confirmed cases that have fully recovered.<\/p><p>T<strong>he UAE continues to record high rates of new covid-19 cases, reporting 735 new<\/strong> <strong>cases yesterday, <\/strong><a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-emirates\/uae-reports-over-700-new-coronavirus-cases-highest-since-late-may-idUSKBN25T1V1\">Reuters<\/a> reports. It comes on the heels of two consecutive days of over 500 new cases, and is the highest daily rate seen since 883 new infections were recorded on 27 May. <strong>Authorities have warned that a nationwide curfew could be reinstated<\/strong> if the trend continues.<\/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>US ELECTION WATCH- \u201c<\/strong>Joe Biden is still beating President Donald Trump in most general election polls,\u201d <a href=\"https:\/\/www.cnbc.com\/2020\/09\/02\/biden-still-ahead-in-the-polls-but-trump-narrows-gap-after-rnc.html\">CNBC reports<\/a>, but notes \u201cthose trackers show signs that Biden\u2019s lead is narrowing slightly following the parties\u2019 national conventions.\u201d Americans go to the polls on 3 November.<\/p><p><strong>Are we heading into volatile waters in September? <\/strong>Market watchers will be on the lookout for changes in USD indexes and other stock market benchmarks this month as some strategists suggest a volatile election season could knock markets, CFRA Chief Investment Strategist Sam Stovall tells CNBC\u2019s <a href=\"https:\/\/www.cnbc.com\/2020\/09\/01\/election-year-trend-signals-market-volatility-wont-make-a-comeback.html\">Trading Nation<\/a>. Stovall suggests that history shows markets are cool-headed in fall when during an election year: \u201cIf you look at the volatility in the three months prior to the election compared with the non-election years actually volatility typically is less,\u201d Stovall said.<\/p><p><strong>Instead, Stovall suggests we could see a bear market in November. <\/strong>September has spent 25 years shrugging off its reputation as the weakest month for markets, he says, Instead, we should be watchful for the unwinding of the historic post-pandemic rally post-election.<\/p><p><a href=\"https:\/\/www.ft.com\/content\/9ed5be3b-ecfb-4485-a8ff-4b80ee40de5b\">The Financial Times<\/a> also notes that <strong>traders expect a \u201cparticularly turbulent US presidential<\/strong> <strong>election on November 3 and a potentially messy aftermath.\u201d<\/strong><\/p><p><strong>What\u2019s this messy aftermath? <\/strong>A premature declaration of victory by King Cheeto: \u201cWhat if early results in swing states show President Trump ahead, and he declares victory before heavily Democratic mail-in votes, which he has falsely linked with fraud, are fully counted?\u201d asks the NY Times in <strong><a href=\"https:\/\/www.nytimes.com\/2020\/09\/02\/us\/politics\/voting-election-day.html\">This is Democrats\u2019 doomsday scenario for election night.<\/a><\/strong><\/p><hr class=\"grey-line\"><p><strong>SIGN OF THE TIMES: <\/strong><a href=\"https:\/\/www.wsj.com\/articles\/u-s-debt-is-set-to-exceed-size-of-the-economy-for-year-a-first-since-world-war-ii-11599051137\">US debt is set to exceed the size of the economy next year<\/a> for the first time since the Second World War.<\/p><p><strong>Corporate bonds are smashing records in the US:<\/strong> Companies have issued more bonds in the first eight months of 2020 than in any full-year on record, <a href=\"https:\/\/www.ft.com\/content\/a59c2a9d-5e0b-4cbc-b69e-a138de76a776\">the FT<\/a> reports. Refinitiv data shows that overall bond issuance has now reached USD 1.919 tn so far this year, exceeding the previous annual record of USD 1.916 tn in 2017. The Federal Reserve\u2019s emergency intervention in the corporate bond market in March, in which it pledged to buy corporate bonds and ETFs, has seen liquidity-starved firms rush to the markets to raise cash.<\/p><p><strong>Meanwhile: <\/strong><strong>The US <\/strong><strong><a href=\"https:\/\/twitter.com\/SecPompeo\/status\/1300871132359335936?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1300871132359335936%7Ctwgr%5E&amp;ref_url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2020-09-02%2Fturkey-slams-u-s-decision-to-ease-its-arms-embargo-on-cyprus\">has lifted<\/a><\/strong><strong> a decades-old arms embargo on Cyprus, prompting backlash <\/strong><strong>from Turkey.<\/strong> Turkey\u2019s Foreign Minister said the move could lead to a flare up in tensions in the eastern Mediterranean, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-02\/turkey-slams-u-s-decision-to-ease-its-arms-embargo-on-cyprus?sref=mmeFTDW1\">Bloomberg<\/a>. The embargo had been in place to maintain peace on the partitioned island, over which Ankara holds de-facto control of the northern third.<\/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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/a>\n         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class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"574250\">\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\/09\/03\/new-school-year-top-story-with-building-violations-still-in-the-news\/\">\r\n                            New school year top story, with building violations still in the news                        <\/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\" 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<\/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\/09\/03\/new-school-year-top-story-with-building-violations-still-in-the-news\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574250\" class=\"content-area-description single-story post-574250 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-building-code tag-covid-19 tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-schools tag-waste-management wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was a mixed bag of nuts on the airwaves last night:<\/strong> Ala Mas\u2019ouleety dedicated a slot to covid-19 protocol in schools ahead of the start of the new academic year, the environment minister dropped into Al Hayah Al Youm to discuss new legislation to regulate waste, while building violations continued to get airtime.<\/p>\n<p><strong>Back to school amid covid-19: <\/strong>Ala Mas\u2019ouleety\u2019s Ahmed Moussa spoke with presidential health advisor Mohammad Awad Tag Eldin, who discussed the World Health Organization\u2019s recommendations on schools reopening amid the ongoing pandemic. Tag Eldin noted that while the WHO recommended a continuation of distance learning, it also said that each country has its own circumstances to address. He said that the government is handling the return to school carefully, and that safety guidelines would remain in place until at least March. They discussed vaccines briefly, noting that while over 100 are being tried, only a handful had reached the final testing phase <a href=\"https:\/\/www.youtube.com\/watch?v=lpGq8jyoIhg\">(watch, runtime: 22:24)<\/a>. Yahduth Fi Misr\u2019s Sherif Amer spoke with Hossam Hosny, the head of the covid-19 task force, who said that contingency plans are in place in the event of cases breaking out in schools, without mentioning what these are <a href=\"https:\/\/www.youtube.com\/watch?v=izfSe8t_J1o\">(watch, runtime: 3:57)<\/a>, <a href=\"https:\/\/www.youtube.com\/watch?v=JplS0HAiTsY\">(watch, runtime: 4:07)<\/a>, <a href=\"https:\/\/www.youtube.com\/watch?v=3WgG93Gx0VQ\">(watch, runtime: 3:11)<\/a>.<\/p>\n<p><strong>Latest on building violations: <\/strong>Moussa spoke with the governor of Al Sharqiyah, Mamdouh Ghorab, who said that clearances and demolitions of illegal buildings are being carried out daily. Only 35% of people (some 50k) found to be in breach of the building code have applied to settle the violations, he said <a href=\"https:\/\/www.youtube.com\/watch?v=RvnqjQ-GKRg\">(watch, runtime: 3:43)<\/a>. Moussa also spoke with Minya\u2019s governor, Osama El Qadi, who said that around 49k citizens had applied for settlement, out of a total of over 110k, and that 39k of them had already paid the fees <a href=\"https:\/\/www.youtube.com\/watch?v=nrgdi71ijSc\">(watch: runtime: 5:00)<\/a>. Ahmed Moussa also spoke briefly with the governors of Greater Cairo, Dakhla, Aswan, and Gharbia <a href=\"https:\/\/www.youtube.com\/watch?v=ykiJwo7zixk\">(watch, runtime: 10: 13)<\/a>, <a href=\"https:\/\/www.youtube.com\/watch?v=0nAvv22GXQY\">(watch, runtime: 6:56)<\/a>, <a href=\"https:\/\/www.youtube.com\/watch?v=Z9TCGhdk0bM\">(watch, runtime: 4:13)<\/a>, <a href=\"https:\/\/www.youtube.com\/watch?v=sPZj0ktYtaU\">(watch, runtime: 30:15)<\/a>, <a href=\"https:\/\/www.youtube.com\/watch?v=9Jwk1_C6xqw\">(watch, runtime: 6:21)<\/a>.<\/p>\n<p><strong>New waste management efforts: <\/strong>Al Hayah Al Youm\u2019s Mohamed Sherdy spoke with Environment Minister Yasmine Fouad, who discussed the latest legislation to improve waste management. The legislation goes beyond outlining regulations and allows for the establishment of a regulatory authority that can engage and collaborate with the private sector on the ground, helping with issuing licenses and setting prices, she said <a href=\"https:\/\/www.youtube.com\/watch?v=xEEQeyA9mTQ\">(watch, runtime: 2:26)<\/a>. The ministry is also looking into ways of integrating the informal sector of cleaners and garbage collectors by registering them with the government and creating an association to represent them, she added <a href=\"https:\/\/www.youtube.com\/watch?v=1AICWgWCqw0\">(watch, runtime: 4:03)<\/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\/building-code\/\">building code<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/schools\/\">Schools<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/waste-management\/\">waste management<\/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=\"574251\" 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=\"574251\">\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\/09\/03\/imf-releases-report-card-on-pandemic-aid-to-egypt\/\">\r\n                            IMF releases report card on pandemic aid to Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/imf-releases-report-card-on-pandemic-aid-to-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The authorities acted swiftly to allocate resources to the health sector, provide targeted support to the most severely impacted sectors, and expand social safety net programs to protect the most vulnerable,\u201d the fund said. This includes the government\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c6613be6-37d0-45fb-88db-887bc0feca4f\">EGP 100 bn stimulus package<\/a>, which amounted to 1.8% of GDP, and includes increased health and social spending. The loan, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c23ccc2-49f3-4ec3-8a96-2b792743862c\">was approved in May<\/a>, was followed by a separate USD 5.2 bn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4b88b68-45c9-4f66-bbba-1e8999ee8f3f\">standby agreement<\/a> to help plug a balance of payments shortfall.<\/p>\n<p><strong>The fund also liked the CBE\u2019s interest rate cut <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2e78eb3-6978-4eb5-a04f-a3b7247293ed\">in March<\/a><\/strong><strong>, but is suggesting rates be left on <\/strong><strong>hold <\/strong>until the impact of the historic 300 bps cut becomes clearer. Further easing needs to consider how a lower interest rate could create capital flight, drive up inflation, or create pressure on the EGP, the fund said.<\/p>\n<p><strong>Continued exchange rate flexibility will be a \u201ccrucial shock absorber,\u201d<\/strong> it added.<\/p>\n<p><strong>But challenges remain: <\/strong>The fund\u2019s analysis of how covid-19 affected Egypt was largely unchanged from what it said in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/763212c9-b3e8-4cfe-907c-ca14b52416dd\">a staff appraisal in August<\/a> on approving the larger standby facility. \u201cGrowth [is also] projected to sharply slow during 2019\/20 and 2020\/21 as a result of a halt in tourism, reduced remittances, and a slowdown in domestic activity,\u201d it said yesterday. Lack of clarity on when the pandemic will end is obviously a challenge, the fund noted.<\/p>\n<p><strong>A longer recovery period could mean <\/strong>more \u201cunemployment, larger public debt, lower growth, rising poverty and inequality, asset quality erosion in the banking sector, and social pressures.\u201d<\/p>\n<p><strong>The fund thinks GDP growth will rebound to pre-pandemic levels of 5.5% in the medium term<\/strong>, the fund forecasts, after having revised downward its projections for the current fiscal year. <strong>Average inflation will accelerate to 9% this fiscal year<\/strong>, up from 6% in FY2019-2020, before falling back to 7.2% the year after, according to IMF projections. Unemployment, meanwhile, is also expected to rise especially due to the shutdown of the tourism sector, but the fund offered no hard figures.<\/p>\n<p><strong>Other key indicators:<\/strong><\/p>\n<ul>\n<li><strong>Net foreign direct investment <\/strong>will fall to USD 7.1 bn by the end of the fiscal year, down from USD 7.8 bn in FY2019-2020, but recover to reach USD 17.1 bn in FY2024-2025;<\/li>\n<li><strong>The current account balance,<\/strong> excluding interest payments, will worsen to a deficit of 3.1% by the end of 2020, from a surplus of 1.6% in 2019, before gradually recovering to a surplus of 3.7% in 2025; and<\/li>\n<\/ul>\n<p><strong>A refresher on the rapid financing instrument: <\/strong><a href=\"https:\/\/www.imf.org\/en\/About\/Factsheets\/Sheets\/2016\/08\/02\/19\/55\/Rapid-Financing-Instrument\">The IMF instrument<\/a> is designed to address emergency spending needs. It is usually easier to access for most member countries, and will involve less stringent conditions than a full-fledged reform program, unlike the USD 12 bn extended fund facility we had signed up for following the EGP float.<\/p>\n<p><strong>Read the report: <\/strong><a href=\"https:\/\/www.imf.org\/en\/Publications\/CR\/Issues\/2020\/09\/01\/Arab-Republic-of-Egypt-Request-for-Purchase-Under-the-Rapid-Financing-Instrument-Press-49724\">Tap or click here<\/a> for the landing page or <a href=\"https:\/\/www.imf.org\/~\/media\/Files\/Publications\/CR\/2020\/English\/1EGYEA2020002.ashx\">download directly here (pdf)<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fiscal-policy\/\">fiscal policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/policy\/\">policy<\/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=\"574268\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"574269\" 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=\"574269\">\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\/09\/03\/egypt-in-the-news-on-3-september-2020\/\">\r\n                            Egypt in the News on 3 September 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\/09\/03\/egypt-in-the-news-on-3-september-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\/09\/03\/egypt-in-the-news-on-3-september-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\/09\/03\/egypt-in-the-news-on-3-september-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 3 September 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/egypt-in-the-news-on-3-september-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\/09\/03\/egypt-in-the-news-on-3-september-2020\/&title=Egypt in the News on 3 September 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+3+September+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F09%2F03%2Fegypt-in-the-news-on-3-september-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\/09\/03\/egypt-in-the-news-on-3-september-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574269\" class=\"content-area-description single-story post-574269 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-metoo tag-egypt-in-the-news tag-enterpriseam tag-fairmont-incident wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The suspension of US aid to Ethiopia<\/strong> over the Grand Ethiopian Renaissance Dam, and <strong>President El Sisi\u2019s phone call with Israeli PM Benjamin Netanyahu<\/strong> is topping coverage in the foreign press this morning. See this morning\u2019s Speed Round and Diplomacy + Foreign Trade sections for more.<\/p>\n<p><strong>Also getting attention in the foreign press:<\/strong> <a href=\"https:\/\/www.vice.com\/en_uk\/article\/y3z47w\/they-got-away-with-a-gang-rape-caught-on-video-then-came-instagram\">Vice<\/a> picked up the twisted turn of events in the viral <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c69878b-b4cd-48d9-8ffc-49635134dfbb\">Fairmont Incident<\/a>, Al Azhar <a href=\"https:\/\/alkhaleejtoday.co\/international\/5038144\/Egypt%E2%80%99s-Al-Azhar-slams-Charlie-Hebdo-for-Prophet-Muhammad-cartoons-reprint.html\">slammed<\/a>French magazine Charlie Hebdo for reprinting images of the Prophet Mohamed, and <a href=\"https:\/\/apnews.com\/5e7e55b127a2fdb9c928fd58cc8b8f2b\">the Associated Press<\/a> reports on the killing of seven suspected criminals in a firefight in Edfu, Aswan.<\/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\/metoo\/\">#MeToo<\/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\/fairmont-incident\/\">Fairmont Incident<\/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=\"574270\" 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=\"574270\">\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\/09\/03\/el-sisi-netanyahu-discuss-uae-israel-normalization-accord\/\">\r\n                            El Sisi, Netanyahu discuss UAE-Israel normalization accord                        <\/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\/09\/03\/el-sisi-netanyahu-discuss-uae-israel-normalization-accord\/\" 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\/09\/03\/el-sisi-netanyahu-discuss-uae-israel-normalization-accord\/')\">\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\/09\/03\/el-sisi-netanyahu-discuss-uae-israel-normalization-accord\/\">\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=El Sisi, Netanyahu discuss UAE-Israel normalization accord&url=https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/el-sisi-netanyahu-discuss-uae-israel-normalization-accord\/\">\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\/09\/03\/el-sisi-netanyahu-discuss-uae-israel-normalization-accord\/&title=El Sisi, Netanyahu discuss UAE-Israel normalization accord\">\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=El+Sisi%2C+Netanyahu+discuss+UAE-Israel+normalization+accord+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F09%2F03%2Fel-sisi-netanyahu-discuss-uae-israel-normalization-accord%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\/09\/03\/el-sisi-netanyahu-discuss-uae-israel-normalization-accord\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574270\" class=\"content-area-description single-story post-574270 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-arab-contractors tag-assem-el-gazzar tag-diplomacy-foreign-trade tag-enterpriseam tag-iraq tag-petrojet tag-talaat-moustafa-group wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Topping diplomatic coverage this morning: <\/strong>A phone call between President Abdel Fattah El Sisi and Israeli PM Benjamin Netanyahu on the recent UAE-Israel diplomatic breakthrough.<\/p>\n<p><strong>El Sisi welcomed news of the normalization agreement<\/strong>, according to <a href=\"https:\/\/bit.ly\/32TH8JH\">an Ittihadiya statement<\/a>, but cautioned Netanyahu against unilaterally seizing parts of the Palestinian West Bank, warning that any attempt to annex settlements would jeopardize chances of finding a peaceful solution to the decades-long conflict. <strong>This story is getting plenty of attention in the foreign press:<\/strong> <a href=\"https:\/\/www.ynetnews.com\/article\/HkEJu7p7D\">AFP<\/a> | <a href=\"https:\/\/www.thenational.ae\/world\/mena\/in-call-to-netanyahu-egypt-s-el-sisi-praises-uae-israel-accord-1.1072117\">The National<\/a> | <a href=\"https:\/\/www.jpost.com\/middle-east\/sisi-to-netanyahu-i-support-uae-deal-refrain-from-west-bank-annexation-640842\">Jerusalem Post<\/a> | <a href=\"http:\/\/www.xinhuanet.com\/english\/2020-09\/02\/c_139338010.htm\">Xinhua<\/a>.<\/p>\n<p><strong>Seven Egyptian construction companies are eyeing projects in Iraq: <\/strong>Arab Contractors, Petrojet, Talaat Moustafa, are among seven companies that have received preliminary approval to begin a variety of housing and infrastructure construction projects in Iraq, Hassan Abdel Aziz, President of the African Union of Construction and Building Contractors told <a href=\"https:\/\/bit.ly\/31PVdbN\">Al Mal<\/a>. The companies discussed energy, sanitation, road and housing development projects in a series of meetings between Housing Minister Assem El Gazzar and Iraqi Contractors Union president, Ali Al Sanafi \u2014 who expressed an interest in contracting Egyptian companies.<\/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\/arab-contractors\/\">Arab Contractors<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/assem-el-gazzar\/\">Assem El Gazzar<\/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\/iraq\/\">Iraq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/petrojet\/\">Petrojet<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/talaat-moustafa-group\/\">Talaat Moustafa Group<\/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=\"574271\" 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=\"574271\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/elsewedy-electric-chinese-consortium-win-separate-contracts-to-build-substations\/\">\r\n                            ElSewedy Electric, Chinese consortium win separate contracts to build substations                        <\/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\/09\/03\/elsewedy-electric-chinese-consortium-win-separate-contracts-to-build-substations\/\" 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\/09\/03\/elsewedy-electric-chinese-consortium-win-separate-contracts-to-build-substations\/')\">\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\/09\/03\/elsewedy-electric-chinese-consortium-win-separate-contracts-to-build-substations\/\">\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=ElSewedy Electric, Chinese consortium win separate contracts to build substations&url=https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/elsewedy-electric-chinese-consortium-win-separate-contracts-to-build-substations\/\">\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\/09\/03\/elsewedy-electric-chinese-consortium-win-separate-contracts-to-build-substations\/&title=ElSewedy Electric, Chinese consortium win separate contracts to build substations\">\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=ElSewedy+Electric%2C+Chinese+consortium+win+separate+contracts+to+build+substations+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F09%2F03%2Felsewedy-electric-chinese-consortium-win-separate-contracts-to-build-substations%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\/09\/03\/elsewedy-electric-chinese-consortium-win-separate-contracts-to-build-substations\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574271\" class=\"content-area-description single-story post-574271 post type-post status-publish format-standard hentry category-energy tag-eetc tag-elsewedy-electric tag-energy tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>ElSewedy Electric subsidiary ElSewedy Electric for Trading and Distribution has signed a EGP 355.5 mn engineering, procurement and construction (EPC) contract to build an electrical substation in Sadat City, according to <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%d8%a7%d9%84%d8%b3%d9%88%d9%8a%d8%af%d9%89%20%d8%a7%d9%86%d8%ac%d9%84%d9%8a%d8%b2%d9%89%2002-09-2020.pdf\">an EGX disclosure (pdf)<\/a>. The company will complete construction within a 14-month period. Separately, the Egyptian Electricity Transmission Company (EETC) signed a EGP 295 mn contract on Wednesday with a consortium of Chinese companies to build the Alex West transformer substation, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=02092020&id=cb043b3c-9268-465e-80d7-41c4e7c29dc5\">Al Shorouk<\/a> reports. The Chinese firms will complete construction within the next 12 months.<\/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\/eetc\/\">EETC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/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=\"574272\" 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=\"574272\">\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\/09\/03\/aton-resources-to-execute-reverse-stock-split-to-finance-abu-marawat-expansion\/\">\r\n                            Aton Resources to execute reverse stock split to finance Abu Marawat expansion                        <\/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\/09\/03\/aton-resources-to-execute-reverse-stock-split-to-finance-abu-marawat-expansion\/\" 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\/09\/03\/aton-resources-to-execute-reverse-stock-split-to-finance-abu-marawat-expansion\/')\">\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\/09\/03\/aton-resources-to-execute-reverse-stock-split-to-finance-abu-marawat-expansion\/\">\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=Aton Resources to execute reverse stock split to finance Abu Marawat expansion&url=https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/aton-resources-to-execute-reverse-stock-split-to-finance-abu-marawat-expansion\/\">\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\/09\/03\/aton-resources-to-execute-reverse-stock-split-to-finance-abu-marawat-expansion\/&title=Aton Resources to execute reverse stock split to finance Abu Marawat expansion\">\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=Aton+Resources+to+execute+reverse+stock+split+to+finance+Abu+Marawat+expansion+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F09%2F03%2Faton-resources-to-execute-reverse-stock-split-to-finance-abu-marawat-expansion%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\/09\/03\/aton-resources-to-execute-reverse-stock-split-to-finance-abu-marawat-expansion\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574272\" class=\"content-area-description single-story post-574272 post type-post status-publish format-standard hentry category-basic-materials-commodities tag-aton-resources tag-basic-materials-commodities tag-enterpriseam tag-finance tag-mining wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Egypt-focused Aton Resources will execute a reverse stock split sometime in mid-September to finance exploration at its Abu Marawat concession, as well as for \u201cgeneral corporate purposes, the Toronto-listed company said in <a href=\"https:\/\/www.juniorminingnetwork.com\/junior-miner-news\/press-releases\/1485-tsx-venture\/aan\/83401-aton-provides-update-on-placement-and-consolidation.html\">a statement<\/a>. The gold miner plans to issue up to USD 5 mn in a private placement of restricted stocks. Aton received preliminary approval for Egypt's first new gold exploration license in 15 years <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1b91985-58f2-46a1-8998-7478191adee1\">back in February<\/a>. The license allowed it to explore in the Eastern Desert\u2019s Hamama area for 20 years while retaining rights for the Abu Marawat concession area in the Arabian-Nubian Shield, north of Sukari mine.<\/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\/aton-resources\/\">Aton Resources<\/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\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mining\/\">mining<\/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=\"574274\" 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=\"574274\">\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\">Egypt Politics + Economics<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/companies-have-one-month-to-clear-idling-goods-from-egypts-ports\/\">\r\n                            Companies have one month to clear idling goods from Egypt\u2019s ports                        <\/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\/09\/03\/companies-have-one-month-to-clear-idling-goods-from-egypts-ports\/\" 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\/09\/03\/companies-have-one-month-to-clear-idling-goods-from-egypts-ports\/')\">\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\/09\/03\/companies-have-one-month-to-clear-idling-goods-from-egypts-ports\/\">\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=Companies have one month to clear idling goods from Egypt\u2019s ports&url=https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/companies-have-one-month-to-clear-idling-goods-from-egypts-ports\/\">\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\/09\/03\/companies-have-one-month-to-clear-idling-goods-from-egypts-ports\/&title=Companies have one month to clear idling goods from Egypt\u2019s ports\">\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=Companies+have+one+month+to+clear+idling+goods+from+Egypt%E2%80%99s+ports+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F09%2F03%2Fcompanies-have-one-month-to-clear-idling-goods-from-egypts-ports%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\/09\/03\/companies-have-one-month-to-clear-idling-goods-from-egypts-ports\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574274\" class=\"content-area-description single-story post-574274 post type-post status-publish format-standard hentry category-egypt-politics-economics tag-customs-authority tag-egypt-politics-economics tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The Customs Authority has reduced the time frame for companies to clear shipments idling at the country\u2019s ports to one month from four months previously, <a href=\"https:\/\/bit.ly\/32OzbFp\">Al Mal<\/a> reports. Although the decision seems to be addressing the presence of unclaimed goods at the country\u2019s ports, the urgency stems from a concern over a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8652216c-9937-4e32-a99d-632d13af0609\">Beirut-esque catastrophe<\/a> that has been ratcheted up by a presidential directive to heighten safety protocols, <a href=\"https:\/\/bit.ly\/32OzbFp\">Al Mal<\/a> says, citing an unnamed source at the Customs Authority.<\/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\/customs-authority\/\">Customs Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-politics-economics\/\">Egypt Politics + Economics<\/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=\"574275\" 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=\"574275\">\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\">ON YOUR WAY OUT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/egypts-beauty-industry-embraces-snail-slime\/\">\r\n                            Egypt\u2019s beauty industry embraces snail slime                        <\/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\/09\/03\/egypts-beauty-industry-embraces-snail-slime\/\" 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\/09\/03\/egypts-beauty-industry-embraces-snail-slime\/')\">\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\/09\/03\/egypts-beauty-industry-embraces-snail-slime\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt\u2019s beauty industry embraces snail slime&url=https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/egypts-beauty-industry-embraces-snail-slime\/\">\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\/09\/03\/egypts-beauty-industry-embraces-snail-slime\/&title=Egypt\u2019s beauty industry embraces snail slime\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt%E2%80%99s+beauty+industry+embraces+snail+slime+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F09%2F03%2Fegypts-beauty-industry-embraces-snail-slime%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\/09\/03\/egypts-beauty-industry-embraces-snail-slime\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/41.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"574276\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/egypts-beauty-industry-embraces-snail-slime\/41-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/41.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"41.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/41.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/41.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574275\" class=\"content-area-description single-story post-574275 post type-post status-publish format-standard has-post-thumbnail hentry category-on-your-way-out tag-enterpriseam tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>When self care just goes too far: The USD 300 mn snail slime cosmetic industry<\/strong> <strong>has made its way to Egypt<\/strong>, a TRT World video explores (<a href=\"https:\/\/bit.ly\/34XQlTM\">watch, runtime: 02:38<\/a>). Egypt\u2019s beauty centers now offer face and body masks with live snails secreting collagen onto the skin to treat imperfections, wounds, wrinkles, and pores while hydrating the area. Snail breeders have also made an appearance in Egypt and are hopeful that <strong>the government will lift the export ban on snails <\/strong>and allow them to become international players. Egypt provides the perfect environment for snail breeding, and the powdered version of the snail secretion can sell at a price higher than gold.<\/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\/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=\"574277\" 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=\"574277\">\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\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/the-market-yesterday-160\/\">\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\/09\/03\/the-market-yesterday-160\/\" 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\/09\/03\/the-market-yesterday-160\/')\">\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\/09\/03\/the-market-yesterday-160\/\">\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\/09\/03\/the-market-yesterday-160\/\">\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\/09\/03\/the-market-yesterday-160\/&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%2F09%2F03%2Fthe-market-yesterday-160%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\/09\/03\/the-market-yesterday-160\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574277\" class=\"content-area-description single-story post-574277 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 15.79 | Sell 15.89<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 15.80 | Sell 15.90<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 15.81 | Sell 15.91<\/p>\n<p><strong>EGX30<\/strong> (Wednesday): 11,214 (-0.2%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.2 bn (11% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -19.68%<\/p>\n<p><strong>THE MARKET ON WEDNESDAY:<\/strong> The EGX30 ended Wednesday\u2019s session down 0.2%. CIB, the index\u2019s heaviest constituent, ended down 0.3%. EGX30\u2019s top performing constituents were Orascom Development up 4.7%, AMOC up 3.2%, and Telecom Egypt up 2.8%. Yesterday\u2019s worst performing stocks were Egyptian Resorts down 3.1%, Kima down 3.0% and Heliopolis Housing down 2.7%. The market turnover was EGP 1.2 bn, and foreign investors were the sole net sellers.<\/p>\n<p><strong>Foreigners<\/strong>: Net short | EGP -106.4 mn<br \/>\n <strong>Regional<\/strong>: Net long | EGP +9.9 mn<br \/>\n <strong>Domestic<\/strong>: Net long | EGP +96.5 mn<\/p>\n<p><strong>Retail<\/strong>: 77.6% of total trades | 78.3% of buyers | 76.8% of sellers<br \/>\n <strong>Institutions<\/strong>: 22.4% of total trades | 21.7% of buyers | 23.2% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 41.51 (-2.92%)<br \/>\n <strong>Brent:<\/strong> USD 44.42 (-2.55%)<\/p>\n<p><strong>Natural Gas:<\/strong> (Nymex, futures prices) USD 2.49 MMBtu, (-1.62%, October 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,944 \/ troy ounce (-1.73%)<\/p>\n<p><strong>TASI:<\/strong> 8,013 (+1.45%) (YTD: -4.48%)<br \/>\n <strong>ADX:<\/strong> 4,547 (+0.48%) (YTD: -10.41%)<br \/>\n <strong>DFM:<\/strong> 2,259 (+0.32%) (YTD: -18.27%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,874 (-0.25%)<br \/>\n <strong>QE:<\/strong> 9,811 (-0.40%) (YTD: -5.89%)<br \/>\n <strong>MSM:<\/strong> 3,769 (-0.30%) (YTD: -5.33%)<br \/>\n <strong>BB: <\/strong>1,398 (-0.52%) (YTD: -13.16%)<\/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=\"574278\" 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\/09\/03\/574278\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574278\" class=\"content-area-description single-story post-574278 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>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>September: 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>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>5-9 September (Saturday-Wednesday): China International Fair for Trade in Services (<a href=\"https:\/\/conference-agenda.ciftis.org\/agenda\">CIFTIS<\/a>), Beijing National Convention Center, China. Registration can be found <a href=\"https:\/\/login.ciftis.org\/entry\/card\">here<\/a>.<\/p>\n<p>8 September (Tuesday): The Education Ministry will announce what the school year will look like for both private and public schools.<\/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>End of September: <a href=\"https:\/\/bit.ly\/2GaTjtH\">Last chance to settle building code violations<\/a> for illegal buildings.<\/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>3 November (Monday): Election day in the United States.<\/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>26-28 January (Tuesday-Thursday): Future Investment Initiative, Riyadh, Saudi Arabia<\/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\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":574247,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-574246","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"498db3f3-de73-448b-a8d0-e2e84a1c00a6","teaser":"","photo_url":"https:\/\/ent.news\/2020\/9\/34.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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