{"id":574623,"date":"2020-09-16T03:55:43","date_gmt":"2020-09-16T03:55:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=574623"},"modified":"2025-12-16T09:48:36","modified_gmt":"2025-12-16T09:48:36","slug":"efg-hermes-sfe-look-to-close-acquisition-of-aib-by-end-of-2020","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/efg-hermes-sfe-look-to-close-acquisition-of-aib-by-end-of-2020\/","title":{"rendered":"EFG Hermes, SFE look to close acquisition of AIB by end of 2020"},"content":{"rendered":"<section id=\"574625\" 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=\"574625\">\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\/16\/what-were-tracking-on-16-september-2020\/\">\r\n                            What we\u2019re tracking on 16 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\/16\/what-were-tracking-on-16-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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The bank will also defray itself the c. EGP 50 mn total cost of fees associated with withdrawals of pensions to alleviate the financial burden on the elderly, it said.<\/p><p><strong>And that\u2019s not all: <\/strong>There will be no fees for the opening of e-wallets, the issuance of prepaid cards, and balance transfers between mobile phone users. The CBE also instructed banks to waive fees for merchants on contactless \u201ctap &amp; go\u201d transactions worth less than under EGP 600. The measures were designed to cut footfall at banks and financial institutions, promote social distancing, and gradually move Egypt toward becoming a cashless society, the statement added. <strong>The bank decided earlier this week not to extend payment holidays <\/strong>on bank facilities.<\/p><p><strong>We\u2019ll know today the results of last week\u2019s run-off elections for the Senate. <\/strong>The first round of voting last month saw 174 members elected to the newly-constituted upper chamber, and the run-off will determine the outcome in another 26. President Abdel Fattah El Sisi will appoint the remaining 100 members of the 300-seat Senate after the final results of the votes are announced.<\/p><p><strong>The Food Export Council will hold a meeting tomorrow with Brazil\u2019s ambassador to <\/strong><strong>discuss increasing exports under the 2017 Mercosur Agreement<\/strong>, <a href=\"https:\/\/bit.ly\/3bZl6cp\">Youm7<\/a> reports. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e563ccd-91a6-4bb8-b55b-118636331ec7\">Egyptian exports to Brazil have surged 74%<\/a> in the three years since the trade agreement was signed.<\/p><p><strong>Today is the second day of the US Federal Reserve\u2019s meeting to review interest rates.<\/strong> The bank may announce new three-year interest rate projections and elaborate on its recent break with tradition to allow inflation to shoot past 2% and unemployment to fall further than previously allowed, per <a href=\"https:\/\/edition.cnn.com\/2020\/09\/13\/investing\/stocks-week-ahead\/index.html\">CNN<\/a>.<\/p><hr class=\"grey-line\"><p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/33vaApz\">reported<\/a><\/strong><strong> 163 new covid-19 infections yesterday<\/strong>, down from 168 the day before. Egypt has now disclosed a total of 101,340 confirmed cases of covid-19. The ministry also reported 18 new deaths, bringing the country\u2019s total death toll to 5,679. We now have a total of 85,745 confirmed cases that have fully recovered.<\/p><p><strong>Egypt is strategically placed to serve as a distributor of Russia\u2019s Sputnik V <\/strong><strong>covid-19 vaccine to Africa<\/strong>, Kirill Dmitriev, head of the Russian Direct Investment Fund, told MENA news agency, <a href=\"https:\/\/bit.ly\/32vmPmL\">Al Mal<\/a> reports.<\/p><p><strong>The Emirati government has approved an emergency use of a vaccine candidate <\/strong><strong>by China\u2019s Sinopharm<\/strong> and will give first access to \u201cfrontline workers,\u201d Foreign Ministry spokesperson Hend Al Otaiba <a href=\"https:\/\/twitter.com\/hend_mana\/status\/1305539126150795264\">said on Twitter<\/a>. Phase three trials conducted in the UAE involving 31k participants were successful, she said, paving the way for the government to begin rolling out the vaccine.<\/p><p><strong>Saudi Arabia is easing entry restrictions for some categories of visitors<\/strong>, according to a <a href=\"https:\/\/bit.ly\/3mpmGJw\">statement from EgyptAir yesterday<\/a>. As of today, EgyptAir will board Saudi nationals returning home; non-Saudis (including spouses and children) accompanying a Saudi citizen; and male travelers who already have a valid visa or work permit. Hit the link to see if your circumstances are covered and remember \u2014 you\u2019ll need to cough up the results of a PCR test completed no more than 48 hours before you board.<\/p><hr class=\"grey-line\"><p><strong>STC mulls IPO for internet services arm as Vodafone Egypt acquisition talks<\/strong><strong> continue: <\/strong>Saudi Telecom Company (STC) is considering the sale of as much as 30% of its internet services subsidiary Solutions by STC in an IPO on the Saudi exchange next year that could value the company at c.USD 2.7 bn, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-15\/saudi-telecom-is-weighing-an-ipo-for-its-internet-services-unit?sref=mmeFTDW1\">Bloomberg<\/a> reports, citing sources familiar with the matter. STC has invited banks to pitch for the financial advisor role on the transaction, <a href=\"https:\/\/www.reuters.com\/article\/saudi-stc-stcs-ipo-idUSL8N2GC2LX\">Reuters<\/a> said. The move comes as STC <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/036db4ed-eb00-4dc3-b7b4-99fa17e7afcd\">remains in talks<\/a> with Vodafone Group to purchase its 55% stake in Vodafone Egypt in a transaction that, if executed, could be the biggest-ever M&amp;A in Egypt.<\/p><p><strong>Global demand for oil is likely to be even lower than previously feared <\/strong>as a resurgence in covid-19 cases around the world hits consumption, according to <a href=\"https:\/\/www.wsj.com\/articles\/opec-deepens-forecast-for-decline-in-global-oil-demand-11600083622\">OPEC<\/a> and <a href=\"https:\/\/www.iea.org\/reports\/oil-market-report-september-2020\">International Energy Agency (IEA)<\/a> forecasts published this week. The IEA now sees demand falling by 8.4 mn bbl\/day to 91.7 mn bbl\/day in 2020 (down from 8.1 mn bbl\/d forecast in August), while OPEC expects an even more dramatic fall of 9.5 mn bbl\/d, down 9.5% from last year. The gloomy outlook comes after BP <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1381978c-a73d-475d-b53c-7791e7bd8242\">suggested this week<\/a> that demand may have already started a terminal decline as the pandemic delivers a knockout blow to the fossil fuel.<\/p><p>Also worth knowing this morning:<\/p><ul>\n<li><strong>Has ByteDance found a way to calm US natsec fears? <\/strong>ByteDance will place TikTok\u2019s global business in a new US-based company of which it will be majority shareholder, and Oracle (and perhaps Walmart) investing as a minority shareholder, the <a href=\"https:\/\/www.ft.com\/content\/58eb7c26-2154-477f-af19-19157ae29261\">Financial Times<\/a> reports, citing unnamed sources familiar with the matter. Secret Agent Orange is expected to sign off on the transaction today.<\/li>\n<li><strong>The US-China trade war is making US-based passive funds think twice about<\/strong><strong> buying into Chinese equities<\/strong>, as an increasingly hostile political climate towards Beijing heightens risk, suggests this piece by <a href=\"https:\/\/www.ft.com\/content\/87fb4dd1-78ac-40b5-8b07-4db38e08d1b3\">the Financial Times<\/a>.<\/li>\n<li><strong>Daimler will pay out USD 2.2 bn in penalties and settlements<\/strong> over allegations it rigged vehicles to cheat on diesel emissions tests, <a href=\"https:\/\/edition.cnn.com\/2020\/09\/14\/business\/daimler-diesel-emissions-cheating-settlement\/index.html\">CNN<\/a> reports.<\/li>\n<\/ul><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\/9\/SOMA-ENTERPRISE-September-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>The UAE and Bahrain formalized their normalization treaties with Israel at a signing <\/strong><strong>ceremony at the White House south lawn yesterday.<\/strong> Presided over by US President Donald Trump, the accords were sealed by Israeli Prime Minister Benjamin Netanyahu and the Gulf states\u2019 foreign ministers. \u201cWe mark the dawn of a new Middle East,\u201d Trump said, thanking the leaders for taking steps \u201ctoward a future in which people of all faiths and backgrounds live together in peace and prosperity.\u201d The three countries will soon exchange embassies and collaborate across sectors including tourism, trade, health care and security, he added.<\/p><p><strong>The story is getting top billing in the global press:<\/strong> <a href=\"https:\/\/apnews.com\/7544b322a254ebea1693e387d83d9d8b\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/article\/us-israel-gulf-usa\/in-break-with-past-uae-and-bahrain-sign-us-brokered-deals-with-israel-idUSKBN2660LF\">Reuters<\/a> | <a href=\"https:\/\/www.nytimes.com\/2020\/09\/15\/us\/politics\/trump-israel-peace-emirates-bahrain.html?action=click&amp;module=Top%20Stories&amp;pgtype=Homepage\">NYT<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/politics\/trump-israel-middle-east\/2020\/09\/15\/e4c2630a-f75c-11ea-a275-1a2c2d36e1f1_story.html\">Washington Post<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-15\/israel-establishes-ties-with-uae-bahrain-in-trump-brokered-deal?srnd=premium-middle-east\">Bloomberg<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/u-s-israel-u-a-e-bahrain-sign-peace-accord-11600191303?mod=hp_lead_pos11\">WSJ<\/a> | <a href=\"https:\/\/www.bbc.co.uk\/news\/world-middle-east-54168120\">BBC<\/a>.<\/p><p><strong>Libya\u2019s UN-recognized Prime Minister Fayez Al Serraj could<\/strong><strong> announce his<\/strong><strong> resignation<\/strong><strong> by the end of the week<\/strong> ahead of talks to end the country\u2019s civil war in Geneva next month, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-15\/libyan-prime-minister-sarraj-to-resign-officials-say?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports, citing unnamed officials. The leader of the Tripoli-based government would likely stay on in a caretaker capacity through the negotiations with eastern military commander Khalifa Haftar\u2019s Libyan National Army, which aim to agree a new presidential council to unify the fractured country.<\/p><hr class=\"grey-line\"><p><strong>US ELECTION WATCH-<\/strong><strong> Presidential cagefight? <\/strong>While observers have mused about the idea of podcast host and MMA commentator Joe Rogan moderating a presidential debate, President <a href=\"https:\/\/twitter.com\/realDonaldTrump\/status\/1305487258036781056\">Donald Trump tweeted<\/a> on Monday that he would actually do it. The Joe Rogan Experience is one of the country\u2019s most popular podcasts and hosts guests from both sides of the political aisle, even if considered fringe, giving Rogan\u2019s show a reputation for impartiality. Rogan\u2019s guest, retired MMA fighter Tim Kennedy, proposed an improbable, uncut, 4-hour one-on-one debate, which The Donald said he would accept, the <a href=\"https:\/\/nypost.com\/2020\/09\/14\/trump-accepts-offer-from-joe-rogan-to-moderate-debate-with-biden\/\">New York Post<\/a> reports. The first of the three actual US presidential debates will be held on 29 September in Cleveland, the second on 15 October in Miami and the third on 22 October in Nashville.<\/p><p><strong>Apple announces revamped iPad, Apple Watch 6, Apple One subscription plan:<\/strong> Apple yesterday unveiled a raft of new and revamped products, including a <a href=\"https:\/\/www.apple.com\/uk\/newsroom\/2020\/09\/apple-unveils-all-new-ipad-air-with-a14-bionic-apples-most-advanced-chip\/\">redesigned iPad Air<\/a> (if you can make do with the smaller of the two iPad Pros and you\u2019re the market today, but the new iPad Air and not the smaller Pro, tbh) and the <a href=\"https:\/\/www.apple.com\/uk\/newsroom\/2020\/09\/apple-watch-series-6-delivers-breakthrough-wellness-and-fitness-capabilities\/\">sixth generation of the Apple Watch<\/a> with a blood oxygen sensor. The company also announced its new <a href=\"https:\/\/www.apple.com\/uk\/newsroom\/2020\/09\/apple-one-makes-enjoying-apple-subscription-services-easier-than-ever\/\">Apple One subscription plan<\/a>, giving users access to all of the company\u2019s subscription services through a single plan. The plan will also include its <a href=\"https:\/\/www.apple.com\/newsroom\/2020\/09\/apple-fitness-plus-a-personalized-fitness-experience-comes-to-life-with-apple-watch\/\">soon-to-launch Fitness+ package<\/a>, which features online fitness classes integrated with Apple Watch plus your iPhone, iPad or Apple TV. <strong>Want to dive deeper? <\/strong><a href=\"https:\/\/9to5mac.com\/\">9to5Mac<\/a>, <a href=\"https:\/\/www.theverge.com\/2020\/9\/15\/21430844\/apple-event-recap-biggest-announcements-watch-series-6-se-ipad-air\">the Verge<\/a> and <a href=\"https:\/\/www.businessinsider.com\/watch-apple-event-september-live-blog-ipad-watch-all-announcements-2020-9\">Business Insider<\/a> have wall-to-wall coverage.<\/p><p><strong>But wait, where\u2019s the new iPhone? <\/strong>There was no \u201cone more thing\u201d last night \u2014 thanks to covid-19, it seems we won\u2019t be getting a peak at the next iPhone (or Arm-based Macs or the Apple tiles) until sometime next month at the earliest.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, urban development and as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>We look at how the covid-19 pandemic has affected the outlook for Egypt\u2019s construction industry, particularly after construction sites across the country were shut down at the outset of the crisis.<\/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 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data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"574627\" 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=\"574627\">\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\/16\/the-govt-plans-for-nile-flooding-and-building-code-violations-top-stories-on-talks-shows\/\">\r\n                            The gov\u2019t plans for Nile flooding and building code violations top stories on talks shows                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/the-govt-plans-for-nile-flooding-and-building-code-violations-top-stories-on-talks-shows\/\" 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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id=\"post-574627\" class=\"content-area-description single-story post-574627 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-federation-of-egyptian-banks tag-local-development-ministry tag-mohamed-el-etreby tag-moustafa-madbouly tag-un tag-vaccines wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The nation\u2019s talking heads continued to pore over the government\u2019s efforts to crack down on building violations last night<\/strong>, while government plans to address anticipated Nile flooding and the covid-19 vaccine trials also received air time.<\/p>\n<p><strong>Phase three clinical trials of a Chinese covid-19 vaccine to last two months: <\/strong>Yahduth Fi Misr\u2019s Sherif Amer phoned Hossam Hosni, the head of the Scientific Committee to Combat Coronavirus, who said that <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/80e4d73c-75b1-4bd1-bbf6-49f99a2ab188\">phase three clinical trials<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/80e4d73c-75b1-4bd1-bbf6-49f99a2ab188\">in Egypt<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/80e4d73c-75b1-4bd1-bbf6-49f99a2ab188\">of a Chinese covid-19 vaccine<\/a> will last for two months. The ministry is currently gathering 6k volunteers to participate in the tests, which are being run by the Chinese government and Emirati health firm G42 Healthcare. Hosni said that production will begin after the trials have ended and analyses have been completed, while a year-long follow-up period continues after the trials, <a href=\"https:\/\/www.youtube.com\/watch?v=qYEqEsUM0LI\">(watch, runtime: 3:02)<\/a>.<\/p>\n<p><strong>All the latest on informal housing and the construction code:<\/strong> Amer phoned Local Development Ministry spokesperson Khaled Kasem, who said that EGP 6.9 bn in settlement fees have now been taken by the government, with Alexandria Governorate taking the most, followed by Cairo, Menoufia (which saw the largest number of requests submitted), Beheira and Qalyubia. The ministry is working overtime to accept as many reconciliation requests as possible ahead of the end-of-month deadline, he added. <a href=\"https:\/\/www.youtube.com\/watch?v=4DKa-2c1cHI\">(watch, runtime: 5:32)<\/a>. Local Development Minister Mahmoud Sharawy <a href=\"https:\/\/bit.ly\/35Dob0M\">yesterday announced<\/a> the new figure, adding that the government has received 1.1 mn settlement requests. Masaa DMC's Ramy Radwan <a href=\"https:\/\/www.youtube.com\/watch?v=lpL6zip5xgg\">(watch, runtime: 9:12)<\/a> and Ala Mas\u2019ouleety\u2019s Ahmed Moussa <a href=\"https:\/\/www.facebook.com\/289251054566049\/videos\/336721880778137\/\">(watch, runtime: 24:56)<\/a> also covered the topic.<\/p>\n<p><strong>Emergency flooding plans:<\/strong> Masaa DMC\u2019s Ramy Radwan covered the emergency plans to prevent Nile flooding <a href=\"https:\/\/bit.ly\/35CrPba\">reviewed by Prime Minister Moustafa Madbouly<\/a> yesterday. The plan includes securing vital facilities, preparing evacuation procedures for land and homes along the river\u2019s banks, mapping out areas that will likely require drainage, and the safe disposal of pollutants in the Rashid and Damietta branches of the river. Madbouly assigned the irrigation minister to prepare maps of the most vulnerable areas, and directed local governors to take all the required measures. Madbouly said that most of the buildings adjacent to rivers are illegal constructions, and that every governor should warn citizens about the dangers of flooding while they implement their emergency plans <a href=\"https:\/\/www.youtube.com\/watch?v=q6h1i2qLqDU\">(watch, runtime: 4:09)<\/a>.<\/p>\n<p><strong>Egypt UN rep wins reelection: <\/strong>Al Hayah Al Youm\u2019s Mostafa Sherdy, highlighted the reelection of Egyptian candidate Mohamed Ezz El Din to the UN Committee on Economic, Social and Cultural Rights. Ezz El Din won with a majority, securing 49 out of a total 54 votes cast by committee members <a href=\"https:\/\/www.youtube.com\/watch?v=8WoCu-b_4_E\">(watch, runtime: 3:53)<\/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\/federation-of-egyptian-banks\/\">Federation of Egyptian Banks<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/local-development-ministry\/\">Local Development Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-el-etreby\/\">Mohamed El Etreby<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/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\/vaccines\/\">vaccines<\/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=\"574628\" 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=\"574628\">\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\/16\/efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year\/\">\r\n                            EFG Hermes, Egypt\u2019s sovereign fund to finalize AIB takeover this year                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=EFG Hermes, Egypt\u2019s sovereign fund to finalize AIB takeover this year&url=https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year\/&title=EFG Hermes, Egypt\u2019s sovereign fund to finalize AIB takeover this year\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=EFG+Hermes%2C+Egypt%E2%80%99s+sovereign+fund+to+finalize+AIB+takeover+this+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F09%2F16%2Fefg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/183.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"574629\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year\/183-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/183.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"183.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/183.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/183.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574628\" class=\"content-area-description single-story post-574628 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-agriculture tag-arab-investment-bank tag-efg-hermes tag-enterpriseam tag-financial-services tag-fintech tag-healthcare tag-investment-watch tag-ma-watch tag-private-equity tag-sovereign-fund-of-egypt tag-speed-round wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><strong> M&A WATCH- EFG Hermes, SFE to finalize AIB acquisition this year<\/strong><strong>:<\/strong> EFG Hermes and the Sovereign Fund of Egypt (SFE) expect to close their acquisition of a 76% stake in state-affiliated <a href=\"https:\/\/www.aibegypt.com\/\">Arab Investment Bank<\/a> (AIB) before the end of 2020 through a capital increase to EGP 5 bn, SFE CEO Ayman Soliman told <a href=\"https:\/\/bit.ly\/3c0DrWL\">Al Mal<\/a>. The SFE will acquire its stake through its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0a24db0-dcca-44bd-b378-57b515dd3e70\">newly-established, EGP 30 bn financial services sub-fund<\/a>, Soliman said. AIB\u2019s paid-in capital last stood at <a href=\"https:\/\/bit.ly\/32uHxTE\">EGP 1.84 bn in May<\/a>. Issuing new shares would help the bank meet the <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/22\/commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments\/\">new capital requirements<\/a> mandated by the newly-passed <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/\">Banking and Central Bank Act<\/a>, Soliman said. AIB is both a commercial and investment bank and offers traditional and sharia-compliant services.<\/p>\n<p><strong>Background: <\/strong>The acquisition will see EFG take a 51% stake and the SFE up to 25%, the two investors <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/493e0457-82af-4b27-9c7f-1ab2d8301a49\">said in June<\/a>. EFG and the SFE could also acquire shares from state-owned National Investment Bank (NIB), which presently holds 91.4% of AIB, with the remaining 8.6% held directly by the Federation of Arab Republics. NIB had announced a plan earlier this year to take several other of its portfolio companies to market with the help of the SFE.<\/p>\n<p><strong>SFE wants healthcare providers to start looking beyond Cairo: <\/strong>The SFE is involved in separate talks with leading healthcare players to partner on adding hospital beds outside Cairo, <a href=\"https:\/\/bit.ly\/35Bm5yf\">Soliman said<\/a>. This would improve access to surgery for residents of other cities and promote competition on pricing, he said. The SFE will nudge things in that direction by offering land to some projects through its healthcare sub-fund. The fund <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2377b687-8d51-4e2a-8731-0458d605cea0\">recently set up<\/a> a JV in partnership <a href=\"https:\/\/www.concordus.com\/\">Concord International Investments<\/a>, the SEC-regulated firm set up by Mohamed Younes and Prince Abbas Hilmi.<\/p>\n<p><strong>Plenty of room for private sector in the SFE\u2019s health fund: <\/strong>The SFE will soon be on the lookout for more limited partners to sign up as financial or strategic investors in the healthcare sub-fund, Soliman said yesterday, adding that the <strong>sovereign fund will only contribute a small part of the capital. <\/strong>This gives the private sector plenty of room to participate, and is in line with the SFE\u2019s mandate to encourage private participation in development projects. Once it formally launches, the sub-fund will primarily target supporting and expanding both public and private healthcare infrastructure projects. The SFE <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13d69470-44e2-4702-9441-3421aefe4fa3\">announced earlier this month<\/a> that it plans to formally launch two more sub-funds besides the healthcare and fintech vehicles: one covering tourism and real estate and another infrastructure.<\/p>\n<p><strong>Plan to increase agricultural efficiency: <\/strong>The SFE\u2019s financial services sub-fund is also currently studying another plan that will see it partner with the Agricultural Bank of Egypt (ABE) to offer fintech solutions to farmers. The sub-fund will be working with the ABE to encourage unbanked farmers to use a fintech platform that will most likely be built through mobile apps, <a href=\"https:\/\/bit.ly\/2Rzf1Kd\">Soliman said<\/a>. The aim is to give the farmers access to financial services, and encourage them to purchase modern irrigation equipment, he said without giving further details.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-investment-bank\/\">Arab Investment Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-services\/\">financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-equity\/\">private equity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"574643\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"574644\" 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=\"574644\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE MACRO PICTURE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/is-the-tech-driven-em-rally-running-out-of-steam\/\">\r\n                            Is the tech-driven EM rally running out of steam?                        <\/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\/16\/is-the-tech-driven-em-rally-running-out-of-steam\/\" 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\/16\/is-the-tech-driven-em-rally-running-out-of-steam\/')\">\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\/16\/is-the-tech-driven-em-rally-running-out-of-steam\/\">\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=Is the tech-driven EM rally running out of steam?&url=https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/is-the-tech-driven-em-rally-running-out-of-steam\/\">\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\/16\/is-the-tech-driven-em-rally-running-out-of-steam\/&title=Is the tech-driven EM rally running out of steam?\">\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=Is+the+tech-driven+EM+rally+running+out+of+steam%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F09%2F16%2Fis-the-tech-driven-em-rally-running-out-of-steam%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\/16\/is-the-tech-driven-em-rally-running-out-of-steam\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/188.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"574645\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/is-the-tech-driven-em-rally-running-out-of-steam\/188-jpg-66\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/188.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"188.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/188.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/188.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574644\" class=\"content-area-description single-story post-574644 post type-post status-publish format-standard has-post-thumbnail hentry category-the-macro-picture tag-emerging-markets tag-enterpriseam tag-the-macro-picture 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-07\"><\/a> <strong>Has the EM rally peaked?<\/strong> In recent months a handful of largely China-based tech stocks have gone on a tear to put a floor underneath emerging-market stocks, bringing emerging markets on par with equities in developed countries. Outside of China, though, the outlook is a little more precarious. WIth the global tech boom seemingly running out of steam and a host of problems plaguing the emerging world, investor enthusiasm is dwindling, despite the cheap valuations, <a href=\"https:\/\/www.barrons.com\/articles\/emerging-markets-have-rallied-like-other-markets-why-the-outlook-for-the-rest-of-the-year-is-shakier-51599772987\">Barron\u2019s<\/a> says, citing industry analysts.<\/p>\n<p><strong>Too good to be true? <\/strong>An array of bargains appears to be on offer in Brazil, India and other markets beyond China, where currencies are around 20-30% below historic averages. \u201cWhether it\u2019s the [South African] rand, the [Indian] rupee, the [Mexican] peso, or the Brazilian real, currencies are incredibly undervalued,\u201d says Ricardo Adrogue, head of global sovereign debt at Barings. Equities, too, look undervalued: companies trade at less than half the average price-to-book ratio than those in the US, with blue chip firms offering 5-6% yields. EM central banks have also slashed interest rates, causing domestic savers to pile into equities.<\/p>\n<p><strong>Investors are holding back for now:<\/strong> Despite the generous returns on offer, the continuation of the pandemic and the rapid accumulation of debt is giving investors pause for thought. India and Brazil are both struggling to get a handle on the outbreak, while countries across the world have taken on worrying levels of debt to prevent their economies from spiralling. \u201cDuring the next quarter or the beginning of next year, markets are going to ask, \u2018What are you doing to offset this debt?'\u201d notes Eric Baurmeister, senior portfolio manager for emerging markets debt at Morgan Stanley Investment Management.<\/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\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-macro-picture\/\">THE MACRO PICTURE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"574646\" 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=\"574646\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/egypt-in-the-news-on-16-september-2020\/\">\r\n                            Egypt in the News on 16 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\/16\/egypt-in-the-news-on-16-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\/16\/egypt-in-the-news-on-16-september-2020\/')\">\n                    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target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/egypt-in-the-news-on-16-september-2020\/&title=Egypt in the News on 16 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+16+September+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F09%2F16%2Fegypt-in-the-news-on-16-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\/16\/egypt-in-the-news-on-16-september-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574646\" class=\"content-area-description single-story post-574646 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-egypt-in-the-news tag-egyptology tag-enterpriseam tag-infrastructure tag-media tag-radwa-el-sherbiny wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The foreign press doesn\u2019t have a lot to say about Egypt this morning:<\/strong> <a href=\"https:\/\/www.reuters.com\/article\/us-egypt-antiquities\/egypt-cuts-highways-across-pyramids-plateau-alarming-conservationists-idUSKBN2662B3\">Reuters<\/a> reports that conservationists and Egytologists are less than happy about the government\u2019s plans to build <strong>two new highways close to the pyramids<\/strong>. <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N2GC2U4\">The newswire<\/a> also picks up the news that Egypt\u2019s media watchdog is investigating TV presenter Radwa El Sherbiny for commenting that <strong>women who wear the hijab are \u201c100,000-times better\u201d<\/strong> than women who do not, triggering a heated debate.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-in-the-news\/\">Egypt in the News<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptology\/\">Egyptology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/media\/\">media<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/radwa-el-sherbiny\/\">Radwa El Sherbiny<\/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=\"574647\" 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=\"574647\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/diplomacy-foreign-trade-on-16-september-2020\/\">\r\n                            Diplomacy + Foreign Trade on 16 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 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 <\/a>\r\n\r\n                \n<article id=\"post-574647\" class=\"content-area-description single-story post-574647 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-customs tag-diplomacy-foreign-trade tag-enterpriseam tag-finance-ministry tag-greece tag-libya tag-sameh-shoukry tag-subsidies tag-tax tag-turkey wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Topping coverage on the diplomatic front this morning:<\/strong> Egypt and Greece will hold further talks to finalize the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c3ad5b2-df09-4b29-a8b0-493e1b964837\">joint economic zone in the Mediterranean<\/a> agreed in August, Greek Foreign Minister Nikos Dendias <a href=\"http:\/\/www.xinhuanet.com\/english\/2020-09\/16\/c_139370979.htm\">said yesterday<\/a> following talks in Athens with FM Sameh Shoukry. The two ministers condemned Turkey\u2019s \u201cprovocations\u201d in the region and called for a deescalation of tensions. <strong>Shoukry also met with Greek President Katerina Sakellaropoulou<\/strong> at the presidential palace yesterday, a Foreign Ministry <a href=\"https:\/\/bit.ly\/3kma83S\">statement<\/a>said.<\/p>\n<p>Meanwhile, <strong>the government has disbursed EGP 1.4 bn in overdue export subsidies in 1Q2020-2021 <\/strong><strong>so far, <\/strong>Prime Minister Moustafa Madbouly <a href=\"https:\/\/bit.ly\/32xvJ2V\">said<\/a> during a meeting with the heads of export councils yesterday. Payments made over the past 10 weeks brings the total amount of subsidies disbursed since the beginning of FY2019-2020 to more than EGP 7 bn, he said, adding that <strong>continuing at this rate will see the government finish paying its arrears within three years<\/strong>. The Export Subsidy Fund is paying out EGP 600 mn each month over four EGP 150 mn weekly payments, advisor to the Vice Minister of Finance Nevine Mansour <a href=\"https:\/\/bit.ly\/2RwBLKV\">said<\/a>. The government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f81a9b44-52eb-4d20-94fb-6457fa38ee1a\">allocated EGP 7 bn<\/a> towards subsidy payments in its FY2020-2021 budget, up from EGP 6 bn the year prior.<\/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\/\">customs<\/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\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/greece\/\">Greece<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/subsidies\/\">subsidies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"574651\" 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=\"574651\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/the-market-yesterday-169\/\">\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\/16\/the-market-yesterday-169\/\" 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\/16\/the-market-yesterday-169\/')\">\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\/16\/the-market-yesterday-169\/\">\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\/16\/the-market-yesterday-169\/\">\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\/16\/the-market-yesterday-169\/&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%2F16%2Fthe-market-yesterday-169%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\/16\/the-market-yesterday-169\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574651\" class=\"content-area-description single-story post-574651 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 15.70 | Sell 15.80<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 15.70 | Sell 15.80<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 15.72 | Sell 15.82<\/p>\n<p><strong>EGX30<\/strong> (Tuesday): 11,028 (-0.1%)<br \/>\n <strong>Turnover:<\/strong> EGP 934 mn (17% below the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -21.0%<\/p>\n<p><strong>THE MARKET ON TUESDAY:<\/strong> The EGX30 ended Tuesday\u2019s session down 0.1%. CIB, the index\u2019s heaviest constituent, ended up 0.5%. EGX30\u2019s top performing constituents were Sidi Kerir Petrochemicals up 2.1%, Dice up 1.7%, and Sodic up 1.2%. Yesterday\u2019s worst performing stocks were Orascom Investment Holding down 2.3%, Porto Group down 2.3% and TMG Holding down 2.2%. The market turnover was EGP 934 mn, and foreign investors were the sole net sellers.<\/p>\n<p><strong>Foreigners<\/strong>: Net short | EGP -55.2 mn<br \/>\n <strong>Regional<\/strong>: Net long | EGP +25.9 mn<br \/>\n <strong>Domestic<\/strong>: Net long | EGP +29.3 mn<\/p>\n<p><strong>Retail<\/strong>: 80.7% of total trades | 81.0% of buyers | 80.3% of sellers<br \/>\n <strong>Institutions<\/strong>: 19.3% of total trades | 19.0% of buyers | 19.7% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 38.57 (+0.76%)<br \/>\n <strong>Brent:<\/strong> USD 40.79 (+0.64%)<\/p>\n<p><strong>Natural Gas:<\/strong> (Nymex, futures prices) USD 2.37 MMBtu, (+0.42%, October 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,960.20 \/ troy ounce (-0.31%)<\/p>\n<p><strong>TASI:<\/strong> 8,321 (+0.80%) (YTD: -0.80%)<br \/>\n <strong>ADX:<\/strong> 4,509 (-0.14%) (YTD: -11.17%)<br \/>\n <strong>DFM:<\/strong> 2,293 (+0.47%) (YTD: -17.06%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,882 (+0.09%)<br \/>\n <strong>QE:<\/strong> 9,892 (+0.20%) (YTD: -5.11%)<br \/>\n <strong>MSM:<\/strong> 3,677 (-0.18%) (YTD: -7.62%)<br \/>\n <strong>BB: <\/strong>1,401 (-0.03%) (YTD: -12.98%)<\/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=\"574652\" 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\/16\/574652\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-574652\" class=\"content-area-description single-story post-574652 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>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>17 September (Thursday): OPEC and its allies <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-12\/opec-bid-to-rescue-oil-market-falters-as-demand-recovery-stalls?sref=mmeFTDW1\">will meet<\/a> to assess whether their recent vast oil production cuts have saved the market from the global glut.<\/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>20-27 September (Sunday-Sunday): Welcome Schools expo, Cairo Fair Zone, Nasr City.<\/p>\n<p>21 September (Monday): Government to relax some of the restrictions on mass gatherings.<\/p>\n<p>24 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>24-25 September (Thursday-Friday): 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>28 September-3 October (Monday-Saturday): CIB PSA World Tour Finals, Cairo, Egypt.<\/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>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>1-10 October (Thursday-Saturday): Alexandria Book Fair, Kouta, Alexandria.<\/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>21-23 October (Wednesday-Friday): Polls open to international voters for first round of Parliamentary elections in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.<\/p>\n<p>23-31 October (Friday-Saturday): <a href=\"http:\/\/elgounafilmfestival.com\/\">El Gouna Film Festival<\/a>, El Gouna, Egypt.<\/p>\n<p>24-25 October (Saturday - Sunday) Polls open for first round of Parliamentary elections in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.<\/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>November: An Egyptian-Russian ministerial committee <a href=\"https:\/\/www.facebook.com\/mift.media\/posts\/3275672832501495\">will meet<\/a> to discuss trade and investment in Moscow.<\/p>\n<p>2 November: Former Civil Aviation Minister Ahmed Shafik faces <a href=\"https:\/\/bit.ly\/3lwPXla\">retrial<\/a> at Cairo Court of Appeals in the so-called Aviation Ministry corruption case.<\/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>4-6 November (Wednesday-Friday): Polls open to international voters for first round of Parliamentary elections in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.<\/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>7-8 November (Saturday-Sunday): Polls open for first round of Parliamentary elections in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.<\/p>\n<p>12 November (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>15 November (Sunday): Egyptian Tax Authority\u2019s <a href=\"https:\/\/bit.ly\/32UQfK0\">online intro seminar<\/a> on new electronic invoice system for first tranche of companies transitioning to e-filing program.<\/p>\n<p>23-24 November (Monday-Tuesday): Reruns for Parliamentary elections in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.<\/p>\n<p>30 November (Monday): Final results will be announced for Parliamentary elections held in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.<\/p>\n<p>December: The 110th regular <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1718744134970611\">session<\/a> of the Egyptian-Iraqi Joint Higher Committee will be held under the chairmanship of the prime ministers of the two countries<\/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>7-8 December (Monday-Tuesday): Reruns for Parliamentary elections in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.<\/p>\n<p>14 December (Monday): Final results will be announced for Parliamentary elections held in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.<\/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>13-31 January (Wednesday-Sunday): Egypt will host the 2021 <a href=\"https:\/\/www.handballegypt2021.com\/\">Men\u2019s Handball World Championship<\/a> at the Giza Pyramids<\/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>31 May-2 June 2021 (Monday-Wednesday): <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/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<p>30 July-3 August 2021 (Thursday-Monday): Eid Al Adha, national holiday (TBC).<\/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":574624,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-574623","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"b84e9be8-769b-44dc-a157-e9d84c713614","teaser":"","photo_url":"https:\/\/ent.news\/2020\/9\/181.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>EFG Hermes, SFE look to close 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