{"id":575191,"date":"2020-10-06T04:07:52","date_gmt":"2020-10-06T04:07:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=575191"},"modified":"2025-12-16T10:08:14","modified_gmt":"2025-12-16T10:08:14","slug":"rejoice-for-the-pmi-is-in-positive-territory-for-the-first-time-in-14-months","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/rejoice-for-the-pmi-is-in-positive-territory-for-the-first-time-in-14-months\/","title":{"rendered":"Rejoice, for the PMI is in positive territory for the first time in 14 months"},"content":{"rendered":"<section id=\"575193\" 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=\"575193\">\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\/10\/06\/what-were-tracking-on-6-october-2020\/\">\r\n                            What we\u2019re tracking on 6 October 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\/10\/06\/what-were-tracking-on-6-october-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 central bank and <a href=\"https:\/\/www.egx.com.eg\/ar\/NewsDetails.aspx?NewsID=202637\">the stock exchange<\/a> made it official yesterday. The 6 October holiday has been pushed to the end of the week as part of the government\u2019s new (smart) policy of moving midweek holidays to the weekend.<\/p><p><strong>Enterprise will also be off on Thursday, but keep an eye out for the first episode of <\/strong><strong>season three of Making It<\/strong>, our podcast on how to build a great business in Egypt. The episode will drop on Thursday morning \u2014 just in time for the long weekend \u2014 with new episodes available each Thursday thereafter. Making It is brought to you in association with our friends at CIB and USAID.<\/p><p><strong>Tap or click here to listen to this season\u2019s trailer<\/strong> on <a href=\"https:\/\/bit.ly\/2S9DRkn\">our website<\/a> | <a href=\"https:\/\/apple.co\/3n51NDy\">Apple Podcasts<\/a> | <a href=\"https:\/\/bit.ly\/3mWJII1\">Google Podcasts<\/a>.<\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a> <strong>SMART POLICY- You can now open a new bank account with just your national ID<\/strong> thanks to new KYC regulations from the central bank, according to <a href=\"https:\/\/ent.news\/2020\/10\/Simplified-KYC-banks-press-release-6.pdf\">a statement (pdf)<\/a> yesterday. Micro enterprises, freelancers, and craftsmen will now also be able to open an account by declaring their occupation, instead of requiring proof of employment from a company or other requirements to document their income.<\/p><p><strong>This year\u2019s <\/strong><strong><a href=\"https:\/\/www.ebrd.com\/news\/events\/ebrd-2020-annual-meeting.html\">annual meeting<\/a><\/strong><strong> of the European Bank for Reconstruction and<\/strong><strong> Development kicks off tomorrow<\/strong>, with International Cooperation Minister Rania Al Mashat set <a href=\"https:\/\/bit.ly\/3jBFmDS\">to take part<\/a>. The meeting <a href=\"https:\/\/www.ebrd.com\/news\/events\/ebrd-2020-annual-meeting.html\">will be held<\/a> virtually.<\/p><p><strong>Results for the Egyptian Scholastic Test (EST) will be announced tomorrow and <\/strong><strong>Thursday<\/strong>, the Education Ministry said in a <a href=\"https:\/\/bit.ly\/3njtaKj\">statement<\/a> yesterday. American diploma high school students who took the test seeking to enrol in Egyptian universities will be sent emails to collect their certificates at the ministry. The EST was offered as an Egyptian equivalent to the SAT, which was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3eee3536-dce6-4332-923d-5ff1d6a4927b\">suspended in September<\/a> until June 2021 after test questions were leaked.<\/p><p><strong>Other news triggers over the coming weeks:<\/strong><\/p><ul>\n<li><strong>Foreign reserves figures for September <\/strong>should be out this week.<\/li>\n<li><strong>Inflation data for September<\/strong> will land on Saturday, 10 October.<\/li>\n<li><strong>Voters go to the polls<\/strong> to elect a new House of Representatives in a multi-stage process starting 21 October (voters abroad) and 24 October (in Egypt).<\/li>\n<\/ul><hr class=\"grey-line\"><p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/228004658750154\">reported<\/a><\/strong><strong> 98 new covid-19 infections yesterday<\/strong>, down from 108 the day before. Egypt has now disclosed a total of 103,781 confirmed cases of covid-19. The ministry also reported 9 new deaths, bringing the country\u2019s total death toll to 5,990. We now have a total of 97,398 confirmed cases that have fully recovered.<\/p><p><strong>Egypt isn\u2019t the only country in the region to shore up its food security amid the<\/strong><strong> pandemic:<\/strong> Jordan has boosted its wheat reserves to a record 1.35 mn tonnes, while <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-10-05\/jordan-builds-record-wheat-hoard-as-nations-boost-food-security?sref=mmeFTDW1\">Saudi Arabia<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-10-05\/abu-dhabi-investor-signs-pact-on-225-million-sudan-farm-project?sref=mmeFTDW1\">the UAE<\/a> are investing in overseas agriculture projects. The UAE <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-05\/uae-buys-thousands-of-uruguay-dairy-cows-to-boost-food-security?sref=mmeFTDW1\">is also importing dairy cows<\/a> from Uruguay. As part of Egypt\u2019s April <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d715b11-8d1e-4819-aa41-86f360e0bd38\">plans to increase its wheat reserves<\/a> to cover six months, the government <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-05-12\/egypt-coaxes-wheat-from-local-farmers-as-foreign-suppliers-balk?sref=mmeFTDW1\">boosted purchasing<\/a> from local producers, and had imported <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b38b5233-631c-4a79-a711-aa5a3a0c6e00\">6.6 mn tons<\/a>of wheat by September 2020.<\/p><p>On the global front:<\/p><ul>\n<li><strong>Paris will see its bars close among other safety measures<\/strong> as the capital city and its suburbs go into \u201cmaximum alert\u201d following a surge in covid-19 cases, reports <a href=\"https:\/\/www.cnbc.com\/2020\/10\/05\/paris-to-be-put-on-maximum-alert-with-more-covid-19-restrictions-.html\">CNBC<\/a>.<\/li>\n<li><strong>Ireland is debating going back into a full lockdown<\/strong> as recommended by their health officials, reports <a href=\"https:\/\/www.irishpost.com\/news\/ireland-facing-full-lockdown-as-health-officials-advise-level-five-restrictions-for-whole-country-194444\">the Irish Post<\/a>.<\/li>\n<li><strong>An apparent \u201cglitch\u201d saw nearly 16k positive cases left out of the UK\u2019s daily <\/strong><strong>figures<\/strong> for over a week, which health officials have called \u201cshambolic,\u201d writes <a href=\"https:\/\/www.theguardian.com\/world\/2020\/oct\/04\/delay-in-reporting-uk-coronavirus-cases-risks-further-spread-say-scientists\">the Guardian<\/a>.<\/li>\n<\/ul><p><strong>COVID \/ US ELECTION WATCH- The world\u2019s most (in)famous covid patient is now back in <\/strong><strong>the White House and is saying <\/strong><strong>\u201cdon\u2019t be afraid\u201d of the coronavirus.<\/strong> US President Donald Trump <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-trump\/dont-be-afraid-of-covid-trump-says-as-he-returns-to-white-house-that-is-stalked-by-illness-idUSKBN26Q0CS?il=0\">left<\/a> the hospital after going three days without a fever and will continue his convalescence at home. Trump\u2019s prognosis and whether the treatment he is on may have had an impact on his mental state dominates front pages globally.<\/p><p><strong>Kamala Harris and Mike Pence square off tomorrow night <\/strong>in the vice-presidential debate. The two will be separated by plexiglass, <a href=\"https:\/\/www.politico.com\/news\/2020\/10\/05\/plexiglass-harris-and-pence-vp-debate-426514\">Politico<\/a> reports.<\/p><p><strong>Democratic presidential hopeful Joe Biden is still willing to participate in a presidential <\/strong><strong>debate <\/strong>scheduled for 15 October in MIami, reports <a href=\"https:\/\/www.reuters.com\/article\/us-usa-election-biden-debate\/biden-says-he-will-debate-trump-if-experts-say-it-is-safe-idUSKBN26Q2EQ?il=0\">Reuters<\/a>. The two candidates had their first parley last Tuesday. You can catch <a href=\"https:\/\/www.youtube.com\/watch?v=K8Z9Kqhrh5c\">the full encounter here<\/a>, in case you missed it.<\/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\/10\/SOMA-ENTERPRISE2.jpg?ssl=1\" alt=\"enterprise\"><\/a>As a first-class leading golfing destination, Somabay will be hosting a 2020 edition golf tournament on its world renowned golf courses, upgraded with new innovative tweaks, driving ranges and floodlights.<br>\nSomabay\u2019s golf course stands out when it comes to sustainability as solar energy is used for seawater desalination, in addition to applying smart irrigation systems to ensure minimum water consumption and cost of sand.<\/p><p><strong>Emerging market stocks and currencies could continue to be attractive to<\/strong> <strong>investors<\/strong> holding out for a global economic recovery next year, despite uncertainty caused by the US election and the prospects for a second fiscal stimulus package, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-10-04\/emerging-markets-look-to-hold-the-line-as-u-s-disarray-mounts?sref=mmeFTDW1\">Bloomberg<\/a>reports. EM equities had their best week since August last week, suggesting that the high yields offered by emerging economies and persistent USD weakness may still be holding the attention of investors.<\/p><p><strong>But there are signs that last week may have been a blip: <\/strong>Investors withdrew USD 10.8 bn from EM equities in September, in a signal that the potential for US election mayhem may cause darker days ahead. \u201c<strong>Our data shows that a big \u2018risk-off\u2019 is brewing in emerging markets<\/strong>,\u201d IIF economist Jonathan Fortun wrote in a note picked up by business information service. \u201cWe are tracking high-frequency outflows from EM in the final weeks of September <strong>almost as big as in the 2013 taper tantrum<\/strong>,\u201d he said, referencing the sell-off that occurred after the US Federal Reserve first tried to raise interest rates after the global financial crisis.<\/p><p><strong>SMART IDEAS- Businesses are pushing G20 nations to agree to broad policy reforms to <\/strong><strong>boost post-covid economic recovery during the G20 summit in November<\/strong>, <a href=\"https:\/\/www.cnbc.com\/2020\/10\/05\/business-leaders-call-for-reforms-as-global-economy-faces-worst-state-in-a-century.html\">CNBC<\/a> reports. Their 25 policy recommendations \u2014 which included strengthening multilateral trade agreements, investing in digital infrastructure, and empowering women and youth \u2014 will be formally presented to the G20 during the <a href=\"https:\/\/www.b20saudiarabia.org.sa\/\">Business Twenty (B20) virtual business summit on 26-27 October<\/a>.<\/p><p><strong>Other biz \/ econ headlines worth knowing about:<\/strong><\/p><ul>\n<li><strong>Advanced economies need to ramp up public investment in infrastructure<\/strong> by taking advantage of low interest rates, the IMF said in its semi-annual<a href=\"https:\/\/www.imf.org\/en\/Publications\/FM\/Issues\/2020\/09\/30\/october-2020-fiscal-monitor\">Fiscal Monitor Report<\/a>.<\/li>\n<li><strong>The greenback could crash 35% by the end of 2021<\/strong> as levels of domestic saving collapse and the current account deficit continues to widen, Yale economist Stephen Roach writes in <a href=\"https:\/\/www.ft.com\/content\/46b1a230-8c6c-4feb-b617-21a520cc201b\">the FT<\/a>.<\/li>\n<li><strong>As Big Oil finally starts to get on board with the renewables revolution, <\/strong><strong>ExxonMobil has <\/strong><strong>other ideas:<\/strong> The US oil giant plans to increase its carbon emissions by as much as the entire output of Greece each year, according to internal documents seen by <a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2020-10-05\/exxon-carbon-emissions-and-climate-leaked-plans-reveal-rising-co2-output\">Bloomberg<\/a>.<\/li>\n<li><strong>Google and Oracle\u2019s legal dispute over APIs is heading to the US Supreme <\/strong><strong>Court this week<\/strong> in a case that could substantially shape the future of software development and possibly limit open-source code, <a href=\"https:\/\/www.ft.com\/content\/bdca1f8b-c844-41a7-a4e7-fea29f45d7d6\">the FT<\/a> reports.<\/li>\n<\/ul><p><strong>Virologists who discovered Hep C <\/strong><strong>take<\/strong><strong> home Nobel prize:<\/strong> The <a href=\"https:\/\/www.nobelprize.org\/prizes\/medicine\/2020\/summary\/\">2020 Nobel Prize in<\/a><a href=\"https:\/\/www.nobelprize.org\/prizes\/medicine\/2020\/summary\/\">Physiology or Medicine<\/a> was awarded jointly to Harvey J. Alter, Michael Houghton, and Charles M. Rice, who discovered the Hepatitis C virus. Their discovery paved the way for \u201chighly sensitive blood tests\u201d for Hep C to essentially eliminate the virus post-transfusion.<\/p><p><strong>The Nobel Prize in Physics will be announced later today<\/strong>, while the prizes for chemistry, literature, peace, and economic sciences will be announced over the course of the next few days.<\/p><hr class=\"grey-line\"><p><strong>Yesterday was the first Monday in October<\/strong>, which close watchers of US affairs will know is the date on which the US Supreme Court reconvenes. <a href=\"https:\/\/www.youtube.com\/watch?v=a3B7rLDIGCU\">The First Monday in October is also the name of a classic 1981 Walter Matthau film<\/a>, wherein the rumpled actor\u2019s best line is that \u201c<strong>a telephone has no constitutional right to be answered<\/strong>\u201d (as The Colonel reminded us when we were kids). That notion that the phone has no constitutional right to your time is perhaps more relevant today than it was in the days of rotary-dial phones, though we would substitute the word \u201cWhatsApp\u201d for \u201ctelephone.\u201d<\/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\/carbon-footprint\/\">carbon footprint<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span 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href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ireland\/\">Ireland<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/monette-doss\/\">Monette Doss<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pandemic\/\">pandemic<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uk\/\">UK<\/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=\"575194\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv 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Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/regional-diplomacy-takes-center-stage-on-egypts-talk-shows\/\">\r\n                            Regional diplomacy takes center stage on Egypt\u2019s talk shows                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/regional-diplomacy-takes-center-stage-on-egypts-talk-shows\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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href=\"https:\/\/api.whatsapp.com\/send?text=Regional+diplomacy+takes+center+stage+on+Egypt%E2%80%99s+talk+shows+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F06%2Fregional-diplomacy-takes-center-stage-on-egypts-talk-shows%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/regional-diplomacy-takes-center-stage-on-egypts-talk-shows\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575195\" class=\"content-area-description single-story post-575195 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-building-code tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-house-of-representatives tag-libya tag-turkey wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Regional diplomacy was the order of the day on last night\u2019s talk shows<\/strong>, with the talking heads diving into the latest on the Grand Ethiopian Renaissance Dam (GERD) and the situation in Libya.<\/p>\n<p><strong>Ethiopia\u2019s announcement yesterday that it will begin generating power from the GERD should be met with sanctions<\/strong> from the international community to ramp up the pressure on Addis Ababa to reach an agreement on filling and operating the dam with Egypt and Sudan, Former Irrigation Minister Mohamed Nasr Allam told Ala Mas\u2019ouleety\u2019s Ahmed Moussa. Allam also noted that Egypt can take the matter to the International Court of Justice if negotiations continue to hit a wall (<a href=\"https:\/\/www.youtube.com\/watch?v=T84zZ5H5uJ8\">watch, runtime: 15:57<\/a>). We have more on the story in Diplomacy + Foreign Trade, below.<\/p>\n<p><strong>Efforts to end the war in Libya and create a unified government would be best served without Turkey\u2019s intervention<\/strong>, the Arab League\u2019s Permanent Observer at the UN Maged Abdel Fattah said in a phone-in with Al Hayah Al Youm\u2019s Mohamed Sherdy. Ankara\u2019s involvement in our western neighbor is part of its attempts to further its interests in the Eastern Mediterranean, Abdel Fattah said. The path forward for Libya must begin with a comprehensive agreement between warring factions for a ceasefire and the expulsion of all foreign forces and mercenaries from the country he said (<a href=\"https:\/\/www.youtube.com\/watch?v=NIuLk1NJ7Ik\">watch, runtime: 27:39<\/a>). Ahmed Moussa also took note of Foreign Minister Sameh Shoukry\u2019s participation yesterday in a ministerial meeting on Libya on the sidelines of the UN General Assembly (<a href=\"https:\/\/www.youtube.com\/watch?v=CSf522f_FLM\">watch, runtime: 8:10<\/a>). Again, we have more on this in Diplomacy + Foreign Trade.<\/p>\n<p><strong>Back on the home front, El Hekaya\u2019s Amr Adib looked at the ongoing reconciliation of building code violations<\/strong>, which has seen some 1.7 mn settlement requests so far, Local Development Ministry spokesman Khaled Kassem said. The majority of the violation settlement requests came out of Beheira, followed by Menoufia and Qaliubia, according to Kassem. Revenues from these settlements will be funneled into the Social Housing and Mortgage Finance Fund and help finance government investments in infrastructure, health, and education, he noted (<a href=\"https:\/\/www.youtube.com\/watch?v=O119k4dUBaE\">watch, runtime: 9:20<\/a>).<\/p>\n<p><strong>Day laborers are getting an additional EGP 500 monthly stipend through the end of the year from the Egyptian Zakat and Charity House<\/strong>, secretary general Mohamed Amr Lotfi told Masaa DMC\u2019s Eman El Hosary. The government is already providing day laborers with a monthly payout, bringing the total monthly stipend to EGP 1,000 (<a href=\"https:\/\/www.youtube.com\/watch?v=Z_SvGOkazI8&t=201s\">watch, runtime: 5:10<\/a>).<\/p>\n<p><strong>The House of Representatives also earned some airtime<\/strong> last night from Lamees El Hadidi and Mohamed Sherdy. Mostakbal Watan Secretary General Hossam El Kholy had an extensive conversation with Lamees to defend the party\u2019s track record (<a href=\"https:\/\/www.youtube.com\/watch?v=Cf4y-gr7OIo\">watch, runtime: 26:51<\/a>), while parliamentary hopeful Youssef El Husseiny discussed with Sherdy his candidacy for the House and the National List for Egypt coalition (<a href=\"https:\/\/www.youtube.com\/watch?v=fys6p-wC-NY\">watch, runtime: 25:25<\/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\/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\/house-of-representatives\/\">House of Representatives<\/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\/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=\"575196\" 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=\"575196\">\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\/10\/06\/egypts-private-sector-recovery-gets-back-on-track-in-september\/\">\r\n                            Egypt\u2019s private sector recovery gets back on track in September                        <\/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\/10\/06\/egypts-private-sector-recovery-gets-back-on-track-in-september\/\" 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 gauge rose to 50.4 from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5db5c208-73ce-4d80-b9f5-815d37efef76\">49.4 in August<\/a>, indicating the first month of economic expansion since July 2019. The figure is only marginally above the 50.0 mark that separates expansion from contraction but is \u201cstrongly above\u201d the trending average of 48.1, said David Owen, economist at IHS Markit. \u201cThis suggests that the non-oil economy is seeing a modest turnaround after the devastating impact of the covid-19 pandemic,\u201d he said. The recovery from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8dc78446-e13d-4a25-b20d-ff1e77989f2b\">April\u2019s collapse in business activity<\/a> has been uneven: Activity improved <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aaa2b485-2ac7-44a7-a97c-5b3247eafeb0\">in July<\/a> (but didn\u2019t break into growth territory) before <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5db5c208-73ce-4d80-b9f5-815d37efef76\">falling back in August<\/a> due to a sharp increase in job cuts and slowing output and sales growth.<\/p>\n<p><strong>Sales grew at the fastest pace in more than five years last month<\/strong> as the government continued to ease its covid-19 restrictions. New orders and export sales also experienced strong growth, helping the private sector to record a rise in new business for the third consecutive month.<\/p>\n<p><strong>The rate of job cuts fell to a 10-month low as businesses ramped up hiring<\/strong>, signaling \u201ca stronger outlook for employment in the last quarter of the year,\" Owen said. Backlogs rose for the fifth consecutive month, indicating a resumption of demand and some pressures on production capacity that could mean hiring is on the radar for some firms.<\/p>\n<p><strong>Stock levels ended a nine-month run of depletion: <\/strong>Companies reported that stock levels were unchanged from August, partly due to new orders allowing some companies to draw up stocks to boost output.<\/p>\n<p><strong>Sentiment remains down:<\/strong> Expectations for the next 12 months were unchanged from August, when sentiment fell to its lowest level since May. Little more than a third (36%) of businesses expressed confidence that business conditions will improve during the period.<\/p>\n<p><strong>Sentiment also improved in the GCC<\/strong>, where Saudi Arabia and the UAE also recorded higher PMI figures. Private sector conditions improved for the third time in the past four month <a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/badec386fda14197a795dde5e22865a0\">in the UAE (pdf)<\/a>, while <a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/8484c7e4ca5047aaa4ead329bfb8eb55\">Saudi\u2019s (pdf)<\/a> posted the first monthly expansion since February. Bloomberg has more on the figures <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-10-05\/top-arab-economies-back-to-growth-with-year-s-first-egypt-uptick?srnd=premium-middle-east\">here<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ihs-markit-pmi-figures\/\">IHS Markit PMI figures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/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=\"575210\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"575211\" 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=\"575211\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Enterprise explains<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/enterprise-explains-the-carry-trade\/\">\r\n                            Enterprise Explains: The carry trade                        <\/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\/10\/06\/enterprise-explains-the-carry-trade\/\" 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\/10\/06\/enterprise-explains-the-carry-trade\/')\">\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\/10\/06\/enterprise-explains-the-carry-trade\/\">\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=Enterprise Explains: The carry trade&url=https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/enterprise-explains-the-carry-trade\/\">\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\/10\/06\/enterprise-explains-the-carry-trade\/&title=Enterprise Explains: The carry trade\">\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=Enterprise+Explains%3A+The+carry+trade+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F06%2Fenterprise-explains-the-carry-trade%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\/10\/06\/enterprise-explains-the-carry-trade\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/60.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"575212\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/enterprise-explains-the-carry-trade\/60-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/60.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"60.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/60.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/60.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575211\" class=\"content-area-description single-story post-575211 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-explains tag-carry-trade tag-central-bank-of-egypt tag-covid-19 tag-enterprise-explains tag-enterpriseam 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-06\"><\/a> <strong>Enterprise Explains: The carry trade<\/strong><strong>:<\/strong> Much has been made recently about the return of the carry trade to Egypt, long an appealing source of high returns for foreign investors and an important source of hard currency. It showed resilience in the face of the economic fallout from covid-19, and rebounded over the summer, making Egypt once again a priority destination for carry trade investors.<\/p>\n<p><strong>But what is it, exactly?<\/strong> The concept is fairly simple. An investor takes a currency with a low interest rate (think: the USD, EUR, JPY) and buys a currency offering a higher rate of interest. The idea here is that the investor pockets the difference in interest (or the \u201cspread\u201d if you want to sound smart) when converting back to the first currency (also known as the \u201cfunding currency\u201d).<\/p>\n<p><strong>It sounds simple in theory. In reality, carry trades can be incredibly risky.<\/strong> Things get more complicated when we start to factor in fluctuations in the exchange rate, which can either boost your return or plunge you into a loss. Take this example. You buy USD 1k at a 0.25% interest rate and convert it to EGP 15k, which is currently paying a 8.75% rate of interest, in the hope of getting that 8.5% return. This would be fine if all other things stayed equal. The thing is, exchange rates rarely stay put, fluctuating on a daily basis. Let\u2019s say the USD falls 10% against the EGP. Great news: you can now buy more USD with that EGP 15k, raising your return. But what if the value of the EGP fell through the floor? Now you can only buy a fraction of the greenbacks you once held, more than likely handing you a loss on the trade.<\/p>\n<p><strong>Egypt returns as a carry trade darling:<\/strong> Prior to the pandemic in February, Egypt was considered one of the world\u2019s best carry trades. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a5f3ac8-b4a2-421b-a27e-f63008c4bb1b\">EGP had been rallying<\/a> for more than a year, gaining almost 13% against the greenback since the beginning of 2019. This was interrupted by the huge capital outflows that came during the EM sell-off in March and April, but the tide quickly began to turn again in Egypt\u2019s favor. The EGP remained stable and the Federal Reserve\u2019s stimulus stoked investor appetite for high-yielding investments in emerging economies. The bondholders began to return <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d55bdd1-993f-443b-a24e-156cf7a367b5\">in June and July<\/a>, attracted by the high rate of interest offered by Egyptian debt instruments and comparatively low risk. Egypt\u2019s carry trade is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/383b8b99-dd6d-46df-b2dd-f2c241ea039f\">now one of the most profitable among emerging markets<\/a>, with double the risk-adjusted return on one-year treasuries offered by its EM peers.<\/p>\n<p><strong>Want to know more?<\/strong><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/www.youtube.com\/watch?v=8In5PK1yUAA\">Khan Academy<\/a><\/strong> is the gold standard for YouTube econ tutorials.<\/li>\n<li>Explainers are available on our two favorite financial news sites: <strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-01-25\/carry-trade-defined-or-why-interest-rates-matter-quicktake-q-a?sref=mmeFTDW1\">Bloomberg<\/a><\/strong> | <strong><a href=\"http:\/\/ig-legacy.ft.com\/content\/f3aec6c2-b99e-11de-a747-00144feab49a#axzz6a3RLnpjL\">Financial Times<\/a><\/strong>.<\/li>\n<li><strong><a href=\"https:\/\/www.thebalance.com\/yen-carry-trade-explained-pros-cons-how-it-is-today-3305971#:~:text=The%20yen%20carry%20trade%20is,earn%20a%20low%2Drisk%20profit.&text=That's%2520after%2520deducting%2520fees%252C%2520interest,impact%2520of%2520exchange%2520rate%2520fluctuations.\">Why does everyone want to trade the yen?<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-23\/panic-buying-sees-dollar-soar-versus-emerging-market-currencies?sref=mmeFTDW1\">When the carry trade goes wrong.<\/a><\/strong><\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/carry-trade\/\">carry trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/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-explains\/\">Enterprise Explains<\/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=\"575213\" 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=\"575213\">\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\/10\/06\/egypt-in-the-news-on-6-october-2020\/\">\r\n                            Egypt in the News on 6 October 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\/10\/06\/egypt-in-the-news-on-6-october-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\/10\/06\/egypt-in-the-news-on-6-october-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\/10\/06\/egypt-in-the-news-on-6-october-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 6 October 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/egypt-in-the-news-on-6-october-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\/10\/06\/egypt-in-the-news-on-6-october-2020\/&title=Egypt in the News on 6 October 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+6+October+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F06%2Fegypt-in-the-news-on-6-october-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\/10\/06\/egypt-in-the-news-on-6-october-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575213\" class=\"content-area-description single-story post-575213 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-egypt-in-the-news tag-enterpriseam tag-europe tag-grand-egyptian-museum tag-illegal-immigration wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s another quiet morning for Egypt in the foreign press.<\/strong> <a href=\"https:\/\/www.al-monitor.com\/pulse\/originals\/2020\/10\/grand-egyptian-museum-display-artifacts-inauguration.html\">Al Monitor<\/a> takes note of the Grand Egyptian Museum\u2019s receipt of some 54k artifacts for display so far ahead of its inauguration next year. Over in Sinai, the outlet looks at how Bedouins from Saint Catherine are going back to basics after their livelihoods were severely disrupted by the covid-19 tourism slowdown, says <a href=\"https:\/\/www.al-monitor.com\/pulse\/originals\/2020\/10\/egypt-south-sinai-red-sea-bedouins-traditional-coronavirus.html\">Al Monitor<\/a>. Meanwhile, <a href=\"https:\/\/www.france24.com\/en\/20201005-egypt-town-fears-worst-for-local-men-lost-en-route-to-europe\">AFP<\/a> writes that families in the Egyptian town of Dahmasha are mourning the likely deaths of their sons who were trying to migrate to Europe on a boat that was reported to have sunk.<\/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\/europe\/\">Europe<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/grand-egyptian-museum\/\">Grand Egyptian Museum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/illegal-immigration\/\">illegal immigration<\/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=\"575214\" 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=\"575214\">\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\/10\/06\/diplo-foreign-trade-on-6-october-2020\/\">\r\n                            Diplo + Foreign Trade on 6 October 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\/10\/06\/diplo-foreign-trade-on-6-october-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\/10\/06\/diplo-foreign-trade-on-6-october-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\/10\/06\/diplo-foreign-trade-on-6-october-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=Diplo + Foreign Trade on 6 October 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/diplo-foreign-trade-on-6-october-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\/10\/06\/diplo-foreign-trade-on-6-october-2020\/&title=Diplo + Foreign Trade on 6 October 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=Diplo+%2B+Foreign+Trade+on+6+October+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F06%2Fdiplo-foreign-trade-on-6-october-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\/10\/06\/diplo-foreign-trade-on-6-october-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575214\" class=\"content-area-description single-story post-575214 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-diplomacy-foreign-trade tag-enterpriseam tag-ethiopia tag-export-development-bank-of-egypt tag-food-security tag-gerd tag-trade 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> The Grand Ethiopian Renaissance Dam will begin generating power within the next year, Ethiopian President Sahle-Work Zewde said yesterday, according to <a href=\"https:\/\/www.reuters.com\/article\/idUSL8N2GW3NE\">Reuters<\/a>. Head of Ethiopia\u2019s Civil Aviation Authority also <a href=\"https:\/\/www.reuters.com\/article\/idUSKBN26Q1P3\">said yesterday<\/a> that all flights over the dam would be banned for security reasons. The decision follows Ethiopian Maj.Gen. Yilma Merdasa\u2019s comments last week that the country was prepared to defend the dam from any attack. Egypt, Sudan and Ethiopia have yet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/132c79c2-16ce-4d16-a179-ede15e989031\">to reach an agreement<\/a>on the filling and operation of the dam.<\/p>\n<p><strong>Also on the diplomatic front, Foreign Minister Sameh Shoukry called for a political<\/strong><strong> settlement in Libya <\/strong>based on the outcome of last year\u2019s Berlin conference during a ministerial conference attended by his German counterpart, Heiko Maas, and UN Secretary-General Ant\u00f3nio Guterres, according to a <a href=\"https:\/\/bit.ly\/2GEQwJG\">cabinet statement<\/a>.<\/p>\n<p><strong>In trade news, a ban on exports of beans and legumes will remain in place for three<\/strong><strong> additional months<\/strong> as the Madbouly government prioritizes the needs of the local market, according to a <a href=\"https:\/\/bit.ly\/33xg4RI\">Trade Ministry decision<\/a>. The ministry originally introduced the ban in March as part of a basket of measures to shore up food security in the early days of the covid-19 pandemic and renewed it for three months <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5a17557-76c1-4c8b-96a2-d886361935c4\">in June<\/a>. Industry players <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d391ac4c-3842-4d85-b97b-2db14ced1316\">claimed last month<\/a> that authorities agreed to end the suspension, provided export requests are reviewed on a case-by-case basis.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy-foreign-trade\/\">Diplomacy + Foreign Trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/export-development-bank-of-egypt\/\">Export Development Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"575215\" 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=\"575215\">\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\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/sumitomo-to-set-up-egp-1-bn-factory-to-make-and-export-wiring-harnesses\/\">\r\n                            Sumitomo to set up EGP 1 bn factory to make and export wiring harnesses                        <\/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\/10\/06\/sumitomo-to-set-up-egp-1-bn-factory-to-make-and-export-wiring-harnesses\/\" 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\/10\/06\/sumitomo-to-set-up-egp-1-bn-factory-to-make-and-export-wiring-harnesses\/')\">\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\/10\/06\/sumitomo-to-set-up-egp-1-bn-factory-to-make-and-export-wiring-harnesses\/\">\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=Sumitomo to set up EGP 1 bn factory to make and export wiring harnesses&url=https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/sumitomo-to-set-up-egp-1-bn-factory-to-make-and-export-wiring-harnesses\/\">\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\/10\/06\/sumitomo-to-set-up-egp-1-bn-factory-to-make-and-export-wiring-harnesses\/&title=Sumitomo to set up EGP 1 bn factory to make and export wiring harnesses\">\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=Sumitomo+to+set+up+EGP+1+bn+factory+to+make+and+export+wiring+harnesses+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F06%2Fsumitomo-to-set-up-egp-1-bn-factory-to-make-and-export-wiring-harnesses%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\/10\/06\/sumitomo-to-set-up-egp-1-bn-factory-to-make-and-export-wiring-harnesses\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575215\" class=\"content-area-description single-story post-575215 post type-post status-publish format-standard hentry category-manufacturing tag-enterpriseam tag-gafi tag-manufacturing tag-tenth-of-ramadan-city wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Japanese manufacturer Sumitomo Wiring Systems is planning to set up a EGP 1 bn factory in Tenth of Ramadan City to manufacture pigtail cables used in cars. Production will be earmarked for both for the local market and for export to Europe, a cabinet <a href=\"https:\/\/bit.ly\/34ul7C1\">statement<\/a> said. The factory is slated to come online in December, Sumitomo Egypt\u2019s managing director Ahmed Magdy said in a meeting with GAFI CEO Mohamed Abdel Wahab.<\/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\/gafi\/\">GAFI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tenth-of-ramadan-city\/\">Tenth of Ramadan City<\/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=\"575216\" 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=\"575216\">\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\">Real Estate + Housing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/real-estate-developers-face-higher-solvency-requirements-for-land-allocation\/\">\r\n                            Real estate developers face higher solvency requirements for land allocation                        <\/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\/10\/06\/real-estate-developers-face-higher-solvency-requirements-for-land-allocation\/\" 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\/10\/06\/real-estate-developers-face-higher-solvency-requirements-for-land-allocation\/')\">\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\/10\/06\/real-estate-developers-face-higher-solvency-requirements-for-land-allocation\/\">\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=Real estate developers face higher solvency requirements for land allocation&url=https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/real-estate-developers-face-higher-solvency-requirements-for-land-allocation\/\">\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\/10\/06\/real-estate-developers-face-higher-solvency-requirements-for-land-allocation\/&title=Real estate developers face higher solvency requirements for land allocation\">\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=Real+estate+developers+face+higher+solvency+requirements+for+land+allocation+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F06%2Freal-estate-developers-face-higher-solvency-requirements-for-land-allocation%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\/10\/06\/real-estate-developers-face-higher-solvency-requirements-for-land-allocation\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575216\" class=\"content-area-description single-story post-575216 post type-post status-publish format-standard hentry category-real-estate-housing tag-enterpriseam tag-new-urban-communities-authority tag-real-estate tag-real-estate-housing wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Real estate developers are now required to meet a minimum solvency test on land purchases worth more than EGP 1 bn for service and mixed-use projects under regulatory amendments issued by the New Urban Communities Authority (NUCA), <a href=\"https:\/\/bit.ly\/2Gfh7ND\">Al Mal<\/a> reports. NUCA currently requires investors to make a 10% \u201ccommitment deposit\u201d within a 30-day notice window (or 60 days if paying in USD) under the <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/19\/egypt-to-begin-tendering-land-under-new-mechanism\/\">new land allocation mechanism introduced last year<\/a> for mixed-use developments in new communities.<\/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\/new-urban-communities-authority\/\">New Urban Communities Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate-housing\/\">Real Estate + Housing<\/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=\"575218\" 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=\"575218\">\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\">Banking + Finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/national-bank-of-egypt-seeks-cbe-approval-to-launch-digital-banking-services\/\">\r\n                            National Bank of Egypt seeks CBE approval to launch digital banking services                        <\/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\/10\/06\/national-bank-of-egypt-seeks-cbe-approval-to-launch-digital-banking-services\/\" 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\/10\/06\/national-bank-of-egypt-seeks-cbe-approval-to-launch-digital-banking-services\/')\">\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\/10\/06\/national-bank-of-egypt-seeks-cbe-approval-to-launch-digital-banking-services\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=National Bank of Egypt seeks CBE approval to launch digital banking services&url=https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/national-bank-of-egypt-seeks-cbe-approval-to-launch-digital-banking-services\/\">\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\/10\/06\/national-bank-of-egypt-seeks-cbe-approval-to-launch-digital-banking-services\/&title=National Bank of Egypt seeks CBE approval to launch digital banking services\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=National+Bank+of+Egypt+seeks+CBE+approval+to+launch+digital+banking+services+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F06%2Fnational-bank-of-egypt-seeks-cbe-approval-to-launch-digital-banking-services%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\/10\/06\/national-bank-of-egypt-seeks-cbe-approval-to-launch-digital-banking-services\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575218\" class=\"content-area-description single-story post-575218 post type-post status-publish format-standard hentry category-banking-finance tag-banking-finance tag-central-bank-of-egypt tag-enterpriseam tag-fintech tag-national-bank-of-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The National Bank of Egypt has requested Central Bank of Egypt approval to launch its planned digital bank, which it <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/10\/national-bank-of-egypt-seeks-cbes-approval-to-establish-a-digital-bank-next-year-8174\/\">announced last year<\/a>, Vice Chairman Yehia Abou El Fotouh told <a href=\"https:\/\/bit.ly\/30ziT33\">Al Mal<\/a>. A growing number of Egyptian banks are planning entrances to the digital banking space, with Banque Misr, Suez Canal Bank and ABC Egypt all beginning studies into launching digital arms.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking-finance\/\">BANKING + FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/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\/national-bank-of-egypt\/\">National Bank of Egypt<\/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=\"575221\" 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=\"575221\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">ON YOUR WAY OUT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/netflixs-first-egyptian-original-show-out-on-5-november\/\">\r\n                            Netflix\u2019s first Egyptian original show out on 5 November                        <\/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\/10\/06\/netflixs-first-egyptian-original-show-out-on-5-november\/\" 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\/10\/06\/netflixs-first-egyptian-original-show-out-on-5-november\/')\">\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\/10\/06\/netflixs-first-egyptian-original-show-out-on-5-november\/\">\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=Netflix\u2019s first Egyptian original show out on 5 November&url=https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/netflixs-first-egyptian-original-show-out-on-5-november\/\">\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\/10\/06\/netflixs-first-egyptian-original-show-out-on-5-november\/&title=Netflix\u2019s first Egyptian original show out on 5 November\">\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=Netflix%E2%80%99s+first+Egyptian+original+show+out+on+5+November+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F06%2Fnetflixs-first-egyptian-original-show-out-on-5-november%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\/10\/06\/netflixs-first-egyptian-original-show-out-on-5-november\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/62.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"575222\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/netflixs-first-egyptian-original-show-out-on-5-november\/62-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/62.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"62.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/62.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/62.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575221\" class=\"content-area-description single-story post-575221 post type-post status-publish format-standard has-post-thumbnail hentry category-on-your-way-out tag-ahmed-khaled-tawfik tag-enterpriseam tag-netflix wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Netflix dropped the first teaser trailer for \u201cParanormal,\u201d Egypt\u2019s first Arabic<\/strong><strong> original series on the streaming platform<\/strong> (<a href=\"https:\/\/youtu.be\/wsbFsnxZhuU\">watch, runtime: 1:13<\/a>). <a href=\"https:\/\/www.netflix.com\/eg-en\/title\/80214886\">The show<\/a>, which will land on 5 November, is an adaptation of the novels by the late Ahmed Khaled Tawfik. The series is written, produced, and directed by Amr Salama, with Mohamed Hefzy as executive producer.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-khaled-tawfik\/\">Ahmed Khaled Tawfik<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/netflix\/\">Netflix<\/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=\"575223\" 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=\"575223\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/06\/the-market-yesterday-183\/\">\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\/10\/06\/the-market-yesterday-183\/\" 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\/10\/06\/the-market-yesterday-183\/')\">\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\/10\/06\/the-market-yesterday-183\/\">\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\/10\/06\/the-market-yesterday-183\/\">\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\/10\/06\/the-market-yesterday-183\/&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%2F10%2F06%2Fthe-market-yesterday-183%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\/10\/06\/the-market-yesterday-183\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575223\" class=\"content-area-description single-story post-575223 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 15.68 | Sell 15.78<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 15.68 | Sell 15.78<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 15.69 | Sell 15.79<\/p>\n<p><strong>EGX30<\/strong> (Monday): 11,008 (-0.6%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.2 bn (7% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -21.2%<\/p>\n<p><strong>THE MARKET ON MONDAY:<\/strong> The EGX30 ended Monday\u2019s session down 0.6%. CIB, the index\u2019s heaviest constituent, ended down 0.2%. EGX30\u2019s top performing constituents were Elsewedy Electric up 1.5%, Madinet Nasr Housing up 1.1%, and Heliopolis Housing up 0.3%. Yesterday\u2019s worst performing stocks were Dice down 3.7%, Orascom Construction down 3.6% and Ibnsina Pharma down 3.1%. 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 -85.2 mn<br \/>\n <strong>Regional<\/strong>: Net Long | EGP +53.4 mn<br \/>\n <strong>Domestic<\/strong>: Net Long | EGP +31.8 mn<\/p>\n<p><strong>Retail<\/strong>: 79.0% of total trades | 79.4% of buyers | 78.6% of sellers<br \/>\n <strong>Institutions<\/strong>: 21.0% of total trades | 20.6% of buyers | 21.4% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 39.39 (+6.32%)<br \/>\n <strong>Brent:<\/strong> USD 41.48 (+5.63%)<\/p>\n<p><strong>Natural Gas:<\/strong> (Nymex, futures prices) USD 2.63 MMBtu (+7.88%, November 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,919.30 \/ troy ounce (+0.61%)<\/p>\n<p><strong>TASI:<\/strong> 8257.67 (+0.98%) (YTD: -1.57%)<br \/>\n <strong>ADX:<\/strong> 4,487.74 (-0.11%) (YTD: -11.59%)<br \/>\n <strong>DFM:<\/strong> 2,224.68 (-0.89%) (YTD: -19.54%)<br \/>\n <strong>KSE Premier Market:<\/strong> 6,212.33 (+0.11%)<br \/>\n <strong>QE:<\/strong> 9,956.66 (+0.03%) (YTD: -4.50%)<br \/>\n <strong>MSM:<\/strong> 3,592.69 (-0.07%) (YTD: -9.76%)<br \/>\n <strong>BB: <\/strong>1,440.59 (+0.30%) (YTD: -10.53%)<\/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=\"575224\" 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\/10\/06\/575224\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575224\" class=\"content-area-description single-story post-575224 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>October: Trade and Industry Ministry allocates SMEs seven industrial complexes.<\/p>\n<p>1-10 October (Thursday-Saturday): Alexandria Book Fair, Kouta, Alexandria.<\/p>\n<p>5 October (Monday): Libyan peace talks in Hurghada bringing together political figures and tribal representatives from the Libyan National Army (LNA) and Government of National Accord (GNA).<\/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>12 October (Monday): The Egyptian Iron and Steel company <a href=\"https:\/\/bit.ly\/2RJtfZq\">general assembly<\/a> would discuss demerging its mining and quarrying unit and restructure the company\u2019s board of directors<\/p>\n<p>10-17 October (Saturday-Saturday): CIB Egyptian Squash Open, New Giza Sporting Club \/ Pyramids of Giza.<\/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>18 October (Sunday): A court will hold <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%d8%a8%d9%8a%d8%a7%d9%86%20%d9%82%d8%b6%d9%8a%d8%a9%202%20%d8%b9%d8%a7%d9%85%d8%b1%2004-10-2020.pdf\">a postponed hearing<\/a> to look into <a href=\"https:\/\/www.arabfinance.com\/en\/news\/details\/egypt-companies\/471891\">an unpaid claims lawsuit<\/a> by Syria\u2019s Antradous against Mansour Amer\u2019s Amer Group and Porto Group.<\/p>\n<p>18-22 October (Sunday-Thursday): The annual <a href=\"https:\/\/www.cairowaterweek.eg\/\">Cairo Water Week<\/a> event \u2014 which will be semi- virtual this year \u2014 will be held under the slogan \u201cWater Security for Peace and Development in Arid Regions\u201d<\/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>End of October: <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d33a1331-bba4-462c-a268-96256d9235ec\">Last chance to settle building code violations<\/a> for illegal buildings.<\/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>19-28 November (Thursday-Sunday): <a href=\"https:\/\/www.ciff.org.eg\/\">Cairo International Film Festival<\/a>, Cairo Opera House, Egypt.<\/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>December: IMF delegation visits Egypt to in first of two reviews ahead of disbursement of second tranche of USD 5.2 bn SBA.<\/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>5 December (Saturday): A court will hold <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%d8%a8%d9%8a%d8%a7%d9%86%20%d9%82%d8%b6%d9%8a%d8%a9%201%20%d8%b9%d8%a7%d9%85%d8%b1%20%d8%ac%d8%b1%d9%88%d8%a8%2004-10-2020.pdf\">a postponed hearing<\/a> to look into an appeal by Syria\u2019s Anataradous against an <a href=\"https:\/\/www.arabfinance.com\/en\/news\/details\/egypt-companies\/475194\">arbitration ruling<\/a> in favor of Amer Group and Amer Syria.<\/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>9-10 December (Wednesday-Thursday): <a href=\"http:\/\/www.biznexpo.com\/\">BiznEx<\/a>, the international business expo in Egypt, <a href=\"https:\/\/bit.ly\/3kz8vjb\">venue TBD<\/a>.<\/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>6-18 February (Saturday-Thursday): Mid-year school break.<\/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>24 June 2021 (Thursday): End of the 2020-2021 academic year.<\/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<p>1 October 2021-31 March 2022 (Friday-Thursday): Postponed <a href=\"https:\/\/www.expo2020dubai.com\">Expo 2020 Dubai<\/a>.<\/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":575192,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-575191","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"483a110e-b1a5-4ad4-b981-e9aea37858fc","teaser":"","photo_url":"https:\/\/ent.news\/2020\/10\/53.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>Rejoice, for the PMI is in positive territory for the first time in 14 months - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/rejoice-for-the-pmi-is-in-positive-territory-for-the-first-time-in-14-months\/\" \/>\n<meta property=\"og:locale\" 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