{"id":575704,"date":"2020-10-25T04:15:15","date_gmt":"2020-10-25T04:15:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=575704"},"modified":"2025-12-16T10:26:19","modified_gmt":"2025-12-16T10:26:19","slug":"central-bank-says-cib-remains-prudentially-sound-depositor-funds-are-secure-as-ezz-al-arab-steps-down-in-wake-of-regulatory-probe","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/central-bank-says-cib-remains-prudentially-sound-depositor-funds-are-secure-as-ezz-al-arab-steps-down-in-wake-of-regulatory-probe\/","title":{"rendered":"Central bank says CIB \u201cremains prudentially sound,\u201d depositor funds are secure as Ezz Al Arab steps down in wake of regulatory probe."},"content":{"rendered":"<section id=\"575706\" 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=\"575706\">\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\/25\/what-were-tracking-on-25-october-2020\/\">\r\n                            What we\u2019re tracking on 25 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\/25\/what-were-tracking-on-25-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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It\u2019s a big day for: The EGX \u2014 and the financial system as a whole. <\/strong>One of Egypt\u2019s most intense (if shortest) corporate dramas played out at CIB over some 33 hours between 9am on Thursday and 6pm Friday evening. The story kicked off first thing on Thursday, when CIB CEO Hussein Abaza received written notice that the Central Bank of Egypt was \u201cdischarging the chairman and managing director of CIB,\u201d Hisham Ezz Al Arab, after an audit.<\/p><p><strong>CIB\u2019s board convened that morning for an emergency meeting <\/strong>with members joining both at the bank\u2019s headquarters and by teleconference. On Thursday afternoon, the bank\u2019s non-executive board members met with Central Bank of Egypt Governor Tarek Amer. Meanwhile, the rumor mill went into overdrive.<\/p><p><strong>By late Friday afternoon, it was over:<\/strong> Ezz Al Arab had resigned as chairman and managing director. Veteran regulator Sherif Samy was named non-executive chairman. Abaza, now MD as well as CEO, notified the bank\u2019s staff and then got on a 5pm call to reassure shareholders and investors in Egypt\u2019s highest-profile publicly traded company.<\/p><p><strong>As Abaza spoke with investors, the CBE issued a statement to Bloomberg saying that <\/strong><strong>CIB \u201cremains prudentially sound\u201d<\/strong> and that depositor funds are \u201cfully secure.\u201d CIB\u2019s board, meanwhile, said it \u201ctakes regulatory findings very seriously\u201d and will investigate \u201call the issues identified by the central bank in its latest review.\u201d CIB\u2019s board and management anticipate receiving a copy of the audit report as early as today.<\/p><p><strong>What to watch for: <\/strong>CIB\u2019s shares are expected to resume trading this morning on the EGX after having been suspended by the FRA on Thursday.<\/p><p><strong>We have the full rundown in this morning\u2019s Speed Round, below.<\/strong><\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a> <strong>Polls opened in 14 governorates yesterday for voters here at home to elect the next House of Representatives<\/strong><strong>:<\/strong> Voters in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira and Matrouh have until tonight to cast their ballot.<\/p><p><strong>The rest of the country will vote next week<\/strong>, with the second round of expat voting on 4-6 November and polls opening here at home on 7-8 November. Re-runs will be held at the end of November and early December.<\/p><p><strong>The vote will see 568 MPs enter the new parliament<\/strong>, with more than 4k individual candidates vying for half of the seats and another 1.1k candidates running on four party lists. President Abdel Fattah El Sisi will hand pick 5% of the seats.<\/p><p><strong>The election is getting attention in the foreign press<\/strong>, with <a href=\"https:\/\/www.reuters.com\/article\/us-egypt-election\/pro-sisi-party-set-to-lock-in-control-as-egypt-heads-to-polls-idUSKBN277227\">Reuters<\/a>, <a href=\"https:\/\/apnews.com\/article\/virus-outbreak-abdel-fattah-el-sissi-egypt-cairo-elections-3804829bc7f0ea01ad8b5f56bcd58823\">the Associated Press<\/a>, and <a href=\"https:\/\/www.france24.com\/en\/africa\/20201024-egypt-s-sisi-expected-to-be-real-winner-as-egyptians-begin-voting-for-parliament\">AFP<\/a> noting that the pro-government Mostaqbal Watan party \u2014 which took almost three-quarters of the seats in last month\u2019s Senate election \u2014 is likely to do best at the polls.<\/p><p><strong>The Gouna Film Festival kicked off on Friday <\/strong>and wraps at the end of the month. <a href=\"https:\/\/www.africanews.com\/2020\/10\/24\/pomp-and-caution-as-el-gouna-film-festival-opens-in-egypt\/\">Africanews<\/a> took note, saying this year\u2019s iteration of the festival is underpinned by \u201cpomp and caution\u201d amid covid-19.<\/p><p><strong>PSA- We\u2019re heading into a four-day workweek as the country takes this Thursday off<\/strong> in observance of the Prophet\u2019s Birthday. The Madbouly Cabinet <a href=\"https:\/\/bit.ly\/3jscm0C\">confirmed<\/a> the national holiday yesterday, and you can expect announcements from the EGX and Central Bank of Egypt in due course.<\/p><hr class=\"grey-line\"><p><strong>COVID NEWS-<\/strong><\/p><p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/3mjYtDr\">reported<\/a><\/strong><strong> 167 new covid-19 infections yesterday<\/strong>, down from 170 the day before. Egypt has now disclosed a total of 106,397 confirmed cases of covid-19. The ministry also reported 11 new deaths, bringing the country\u2019s total death toll to 6,187. We now have a total of 98,813 confirmed cases that have fully recovered.<\/p><p><strong>The virus that causes covid-19 is spreading more widely than in the earlier months of the <\/strong><strong>pandemic<\/strong>, head of the covid-19 task force Hossam Hosny warned El Hekaya\u2019s Amr Adib yesterday. Hosny pointed to the looming seasonal flu season, which could be cause for confusion due to the similarity of its symptoms to the disease and urged citizens to continue observing precautionary measures (<a href=\"https:\/\/www.youtube.com\/watch?v=fBAUsbJxsWk\">watch, runtime: 5:22<\/a>).<\/p><p><strong>The number of ICU beds in public hospitals is planned to increase 77% this fiscal <\/strong><strong>year <\/strong>to 7,253 beds from 4,107 in FY2019-2020, <a href=\"https:\/\/alborsaanews.com\/2020\/10\/24\/1393308\">the local press<\/a>reports, quoting an unnamed government source. The Health Ministry is also working to add 400 incubators and 449 beds for children, the source added. The ministry had said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/343a9f47-8122-46e5-870b-6ca0b26305be\">in June<\/a> that it had 5,800 ICU beds and 35k regular beds earmarked for covid-19 patients.<\/p><p><strong>Russian tour operator begins organizing indirect flights to the Red Sea as direct flight ban is still in place:<\/strong> Russian travel agency Pegas Touristik will launch daily indirect flights from Moscow to Sharm El Sheikh and Hurghada via Turkey\u2019s Antalya from this Thursday, 29 October, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=23102020&amp;id=12dfcc75-95d6-4ef6-8901-448ba3cbd697\">Al Shorouk<\/a> reports. The number of trips will increase from 2 November. Russia\u2019s ban on direct flights to the Red Sea resorts remains in place.<\/p><p><strong>France expects to be fighting covid-19 until at least mid-2021<\/strong>, President Emmanuel Macron said as the country exceeded 1 mn cases Friday, recording a record daily tally of 42k, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus\/it-is-terrifying-europe-braces-for-lengthy-battle-with-covid-idUSKBN27726I\">Reuters<\/a>reports. <strong>Europe\u2019s daily infection rate has doubled in the last 10 days<\/strong>, reaching a total of 7.8 mn cases, despite increased restrictions introduced over the past weeks designed to avoid the need for new nationwide lockdowns.<\/p><p><strong>High-profile vaccine trials have resumed: <\/strong>Johnson &amp; Johnson and Astrazeneca have been cleared by US regulators to resume vaccine trials after they were halted when a participant in each study fell ill, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-10-23\/jnj-astrazeneca-trials-to-resume-rejoining-covid-vaccine-race?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports.<\/p><hr class=\"grey-line\"><p><strong>INTERNATIONAL NEWS<\/strong><\/p><p><strong>Sudan will get off US terror list after pledging to establish ties with Israel:<\/strong> US president Donald Trump has <a href=\"https:\/\/www.usatoday.com\/story\/news\/world\/2020\/10\/23\/donald-trump-sudan-normalize-relations-israel-after-terror-designation-lifted\/3514503001\/\">agreed to remove Sudan from its terrorism list<\/a> after it paid USD mns to families affected by two terror attacks and agreed to normalize ties with Israel. Egypt\u2019s Foreign Ministry said Cairo welcomed an end to Sudan\u2019s \u201clong years of political and economic isolation\u201d in a <a href=\"https:\/\/bit.ly\/2IUTHxO\">statement<\/a> Friday.<\/p><p><strong>Sudan will move toward normalizing relations with Israel<\/strong> under a US-brokered accord and Israeli envoys will make their way to Khartoum in the coming days, <a href=\"https:\/\/www.reuters.com\/article\/us-usa-sudan-israel\/israeli-envoys-will-travel-to-sudan-for-normalisation-deal-netanyahu-says-idUSKBN2790UW?il=0\">Reuters<\/a> reported. President Abdel Fattah El Sisi <a href=\"https:\/\/twitter.com\/AlsisiOfficial\/status\/1319689816389410818\">tweeted his approval<\/a> of the US-brokered agreement.<\/p><p><strong>Prepare for a surge in global debt restructuring:<\/strong> The world\u2019s biggest asset manager has said that the quantity of debt requiring restructuring could surpass the peak that followed the global financial crisis, BlackRock Investment Institute said in <a href=\"https:\/\/www.blackrock.com\/corporate\/literature\/market-commentary\/weekly-investment-commentary-en-us-20201019-restructuring-opportunities.pdf\">a research note (pdf)<\/a> last week..<\/p><p><strong>More US companies are offering guidance during the 3Q earnings season<\/strong>, signaling to investors that they\u2019re learning to cope with the uncertainty of the pandemic which could stretch well into next year, <a href=\"https:\/\/www.reuters.com\/article\/us-usa-stocks-weekahead\/wall-street-week-ahead-more-u-s-companies-offer-earnings-guidance-despite-pandemic-idUSKBN27819F\">Reuters<\/a> reports. Some 73 companies in the S&amp;P 500 index have offered guidance so far (far below the 170 companies that typically provide guidance) and are apparently making their most bullish expectations in 23 years, according to Refinitiv data.<\/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\/Somabay-171020-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p>Other international news to keep on your radar:<\/p><ul>\n<li><strong>US stimulus talks dragged on <\/strong><strong>with prospects of more covid aid ahead of the election dimming<\/strong> as US House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continued to butt heads over the details, <a href=\"https:\/\/www.reuters.com\/article\/us-global-markets\/investors-left-hanging-as-stimulus-talks-drag-on-idUSKBN2773AP\">Reuters<\/a> reports.<\/li>\n<li><strong>Facebook could face a US antitrust lawsuit as early as next month<\/strong> by state and federal investigators, <a href=\"https:\/\/www.washingtonpost.com\/technology\/2020\/10\/23\/facebook-ftc-states-lawsuit\/\">the Washington Post reports<\/a>, citing four people familiar with the matter.<\/li>\n<li><strong>The RMB is about to get more flexible as China\u2019s central bank loosens its grip on<\/strong><strong> the currency and eases restrictions on its cross-border use<\/strong>, Governor Yi Gang said following a rally of the RMB against the USD, according to <a href=\"https:\/\/uk.reuters.com\/article\/us-china-pboc-governor\/china-will-improve-yuan-flexibility-central-bank-governor-says-idUSKBN27903D\">Reuters<\/a>.<\/li>\n<\/ul><hr class=\"grey-line\"><p><strong>The coming robo jobs apocalypse, pt 9,999:<\/strong> Almost a quarter of the global workforce faces displacement by our nascent robot overlords, with <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-10-20\/robots-encroach-on-up-to-800-million-jobs-around-the-world?sref=mmeFTDW1\">Bloomberg<\/a> Economics predicting obsolescence for as many as 800 mn jobs in the years ahead. Countries with aging demographics are likely to welcome the increase in automation but elsewhere \u2014 particularly in countries reliant on simple labor such as the GCC, Japan, the Czech Republic and Slovakia \u2014 income inequality could grow as technology allows robots to complete more complex tasks.<\/p><p><strong>On the flip side, the World Economic Forum expects automation to create 12 mn<\/strong> <strong>more jobs than it eliminates<\/strong> over the next five years. In <a href=\"https:\/\/www.weforum.org\/whitepapers\/resetting-the-future-of-work-agenda-disruption-and-renewal-in-a-post-covid-world\">a report<\/a> published to coincide with its <a href=\"https:\/\/www.weforum.org\/events\/the-jobs-reset-summit-2020\">\u201cJobs Rest\u201d summit<\/a>, the forum warns that half of all employees will need some form of upskilling to bounce back from the \u201cdouble disruption\u201d caused by increased automation and a global pandemic.<\/p><p><strong>US ELECTION WATCH-<\/strong> <strong>The second and final US presidential debate was a <\/strong><strong>calmer, more civil affair<\/strong>, the <a href=\"https:\/\/www.nytimes.com\/2020\/10\/22\/us\/politics\/debate-presidential-recap.html\">New York Times<\/a> says. President Donald Trump and former Vice President Joe Biden clashed over the handling of the pandemic and their track records in politics. Against the verbal assault, Biden was able to lay out plans for large-scale economic stimulus, and an expansion of healthcare and worker protection. With some 48 mn Americans having already voted, Trump trails in crucial swing states.<\/p><p><strong>Emerging market currencies are rallying on the expectation that Biden will be in the Oval<\/strong><strong> Office come January<\/strong>, with the MSCI EM index rising 2.4% since the start of September, the <a href=\"https:\/\/www.ft.com\/content\/abdea2b9-902a-414b-b82b-0ab1bf43b663\">Financial Times<\/a> reports. A Biden presidency would be good to the RMB, MXN, and KRW \u2014 which are leading the rally on expectations that Trump\u2019s confrontational stance will soon be a thing of the past \u2014 but the RUB and TRY are lagging behind on expectations that \u201cBiden would take a tougher approach on Moscow and Ankara\u201d than The Donald.<\/p><p class=\"web-image\"><a href=\"https:\/\/bit.ly\/3jc6lFe\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/Bahaa-ALC-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>If your business revolves around your people<\/strong>, this episode of Making It is for you.<\/p><p><strong>Our guest is Bahaa Alieldean, <\/strong>managing partner at ALC Alieldean, Weshahi &amp; Partners. Bahaa is a practising lawyer specializing in capital markets, banking transactions and dispute resolution. His firm provides counsel to national and global industry leaders.<\/p><p><strong>Bahaa is a stand-in for any service industry company:<\/strong> We unpack the common challenges facing all service providers, from attracting talent and creating culture, to micromanagement and creating corporate structure.<\/p><p><strong>You already have a <\/strong><strong><a href=\"https:\/\/apple.co\/35o2ShM\">podcast player<\/a><\/strong><strong> on your iPhone<\/strong>, or you can listen to the episode through <a href=\"https:\/\/bit.ly\/3jc6lFe\">our website<\/a> (no download required). We\u2019re also on <a href=\"https:\/\/bit.ly\/31qJpvG\">Google Podcasts<\/a> | <a href=\"https:\/\/bit.ly\/35hfSGc\">Anghami<\/a> | <a href=\"https:\/\/bit.ly\/3kkvAGz\">Omny<\/a>. Making It is on <a href=\"https:\/\/spoti.fi\/318pZMZ\">Spotify<\/a>, but only for non-MENA accounts<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/antitrust\/\">antitrust<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/astrazeneca\/\">AstraZeneca<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bahaa-ali-el-dean\/\">Bahaa Ali El Dean<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/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\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                  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         class=\"\r\n                story-section            \"\r\n            id=\"575708\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/egypts-house-of-representatives-elections-in-the-limelight-on-the-airwaves\/\">\r\n                            Egypt\u2019s House of Representatives elections in the limelight on the airwaves                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n      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       <\/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\/25\/egypts-house-of-representatives-elections-in-the-limelight-on-the-airwaves\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575708\" class=\"content-area-description single-story post-575708 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-house-of-representatives tag-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The first day of voting in the House of Representatives elections here at home was in the<\/strong><strong> limelight<\/strong> on the airwaves last night, with coverage from Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=qCgoF5oWGJw&t=659s\">watch, runtime: 33:34<\/a>), Al Hayah Al Youm\u2019s Lobna Assal (<a href=\"https:\/\/www.youtube.com\/watch?v=xVfFG7DYb1k\">watch, runtime: 16:50<\/a>), Masaa DMC\u2019s Eman El Hosary (<a href=\"https:\/\/www.youtube.com\/watch?v=k67KWcQnEKE&t=584s\">watch, runtime: 20:01<\/a>), El Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=lxpZHSnRafM\">watch, runtime: 6:25<\/a>), and Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/www.youtube.com\/watch?v=-rbFbzv29uA\">watch, runtime: 8:07<\/a>).<\/p>\n<p><strong>Still not quite sure how the list vs. individual candidate system works?<\/strong> Al Wafd Party head Bahaa Abu Shoka broke it all down for El Hosary (<a href=\"https:\/\/www.youtube.com\/watch?v=W6gUwIvFVxY&t=150s\">watch, runtime: 10:38<\/a>).<\/p>\n<p><strong>The monitoring of the elections \u2014 and the lack of complaints filed on the first day \u2014 were also key talking points.<\/strong> National Elections Authority boss Lashin Ibrahim had a chat with Lamees about the voting day, including covid-19 precautionary measures such as providing voters with masks at no charge and ensuring social distancing, and said the authority could decide to keep polls open until later if need be (<a href=\"https:\/\/www.youtube.com\/watch?v=6KCn98rxmjU\">watch, runtime: 7:45<\/a>). Al Hayah Al Youm's Lobna Assal hosted a roundtable with international observers, who also had no concerns to raise with the process (<a href=\"https:\/\/www.youtube.com\/watch?v=BZ9hrS60Auo\">watch, runtime: 38:34<\/a>).<\/p>\n<p><strong>The restoration of 69 artefacts, including 16 Ancient Egyptian pieces, that were sprayed with olive oil at a Berlin museum<\/strong> earlier this month will take two months to complete, Egypt\u2019s ambassador to Germany Khaled Galal told El Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=kZUGTwgLaag\">watch, runtime: 4:23<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-last-nights-talk-shows\/\">Enterprise+: Last Night\u2019s Talk Shows<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"575709\" 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=\"575709\">\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\/25\/central-bank-says-cib-remains-prudentially-sound-depositor-funds-are-secure-as-ezz-al-arab-steps-down-in-wake-of-probe-by-regulator\/\">\r\n                            Central bank says CIB \u201cremains prudentially sound,\u201d depositor funds are secure as Ezz Al Arab steps down in wake of probe by regulator                        <\/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        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\n<article id=\"post-575709\" class=\"content-area-description single-story post-575709 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-cib tag-enterpriseam tag-hisham-ezz-al-arab tag-hussein-abaza tag-speed-round tag-tarek-amer wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Central bank says CIB \u201cremains prudentially sound,\u201d depositor funds are secure as Ezz <\/strong><strong>Al Arab steps down in wake of regulatory probe. <\/strong>Long-time CIB Chairman and Managing Director Hisham Ezz Al Arab resigned on Friday after the Central Bank of Egypt (CBE) said <strong>an audit found \u201cregulatory, compliance and governance concerns.\u201d<\/strong> CIB <a href=\"https:\/\/ent.news\/2020\/10\/CIB-PRESS-RELEASE-ENGLISH-23102020.pdf\">said in a statement (pdf)<\/a> that it had been informed by letter on Thursday that the CBE\u2019s board had ordered Ezz Al Arab to leave his post effective immediately, invoking a clause in the newly-passed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba363fe6-92d7-4584-a95d-ee5c9f124acb\">Banking Act<\/a>.<\/p>\n<p><strong>The central bank said an audit had found \u201cgross violations\u201d<\/strong> of banking regulations, according to a copy of the letter picked up by <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2069431\">the domestic press<\/a>. The audit found \u201csevere weaknesses in regulating the issuing and monitoring of credit\u201d as well as \u201cserious shortcomings in the bank\u2019s internal regulatory environment\u201d that had had a financial cost to the bank. The letter described the violations as \u201cfinancial crimes.\u201d Some findings \u201cput the safety and reputation of the entire banking sector at risk,\u201d it said.<\/p>\n<p><strong>\u201cThere is no gap in the balance sheet,\u201d<\/strong> CEO Hussein Abaza said on a call with investors on Friday night, explaining that auditors from the central bank had been at CIB since fall 2019. Separately, <strong>CIB\u2019s financials are reviewed every quarter by <\/strong><strong><a href=\"https:\/\/www.cibeg.com\/English\/InvestorRelations\/FinancialInformation\/FinancialStatements\/CIB%20Consolidated%20financial%20statements%20Jun%202020%20English.pdf\">PwC and Deloitte<\/a><\/strong>, two independent international auditors.<\/p>\n<p><strong>The central bank said in <\/strong><strong><a href=\"https:\/\/ent.news\/2020\/10\/CBE-statement-to-Bloomberg.png\">a statement to Bloomberg<\/a><\/strong><strong> on Friday evening that CIB \u201cremains <\/strong><strong>prudentially sound and depositors\u2019 funds are fully secure.\u201d <\/strong>The CBE said that \u201cwith [the] appointment of a new CIB chairman and the existing board, the bank \u2018should be well-placed\u2019 to work on <strong>addressing \u2018regulatory, compliance and governance concerns that have been communicated to CIB on several prior occasions.<\/strong>\u2019\u201d The central bank added in <a href=\"https:\/\/ent.news\/2020\/10\/CBE-statement_CIB.pdf\">a statement (pdf)<\/a> yesterday that CIB\u2019s board will \u201cprepare a plan to remedy regulatory notes of the Central Bank, in particular with regard to internal control, credit risk and banking operations.\u201d<\/p>\n<p><strong>Central bank offers \u201cfull backing\u201d to CIB: <\/strong>CBE Governor Tarek Amer said in the statement on Saturday that CIB\u2019s board and management would have the full backing of the central bank to help them protect the bank\u2019s financial standing and safeguard depositors\u2019 funds. CIB confirmed that Amer had met with the non-executive members of CIB\u2019s board on Thursday afternoon.<\/p>\n<p><strong>CIB promised it would take corrective measures:<\/strong> \u201cThe board takes regulatory findings very seriously and confirms it will review and investigate, in coordination with the bank\u2019s external auditors, all the issues identified by the central bank in its latest review,\u201d it said in a statement.<\/p>\n<p><strong>CIB expects to receive the audit findings as early as this morning<\/strong>, and Abaza told investors that management and the board would work with the CBE to \u201credress any shortcomings \u2014 audit and compliance are an area in which we\u2019ve put significant investment and where we won\u2019t hesitate to invest more.\u201d Abaza said the bank had hired last year a new head of compliance, approved by the central bank.<\/p>\n<p><strong>Ezz Al Arab announced his formal resignation in a <\/strong><strong><a href=\"https:\/\/bit.ly\/3opQJ4E\">Facebook post<\/a><\/strong>, explaining that he had planned to step down in 2019 after a 20-year run, but had been asked by a number of shareholders to stay on for a year, which has now nearly passed. \u201c<strong>Hisham helped build an institution, it has never been a one-man show<\/strong>,\u201d Abaza told investors. \u201cYou know many of us in management \u2014 sooner or later, we will all leave and it is never going to be about a single person.\u201d<\/p>\n<p><strong>So, who\u2019s now in charge at CIB? <\/strong>CIB\u2019s Board of Directors unanimously voted to appoint former regulator, consultant and entrepreneur Sherif Samy (<a href=\"https:\/\/www.linkedin.com\/in\/sherif-samy-670b78\/?originalSubdomain=eg\">LinkedIn<\/a>) as the bank\u2019s next non-executive chairman. Samy joined CIB\u2019s board in March 2020 and is a former head of the Financial Regulatory Authority (known at the time as EFSA) who has also sat on the board of the CBE, on the central bank\u2019s Monetary Policy Committee, and on the board of GAFI.<\/p>\n<p><strong>Samy also has a long history of service on corporate boards<\/strong> ranging from mobile network Orange Egypt to GB Capital, Banque du Caire and Al Ahli Financial Investments. <strong>The CBE has approved Samy\u2019s appointment. <\/strong><\/p>\n<p><strong>Abaza has added the title and duties of managing director<\/strong> to his job description, a senior official at CIB told us. With that, <strong>CIB <\/strong><strong>has<\/strong><strong> split the offices of chairman and MD<\/strong>, a shift the central bank has long sought to implement system-wide alongside limits on how long any one person could hold the office of managing director.<\/p>\n<p><strong>Who does what? <\/strong>Abaza is in charge of building and growing the bank while Samy provides oversight and governance on behalf of the board. <strong>The bank\u2019s audit and compliance functions all report to the board<\/strong>, and it is best practice globally that control functions should report via a non-executive chairman who is not involved in the day-to-day running of the bank as managing director as well as to a non-exec head of the audit committee. Like Ezz Al Arab before him, <strong>Samy will not sit on the bank\u2019s investment, lending or management committees<\/strong>.<\/p>\n<p><strong>CIB shares should resume trading this morning<\/strong>,<a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2020\/10\/23\/1898393\/%D8%A7%D9%84%D8%B1%D9%82%D8%A7%D8%A8%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D8%B9%D9%8A%D8%AF-%D8%A7%D9%84%D8%AA%D8%AF%D8%A7%D9%88%D9%84-%D8%B9%D9%84%D9%89-%D8%B3%D9%87%D9%85-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D9%8A-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A-%D8%A7%D9%84%D8%A3%D8%AD%D8%AF-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84#sectionListing\">state-run MENA news agency said<\/a>. The FRA ordered the bank\u2019s EGX-listed shares <a href=\"https:\/\/alborsaanews.com\/2020\/10\/22\/1392907\">not be traded on Thursday<\/a>. The bank\u2019s global depositary receipts in London were battered Thursday and plunged further on Friday before rallying. From Wednesday\u2019s close of USD 4.23, the GDRs fell to USD 3.50 at Thursday\u2019s close and hit an intra-day low of USD 1.77 on Friday before surging to close at USD 4.00 on unprecedentedly high volumes, according to <a href=\"https:\/\/www.londonstockexchange.com\/stock\/CBKD\/commercial-international-bank-egypt-s-a-e\/company-page?lang=en\">LSE market data<\/a>.<\/p>\n<p><strong>But don\u2019t expect a share buyback: <\/strong>Egyptian banks aren\u2019t allowed to buy back their own stock to prop up share prices.<\/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\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-ezz-al-arab\/\">Hisham Ezz Al Arab<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hussein-abaza\/\">Hussein Abaza<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-amer\/\">Tarek Amer<\/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=\"575722\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"575723\" 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=\"575723\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/egypt-in-the-news-on-25-october-2020\/\">\r\n                            Egypt in the news on 25 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   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              <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/egypt-in-the-news-on-25-october-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575723\" class=\"content-area-description single-story post-575723 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-ancient-egypt tag-egypt-in-the-news tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>As we note in Speed Round, above, <strong>US President Donald Trump\u2019s suggestion that Egypt <\/strong><strong>could resort to a military strike on GERD is leading the conversation<\/strong> on Egypt this morning.<\/p>\n<p><strong>Also getting attention is a non-binding anti-abortion declaration Egypt signed<\/strong> as part of a US-promoted pact to \u201cpromote women\u2019s rights and health.\u201d <a href=\"https:\/\/www.theguardian.com\/world\/2020\/oct\/22\/us-trump-administration-signs-anti-abortion-declaration\">The Guardian<\/a> and <a href=\"https:\/\/www.washingtonpost.com\/world\/2020\/10\/22\/trump-geneva-consensus-abortion-family\/\">the Washington Post<\/a> are among those taking note.<\/p>\n<p>Elsewhere, in reviewing Egyptologist Toby Wilkinson\u2019s new book, <a href=\"https:\/\/www.amazon.com\/World-Beneath-Sands-Golden-Egyptology\/dp\/1324006897\">A World Beneath the Sands<\/a>, which details the exploitation of Egyptian history for years by the British and French, the <a href=\"https:\/\/www.nytimes.com\/2020\/10\/22\/books\/review\/a-world-beneath-the-sands-toby-wilkinson.html?action=click&module=Features&pgtype=Homepage\">Gray Lady<\/a> asks the right question: <strong>\u201cWhere were the Egyptians when all this plunder of their heritage was taking place?\u201d<\/strong> The book is also getting ink <a href=\"https:\/\/www.wsj.com\/articles\/a-world-beneath-the-sands-review-pyramid-fever-11603467891\">in the WSJ<\/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\/ancient-egypt\/\">Ancient Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-in-the-news\/\">Egypt in the News<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"575724\" 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=\"575724\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/diplo-foreign-trade-on-25-october-2020\/\">\r\n                            Diplo + Foreign Trade on 25 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 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            \n<article id=\"post-575724\" class=\"content-area-description single-story post-575724 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-debt tag-diplomacy-foreign-trade tag-donald-trump tag-enterpriseam tag-gerd tag-israel tag-libya tag-manufacturing tag-russia tag-sudan tag-terrorism tag-us 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> US President Donald Trump\u2019s suggestion that Egypt may resort to \u201cblowing up\u201d the Grand Ethiopian Renaissance Dam. We have more in this morning\u2019s Speed Round, above.<\/p>\n<p><strong>Ceasefire in Libya:<\/strong> Libya\u2019s rival governments signed a <a href=\"https:\/\/news.un.org\/en\/story\/2020\/10\/1076012\">\u201chistoric\u201d<\/a> formal ceasefire agreement during UN-led talks in Geneva on Friday. The Turkey-backed government in Tripoli and Egypt-supported Libyan National Army in the country\u2019s east both agreed to halt fighting, raising hopes that the conflict, which earlier this year threatened to escalate into a wider regional conflagration, may be drawing to a close. Egypt\u2019s Foreign Ministry welcomed the truce in a <a href=\"https:\/\/bit.ly\/2Too2qt\">statement<\/a>, saying it was the fruit of the Egypt-sponsored talks held in Hurghada in September.<\/p>\n<p><strong>On the trade front: <\/strong>The Trade Ministry discussed the Russian Industrial Zone with representatives from the Russian Trade Ministry and a delegation of Russian companies ahead of a meeting of the Egyptian-Russian trade committee in Moscow in November, the cabinet said in<a href=\"https:\/\/bit.ly\/2HvAMJF\">a statement<\/a>. The discussions also addressed ongoing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dd856bc8-782b-4864-b49c-39bbad1a378c\">trade negotiations<\/a> between Egypt and the Eurasian Customs Union.<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy-foreign-trade\/\">Diplomacy + Foreign Trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/donald-trump\/\">Donald Trump<\/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\/israel\/\">Israel<\/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\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/terrorism\/\">terrorism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/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=\"575725\" 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=\"575725\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/b-electric-consortium-inks-initial-agreement-for-50-mw-zaafarana-solar-plant\/\">\r\n                            B-Electric consortium inks initial agreement for 50 MW Zaafarana solar plant                        <\/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\/25\/b-electric-consortium-inks-initial-agreement-for-50-mw-zaafarana-solar-plant\/\" 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\/25\/b-electric-consortium-inks-initial-agreement-for-50-mw-zaafarana-solar-plant\/')\">\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\/25\/b-electric-consortium-inks-initial-agreement-for-50-mw-zaafarana-solar-plant\/\">\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=B-Electric consortium inks initial agreement for 50 MW Zaafarana solar plant&url=https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/b-electric-consortium-inks-initial-agreement-for-50-mw-zaafarana-solar-plant\/\">\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\/25\/b-electric-consortium-inks-initial-agreement-for-50-mw-zaafarana-solar-plant\/&title=B-Electric consortium inks initial agreement for 50 MW Zaafarana solar plant\">\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=B-Electric+consortium+inks+initial+agreement+for+50+MW+Zaafarana+solar+plant+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F25%2Fb-electric-consortium-inks-initial-agreement-for-50-mw-zaafarana-solar-plant%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\/25\/b-electric-consortium-inks-initial-agreement-for-50-mw-zaafarana-solar-plant\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575725\" class=\"content-area-description single-story post-575725 post type-post status-publish format-standard hentry category-energy tag-energy tag-enterpriseam tag-new-and-renewable-energy-authority tag-renewable-energy tag-renewables tag-zafarana wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>A consortium led by B-Electric has signed an initial agreement with the New and Renewable Energy Authority to establish a 50 MW solar power plant in Zafarana, the <a href=\"https:\/\/bit.ly\/2HygHSw\">local press<\/a> reports, citing unnamed sources familiar with the matter. A final agreement is set to be signed within 3-4 weeks. The project is financed by a EUR 50 mn loan provided by the KfW Development Bank.<\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-and-renewable-energy-authority\/\">New and Renewable Energy Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewable-energy\/\">renewable energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zafarana\/\">Zafarana<\/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=\"575726\" 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=\"575726\">\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\">Health + Education<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/elsewedy-technical-education-signs-initial-agreement-to-build-10-vocational-schools\/\">\r\n                            Elsewedy Technical Education signs initial agreement to build 10 vocational schools                        <\/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\/25\/elsewedy-technical-education-signs-initial-agreement-to-build-10-vocational-schools\/\" 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\/25\/elsewedy-technical-education-signs-initial-agreement-to-build-10-vocational-schools\/')\">\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\/25\/elsewedy-technical-education-signs-initial-agreement-to-build-10-vocational-schools\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Elsewedy Technical Education signs initial agreement to build 10 vocational schools&url=https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/elsewedy-technical-education-signs-initial-agreement-to-build-10-vocational-schools\/\">\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\/25\/elsewedy-technical-education-signs-initial-agreement-to-build-10-vocational-schools\/&title=Elsewedy Technical Education signs initial agreement to build 10 vocational schools\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Elsewedy+Technical+Education+signs+initial+agreement+to+build+10+vocational+schools+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F25%2Felsewedy-technical-education-signs-initial-agreement-to-build-10-vocational-schools%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\/25\/elsewedy-technical-education-signs-initial-agreement-to-build-10-vocational-schools\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575726\" class=\"content-area-description single-story post-575726 post type-post status-publish format-standard hentry category-health-education tag-enterpriseam tag-ghabbour-foundation tag-health-education tag-ibm tag-nevine-kabbaj tag-social-solidarity-ministry tag-vocational-education wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Elsewedy Technical Education (STA) has signed an MoU with the Education Ministry to establish 10 vocational schools in the next five years, the company said in <a href=\"https:\/\/ent.news\/2020\/10\/STA-Graduation-PRL-Final-EN-converted.pdf\">a statement (pdf)<\/a>. The agreement was signed on the sidelines of the 2020 graduation ceremony on Tuesday. Social Solidarity Minister Nevine El Kabbaj <a href=\"https:\/\/bit.ly\/3dUzLqv\">said<\/a> that El Araby Group and the Ghabbour Foundation are also in talks with the government to set up new vocational schools. Authorities <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b7bf5b13-dbdf-4414-b4ef-67f5a7418fd0\">plan to establish over 100 vocational schools<\/a> in partnership with the private sector by 2030. STA also signed an agreement that will see Finnish Global Educational Solutions provide the company with new educational and teacher programs, and a pact with IBM Egypt to introduce the <a href=\"https:\/\/www.ptech.org\/\">P-Tech model<\/a> for students of computer science.<\/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\/ghabbour-foundation\/\">Ghabbour Foundation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/health-education\/\">Health + Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ibm\/\">IBM<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nevine-kabbaj\/\">Nevine Kabbaj<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-solidarity-ministry\/\">Social Solidarity Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vocational-education\/\">Vocational education<\/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=\"575728\" 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=\"575728\">\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\">Tourism<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/egypt-to-convert-15th-century-mamluk-era-building-into-egp-100-mn-vintage-hotel\/\">\r\n                            Egypt to convert 15th century Maml\u016bk-era building into EGP 100 mn vintage hotel                        <\/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\/25\/egypt-to-convert-15th-century-mamluk-era-building-into-egp-100-mn-vintage-hotel\/\" 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\/25\/egypt-to-convert-15th-century-mamluk-era-building-into-egp-100-mn-vintage-hotel\/')\">\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\/25\/egypt-to-convert-15th-century-mamluk-era-building-into-egp-100-mn-vintage-hotel\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt to convert 15th century Maml\u016bk-era building into EGP 100 mn vintage hotel&url=https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/egypt-to-convert-15th-century-mamluk-era-building-into-egp-100-mn-vintage-hotel\/\">\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\/25\/egypt-to-convert-15th-century-mamluk-era-building-into-egp-100-mn-vintage-hotel\/&title=Egypt to convert 15th century Maml\u016bk-era building into EGP 100 mn vintage hotel\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+to+convert+15th+century+Maml%C5%ABk-era+building+into+EGP+100+mn+vintage+hotel+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F25%2Fegypt-to-convert-15th-century-mamluk-era-building-into-egp-100-mn-vintage-hotel%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\/25\/egypt-to-convert-15th-century-mamluk-era-building-into-egp-100-mn-vintage-hotel\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575728\" class=\"content-area-description single-story post-575728 post type-post status-publish format-standard hentry category-tourism tag-archaeology tag-culture tag-enterpriseam tag-history tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The Tourism Ministry is planning to convert the 15th century Sultan Qaitbay Wekalet building into a modern vintage hotel at a cost of some EGP 100 mn, <a href=\"https:\/\/alborsaanews.com\/2020\/10\/24\/1393238\">MENA news agency quoted<\/a> Mahmoud Abdel Baset, the director of the Historic Cairo Development Project. The project is expected to be completed within one year.<\/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\/archaeology\/\">archaeology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/culture\/\">culture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/history\/\">History<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"575730\" 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=\"575730\">\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\">Automotive + Transportation<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/egyptair-signs-mou-to-establish-new-ghanaian-airline\/\">\r\n                            EgyptAir signs MoU to establish new Ghanaian airline                        <\/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\/25\/egyptair-signs-mou-to-establish-new-ghanaian-airline\/\" 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\/25\/egyptair-signs-mou-to-establish-new-ghanaian-airline\/')\">\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\/25\/egyptair-signs-mou-to-establish-new-ghanaian-airline\/\">\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=EgyptAir signs MoU to establish new Ghanaian airline&url=https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/egyptair-signs-mou-to-establish-new-ghanaian-airline\/\">\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\/25\/egyptair-signs-mou-to-establish-new-ghanaian-airline\/&title=EgyptAir signs MoU to establish new Ghanaian airline\">\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=EgyptAir+signs+MoU+to+establish+new+Ghanaian+airline+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F25%2Fegyptair-signs-mou-to-establish-new-ghanaian-airline%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\/25\/egyptair-signs-mou-to-establish-new-ghanaian-airline\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575730\" class=\"content-area-description single-story post-575730 post type-post status-publish format-standard hentry category-automotive-transportation tag-automotive-transportation tag-aviation tag-egyptair tag-enterpriseam tag-ghana wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>EgyptAir has signed a MoU with the Ghanaian aviation ministry to establish a new Ghanaian airline in which Egypt will act as a strategic partner, <a href=\"https:\/\/bit.ly\/2HymgQU\">Al Shorouk<\/a> reports.<\/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\/automotive-transportation\/\">Automotive + Transportation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aviation\/\">aviation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptair\/\">EgyptAir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ghana\/\">Ghana<\/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=\"575731\" 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=\"575731\">\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\">Banking + Finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/banque-du-caire-obtains-pos-license\/\">\r\n                            Banque du Caire obtains PoS license                        <\/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\/25\/banque-du-caire-obtains-pos-license\/\" 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\/25\/banque-du-caire-obtains-pos-license\/')\">\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\/25\/banque-du-caire-obtains-pos-license\/\">\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=Banque du Caire obtains PoS license&url=https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/banque-du-caire-obtains-pos-license\/\">\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\/25\/banque-du-caire-obtains-pos-license\/&title=Banque du Caire obtains PoS license\">\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=Banque+du+Caire+obtains+PoS+license+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F25%2Fbanque-du-caire-obtains-pos-license%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\/25\/banque-du-caire-obtains-pos-license\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575731\" class=\"content-area-description single-story post-575731 post type-post status-publish format-standard hentry category-banking-finance tag-banking-finance tag-banque-du-caire tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Banque du Caire has obtained a license from the central bank to operate Point of Sale (PoS) machines, Chairman Tarek Fayed said, according to <a href=\"https:\/\/bit.ly\/2Hu5fYA\">Al Mal<\/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\/banking-finance\/\">BANKING + FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-du-caire\/\">Banque du Caire<\/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=\"575732\" 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=\"575732\">\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\">Other Business News of Note<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/misr-for-central-clearing-denies-claims-estadat-holding-will-buy-makkasa-sport\/\">\r\n                            Misr for Central Clearing denies claims Estadat Holding will buy Makkasa Sport                        <\/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\/25\/misr-for-central-clearing-denies-claims-estadat-holding-will-buy-makkasa-sport\/\" target=\"_blank\">\n                    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<\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Misr for Central Clearing denies claims Estadat Holding will buy Makkasa Sport&url=https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/misr-for-central-clearing-denies-claims-estadat-holding-will-buy-makkasa-sport\/\">\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\/25\/misr-for-central-clearing-denies-claims-estadat-holding-will-buy-makkasa-sport\/&title=Misr for Central Clearing denies claims Estadat Holding will buy Makkasa Sport\">\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=Misr+for+Central+Clearing+denies+claims+Estadat+Holding+will+buy+Makkasa+Sport+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F25%2Fmisr-for-central-clearing-denies-claims-estadat-holding-will-buy-makkasa-sport%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\/25\/misr-for-central-clearing-denies-claims-estadat-holding-will-buy-makkasa-sport\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575732\" class=\"content-area-description single-story post-575732 post type-post status-publish format-standard hentry category-other-business-news-of-note tag-enterpriseam tag-misr-for-central-clearing-depository-and-registry tag-other-business-news-of-note wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Misr for Central Clearing and Depository (MCDR) denied Thursday that a final decision had been made in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/75775b2e-2c12-49b8-be7f-1f707f446793\">the sale of its 71% stake<\/a> in Makkasa Sport \u2014 which manages football team Misr Lel Makkasa SC \u2014 saying negotiations were still ongoing, <a href=\"https:\/\/www.alborsaanews.com\/2020\/10\/22\/1393005\">local press<\/a> reports. Earlier <a href=\"https:\/\/www.alborsaanews.com\/2020\/10\/22\/1392811\">reports<\/a> had alleged that the company had accepted an offer made by Estadat Holding.<\/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\/misr-for-central-clearing-depository-and-registry\/\">Misr for Central Clearing Depository and Registry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/other-business-news-of-note\/\">Other Business News of Note<\/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=\"575733\" 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=\"575733\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/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\/25\/the-market-yesterday-195\/\">\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\/25\/the-market-yesterday-195\/\" 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\/25\/the-market-yesterday-195\/')\">\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\/25\/the-market-yesterday-195\/\">\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\/25\/the-market-yesterday-195\/\">\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\/25\/the-market-yesterday-195\/&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%2F25%2Fthe-market-yesterday-195%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\/25\/the-market-yesterday-195\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575733\" class=\"content-area-description single-story post-575733 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><span style=\"font-weight: bold;color: #696969;\">Powered by<\/span><\/p>\n<p><a href=\"https:\/\/pharoslive.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" alt=\"Pharos Holding - https:\/\/pharoslive.com\/\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/pharoslive-logo.png?ssl=1\" style=\"display: inline-block;\" \/><\/a><\/p>\n<p><strong>EGP \/ USD CBE market average: <\/strong>Buy 15.65 | Sell 15.75<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 15.65 | Sell 15.75<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 15.65 | Sell 15.75<\/p>\n<p><strong>EGX30<\/strong> (Thursday): 10,987 (-1.0%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.2 bn (7% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -21.3%<\/p>\n<p><strong>THE MARKET ON THURSDAY:<\/strong> The EGX30 ended Thursday\u2019s session down 1.0%. EGX30\u2019s top performing constituents were Juhyana up 3.4% and Ibnsina Pharma up 1.9%. Thursday\u2019s worst performing stocks were Beltone Financial Holding down 6.9%, Egyptian Iron & Steel down 6.3% and Qalaa Holdings down 6.1%. 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 -23.6 mn<br \/>\n <strong>Regional<\/strong>: Net Long | EGP +20.0 mn<br \/>\n <strong>Domestic<\/strong>: Net Long | EGP +3.6 mn<\/p>\n<p><strong>Retail<\/strong>: 76.6% of total trades | 73.2% of buyers | 79.9% of sellers<br \/>\n <strong>Institutions<\/strong>: 23.4% of total trades | 26.8% of buyers | 20.1% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 39.85 (-1.94%)<br \/>\n <strong>Brent:<\/strong> USD 41.77 (-1.63%)<\/p>\n<p><strong>Natural Gas:<\/strong> (Nymex, futures prices) USD 2.97 MMBtu (-1.20%, November 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,905.20 \/ troy ounce (+0.03%)<\/p>\n<p><strong>TASI:<\/strong> 8,505.18 (+0.10%) (YTD: +1.38%)<br \/>\n <strong>ADX:<\/strong> 4,556.74 (+0.29%) (YTD: -10.23%)<br \/>\n <strong>DFM:<\/strong> 2,185.55 (+0.66%) (YTD: -20.95%)<br \/>\n <strong>KSE Premier Market:<\/strong> 6,230.87 (-0.79%)<br \/>\n <strong>QE:<\/strong> 9,958.37 (-0.07%) (YTD: -4.48%)<br \/>\n <strong>MSM:<\/strong> 3,557.40 (-0.81%) (YTD: -10.64%)<br \/>\n <strong>BB: <\/strong>1,447.53 (-0.41%) (YTD: -10.10%)<\/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=\"575734\" 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\/25\/575734\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575734\" class=\"content-area-description single-story post-575734 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>22-25 October (Thursday-Sunday): Le March&eacute; furniture expo, Egypt International Exhibition Center, Cairo, Egypt.<\/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>7-9 November (Saturday-Monday): <a href=\"https:\/\/alex.technesummit.com\/2020\">Techne Summit 2020<\/a>, Bibliotheca Alexandrina, Alexandria.<\/p>\n<p>12 November (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>13-15 November (Friday-Sunday): <a href=\"https:\/\/www.mubasher.info\/news\/3709002\/-%D8%A7%D9%84%D9%85%D8%B5%D8%A7%D8%B1%D9%81-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%B4%D8%B1%D9%85-%D8%A7%D9%84%D8%B4%D9%8A%D8%AE-%D8%AA%D8%B3%D8%AA%D8%B6%D9%8A%D9%81-%D9%85%D8%A4%D8%AA%D9%85%D8%B1%D8%A7-%D9%84%D8%A8%D8%AD%D8%AB-%D8%AA%D8%AD%D8%AF%D9%8A%D8%A7%D8%AA-%D8%A7%D9%84%D9%82%D8%B7%D8%A7%D8%B9-%D9%81%D9%8A-%D8%B8%D9%84-%D9%83%D9%88%D8%B1%D9%88%D9%86%D8%A7\/\">A conference on banking in the time of covid<\/a> by the Union of Arab Banks, Sharm El Sheikh, Egypt.<\/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>22-25 November (Sunday-Wednesday): <a href=\"https:\/\/cairoict.com\/\">Cairo ICT 2020<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/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 (date TBC): <a href=\"https:\/\/www.facebook.com\/ees.egypt\/\">Egypt Economic Summit<\/a>, Cairo, Egypt, <a href=\"https:\/\/bit.ly\/3jhQXXR\">venue TBD<\/a>.<\/p>\n<p>December: Fifth round of Egypt-US Trade and Investment Framework Agreement (TIFA) talks.<\/p>\n<p>December: The 110th regular <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1718744134970611\">session<\/a> of the Egyptian-Iraqi Joint Higher Committee will be held under the chairmanship of the prime ministers of the two countries.<\/p>\n<p>1 December (Tuesday): The IMF will conduct a first review of targets set under the USD 5.2 bn standby loan approved in June (proposed date).<\/p>\n<p>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>25-29 January 2021 (Monday-Friday): The World Economic Forum\u2019s \u201cDavos Dialogues\u201d will take place virtually.<\/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>18-21 May 2021 (Tuesday-Friday): The World Economic Forum\u2019s annual meeting will be held under the theme of \u201cThe Great Reset\u201d in Lucerne-B&uuml;rgenstock, Switzerland<\/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":575705,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-575704","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"79b5367c-e4d6-4c54-bf7c-92a3ca82dcae","teaser":"","photo_url":"https:\/\/ent.news\/2020\/10\/250.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>Central bank says CIB \u201cremains prudentially sound,\u201d depositor funds are secure as Ezz Al Arab steps down in wake of regulatory probe. - EnterpriseAM Egypt<\/title>\n<meta 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