{"id":577158,"date":"2022-11-13T04:00:17","date_gmt":"2022-11-13T04:00:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=577158"},"modified":"2025-12-16T11:10:13","modified_gmt":"2025-12-16T11:10:13","slug":"us-europe-pledge-more-than-usd-550-mn-to-fund-egypts-energy-transition","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/us-europe-pledge-more-than-usd-550-mn-to-fund-egypts-energy-transition\/","title":{"rendered":"US, Europe pledge more than USD 550 mn to fund Egypt\u2019s energy transition"},"content":{"rendered":"<section id=\"577160\" 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=\"577160\">\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\/2022\/11\/13\/this-morning-were-getting-a-breather-from-cop27-today-uae-official-pledges-a-lot-more-investment-in-egypt\/\">\r\n                            THIS MORNING: We\u2019re getting a breather from COP27 today + UAE official pledges a lot more investment in Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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               <\/a>\r\n\r\n                \n<article id=\"post-577160\" class=\"content-area-description single-story post-577160 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-cop27 tag-cryptocurrency tag-energy tag-enterpriseam tag-europe tag-ftx tag-golf tag-investment-watch tag-israel tag-oil-and-gas tag-uae tag-us-midterms tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, friends \u2014 it\u2019s a mandatory day off for folks attending COP27, but there\u2019s <\/strong><strong>no rest for the wicked: <\/strong>We have an absolutely packed issue for you this morning, so we\u2019re going to jump right in.<\/p><p><strong>What\u2019s up at COP this week? <\/strong>Wednesday and Friday are this week\u2019s \u201cbig days\u201d for the business community: Wednesday is energy day and Friday is solutions day. Check out this week\u2019s full schedule here.<\/p><p><strong>HAPPENING TODAY-<\/strong><\/p><p><strong>The Senate is back in session after<\/strong> a two-week break for COP27. On the agenda today are final votes on:<\/p><ul>\n<li><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8212c49-f9f0-4f96-8772-35f7390675bf\">Amendments<\/a> that would hand tax breaks to investors who use FX to finance projects;<\/li>\n<li>A bill related to the performance of the country's diplomatic and consular corps.<\/li>\n<\/ul><p><strong>Also on the agenda:<\/strong> The Senate Financial and Economic Affairs Committee will discuss the recent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f15fb8d-27c5-4589-a900-4f80642b60ec\">move by Fitch Ratings<\/a> to cut its outlook on Egyptian debt from \u201cstable\u201d to \u201cnegative.\u201d Meanwhile, the Senate Industry Committee will meet to discuss the industrial agreement the government made with the UN Industrial Development Organization last week.<\/p><p><strong>Remember:<\/strong> The House is still on recess. MPs will return on Sunday, 20 November.<\/p><p><strong>It\u2019s the last day of the International Series Egypt golf tournament in Madinaty<\/strong> \u2014 and it looks like former US Amateur champion Andy Ogletree is in position to walk away with the title and the USD 1.5 mn purse after taking the lead in the third round, according to <a href=\"https:\/\/ent.news\/2022\/11\/PRESS-RELEASE-Ogletree-on-cusp-of-maiden-professional-win-in-Egypt-.docx.pdf\">a statement (pdf)<\/a>. Ogletree is ahead of Austria\u2019s Bernd Wiesberger and Canada\u2019s Richard T. Lee, while James Piot (US), Jarin Todd (US), Sihwan Kim (US), and Prom Meesawat (Thailand) are currently tied for fourth place.<\/p><p><strong>THIS WEEK-<\/strong><\/p><p><strong>It\u2019s the G20 Summit in Indonesia this week:<\/strong> G20 leaders will be in Bali on Tuesday and Wednesday for the 2022 summit (<a href=\"https:\/\/www.reuters.com\/world\/russias-putin-will-not-attend-g20-summit-bali-indonesian-official-2022-11-10\/\">well, most of them<\/a>). US President Joe Biden and Chinese Premier Xi Jinping are scheduled to have their first-ever face-to-face meeting during the summit.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>WATCH THIS SPACE #1- Emirati investments to Egypt could rise by 20-40% by the <\/strong><strong>end of the year<\/strong>, <a href=\"http:\/\/bit.ly\/3TtinMt\">Al Mal<\/a> quotes Abdullah Al Saleh, under-secretary at the UAE Economy Ministry, as having said, citing \u201congoing negotiations between the two countries.\u201d Al Saleh did not say where the UAE may be looking to deploy capital.<\/p><p><strong>REMEMBER<\/strong>- The UAE is one of Egypt\u2019s largest trading partners and its companies have significantly ramped up investments in the country in recent months, with notable transactions including the sale of SODIC to Aldar \/ ADQ, Chimera Investments\u2019 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40303139-6bd0-4c73-a30a-57bb74e74a45\">investment in Beltone<\/a>, ADQ\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be49d19c-306f-4ee9-b6ee-b0dba42a18be\">acquisition of Auf Group<\/a> and its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4a11664-2159-45ba-ba2f-bf0d3dfd3978\">USD 1.8 bn purchase<\/a> of shares in EGX-listed companies.<\/p><p><strong>WATCH THIS SPACE #2-<\/strong> Egypt is wrapping up procedures to fully join the BRICs-led <a href=\"https:\/\/www.ndb.int\/\">New Development Bank<\/a> (NDB), Finance Minister Mohamed Maait said in <a href=\"http:\/\/bit.ly\/3UU2RKT\">a statement<\/a>. Maait said a package will be shipped off to the House of Representatives in the coming weeks to pave the way to Egypt to fully join the bank. His statements come 10 months after the NDB <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5bf20ced-944e-49c7-9f9a-bcb85f9676dd\">admitted Egypt as a member<\/a>, paving the way for Egyptian projects to be eligible for financing via the multilateral bank.<\/p><p><strong>What is the NDB?<\/strong> The USD 100 bn Shanghai-headquartered bank was launched in 2015 by the BRICs group of major emerging economies: Brazil, Russia, India, China and South Africa. It funds infrastructure and sustainable development projects in the BRICs and other developing nations.<\/p><p><strong>REALITY CHECK-<\/strong><\/p><p><strong>It\u2019s going to take several years before Israel can exp<\/strong><strong>ort <\/strong><strong>significant amounts of liquefied<\/strong><strong> natural gas \u2014 with help from Egypt \u2014 to Europe<\/strong>, Israeli Energy Ministry Director General Lior Schillat told <a href=\"https:\/\/www.reuters.com\/business\/cop\/cop27-israel-says-big-boost-gas-supply-europe-will-take-years-2022-11-11\/\">Reuters<\/a> on the sidelines of COP27.<\/p><p><strong>Reminder:<\/strong> Egypt and Israel are now BFFs with Europe, which is scrambling to secure new gas supplies as Moscow and European capitals sever energy ties over the war in Ukraine. The three sides <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613a0e7e-2a74-4d1b-8b28-0c9660944559\">signed a gas export agreement<\/a> in June that will see Europe import Israeli natural gas via Egypt\u2019s LNG facilities.<\/p><p><strong>It\u2019s a problem of supply:<\/strong> Though Israel is expecting to significantly increase gas production, it\u2019s going to take at least another three years for the country to have the surplus to ship to Europe. \u201cIt is true that most of our surplus gas will be created in the next three to four years,\u201d Schillat said. \u201cSo clearly, it\u2019s not an immediate ability to supply gas in the short term. We\u2019re talking about a relatively low amount here.\u201d<\/p><p><strong>Then there\u2019s the issue of infrastructure: <\/strong>Oil Minister Tarek El Molla has also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/efd93e2f-38b1-4d5a-845c-55538c31513c\">said<\/a> that without additional investment in infrastructure, it could take two or three years before Egypt is able to increase exports.<\/p><p><strong>THE BIG STORIES ABROAD-<\/strong><\/p><p><a id=\"tldr-story-11\" class=\"content-anchor\"><\/a> #1- <strong>The biggest business story in the world this morning: One of the world\u2019s <\/strong><strong>largest <\/strong><strong>crypto exchanges has gone bust.<\/strong> FTX <a href=\"https:\/\/twitter.com\/FTX_Official\/status\/1591071832823959552\">announced on Friday<\/a> that it is filing for Chapter 11 bankruptcy and that its CEO <a href=\"https:\/\/twitter.com\/sbf_ftx\/status\/1590709166515310593\">Sam Bankman-Fried<\/a>, once one of the most successful figures in the crypto world, would be stepping down. The collapse came just a few days after Binance <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0023b880-ed71-484c-9027-47c545ff270d\">abandoned its plans<\/a> to acquire FTX, saying that the firm\u2019s issues were \u201cbeyond our control or ability to help.\u201d Bns of USD were withdrawn from FTX last week after a report revealed a multi-bn USD hole in its balance sheet.<\/p><p><strong>How did the JPMorgan of crypto exchanges collapse so suddenly?<\/strong> That\u2019s the post-mortem being reported out everywhere in the global business press this morning, with regulators investigating mns of USD of unauthorized transactions. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-12\/ftx-us-s-counsel-says-platform-probing-abnormal-wallet-movements?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/f05fe9f8-ca0a-48d5-8ef2-7a4d813af558\">FT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/alameda-ftx-executives-are-said-to-have-known-ftx-was-using-customer-funds-11668264238\">WSJ<\/a> | <a href=\"https:\/\/www.reuters.com\/technology\/collapsed-crypto-exchange-ftx-hit-by-rogue-transactions-2022-11-12\/\">Reuters<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/11\/12\/ftx-says-it-is-investigating-unauthorized-transactions.html\">CNBC<\/a>)<\/p><p><strong>#2- The Democrats have retained control of the Senate<\/strong> after Nevada\u2019s incumbent senator, Catherine Cortez Masto, was declared the victor against Republican candidate Adam Laxal a few hours ago. The latest result gives the Democrats 50 seats in the upper house to the Republicans\u2019 49, meaning that next month\u2019s runoff vote in Georgia will not be the decider, thanks to Vice President Kamala Harris\u2019 tie-breaking vote. The race for the House is also going down to the wire, with Democrats closing the gap as results continue to trickle in. The GOP currently have 211 seats to the Democrats\u2019 202, meaning that they only have to win seven of the remaining 22 states to secure a majority.<\/p><p><strong>The story is everywhere in the US this morning<\/strong> from the <a href=\"https:\/\/apnews.com\/article\/2022-midterm-elections-abortion-inflation-biden-us-supreme-court-dbc67e0af0e126c948076ae580b3d5ec?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_01\">Associated Press<\/a> and <a href=\"https:\/\/graphics.reuters.com\/USA-ELECTION\/RESULTS\/zjpqjqyjmvx\/index.html\">Reuters<\/a> to <a href=\"https:\/\/www.politico.com\/news\/2022\/11\/12\/senate-control-midterm-elections-results-2022-00066547\">Politico<\/a>.<\/p><p><strong>#3- Important for the region: There\u2019s more signs of progress coming out of Tigray<\/strong> after the Ethiopian military and local rebels have agreed to allow humanitarian aid into the region and set up a joint committee to disarm militias fighting in the conflict, according to the <a href=\"https:\/\/apnews.com\/article\/africa-kenya-nairobi-ethiopia-government-and-politics-e119abe320663a68c3a10ba07331acb8\">Associated Press<\/a>. This comes 10 days after the two sides <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dc4e745b-7f23-41a8-90d3-213581a88460\">agreed to a ceasefire<\/a>, raising hopes of an end to the two-year civil war.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/Climate-X-6-Dec-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>The Enterprise Climate X Forum, our first industry-specific conference, is taking place on <\/strong><strong>Tuesday, 6 December. <\/strong>The Enterprise Climate X Forum will give insiders and newcomers alike the chance to talk about how to build a climate-centered business \u2014 and how to make sure your business continues to have access to the funds it needs to grow. Expect it to be <strong>heavy on lessons learned in Egypt and other global growth markets \u2014 and lots of success stories.<\/strong><\/p><p><strong>Stay tuned very soon when we reveal the venue. <\/strong>You\u2019ll love it, we promise.<\/p><p><strong>Some of the biggest names in business and finance are on board \u2014 are you? <\/strong>The Enterprise Climate X Forum is taking place with the generous support of our friends, including:<\/p><ul>\n<li><strong>Banking partners: <\/strong>HSBC | Mashreq | Attijariwafa Bank<\/li>\n<li><strong>Telecom partner:<\/strong> Etisalat by e&amp;<\/li>\n<li><strong>Event partners:<\/strong> Hassan Allam Utilities | Infinity<\/li>\n<\/ul><p><strong>DO YOU WANT TO ATTEND? The first wave of invites is going out <\/strong><strong>now<\/strong><strong>. <\/strong>If you\u2019re a C-suite exec, business owner, climate professional, DFI staff, investor or banker, please email us at <a href=\"mailto:climatexrsvp@enterprisemea.com\">climatexrsvp@enterprisemea.com<\/a> to signal your interest, letting us know your name, title and where you work.<\/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\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/europe\/\">Europe<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ftx\/\">FTX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/golf\/\">Golf<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us-midterms\/\">US midterms<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/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=\"577161\" 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                            \"\r\n            id=\"577161\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/577161\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577161\" class=\"content-area-description single-story post-577161 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.ticketsmarche.com\/tickets\/buy-tickets-2-cellos.html'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/2cellos2_1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>2CELLOS \u2014 LIVE AT SOMABAY on 18 November, 2022:<\/strong> Mark your calendars \u2014 world-renowned and wildly popular cellist duo, 2CELLOS will be performing at Somabay on 18 November, 2022. Having racked up a bn-plus audio streams, countless sold-out concerts, and mns of fans across the globe in their 10 years together as 2CELLOS, the Croatian duo of Luka &Scaron;uli\u0107 and HAUSER will be visiting Egypt in their long-awaited 2022 Dedicated World Tour. Book your ticket now: <a href=\"https:\/\/www.ticketsmarche.com\/tickets\/buy-tickets-2-cellos.html\">https:\/\/www.ticketsmarche.com\/tickets\/buy-tickets-2-cellos.html<\/a>. Call us 16390.<\/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<section id=\"577162\" 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=\"577162\">\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\">Development finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/us-europe-pledge-more-than-usd-550-mn-to-fund-egypts-energy-transition\/\">\r\n                            US, Europe pledge more than USD 550 mn to fund Egypt\u2019s energy transition                        <\/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\/2022\/11\/13\/us-europe-pledge-more-than-usd-550-mn-to-fund-egypts-energy-transition\/\" 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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Under <a href=\"https:\/\/www.bmz.de\/resource\/blob\/127962\/22dd52def8a74cfa4c0e557083df2a37\/egypt-political-declaration-data.pdf\">a political declaration (pdf)<\/a> with Egypt announced during President Joe Biden\u2019s visit to COP27 on Thursday, the US and Germany agreed to provide more than USD 250 mn for the energy pillar of Egypt\u2019s Nexus on Water, Food and Energy (NWFE) initiative, which aims to close 5-GW of gas-fired power plants and add 10-GW of new wind and solar energy by 2028.<\/p>\n<p><strong>The breakdown: <\/strong>Of the money pledged by Germany and the US, the equivalent of EUR 100 mn will come in the form of \u201chighly concessional loans,\u201d EUR 100 mn will be in the form of debt swaps, and EUR 85 mn in grants. More than USD 300 mn in grant and concessional finance will come from the European Commission, France, the Netherlands, Denmark, and the UK, as well as donors to the EBRD\u2019s High Impact Partnership on Climate Action.<\/p>\n<p><strong>This brings to more than USD 1.8 bn the total funding for the energy transition we\u2019ve <\/strong><strong>raised in recent days <\/strong>after our friends at EBRD <a href=\"https:\/\/www.ebrd.com\/news\/2022\/egypts-nwfe-energy-pillar-gathers-international-support.html\">confirmed on Thursday<\/a> that they have committed \u201cUSD 1 bn of private renewable finance, USD 300 mn in sovereign finance and grants of USD 3 mn from its shareholder special fund.\u201d<\/p>\n<p><strong>Now we have to prove we\u2019re serious about meeting our clean energy targets:<\/strong> In return for their support, Egypt has committed \u201cquadrupling its deployment rate,\u201d the EBRD statement quotes US climate envoy John Kerry as having said, adding \u201cwe\u2019re going to help them with concessional financing to get the first 10 GWs done quickly and cost effectively.\u201d Egypt will submit a revised NDC by June 2023 and will also consider committing to a net zero greenhouse gas emissions target as well as expand the use of zero-emission vehicles and sustainable public transport.<\/p>\n<p><strong>And as a bonus: The countries will help us save some<\/strong> <strong>of our natgas:<\/strong> Germany and the US will also help us capture bns of cubic meters of natural gas that we currently flare, vent, or allow to leak from oil and gas operations. Just how much we\u2019re not quite sure: Biden <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2022\/11\/11\/remarks-by-president-biden-at-the-27th-conference-of-the-parties-to-the-framework-convention-on-climate-change-cop27-sharm-el-sheikh-egypt\/\">said<\/a> 4 bn cbm in his speech but the White House <a href=\"https:\/\/eg.usembassy.gov\/november-11-2022-fact-sheet-president-biden-announces-new-initiatives-at-cop27-to-strengthen-u-s-leadership-in-tackling-climate-change\/\">fact sheet<\/a> says 2 bn cbm.<\/p>\n<p><strong>BACKGROUND- NWFE is expected to draw as much as USD 15 bn in investment<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e40eaa44-2bb4-49a3-9336-af3df3a4d395\">under<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e40eaa44-2bb4-49a3-9336-af3df3a4d395\">agreements<\/a> Egypt signed with financial institutions and DFIs last week. It is hoped that the energy component of the initiative alone will receive as USD 10 bn in private investment.<\/p>\n<p><strong>Why Europe is investing here: <\/strong>\u201cEgypt has world-class renewable energy resources and is close to markets in Europe and Asia, giving it the potential to transform its own energy sector and become a global hub for green fuels and products,\u201d EBRD said.<\/p>\n<p><strong>CIF HAS USD 350 mn FOR EGYPT, KENYA, OTHERS<\/strong><\/p>\n<p><strong>Egypt is among several countries that will receive finance from a new, USD 350 mn <\/strong><strong>platform of the <\/strong><strong><a href=\"https:\/\/www.cif.org\/\">Climate<\/a><\/strong><strong><a href=\"https:\/\/www.cif.org\/\">Investment Funds<\/a><\/strong><a href=\"https:\/\/www.cif.org\/\">(CIF)<\/a>, according to <a href=\"http:\/\/bit.ly\/3DVshRa\">a statement<\/a>. The CIF, which bills itself as among the world\u2019s leading multilateral funds for climate action in emerging markets, said its CIF Nature, People and Climate investment platform will \u201cfinance nature-based solutions to the climate crisis\u201d in countries including Egypt, Kenya and Fiji.<\/p>\n<p><strong>Who\u2019s kicking in the money? <\/strong>Italy, the UK and Sweden have provided more than USD 350 mn to the CIF\u2019s Nature, People and Climate platform, which in Egypt will deploy the funding to \u201cpromote sustainable agriculture along the Nile River.<\/p>\n<p><strong>Wait, what\u2019s the CIF? <\/strong>The <a href=\"https:\/\/www.ifc.org\/wps\/wcm\/connect\/topics_ext_content\/ifc_external_corporate_site\/bf\/focus-areas\/bf-climate\/cif\">USD 8 bn CIF<\/a>, which includes sub-funds on clean tech, forest, scaling up renewable energy, and climate resilience, is a \u201cmulti-donor trust\u201d and since 2008 has been \u201cthe only multilateral climate fund to work exclusively with multilateral development banks as implementing agencies.\u201d<\/p>\n<p><strong>When will the funding be available? <\/strong>Egypt and others are expected to start with preparing investment plans against accessible financing, with implementation expected to begin as early as 2023, the statement said.<\/p>\n<p><strong>MORE GREEN FINANCE + ONLENDING FOR SMES-<\/strong><\/p>\n<p><strong>EBRD is giving funding to QNB Al Ahli to onlend to <\/strong><strong><a href=\"https:\/\/www.youtube.com\/watch?v=Nd1CijCUj8w\">youts<\/a><\/strong><strong>, green economy<\/strong> The EBRD signed over the weekend an agreement with QNB Al Ahli to extend a USD 20 mn loan for onlending to MSMEs led or owned by folks 35 years or younger, it said in <a href=\"https:\/\/www.ebrd.com\/news\/2022\/ebrd-and-eu-support-young-entrepreneurs-in-egypt-.html\">a statement<\/a>. The EBRD and EU also signed a separate agreement with QNB Al Ahli under the lender\u2019s <a href=\"https:\/\/www.ebrd.com\/cs\/Satellite?c=Content&cid=1395292420949&pagename=EBRD%2FContent%2FContentLayout&rendermode=live%3Fsrch-pg\">Green Economy Financing Facility (GEFF)<\/a> to provide EBRD funding to \u201cprivate sub-borrowers, including companies and MSMEs, for green investments, such as renewable energy and energy efficiency projects.\u201d The statement does not clarify how much fresh funding it will provide under the GEFF, but noted that the new financing will bring the total amount the EBRD has provided to QNB Al Ahli for on-lending to green projects to USD 185 mn.<\/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\/climate-investment-funds\/\">Climate Investment Funds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/germany\/\">Germany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nwfe\/\">NWFE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/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\/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=\"577164\" 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=\"577164\">\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\">COP WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypts-just-financing-guide-bidens-cop27-pledge-headline-the-news-from-sharm-this-weekend\/\">\r\n                            Egypt\u2019s \u201cJust Financing\u201d guide + Biden\u2019s COP27 pledge headline the news from Sharm this weekend                        <\/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\/2022\/11\/13\/egypts-just-financing-guide-bidens-cop27-pledge-headline-the-news-from-sharm-this-weekend\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The guide was developed over the course of year-long consultations with over 100 partners \u2014 government representatives, DFIs, the private sector, commercial and investment banks, climate finance funds, think tanks, and nonprofit organizations, the statement notes.<\/p>\n<p><strong>A focus on practicality and collective action:<\/strong> The guide offers a practical roadmap to unlock innovative financing mechanisms through multi-stakeholder participation, information sharing, and strengthening technical capabilities to create a pipeline of bankable climate-friendly projects. In the short-term, it aims to increase efficiency and equity in global climate finance structures. Long-term, it seeks to catalyze a rethink of these structures.<\/p>\n<p><strong>Just Financing \u2014 the guide\u2019s key theme \u2014 is a distinct \u201cfinance-specific concept\u201d similar to the idea of climate justice<\/strong>, but more focused in scope, it says. It\u2019s a \u201cprocess-oriented\u201d approach that seeks to direct energy transition mechanisms towards sustainable economic growth, while \u201cavoiding negative distributional, equity and climate impacts.\u201d<\/p>\n<p><strong>BIDEN: \u201cVERY LIFE OF PLANET\u201d AT STAKE<\/strong><\/p>\n<p><strong>US President Joe Biden doubled down on climate change warnings during his <\/strong><strong><a href=\"https:\/\/eg.usembassy.gov\/remarks-by-president-biden-at-the-27th-conference-of-the-parties-to-the-framework-convention-on-climate-change-cop27-sharm-el-sheikh-egypt\/\">speech<\/a><\/strong> <strong>at <\/strong><strong>COP27<\/strong>, saying that \u201cthe very life of the planet\u201d is at stake, as he made new pledges that aim to support the world\u2019s fight against climate change. The US doubled its pledge to its \u201cadaptation fund\u201d for poorer countries to USD 100 mn, and pledged a further USD 150 mn to support climate change efforts in Africa. Biden also promised the US will meet its emissions targets by 2030, after unveiling <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/11\/11\/fact-sheet-president-biden-announces-new-initiatives-at-cop27-to-strengthen-u-s-leadership-in-tackling-climate-change\/\">a plan<\/a> to cut methane emissions from its oil and gas industry to 87% below 2005 levels by 2030.<\/p>\n<p><strong>But the pledges fall short of what developing countries need: <\/strong>Climate activists criticized Biden for failing to call wealthy nations for more climate change support for developing countries and for his \u201cradio silence\u201d on loss and damage finance, <a href=\"https:\/\/www.reuters.com\/business\/environment\/cop27-biden-says-climate-crisis-is-about-human-security-economic-security-2022-11-11\/\">Reuters<\/a> reports. \u201cHe announced a slew of new climate programs, but he couldn\u2019t deliver what the developing world most wants \u2014 enough money to adapt to climate extremes,\" one expert said. A recent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/04b93de8-325e-4317-a5a2-5404755e237e\">report<\/a> showed that developing countries will need USD 1 tn a year in external financing by the end of the decade to combat climate change.<\/p>\n<p><strong>Biden\u2019s speech got a lot of play in the foreign press:<\/strong> <a href=\"https:\/\/www.ft.com\/content\/a284cf49-3fe6-4433-8e23-13238a25a614\">Financial Times<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/biden-to-announce-restrictions-on-methane-emissions-at-cop27-11668166064?mod=hp_lead_pos4\">WSJ<\/a> | <a href=\"https:\/\/edition.cnn.com\/2022\/11\/11\/politics\/joe-biden-egypt-cop27\/index.html\">CNN<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2022\/11\/11\/cop27-live-updates-biden-egypt\/\">Washington Post<\/a> | <a href=\"https:\/\/www.theguardian.com\/environment\/live\/2022\/nov\/11\/cop27-egypt-joe-biden-climate-conference-decarbonisation-live-updates\">The Guardian<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/11\/11\/climate\/biden-cop27-climate-speech.html\">NYT<\/a>.<\/p>\n<p><strong>COUNTRIES AGREE ON PLAN TO ACCELERATE INDUSTRY EMISSION CUTS-<\/strong><\/p>\n<p><strong>Egypt among countries agreeing on a plan to cut industrial emissions:<\/strong> Countries accounting for half of the global economy have set out a year-long plan to cut industrial gas emissions at COP27, according to a United Nations Framework Framework Convention on Climate Change (UNFCC) <a href=\"https:\/\/climatechampions.unfccc.int\/breakthrough-agenda\/\">statement<\/a>. Countries including the US, Germany, Japan, Canada, and Egypt have agreed on 25 \u201cpriority actions\u201d to be unveiled at next year\u2019s COP28 in the UAE to help cut emissions across power, transport, steel, hydrogen and agriculture. Countries involved will form coalitions that ensure the delivery of the priority agenda items, the statement said. <a href=\"http:\/\/cop\/countries-set-out-12-mth-plan-speed-up-industry-emission-cuts-2022-11-10\/\">Reuters<\/a> also picked up the story.<\/p>\n<p><strong>Egypt launched a program with engineering giant Bechtel to \u201cdecarbonize existing oil<\/strong><strong> and gas facilities\u201d<\/strong> in Egypt as part of a new private-public decarbonization coalition, according to a statement from the <a href=\"https:\/\/ent.news\/2022\/11\/Decarbonization-Day-at-COP27-Calls-for-Urgent-Action-to-Reduce-Emissions.docx.pdf\">COP27 Presidency (pdf)<\/a>. Egypt currently has 126 energy efficiency projects in action and has invested some USD 2.4 bn in decarbonization, which are saving around 7 mn tons of CO2 per year, according to the statement. Egyptian LNG (a joint venture between EGAS, EGPC, Shell, and Petronas) also tapped a Bechtel-led coalition to conduct feasibility studies on using a zero-flaring system at the Idku liquefaction plant, Bechtel said in <a href=\"https:\/\/www.bechtel.com\/newsroom\/releases\/2022\/11\/bechtel-coalition-to-support-egypt-decarbonization\/\">a statement<\/a>.<\/p>\n<p><strong>The East Mediterranean Gas Forum also launched a regional decarbonization initiative<\/strong><strong> for the oil and gas industry<\/strong>, COP27 Presidency statement says, without providing further information. The issue of gas decarbonization was on the forum\u2019s radar <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f00fbc43-ff4f-47eb-a99b-ef0b0db10cec\">last year<\/a>.<\/p>\n<p><strong>ALSO- World heritage sites get some attention:<\/strong> The Islamic World Educational, Scientific and Cultural Organization also kicked off an initiative to better protect world heritage sites from climate change-induced damage, the COP27 presidency statement said.<\/p>\n<p><strong>CLIMATECH RUN PRIZES ANNOUNCED- <\/strong><\/p>\n<p><strong><a href=\"https:\/\/www.ryplabs.com\/\">Ryp Labs<\/a><\/strong><strong>, <\/strong><strong><a href=\"https:\/\/earthly.org\/\">Earthly<\/a><\/strong><strong>, and <\/strong><strong><a href=\"https:\/\/www.koltiva.com\/\">Koltiva<\/a><\/strong><strong> took home the USD 100k, USD 50k, and USD 25k awards<\/strong>, respectively, after pitching their businesses among 15 finalists selected as part of the <strong><a href=\"https:\/\/climatechrun.com\/ar\">Climatech Run<\/a><\/strong><strong> competition<\/strong> during COP27, the US embassy in Egypt said in a <a href=\"https:\/\/eg.usembassy.gov\/united-states-and-egypt-announce-winners-of-global-climate-competition-to-promote-green-start-ups-and-entrepreneurs\/\">statement<\/a>. The top two African startups also received investments: Cameroon-based <a href=\"https:\/\/bleaglee.com\/\">BleagLee<\/a> took home USD 50k while South Africa\u2019s <a href=\"https:\/\/liquidgold.co.za\/\">LiquidGold<\/a> received USD 25k. The startups will also participate in an acceleration program. The competition <a href=\"https:\/\/eg.usembassy.gov\/united-states-and-egypt-launch-global-climate-competition-to-promote-green-start-ups-and-entrepreneurs\/\">was supported<\/a> by our friends at USAID through their Business Egypt program.<\/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\/climate-change\/\">climate change<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop-watch\/\">COP WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/decarbonization\/\">decarbonization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/engazaat\/\">Engazaat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/joe-biden\/\">Joe Biden<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morocco\/\">Morocco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577166\" 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=\"577166\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/al-mansour-gm-launch-cadillac-ev-in-egypt-al-mansour-plans-to-assemble-evs-here\/\">\r\n                            Al Mansour, GM launch Cadillac EV in Egypt; Al Mansour plans to assemble EVs here                        <\/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\/2022\/11\/13\/al-mansour-gm-launch-cadillac-ev-in-egypt-al-mansour-plans-to-assemble-evs-here\/\" 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\/2022\/11\/13\/al-mansour-gm-launch-cadillac-ev-in-egypt-al-mansour-plans-to-assemble-evs-here\/')\">\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\/2022\/11\/13\/al-mansour-gm-launch-cadillac-ev-in-egypt-al-mansour-plans-to-assemble-evs-here\/\">\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=Al Mansour, GM launch Cadillac EV in Egypt; Al Mansour plans to assemble EVs here&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/al-mansour-gm-launch-cadillac-ev-in-egypt-al-mansour-plans-to-assemble-evs-here\/\">\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\/2022\/11\/13\/al-mansour-gm-launch-cadillac-ev-in-egypt-al-mansour-plans-to-assemble-evs-here\/&title=Al Mansour, GM launch Cadillac EV in Egypt; Al Mansour plans to assemble EVs here\">\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=Al+Mansour%2C+GM+launch+Cadillac+EV+in+Egypt%3B+Al+Mansour+plans+to+assemble+EVs+here+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F13%2Fal-mansour-gm-launch-cadillac-ev-in-egypt-al-mansour-plans-to-assemble-evs-here%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\/2022\/11\/13\/al-mansour-gm-launch-cadillac-ev-in-egypt-al-mansour-plans-to-assemble-evs-here\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/191.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577167\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/al-mansour-gm-launch-cadillac-ev-in-egypt-al-mansour-plans-to-assemble-evs-here\/191-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/191.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"191.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/191.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/191.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577166\" class=\"content-area-description single-story post-577166 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-al-mansour-auto tag-automotive tag-cadillac tag-cop27 tag-enterpriseam tag-evs tag-general-motors 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-03\"><\/a> <strong>Electric Cadillacs are coming to Egypt:<\/strong> General Motors (GM) and Al Mansour Automotive will debut electric Cadillacs in Egypt by the end of 2023, the two companies announced in <a href=\"https:\/\/ent.news\/2022\/11\/CADILLAC-EVs-PRL.pdf\">a statement<\/a><a href=\"https:\/\/ent.news\/2022\/11\/CADILLAC-EVs-PRL.pdf\">(pdf)<\/a> Thursday. The <a href=\"https:\/\/www.cadillac.com\/electric\/lyriq\">Cadillac Lyriq<\/a>, an all-electric mid-size luxury SUV, will go on sale late next year, with five luxury electric models expected to be available by 2025, according to the statement.<\/p>\n<p><strong>Al Mansour Auto is still planning to assemble EVs in Egypt:<\/strong> In an interview with <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-12\/after-twitter-exit-egyptian-billionaire-investor-plans-ev-push?sref=mmeFTDW1\">Bloomberg<\/a> last week, Mohamed Mansour said that he intends to produce 15k EVs over the next three years. Under an MoU <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91d0dbdf-a5f2-4ea7-b310-a8bbbe34a0f7\">signed last December<\/a>, Al Mansour Auto and GM are looking at partnering up to produce EVs in Egypt. \u201cI feel it\u2019s going to be a big success,\u201d Mansour told the news outlet.<\/p>\n<p><strong>You might have spotted Lyriq in COP<\/strong>: The Lyriq is one of EVs on show during COP27 by GM and Al Mansour Auto, who are the summit\u2019s mobility partners.<\/p>\n<p><strong>The Lyriq is really popular in the West: <\/strong>It\u2019s <a href=\"https:\/\/jalopnik.com\/the-2023-cadillac-lyriq-is-sold-out-1849098857\">sold out for 2023 delivery<\/a> in the United States, where GM is now accepting orders for 2024 delivery. It\u2019s getting positive reviews from <a href=\"https:\/\/www.caranddriver.com\/cadillac\/lyriq\">Car and Driver<\/a>, <a href=\"https:\/\/www.edmunds.com\/car-news\/2023-cadillac-lyriq-proves-ambitious-but-untidy-on-first-drive.html\">Edmunds<\/a> and <a href=\"https:\/\/www.motortrend.com\/reviews\/2023-cadillac-lyriq-450e-debut-edition-first-test-review\/\">Motor Trend<\/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\/al-mansour-auto\/\">Al Mansour Auto<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cadillac\/\">Cadillac<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/general-motors\/\">General Motors<\/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=\"577168\" 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=\"577168\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/\">\r\n                            Inflation hits four-year high in October                        <\/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\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/\" 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\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/')\">\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\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/\">\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=Inflation hits four-year high in October&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/\">\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\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/&title=Inflation hits four-year high in October\">\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=Inflation+hits+four-year+high+in+October+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F13%2Finflation-hits-four-year-high-in-october%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\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/194.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577169\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/194-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/194.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"194.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/194.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/194.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577168\" class=\"content-area-description single-story post-577168 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-capmas tag-central-bank-of-egypt tag-economy tag-egp tag-enterpriseam tag-inflation 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-02\"><\/a> <strong>Inflation <\/strong><strong>accelerates<\/strong><strong> again in October:<\/strong> Urban inflation hit its highest level in four years in October on the back of surging food prices. The annual rate of inflation rose to 16.2% during the month from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b93ffa67-6360-4917-a72f-48ea6f3261d8\">15.0%<\/a> in September, according to <a href=\"https:\/\/ent.news\/2022\/11\/October2022inflation.pdf\">figures (pdf)<\/a> released Thursday by state statistics agency Capmas. This is the highest level since October 2018, when it recorded 17.68%. On a month-on-month basis, urban inflation rose 2.6% in October, accelerating from 1.6% in September.<\/p>\n<p><strong>Food was the main driver:<\/strong> Food and beverage costs \u2014 the biggest component of the basket used to measure inflation \u2014 jumped 23.8% y-o-y from 21.7% in September.<\/p>\n<p><strong>But there are inflationary pressures throughout the economy:<\/strong> Annual core inflation, which strips out volatile items such as fuel and food, jumped to a near-five-year high of 19.0% in October, up from 18.0% the previous month, according to <a href=\"https:\/\/ent.news\/2022\/11\/%D8%A8%D9%8A%D8%A7%D9%86-%D8%B5%D8%AD%D9%81%D9%89-%D8%A7%D9%84%D8%AA%D8%B6%D8%AE%D9%85-%D8%A3%D9%83%D8%AA%D9%88%D8%A8%D8%B1-2022.pdf\">Central Bank of Egypt data (pdf)<\/a>. This is the 14th month in a row that core inflation has accelerated.<\/p>\n<p><strong>We haven\u2019t seen anything yet:<\/strong> October\u2019s data doesn\u2019t reflect the impact of the decision by the CBE to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ddd263a4-f28f-47d4-90e2-e93c3db56a26\">float the currency<\/a> at the end of the month, which has led to the EGP falling almost 24% against the greenback. \u201cThe upcoming months, mainly November and December, are likely to reflect the full pass-through effect of the EGP devaluation,\u201d Al Ahly Pharos analyst Esraa Ahmed wrote in a note Thursday. \u201cThis would coincide with unfavorable base effect during 4Q 2022 and 1Q 2023, fueling <strong>expected annual inflation readings that might hit the 20% y-o-y border for some months<\/strong>.\u201d Meanwhile, analysts at CI Capital see the rate <strong>averaging 18% between November and February<\/strong> due to the depreciation of the currency and the repealing of the government\u2019s import restrictions.<\/p>\n<p><strong>Goodbye 7% target:<\/strong> The central bank is planning to scrap its 7% (\u00b12%) target and will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/06c4e072-4011-4127-a6c3-c014b13880aa\">announce<\/a> a new target range before the end of the 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\/capmas\/\">CAPMAS<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/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=\"577170\" 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=\"577170\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypt-can-cover-usd-16-bn-financing-gap-says-maait\/\">\r\n                            Egypt can cover USD 16 bn financing gap, says Maait                        <\/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\/2022\/11\/13\/egypt-can-cover-usd-16-bn-financing-gap-says-maait\/\" 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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These sources of funding should be arriving within the next \u201cdays, weeks, and months,\u201d Maait said, without providing further details on the size or timeline for these anticipated inflows. He did note that Qatar\u2019s sovereign wealth fund deposited USD 1 bn at the Central Bank of Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f72cd713-290a-4932-b374-56c1dbdcc856\">last week<\/a>.<\/p>\n<p><strong>The IMF program + support from multilateral lenders will help us cover USD 16 bn <\/strong><strong>financing gap:<\/strong> Egypt\u2019s external funding gap over the next four years is expected to come in at USD 16 bn, but the Finance Ministry is confident that it will be able to find the money. \u201cWe are sure about getting this financing gap\u201d covered during the loan period, Maait told the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-10\/egypt-reveals-16-billion-funding-gap-that-imf-deal-can-help-fix?srnd=premium-middle-east#xj4y7vzkg\">business newswire<\/a>. The minister said this will happen with a combination of the USD 3 bn from the IMF, another USD 5 bn the IMF program helped us secure from multilateral lenders \u2014 which he said will likely land in state coffers during the current fiscal year \u2014 and more debt issuances and investments.<\/p>\n<p><strong>Egypt is searching for new sources of funding:<\/strong> With Egypt\u2019s access to Western capital markets heavily curtailed, the government is continuing to focus on diversifying its funding sources, the minister said. \u201cWe are now in a good stage for issuing a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a84e409a-3a6c-4241-8906-8c6a0b2c0ee3\">USD 500 mn panda bond<\/a> in Chinese capital markets [and] we are working on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/88126f66-190a-4cdd-a26b-d5ce65a7e762\">sukuk<\/a> for private placement and also a public offering in international markets,\u201d the minister said. \u201cWe\u2019re trying to diversify at this stage and depend more on MDBs\u2019 concessional loans,\u201d as well as financing for green projects, he said.<\/p>\n<p><strong>Portfolio inflows are starting to trickle in, but we\u2019ve learned our lesson:<\/strong> Portfolio investors have slowly started to dip their toes back into the EGP carry trade in the wake of the IMF announcement, but the lesson remains that \u201cthis kind of inflows is not secure\u201d and that the priority should be to focus on attracting FDI and boosting exports, Maait said. Egypt has seen at least USD 20 bn in portfolio outflows this year due to tightening financial conditions and the economic shock caused by the war in Ukraine.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/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=\"577172\" 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=\"577172\">\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\">Infrastructure<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/the-first-german-green-logistics-hub-in-sokhna-360\/\">\r\n                            The first German green logistics hub in Sokhna 360                        <\/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\/2022\/11\/13\/the-first-german-green-logistics-hub-in-sokhna-360\/\" 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\/2022\/11\/13\/the-first-german-green-logistics-hub-in-sokhna-360\/')\">\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\/2022\/11\/13\/the-first-german-green-logistics-hub-in-sokhna-360\/\">\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 first German green logistics hub in Sokhna 360&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/the-first-german-green-logistics-hub-in-sokhna-360\/\">\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\/2022\/11\/13\/the-first-german-green-logistics-hub-in-sokhna-360\/&title=The first German green logistics hub in Sokhna 360\">\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+first+German+green+logistics+hub+in+Sokhna+360+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F13%2Fthe-first-german-green-logistics-hub-in-sokhna-360%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\/2022\/11\/13\/the-first-german-green-logistics-hub-in-sokhna-360\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/198.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577173\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/the-first-german-green-logistics-hub-in-sokhna-360\/198-jpg-18\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/198.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"198.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/198.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/198.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577172\" class=\"content-area-description single-story post-577172 post type-post status-publish format-standard has-post-thumbnail hentry category-infrastructure tag-banque-misr tag-basf tag-elsewedy-electric tag-enterpriseam tag-infrastructure tag-lafarge-egypt tag-sokhna-360 tag-suez-canal-economic-zone tag-waste-management wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Elsewedy Industrial Development inked an MoU with German chemical <\/strong><strong>producer BASF to build a green logistics hub<\/strong> in Elsewedy\u2019s <a href=\"https:\/\/www.elsewedydevelopment.com\/en\/projectsDetails\/25\">Sokhna 360<\/a> industrial city, the companies said in <a href=\"https:\/\/ent.news\/2022\/11\/Elsewedy-BASF.pdf\">a joint statement (pdf)<\/a> Thursday.<\/p>\n<p><strong>Sokhna 360?<\/strong> It\u2019s a 10-mn sqm industrial area of the Ain Sokhna industrial zone featuring residential units and commercial areas. It offers multinationals a number of incentives including full foreign ownership of companies, 100% foreign control of import and export activities, and full exemptions from customs duties and sales tax.<\/p>\n<p><strong>What they said:<\/strong> \u201cBASF trusted that Sokhna 360 suited their aspirations to allocate their first green logistic hub, assuring the high standards of safety, technology, integration and sustainability.\u201d said Elsewedy Industrial Development\u2019s CEO Mohamed El Kamah.<\/p>\n<p><strong>ALSO AT SOKHNA 360- Elsewedy Industrial Development, Geocycle, and Lafarge <\/strong><strong>Egypt <\/strong><strong>will work together<\/strong><strong> on managing construction and infrastructure waste from Sokhna 360<\/strong> under an MoU signed on Friday, the companies said in <a href=\"https:\/\/ent.news\/2022\/11\/Press-Release-Elsewedy-Industrial-Development-Geocycle-and-Lafarge-Egypt-Sign-MoU.docx.pdf\">a statement (pdf)<\/a>. Geocycle will be given the right to directly enter into agreements with factories at the industrial city \u201cto safely and sustainably manage their industrial waste,\u201d while Lafarge Egypt is set to provide cement or concrete that are eco-friendly for construction in the city.<\/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\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/basf\/\">BASF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lafarge-egypt\/\">LaFarge Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sokhna-360\/\">Sokhna 360<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/waste-management\/\">waste management<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577174\" 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=\"577174\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/contact-financial-closes-egp-1-1-bn-securitized-bond-issuance\/\">\r\n                            Contact Financial closes EGP 1.1 bn securitized bond issuance                        <\/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\/2022\/11\/13\/contact-financial-closes-egp-1-1-bn-securitized-bond-issuance\/\" 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\/2022\/11\/13\/contact-financial-closes-egp-1-1-bn-securitized-bond-issuance\/')\">\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\/2022\/11\/13\/contact-financial-closes-egp-1-1-bn-securitized-bond-issuance\/\">\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=Contact Financial closes EGP 1.1 bn securitized bond issuance&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/contact-financial-closes-egp-1-1-bn-securitized-bond-issuance\/\">\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\/2022\/11\/13\/contact-financial-closes-egp-1-1-bn-securitized-bond-issuance\/&title=Contact Financial closes EGP 1.1 bn securitized bond issuance\">\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=Contact+Financial+closes+EGP+1.1+bn+securitized+bond+issuance+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F13%2Fcontact-financial-closes-egp-1-1-bn-securitized-bond-issuance%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\/2022\/11\/13\/contact-financial-closes-egp-1-1-bn-securitized-bond-issuance\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/200.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577175\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/contact-financial-closes-egp-1-1-bn-securitized-bond-issuance\/200-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/200.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"200.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/200.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/200.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577174\" class=\"content-area-description single-story post-577174 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-contact-financial tag-debt tag-debt-watch tag-enterpriseam tag-securitization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Contact Financial has closed an EGP 1.076 bn securitized bond <\/strong><strong>issuance<\/strong> for its consumer finance arms Contact Creditech and Contact Credit, it said in <a href=\"https:\/\/ent.news\/2022\/11\/contact-securities-bond-AR.pdf\">a statement (pdf)<\/a>. The three-tranche issuance was backed by a EGP 1.54 bn portfolio and was part of a EGP 10 bn securitization program, the statement notes.<\/p>\n<p><strong>Who bought in:<\/strong> Unspecified banking and non-banking institutional investors, the statement says, without providing further information.<\/p>\n<p><strong>Advisors:<\/strong> Contact Financial Holding was bookrunner, arranger, and underwriter for the issuance. The National Bank of Egypt, CIB, and Al Ahly Pharos also acted as promoters and underwriters. Alieldean Weshahi & Partners were counsel.<\/p>\n<p><strong>DATA POINT- That brings us to nearly 3x of last year\u2019s securitization activity:<\/strong> Contact\u2019s issuance brings the total value of securitized bonds brought to market to around EGP 43.9 bn, according to data tracked by Enterprise. That\u2019s nearly threefold the amount of securitized bonds that were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d63bde8a-8f94-4b1b-9508-527c3143b1c3\">sold last year<\/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\/contact-financial\/\">Contact Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/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=\"577176\" 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=\"577176\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/blnk-lines-up-usd-32-mn-in-funding-including-debt-equity-and-proceeds-from-securitized-bond\/\">\r\n                            Blnk lines up USD 32 mn in funding, including debt, equity and proceeds from securitized bond                        <\/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\/2022\/11\/13\/blnk-lines-up-usd-32-mn-in-funding-including-debt-equity-and-proceeds-from-securitized-bond\/\" 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\/2022\/11\/13\/blnk-lines-up-usd-32-mn-in-funding-including-debt-equity-and-proceeds-from-securitized-bond\/')\">\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\/2022\/11\/13\/blnk-lines-up-usd-32-mn-in-funding-including-debt-equity-and-proceeds-from-securitized-bond\/\">\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=Blnk lines up USD 32 mn in funding, including debt, equity and proceeds from securitized bond&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/blnk-lines-up-usd-32-mn-in-funding-including-debt-equity-and-proceeds-from-securitized-bond\/\">\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\/2022\/11\/13\/blnk-lines-up-usd-32-mn-in-funding-including-debt-equity-and-proceeds-from-securitized-bond\/&title=Blnk lines up USD 32 mn in funding, including debt, equity and proceeds from securitized bond\">\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=Blnk+lines+up+USD+32+mn+in+funding%2C+including+debt%2C+equity+and+proceeds+from+securitized+bond+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F13%2Fblnk-lines-up-usd-32-mn-in-funding-including-debt-equity-and-proceeds-from-securitized-bond%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\/2022\/11\/13\/blnk-lines-up-usd-32-mn-in-funding-including-debt-equity-and-proceeds-from-securitized-bond\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/201.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577177\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/blnk-lines-up-usd-32-mn-in-funding-including-debt-equity-and-proceeds-from-securitized-bond\/201-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/201.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"201.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/201.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/201.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577176\" class=\"content-area-description single-story post-577176 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-blnk tag-enterpriseam tag-financial-inclusion tag-fintech tag-startup-watch tag-startups 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-08\"><\/a> <strong>Fintech startup <\/strong><strong><a href=\"https:\/\/www.blnk.ai\">Blnk<\/a><\/strong><strong> has lined up<\/strong><strong> USD 32 mn in <\/strong><strong>funding<\/strong>, the company said in <a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/blnk-raises-32mln-to-power-instant-inclusive-consumer-credit-in-egypt-o6ehodsi\">a<\/a><a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/blnk-raises-32mln-to-power-instant-inclusive-consumer-credit-in-egypt-o6ehodsi\">statement<\/a> Thursday. The money includes USD 23.7 mn in equity and debt capital, as well as the USD 8.3 mn (EGP 202 mn) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/000f491d-fd7f-4657-aecf-62739e212b25\">securitized bond issuance<\/a> that closed last week.<\/p>\n<p><strong>Among the company\u2019s new investors: <\/strong><a href=\"https:\/\/www.nh.ae\/our-businesses\/eiic\/\">Abu Dhabi\u2019s Emirates International Investment<\/a><a href=\"https:\/\/www.nh.ae\/our-businesses\/eiic\/\">Company<\/a> (EIIC), <a href=\"https:\/\/sawariventures.com\">Sawari Ventures<\/a>, as well as angel investors, invested USD 12.5 mn in a combined pre-seed and seed funding round, the company said.<\/p>\n<p><strong>And the creditors?<\/strong> Blnk said a number of \u201cleading local banks\u201d lent it USD 11.2 mn, but didn\u2019t didn\u2019t disclose their identities. Banque du Caire and the National Bank of Egypt underwrote the securitized bond issuance.<\/p>\n<p><strong>Where the money\u2019s going:<\/strong> The funding will be used to expand its lending portfolio and further develop its AI-powered lending platform, according to the statement.<\/p>\n<p><strong>About Blnk: <\/strong>It\u2019s a digital AI-powered lending platform that allows merchants to approve and finance customers\u2019 purchases at the point of sale. It focuses primarily on \u201cthe unbanked and financially-underserved.\u201d The company says it has has made USD 20 mn in loans since its launch in fall 2021 \u2014 its CEO and co-founder is Amr Sultan, the former Beltone head of investment banking who went on to co-found Akanar, the advisory shop that Arqaam later acquired.<\/p>\n<p><strong>The story is getting international coverage:<\/strong> <a href=\"https:\/\/www.reuters.com\/technology\/egyptian-startup-blnk-raises-32-million-funding-round-2022-11-10\/\">Reuters<\/a> | <a href=\"https:\/\/techcrunch.com\/2022\/11\/10\/blnk-a-fintech-that-provides-instant-consumer-credit-in-egypt-raises-32m-in-debt-and-equity\/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAHXEZlQMVkikMO01z_1WST-TqLcV_Y33M90Cwq7BKx3X-nRjAJfMUJA7i__zutzC2pIEdZyODAtPxw7zJumV9E1NJdmiWdHBY_I7XIfSA5MajnT6o_T-fXY2bzqxp2CtNJz5tVbTHed6XeP1QYS5kS2hfLEG_paF-lEdCY6JoWDR\">Techcrunch<\/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\/blnk\/\">Blnk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-inclusion\/\">financial inclusion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/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=\"577178\" 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=\"577178\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/palm-hills-revenues-surge-to-egp-9-5-bn-in-9m-2022-up-62-y-o-y\/\">\r\n                            Palm Hills revenues surge to EGP 9.5 bn in 9M 2022, up 62% y-o-y                        <\/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\/2022\/11\/13\/palm-hills-revenues-surge-to-egp-9-5-bn-in-9m-2022-up-62-y-o-y\/\" 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\/2022\/11\/13\/palm-hills-revenues-surge-to-egp-9-5-bn-in-9m-2022-up-62-y-o-y\/')\">\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\/2022\/11\/13\/palm-hills-revenues-surge-to-egp-9-5-bn-in-9m-2022-up-62-y-o-y\/\">\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=Palm Hills revenues surge to EGP 9.5 bn in 9M 2022, up 62% y-o-y&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/palm-hills-revenues-surge-to-egp-9-5-bn-in-9m-2022-up-62-y-o-y\/\">\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\/2022\/11\/13\/palm-hills-revenues-surge-to-egp-9-5-bn-in-9m-2022-up-62-y-o-y\/&title=Palm Hills revenues surge to EGP 9.5 bn in 9M 2022, up 62% y-o-y\">\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=Palm+Hills+revenues+surge+to+EGP+9.5+bn+in+9M+2022%2C+up+62%25+y-o-y+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F13%2Fpalm-hills-revenues-surge-to-egp-9-5-bn-in-9m-2022-up-62-y-o-y%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\/2022\/11\/13\/palm-hills-revenues-surge-to-egp-9-5-bn-in-9m-2022-up-62-y-o-y\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577178\" class=\"content-area-description single-story post-577178 post type-post status-publish format-standard hentry category-earnings-watch tag-earnings tag-earnings-watch tag-enterpriseam tag-palm-hills-developments tag-real-estate wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Palm Hills Developments<\/strong><strong> reported record-high net income after tax and minority <\/strong><strong>interest<\/strong><strong> of EGP 911 mn in 9M 2022<\/strong>, up 43% y-o-y, the developer said in its <a href=\"https:\/\/ent.news\/2022\/11\/PalmHills9M2022earnings.pdf\">earnings<\/a><a href=\"https:\/\/ent.news\/2022\/11\/PalmHills9M2022earnings.pdf\">release<\/a><a href=\"https:\/\/ent.news\/2022\/11\/PalmHills9M2022earnings.pdf\">(pdf<\/a><a href=\"https:\/\/ent.news\/2022\/11\/PalmHills9M2022earnings.pdf\">)<\/a>. The record bottom line comes on the back of revenues reaching an all-time high during the nine-month period to EGP 9.5 bn, up 62% y-o-y.<\/p>\n<p><strong>Sales see solid growth: <\/strong>New sales rose 36% y-o-y to EGP 17.5 bn during 9M 2022, with sales of residential properties rising 31% y-o-y to EGP 15.1 bn, and commercial sales hitting EGP 2.4 bn, up 83%, the company said. The sales performance is the best in the company\u2019s history, it said in the release, noting that it is ramping up construction spending, with a focus on \u201cBadya<\/p>\n<p>and Palm Hills New Cairo,\u201d its largest developments.<\/p>\n<p><strong>A better-than-expected 2022:<\/strong> \u201cI am encouraged by the company\u2019s financial resilience and steady improvements across various fronts,\u201d Executive Chairman Yasseen Mansour said. \u201cWe expect to surpass our previously announced operational and financial targets for full year 2022.\u201d<\/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\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palm-hills-developments\/\">Palm Hills Developments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577179\" 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                            \"\r\n            id=\"577179\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/577179\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577179\" class=\"content-area-description single-story post-577179 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_CONNECTIONS_1600px.jpg?ssl=1\" alt='enterprise'><\/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<section id=\"577180\" 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=\"577180\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/el-sisi-biden-meeting-leads-the-conversation-on-the-talk-shows\/\">\r\n                            El Sisi-Biden meeting leads the conversation on the talk shows                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/el-sisi-biden-meeting-leads-the-conversation-on-the-talk-shows\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/el-sisi-biden-meeting-leads-the-conversation-on-the-talk-shows\/')\">\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\/2022\/11\/13\/el-sisi-biden-meeting-leads-the-conversation-on-the-talk-shows\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=El Sisi-Biden meeting leads the conversation on the talk shows&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/el-sisi-biden-meeting-leads-the-conversation-on-the-talk-shows\/\">\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\/2022\/11\/13\/el-sisi-biden-meeting-leads-the-conversation-on-the-talk-shows\/&title=El Sisi-Biden meeting leads the conversation on the talk shows\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=El+Sisi-Biden+meeting+leads+the+conversation+on+the+talk+shows+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F13%2Fel-sisi-biden-meeting-leads-the-conversation-on-the-talk-shows%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/el-sisi-biden-meeting-leads-the-conversation-on-the-talk-shows\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577180\" class=\"content-area-description single-story post-577180 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-climate tag-cop27 tag-diplomacy tag-enterpriseam tag-joe-biden tag-last-nights-talk-shows tag-nancy-pelosi tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>President El Sisi\u2019s t\u00eate-\u00e0-t\u00eate with Biden on Friday dominated the conversation on the <\/strong><strong>airwaves last night<\/strong>, with El Hekaya\u2019s Amr Adib praising El Sisi\u2019s \u201cpre-emptive step\u201d of raising the thorny human rights subject during the meeting (<a href=\"https:\/\/www.youtube.com\/watch?v=6BWcvwoWC2M\">watch, runtime: 1:16<\/a>) and Kelma Akhira\u2019s El Lamees Hadidi turning body-language expert and analyzing the photo of House Speaker Nancy Pelosi walking arm-in-arm with El Sisi (<a href=\"https:\/\/www.youtube.com\/watch?v=Li1j9s2FmaA\">watch, runtime: 4:06<\/a>). The sit-down is also getting coverage from Masa\u2019a DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=b101txOdJ9k\">watch, runtime: 13:04<\/a>), Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=H_Ud5qiRCgE\">watch, runtime: 2:33<\/a>), and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=qO59hj5C2zE\">watch, runtime: 13:15<\/a>), who featured an interview with the State Department\u2019s regional spokesperson (and Cairo veteran) <a href=\"https:\/\/2017-2021.state.gov\/biographies\/samuel-werberg\/index.html\">Sam Werberg<\/a> (watch, runtime: <a href=\"https:\/\/www.youtube.com\/watch?v=cmMgc_HDb4w\">3:08<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=qLTfLtXjFkg\">3:35<\/a>).<\/p>\n<p><strong>There was plenty of coverage of the conference: <\/strong>The launch of the Decent Life Initiative for a Climate Resilient Africa by 2030 is got a mention by Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=gUKG0jigMds\">watch, runtime: 8:09<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=gznAuGTiFGY\">watch, runtime: 1:46<\/a>). The launch of Brain Trust Africa by financial institutions is getting a note by Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=CQty2VbVPiY\">watch, runtime: 3:01<\/a>), as did the second day of the Saudi Green Initiative Forum (SGIForum) on the sidelines of COP (<a href=\"https:\/\/www.youtube.com\/watch?v=61Dhg8demy0\">watch, runtime: 2:14<\/a>). Meanwhile, El Hadidi said that Egypt has signed MoUs worth USD 23.6 bn during the summit so far in a segment highlighting how COP is benefiting Egypt and defending the large amounts of money that have spent preparing Sharm El Sheikh (<a href=\"https:\/\/www.youtube.com\/watch?v=U7d8URwKov8\">watch, runtime: 3:44<\/a>).<\/p>\n<p><strong>And more rebuttals to Western criticism:<\/strong> El Hadidi fended off accusations by Western media that food and drink was in short supply at the summit by speaking about her experiences at COP26 in Glasgow and accusing journalists of \u201cexaggerating the problem\u201d (<a href=\"https:\/\/www.youtube.com\/watch?v=tJv9l55FSe8\">watch, runtime: 5:22<\/a>).<\/p>\n<p><strong>11\/11:<\/strong> Ala Mas\u2019ouleety\u2019s Ahmed Moussa expressed his happiness that protests failed to materialize on Friday and thanked his viewers for staying at home (<a href=\"https:\/\/www.youtube.com\/watch?v=0xva3klWSqA\">watch, runtime: 4:22<\/a>). El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=2I2V3pMx5Vo\">watch, runtime: 3:36<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=fylQW3LcUxM\">watch, runtime: 4:07<\/a>) also took note of the calls to protest being snubbed.<\/p>\n<p><strong>A deadly crash that killed at least 21 people and injured eight others after a bus derailed <\/strong><strong>into Dakahliya\u2019s Mansuriya canal<\/strong> is also getting coverage. The region\u2019s governor, Ayman Mokhtar, said that the bus driver has been arrested and tested positive for narcotics. Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=hVHuh51BNpw\">watch, runtime: 4:27<\/a>), Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=2m61iNa-E3g\">watch, runtime: 1:01<\/a>) and others had coverage. The accident is getting international coverage from outlets ranging from <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/least-17-dead-egypt-after-bus-falls-into-canal-security-sources-2022-11-12\/\">Reuters<\/a> and the <a href=\"https:\/\/apnews.com\/article\/middle-east-africa-business-egypt-cairo-02cce71e69ecaa48f0beb549283c94e9\">Associated Press<\/a> to <a href=\"https:\/\/english.alarabiya.net\/News\/middle-east\/2022\/11\/12\/At-least-17-dead-16-injured-after-bus-falls-into-canal-in-Egypt-Security-sources\">Al Arabiya<\/a>, among others.<\/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\/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\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/joe-biden\/\">Joe Biden<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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class=\"content-area-description single-story post-577182 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-abdel-fattah-el-sisi tag-alaa-abdel-fattah tag-cop27 tag-enterpriseam tag-human-rights tag-joe-biden wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Jailed activist Alaa Abdel Fattah led the conversation on Egypt in the international <\/strong><strong>press over the weekend<\/strong> after his family said he has \u201cundergone a medical intervention\u201d to maintain his health as he continues his hunger and water strike. Picking up the story: <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-authorities-intervene-maintain-health-hunger-striker-family-member-2022-11-10\/\">Reuters<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/world-middle-east-63582469\">BBC<\/a> | <a href=\"https:\/\/www.dw.com\/en\/egypt-dissident-hunger-striker-hospitalized-by-authorities\/a-63707892\">Deutsche Welle<\/a> | <a href=\"https:\/\/www.haaretz.com\/middle-east-news\/2022-11-11\/ty-article\/.premium\/an-egyptian-political-prisoners-hunger-strike-crashes-the-climate-party\/00000184-663b-d28d-a7fe-767f64930000\">Haaretz<\/a> | <a href=\"https:\/\/edition.cnn.com\/2022\/11\/10\/middleeast\/alaa-abd-el-fattah-egypt-dual-nationality-cop27\/index.html\">CNN<\/a> | <a href=\"https:\/\/www.ft.com\/content\/d4d07560-1ef4-4858-916e-49c57710e4ff\">FT<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/11\/12\/opinion\/alaa-hunger-strike-egypt-cop.html?searchResultPosition=3\">NYT<\/a>. Meanwhile, the <a href=\"https:\/\/abcnews.go.com\/International\/wireStory\/drinks-egypt-climate-talks-now-free-jailed-activist-93044485\">Associated Press<\/a> took note of Foreign Minister Sameh Shoukry reiterating his belief that COP27 should be focused on climate change, rather than on Abdel Fattah and other political issues.<\/p>\n<p><strong>Yesterday\u2019s protests at COP are getting just as much attention<\/strong>, with foreign media commenting on a number of small climate demonstrations that took place yesterday in the blue zone. Abdel Fattah\u2019s sister Sanaa Seif led a separate protest calling for the release of the jailed activist. Covering the protests: <a href=\"https:\/\/apnews.com\/article\/biden-travel-africa-business-efb5eaf273942f5e7f61f1d49b6dc984\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/business\/cop\/curbs-rights-weaken-egypts-climate-talks-campaigners-say-2022-11-12\/\">Reuters<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/world\/hundreds-protest-for-climate-action-at-un-summit\/2022\/11\/12\/47479110-62a1-11ed-a131-e900e4a6336b_story.html\">Washington Post<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/11\/12\/climate\/cop27-protests-egypt.html?searchResultPosition=1\">New York Times<\/a> among others.<\/p>\n<p><strong>President Abdel Fattah El Sisi\u2019s sit-down with US President Joe Biden<\/strong> on Friday is also making the rounds, with most outlets focusing on the human rights angle (<a href=\"https:\/\/www.reuters.com\/world\/us-president-biden-praises-egypt-its-stance-ukraine-gaza-2022-11-11\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-11\/biden-says-he-will-raise-human-rights-with-egypt-s-el-sisi?sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.thenationalnews.com\/climate\/cop27\/2022\/11\/11\/biden-and-sisi-meet-as-us-president-set-to-address-cop27-summit\/\">The National<\/a>). The White House is doing \u201ceverything we can\u201d to secure the activist\u2019s release and other political detainees, the <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/11\/12\/biden-egypt-activist-alaa-abdel-fattah\/\">Washington Post<\/a> reported US national security adviser Jake Sullivan saying on board air force one. We have the full story in Diplomacy, below.<\/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\/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\/alaa-abdel-fattah\/\">Alaa Abdel Fattah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/joe-biden\/\">Joe Biden<\/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=\"577184\" 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=\"577184\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/biden-and-el-sisi-discuss-climate-and-alaa-abdel-fattah\/\">\r\n                            Biden and El Sisi discuss climate and Alaa Abdel Fattah                        <\/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\/2022\/11\/13\/biden-and-el-sisi-discuss-climate-and-alaa-abdel-fattah\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The two promised to step up efforts to address climate change, according to readouts from the <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/11\/11\/readout-of-president-joseph-r-biden-jr-s-meeting-with-president-of-egypt-abdel-fattah-el-sisi\/\">White House<\/a> and <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02xapWxPVsUFLPtuns65oWRgWLCoJBYVb8kpcruJ5FdTPthMRUJVeRk7Wa7KrSAkZ9l\">Ittihadiya<\/a>. Biden and El Sisi also reaffirmed the importance of the two countries\u2019 strategic relations, along with security and political turbulence in the region, especially in Palestine, Libya and Yemen. The story got coverage in <a href=\"https:\/\/www.reuters.com\/world\/us-president-biden-praises-egypt-its-stance-ukraine-gaza-2022-11-11\/\">Reuters<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-11\/biden-says-he-will-raise-human-rights-with-egypt-s-el-sisi\">Bloomberg<\/a>, among others.<\/p>\n<p><strong>Human rights was on the agenda:<\/strong> El Sisi underscored Egypt\u2019s efforts on the human rights front by pointing to the national human rights strategy Egypt launched last year, as well as the reactivation of the presidential pardon committee, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-launched-comprehensive-national-human-rights-strategy-sisi-tells-biden-2022-11-11\/\">Reuters<\/a> reports. Biden brought up activist Alaa Abdel Fattah and called for his release, after his family submitted a fresh <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/1233\/479598\/Egypt\/Courts--Law\/Family-of-jailed-activist-Alaa-AbdelFattah-asks-fo.aspx\">appeal for a presidential pardon<\/a>. Biden\u2019s discussion of Alaa\u2019s detention with El Sisi comes after the Prosecutor General issued a <a href=\"https:\/\/bit.ly\/3AcEiAJ\">statement<\/a> on Thursday asserting that Alaa is in \u201cgood health.\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-11\/biden-says-he-will-raise-human-rights-with-egypt-s-el-sisi\">Bloomberg<\/a> had the story.<\/p>\n<p><strong>LOCAL REAX- Local media covered the family\u2019s appeal for a presidential pardon<\/strong>, positioning it as the first time that an appeal was made in the \u201ccorrect means\u201d as opposed to in the Western press. Influential talkshow host Amr Adib waded into the topic on Friday night (<a href=\"https:\/\/fb.watch\/gKu1HeEy1x\/\">watch, runtime: 3:48<\/a>), saying that in this case, Egypt should do whatever is in its best interest. See more in <a href=\"https:\/\/bit.ly\/3fYuxiK\">Masrawy<\/a> | <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2739588\">AMAY<\/a> | <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=12112022&id=24ed6ad5-f004-4322-8b6a-104a0a4bf195\">Al Shorouk<\/a> | <a href=\"https:\/\/www.dostor.org\/4229225\">Al Dostor<\/a>.<\/p>\n<p><strong>Shoukry, Kerry talk climate on the sidelines: <\/strong>Foreign Minister and COP27 President Sameh Shoukry met with the US climate envoy John Kerry to discuss climate topics on the COP agenda, the Egyptian Foreign Ministry said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02GQH1Lh6RuQT5o2hT69eifiayS2EUJMqGZQqq8HaDekEK58UEvP6wF6VXkAjfHgL9l?__cft__[0]=AZWpZFYsPSzarnOpg1lrkH_jb_AuXbpPnPB432xe40VyBL0yQAUgteXgkUjbWy1wO1KHiemC80QFPNkDHJPEcoeLm_6FQ_DUZx4dewVtPWDlYAFkJdvi528_XH0Ih-L1sM_8_Zx0GEzLBR6sWj3iC4gdaoMXm8_eqp4QnDPwCwLQO8LTfporyKfCWg8whJqf1HA&__tn__=%2CO%2CP-R\">a statement<\/a>. Shoukry stressed that Egypt is looking to help countries participating in COP27 to reach common ground on global climate issues, while Kerry presented the US\u2019 position on the topics at hand, the statement said, without providing further information.<\/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\/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\/alaa-abdel-fattah\/\">Alaa Abdel Fattah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate-change\/\">climate change<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/joe-biden\/\">Joe Biden<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577185\" 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\/2022\/11\/13\/577185\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577185\" class=\"content-area-description single-story post-577185 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><strong>NOVEMBER<\/strong><\/p>\n<p>6-18 November (Sunday-Friday): Egypt will host <a href=\"https:\/\/cop27.eg\/\">COP27<\/a> in Sharm El Sheikh.<\/p>\n<p>7-13 November (Monday-Sunday): The International University Sports Federation (FISU) <a href=\"https:\/\/www.worldsquash.org\/2022-fisu-world-university-championship-squash-to-take-place-in-egypt\/\">World University<\/a> Squash Championships, New Giza.<\/p>\n<p>10-13 November (Thursday-Sunday): <a href=\"https:\/\/www.instagram.com\/tv\/Ckdf_FGrolw\/?igshid=MDJmNzVkMjY%3D\">Asian Tour \u2014 International Series Egypt<\/a>, Madinaty, Egypt.<\/p>\n<p>13 November (Sunday): Senate back in session.<\/p>\n<p>15-16 November (Tuesday-Wednesday): <a href=\"https:\/\/www.g20.org\/bali-summit\/\">G20 summit<\/a>, Bali, Indonesia.<\/p>\n<p>20 November (Sunday): House back in session.<\/p>\n<p>21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p>22 November- 23 November (Tuesday-Wednesday): <a href=\"http:\/\/thefingerprintsummit.org\/#\/speakersnew\">The Fingerprint Summit<\/a> will be held at the Nile Ritz Carlton Hotel.<\/p>\n<p>27 - 28 November (Thursday-Friday): The first edition of the <a href=\"https:\/\/twitter.com\/Extranewstv\/status\/1579478836366176256\">Egypt Media Forum<\/a>.<\/p>\n<p>27-30 November (Sunday-Wednesday): <a href=\"https:\/\/cairoict.com\/\">Cairo ICT<\/a>, Egypt International Exhibition Center, New Cairo.<\/p>\n<p><strong>DECEMBER<\/strong><\/p>\n<p>1 December (Thursday): Sphinx International Airport <a href=\"https:\/\/bit.ly\/3UdDqDB\">will begin operating<\/a> international flights.<\/p>\n<p>1 December (Thursday): Contractors to <a href=\"https:\/\/www.youm7.com\/5964288\">break ground<\/a> on Egypt-Saudi interconnection project.<\/p>\n<p>3 December (Saturday): Dior Men\u2019s pre-fall collection show in Giza.<\/p>\n<p>5-8 December (Monday-Thursday): QS <a href=\"https:\/\/www.reimagine-education.com\/agenda\/\">Reimagine Education Awards and Conference<\/a>, multiple locations.<\/p>\n<p>10 December (Saturday): The TriFactory\u2019s <a href=\"https:\/\/www.thetrifactory.com\/pyramidshalfmarathon\">Pyramids Half Marathon<\/a>.<\/p>\n<p>10-12 December (Saturday-Monday): The 2nd edition of the <a href=\"https:\/\/www.facebook.com\/NebuGoldExpo\/\">Nebu Expo for Gold and Jewelry<\/a>kicks off.<\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>13-15 December (Tuesday-Thursday): US-Africa Leaders Summit.<\/p>\n<p>15 December (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>December: The Sixth of October dry port <a href=\"https:\/\/bit.ly\/3u3uB4u\">will begin operations<\/a>.<\/p>\n<p>December: Egyptian Automotive Summit.<\/p>\n<p>December: Egypt to <a href=\"https:\/\/bit.ly\/3bVoWYy\">expand Sudan electricity link capacity<\/a> to 300 MW.<\/p>\n<p>December: Chinese President Xi Jinping <a href=\"https:\/\/www.reuters.com\/business\/cop\/trade-security-agenda-xi-visit-saudi-arabia-saudi-minister-2022-11-12\/\">visit<\/a>to Saudi Arabia<\/p>\n<p><strong>JANUARY 2023<\/strong><\/p>\n<p>January: EGX-listed companies and non-bank lenders will submit ESG reports for the first time.<\/p>\n<p>January: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>1 January (Sunday): Use of Nafeza <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381373340699759\">becomes compulsory<\/a> for air freight.<\/p>\n<p>1 January (Sunday): Residential electricity bills are set to rise as per the government\u2019s <a href=\"https:\/\/ent.news\/2020\/6\/%D8%A7%D9%84%D9%85%D8%A4%D8%AA%D9%85%D8%B1-%D8%A7%D9%84%D8%B5%D8%AD%D9%81%D9%89-%D9%84%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D9%84%D9%84%D8%AE%D9%85%D8%B3-%D8%B3%D9%86%D9%88%D8%A7%D8%AA-%D8%A7%D9%84%D9%82%D8%A7%D8%AF%D9%85%D8%A9-9-6-2020-1.pdf\">six-year roadmap (pdf)<\/a> to restructure electricity prices by 2025.<\/p>\n<p>7 January (Saturday): Coptic Christmas.<\/p>\n<p>24 January-6 February: The 54th Cairo International Book Fair, Egypt International Exhibition Center<\/p>\n<p>25 January (Wednesday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>26 January (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>30 January-1 February (Monday-Wednesday): CI Capital\u2019s Annual MENA Investor Conference 2023, Cairo, Egypt.<\/p>\n<p><strong>FEBRUARY 2023<\/strong><\/p>\n<p>11 February (Saturday): Second semester of 2022-2023 academic year begins for public universities.<\/p>\n<p>13-15 February (Monday-Wednesday): The <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show (Egyps)<\/a>, Egypt International Exhibition Center, Cairo.<\/p>\n<p>23-27 February (Thursday-Monday): Annual Business Women of Egypt\u2019s Women for Success conference.<\/p>\n<p><strong>MARCH 2023<\/strong><\/p>\n<p>March: 4Q2022 earnings season.<\/p>\n<p>23 March (Wednesday): First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.<\/p>\n<p><strong>APRIL 2023<\/strong><\/p>\n<p>1 April (Saturday): Deadline for banks to establish sustainability unit.<\/p>\n<p>17 April (Monday): Sham El Nessim.<\/p>\n<p>22 April (Saturday): Eid El Fitr (TBC).<\/p>\n<p>25 April (Tuesday): Sinai Liberation Day.<\/p>\n<p>27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/p>\n<p>Late April \u2013 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1 May (Monday): Labor Day.<\/p>\n<p>4 May (Thursday) National holiday in observance of Labor Day (TBC).<\/p>\n<p>22-26 May (Monday-Friday): Egypt <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>JUNE 2023<\/strong><\/p>\n<p>19-21 June (Monday-Wednesday) Egypt Infrastructure and Water Expo <a href=\"https:\/\/ent.news\/2022\/9\/Announcement__EGYPT_INFRASTRUCTURE_AND_WATER_EXPO_LAUNCHES_JUNE_2023.pdf\">debuts<\/a> at the Egypt International Exhibition Center.<\/p>\n<p>28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).<\/p>\n<p>30 June (Friday): June 30 Revolution Day.<\/p>\n<p><strong>JULY 2023<\/strong><\/p>\n<p>18 July (Tuesday): Islamic New Year.<\/p>\n<p>20 July (Thursday): National holiday in observance of Islamic New Year (TBC).<\/p>\n<p>23 July (Sunday): Revolution Day.<\/p>\n<p>27 July (Thursday): National holiday in observance of Revolution Day.<\/p>\n<p>Late July-14 August: 2Q2023 earnings season.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p>26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p>28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>6 October (Friday): Armed Forces Day.<\/p>\n<p>Late October-14 November: 3Q2023 earnings season.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>2H 2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H 2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H 2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q 2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>3Q 2022: Swvl to close <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">acquisition of<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Urbvan<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Mobility<\/a>.<\/p>\n<p>4Q 2022: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.<\/p>\n<p>End of November: SFE\u2019s pre-IPO fund <a href=\"https:\/\/twitter.com\/AsharqBusiness\/status\/1586689461504589827\">to kick off<\/a>roadshow.<\/p>\n<p>4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.<\/p>\n<p>4Q2022: Raya Holding subsidiary Aman and Qalaa Holdings\u2019 Taqa Arabia to launch their fintech company.<\/p>\n<p>4Q 2022: Saudi Jamjoom Pharma to <a href=\"https:\/\/bit.ly\/3R7SGzP\">inaugurate its EGP 1 bn pharma factory<\/a> in El Obour.<\/p>\n<p>End of 2022: Decent Life first phase scheduled for completion.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p>2023: Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\">will host<\/a> the Asian Infrastructure Investment Bank\u2019s Annual Meeting of the Board of Governors in 2023.<\/p>\n<p>1Q 2023: Adnoc Distribution\u2019s acquisition of 50% of TotalEnergies Egypt to close.<\/p>\n<p>1Q2023: Internal trade database to <a href=\"https:\/\/hapijournal.com\/?p=212185\">launch<\/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":577159,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-577158","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"17b53f96-494b-4395-94c1-be5def8e38ee","teaser":"","photo_url":"https:\/\/ent.news\/2022\/11\/185.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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