{"id":577234,"date":"2022-11-15T04:00:39","date_gmt":"2022-11-15T04:00:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=577234"},"modified":"2025-12-16T11:12:01","modified_gmt":"2025-12-16T11:12:01","slug":"with-just-four-days-left-at-cop27-egypt-calls-on-countries-to-come-to-a-meaningful-agreement","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/with-just-four-days-left-at-cop27-egypt-calls-on-countries-to-come-to-a-meaningful-agreement\/","title":{"rendered":"With just four days left at COP27, Egypt calls on countries to come to a \u201cmeaningful\u201d agreement"},"content":{"rendered":"<section id=\"577236\" 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=\"577236\">\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\/15\/this-morning-four-days-to-find-an-agreement\/\">\r\n                            THIS MORNING: Four days to find an agreement                        <\/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\/15\/this-morning-four-days-to-find-an-agreement\/\" 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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There are just four days left of <\/strong><strong>COP27 and it\u2019s looking tense in Sharm<\/strong> as negotiators look for a way to reach an agreement that will cut emissions and mobilize tons of capital for climate finance. COP27 President Sameh Shoukry <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-14\/cop27-deal-looks-distant-as-loss-and-damage-slows-process?srnd=green-united-nations-climate-summit&amp;leadSource=uverify%20wall&amp;sref=mmeFTDW1\">reiterated yesterday his plea for a \u201cmeaningful\u201d climate agreement<\/a>. \u201cIt is now up to us all here to rise to the occasion and respond to the demands and calls from our communities around the world. We will accept no less than meaningful outcomes at COP27,\u201d he told the summit. \u201cTime is not on our side and the world is watching. Let us come together and deliver now.\u201d<\/p><p><strong>Are we inching toward an agreement on loss-and-damage? <\/strong>The UN published <a href=\"https:\/\/ent.news\/2022\/11\/Co-facilitators_Elements_paper_COP_8f_CMA8f_0.pdf\">a draft text (pdf)<\/a> for a potential pact on loss and damage financing, giving us a first glimpse of what a global agreement on climate financing could look like. <a href=\"https:\/\/www.reuters.com\/business\/environment\/cop27-considering-loss-damage-fund-among-other-finance-options-draft-text-2022-11-14\/\">Reuters<\/a> cautions that the text could change significantly before the end of the summit, and landing an agreement won\u2019t be easy: US climate envoy John Kerry put it bluntly last week, telling the conference that \u201cit\u2019s just not happening.\u201d<\/p><p><strong>Egypt still has hope:<\/strong> Egypt wants to get all countries on board with a \u201ccover text\u201d by Friday, Shoukry <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-14\/cop27-deal-looks-distant-as-loss-and-damage-slows-process?srnd=green-united-nations-climate-summit&amp;leadSource=uverify%20wall&amp;sref=mmeFTDW1\">said<\/a> yesterday. This will set out agreed targets and commitments and provide a framework for negotiations to continue at next year\u2019s COP28.<\/p><p><strong>\u201c\u2018This could be the COP where we lose 1.5\u00b0C,<\/strong>\u201d warned COP26 chief Alok Sharma, as \u201canxiety grows over a push from some countries to weaken the text\u201d particularly as regards loss and damage, <a href=\"https:\/\/www.theguardian.com\/environment\/live\/2022\/nov\/14\/cop27-egypt-lula-brazil-rainforests-climate-conference-live?CMP=share_btn_tw&amp;page=with%3Ablock-63727f3a8f0879496a1ef12f#block-63727f3a8f0879496a1ef12f\">the Guardian<\/a> reports.<\/p><p><strong>** Need to go deeper on what happened yesterday? <\/strong><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f911a7be-a927-4d7b-a583-2fd26e768d4e\">Enterprise Climate has got your back.<\/a><\/p><p><strong>HAPPENING TODAY IN SHARM-<\/strong><\/p><p><strong>It\u2019s <\/strong><strong><a href=\"https:\/\/cop27.eg\/#\/presidency\/eventsThematicDetails\/energy-day\">Energy Day<\/a><\/strong><strong> at the summit<\/strong>, featuring sessions on renewable energy, energy efficiency, and energy transformation focusing on a just transition in the energy sector. Green hydrogen is expected to step into the spotlight as a potential energy source for the future. High-level officials and energy transition champions will kick off the day with a series of opening remarks setting the stage for the \u201cenergy trilemma\u201d the world is facing.<\/p><p><strong>Another green hydrogen agreement today?<\/strong> Masdar, Hassan Allam Utilities and Infinity are expected to sign a MoU with the government for a USD 2 bn, 2-GW green hydrogen project at the conference today.<\/p><p><strong>BACKGROUND-<\/strong> Masdar and HAU announced plans to establish green hydrogen plants in Egypt<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37c6713c-597a-4ba6-adb3-ab0228f7231c\"><\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37c6713c-597a-4ba6-adb3-ab0228f7231c\">back in April<\/a>. Hassan Allam Holding CEO Amr Allam<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6af83467-4f2a-4379-a7c8-5ae62622cdb3\"><\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6af83467-4f2a-4379-a7c8-5ae62622cdb3\">said last month<\/a> that the two companies will invest USD 10 bn in the project, which is expected to produce up to 480k tons of green hydrogen a year.<\/p><p><strong>That might not be the only one:<\/strong> We can expect more green hydrogen MoUs signed between Egypt and investment partners to materialize into contracts \u201cin the coming hours and days,\u201d Egypt climate czar Mahmoud Mohieldin told Masaa DMC in an interview last night (<a href=\"https:\/\/www.youtube.com\/watch?v=pHLZToqcTJU\">watch, runtime: 21:23<\/a>).<\/p><p><strong>HAPPENING TODAY ABROAD-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>The G20 summit is underway:<\/strong> G20 leaders are in Indonesia for the 2022 G20 summit which is taking place in Bali today and tomorrow. The <a href=\"https:\/\/www.ft.com\/content\/749cd7cf-c29d-4508-b2ea-e4f95fa16d2b\">Financial Times<\/a> is reporting that countries will sign on to a communique today rejecting an \u201cera of war,\u201d though it appears that some members declined to condemn Russia for its invasion of Ukraine.<\/p><p><strong>The diplomacy started a day early yesterday<\/strong> when US President Joe Biden and Chinese Premier Xi Jinping met for the first time since Biden became president last year. Though the two failed to see eye-to-eye over Taiwan, the reaction in the press is broadly positive, with global media declaring that the meeting has helped to cool tensions between the rivals and lowered fears over a new Cold War. The story is dominating the foreign press this morning: <a href=\"https:\/\/www.reuters.com\/world\/ahead-tense-g20-summit-biden-xi-meet-talks-2022-11-14\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/biden-taiwan-indonesia-xi-jinping-government-and-politics-961bb4680962cc53b4375af3bcbc4927?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_02\">AP<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-14\/biden-and-xi-reduce-tensions-even-though-it-s-no-kumbaya-moment?srnd=premium-middle-east\">Bloomberg<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/biden-xi-meet-as-countries-move-toward-reopening-communication-11668420685?mod=hp_lead_pos6\">WSJ<\/a> <a href=\"https:\/\/www.nytimes.com\/2022\/11\/14\/business\/china-us-climate-change.html\">NYT<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/11\/14\/biden-sees-no-need-for-a-new-cold-war-with-china-after-three-hour-meeting-with-xi-jinping.html\">CNBC<\/a>.<\/p><p><strong>As the summit begins, the IMF is back with more gloomy economic forecasts:<\/strong> In a <a href=\"https:\/\/www.imf.org\/en\/Blogs\/Articles\/2022\/11\/13\/slowing-global-economic-growth-is-increasingly-evident-high-frequency-data-show\">blog<\/a><a href=\"https:\/\/www.imf.org\/en\/Blogs\/Articles\/2022\/11\/13\/slowing-global-economic-growth-is-increasingly-evident-high-frequency-data-show\">post<\/a> yesterday, IMF economist Tryggvi Gudmundsson said the global economic outlook is \u201cgloomier\u201d than even <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/46c9c082-32b8-4cee-88a1-fe137c62814f\">a month ago<\/a>, when it cut its global growth forecast to 2.7% from 2.9%. Economic indicators including PMI readings show a growing number of G20 countries across both advanced and emerging economies slipping into contraction territory \u2014 even as high inflation calls for continued monetary and fiscal tightening, he wrote.<\/p><p><strong>Wishful thinking? <\/strong>The IMF calls for \u201ccareful policy action and joint multilateral efforts\u201d to help the world move toward \u201cstronger and more inclusive growth\u201d \u2014 in what could be a tall order for the G20 summit, which convenes amid heightened geopolitical tensions between major powers as war continues in Ukraine and China-US relations see strain.<\/p><p><strong>The good news for the global economy? <\/strong>A US recession isn\u2019t necessarily a foregone conclusion. Morgan Stanley analysts are now forecasting the US economy to dodge a recession next year thanks to a strong jobs market, according to a series of reports picked up by <a href=\"https:\/\/www.reuters.com\/markets\/us-may-skirt-recession-2023-europe-not-so-lucky-morgan-stanley-2022-11-14\/\">Reuters<\/a>. The EU and the UK? They\u2019re not likely to be so lucky, with the investment bank predicting recessions next year.<\/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>THE BIG STORIES ABROAD-<\/strong><\/p><p><strong>KSA\u2019s <\/strong><strong><a href=\"https:\/\/www.pif.gov.sa\/en\/Pages\/NewsDetails.aspx?NewsId-227\/PIF-signs-MoU-with-BlackRock-to-explore-infrastructure-investments-in-Saudi-Arabia-and-the-Middle-East\">Public Investment Fund<\/a><\/strong><strong> has signed up as anchor investor for global asset manager <\/strong><strong><a href=\"https:\/\/www.blackrock.com\/corporate\/global-directory#bodyWrapper\">BlackRock<\/a><\/strong><strong>\u2019s USD 620 bn (Saudi-focused) MENA infrastructure fund<\/strong>, according to a <a href=\"https:\/\/www.pif.gov.sa\/en\/Pages\/NewsDetails.aspx?NewsId-227\/PIF-signs-MoU-with-BlackRock-to-explore-infrastructure-investments-in-Saudi-Arabia-and-the-Middle-East\">statement<\/a>. BlackRock will set up a \u201cdedicated infrastructure investment team\u201d in Riyadh if the non-binding MoU becomes reality.<\/p><p><strong>What does the BlackRock fund like?<\/strong> Energy, power, utilities, water, environment, transportation, telecommunications and social infrastructure. While the fund will invest across the region, Saudi will be its center of gravity.<\/p><p><strong>WATCH THIS SPACE- <\/strong>Among the things happening internationally this week that you\u2019ll want to keep an eye on:<\/p><ul>\n<li><s>Agent Orange<\/s> Former US President <strong>Donald Trump<\/strong> is expected to announce tonight that he will mount a campaign to retake the White House.<\/li>\n<li>After 50 years away, Nasa is looking to go <strong>back to the moon<\/strong> on Wednesday with the launch of Artemis.<\/li>\n<li>We\u2019re less than a week away from the kickoff at the <strong>World Cup<\/strong> in Qatar, with things getting underway on Sunday, 20 November as the hosts face Ecuador.<\/li>\n<\/ul><p><strong>SIGNS OF THE TIMES-<\/strong><\/p><p><strong>#1- <\/strong><strong>Amazon is the latest to announce mass layoffs:<\/strong> E-commerce giant Amazon could fire as many as 10k workers, <a href=\"https:\/\/www.wsj.com\/articles\/amazon-set-to-lay-off-thousands-of-corporate-workers-11668447887\">Wall Street Journal<\/a> reported yesterday, citing a person familiar with the matter.<\/p><p><strong>That sounds like a lot<\/strong>, but it would account for less than 1% of e-commerce giant\u2019s global workforce, which was estimated at over 1.5 mn people at the end of September.<\/p><p><strong>Amazon is just the latest global tech giant to announce cuts: <\/strong>Facebook parent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52cd068e-2331-4ea5-8ade-8c2bfcf72101\">Meta<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ffd34941-427d-4442-9e4f-221ed30d7370\">Twitter<\/a> and <a href=\"https:\/\/www.axios.com\/2022\/10\/18\/microsoft-layoffs-latest-tech-firm-cuts\">Microsoft Corp<\/a> have all in the past month said they would cut back on staff in response to challenging economic conditions.<\/p><p><strong>#2- Welcome to the multi-metaverse: <\/strong>Recent job listings by Apple indicate that the firm could be working on its own metaverse-esque virtual environment, <a href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2022-11-13\/apple-reality-pro-headset-plans-3d-mixed-reality-world-games-video-service-lafgxl1e?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> writes. Just don\u2019t expect Apple to ever use that term\u2026<\/p><p class=\"web-image\"><a href=\"https:\/\/climatexforum.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/Enterprise-Climate-X-GEM-En-1600x.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>From Sharm to the Grand Egyptian Museum \u2014 the business community will move the <\/strong><strong>talk about a green transition ahead at the <\/strong><strong><a href=\"https:\/\/climatexforum.enterprise.press\/index.html\">Enterprise Climate X Forum<\/a><\/strong>, which takes place at the Grand Egyptian Museum on Tuesday, 6 December 2022. We can think of no better place to discuss the world\u2019s most important industry than in a world-class museum that stands as a testament to our nation\u2019s ability to persevere (and innovate) for seven millennia. And it seems you can\u2019t either, judging by the responses and statements of support we\u2019ve been getting.<\/p><p><strong>What\u2019s the Enterprise Climate X Forum? <\/strong>It\u2019s our first industry-specific conference, where CEOs, top execs, investors, bankers and development finance folks have 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. <a href=\"https:\/\/climatexforum.enterprise.press\/index.html\">You can learn more on our conference website here.<\/a><\/p><p><strong>Some of the biggest names in business and finance are on board \u2014 are you? <\/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><p><strong>8 BN PEOPLE ON EARTH TODAY<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>7,999,999,999 becomes 8,000,000,000 today: <\/strong>The world\u2019s population has hit 8 bn today, only 11 years after reaching 7 bn, according to the <a href=\"https:\/\/www.un.org\/en\/dayof8billion\">UN<\/a>. Improvements in public health, medicine, hygiene and nutrition have caused the global population to surge in the 20th century, with the number of people on the planet doubling over the past 48 years.<\/p><p><strong>The rate of growth could start to taper:<\/strong> The UN expects us to pass the 9 bn milestone in around 15 years (c.2037) while the 10 bn mark might not be surpassed until the end of the century.<\/p><p><strong>Unfortunately, Egypt will be exempt from the global slowdown:<\/strong> Egypt is among eight nations where more than half of the projected increase in the world\u2019s population up to 2050 will be concentrated, according to UN forecasts released <a href=\"https:\/\/www.un.org\/en\/desa\/world-population-reach-8-billion-15-november-2022\">last month<\/a>. Egypt\u2019s population has now <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/2\/477062\/Egypt\/Society\/Egypt%E2%80%99s-population-has-reached--million-CAPMAS.aspx\">surpassed 104 mn<\/a>, rising by more than 1 mn this year alone, and is expected to near 160 mn by 2050<\/p><p><strong>MARKET WATCH-<\/strong><\/p><p><strong>OPEC has cut its oil demand estimates again as it implements production cuts it<\/strong><strong> says are intended to balance the markets,<\/strong> citing a slowdown in global growth and ongoing covid lockdowns in China, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-14\/opec-cuts-oil-demand-outlook-as-it-starts-to-curb-production?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> reports. The oil cartel reduced its forecast for the amount of petroleum it needs to supply in 4Q 2022 by 520k barrels per day, following a similar cut last month. The move brings OPEC\u2019s demand forecasts in line with the 2 mn bpd supply cut it made last month, which drew criticism from US President Joe Biden, who had been pushing for help to boost supply. Brent crude futures are trading at around USD 93 a barrel this morning, having retreated from peaks of above USD 120 per barrel following Russia\u2019s invasion of Ukraine.<\/p>\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\/blackrock\/\">BlackRock<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/g20\/\">G20<\/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\/pif\/\">PIF<\/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\/saudi-arabia\/\">Saudi Arabia<\/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                            <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=\"577237\" 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=\"577237\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/577237\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577237\" class=\"content-area-description single-story post-577237 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 data-recalc-dims=\"1\" decoding=\"async\" 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 \u0160uli\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\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=\"577238\" 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=\"577238\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/\">\r\n                            It\u2019s lift-off for the expat car-for-FX scheme                        <\/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\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/\" 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\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/')\">\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\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/\">\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=It\u2019s lift-off for the expat car-for-FX scheme&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/\">\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\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/&title=It\u2019s lift-off for the expat car-for-FX scheme\">\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=It%E2%80%99s+lift-off+for+the+expat+car-for-FX+scheme+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F15%2Fits-lift-off-for-the-expat-car-for-fx-scheme%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\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/234.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577239\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-lift-off-for-the-expat-car-for-fx-scheme\/234-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/234.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"234.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/234.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/234.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577238\" class=\"content-area-description single-story post-577238 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-automotive tag-enterpriseam tag-expat-car-import-scheme tag-foreign-exchange tag-ministry-of-finance tag-national-bank-of-egypt 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>Cabinet is out with the rules and regulations for the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5cadb00-f078-4c70-8667-8d5fc50ad151\">expat car import<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5cadb00-f078-4c70-8667-8d5fc50ad151\">scheme<\/a><\/strong><strong>:<\/strong> The Madbouly government launches incentives to get Egyptian expats to import cars with foreign-currency today, and yesterday released details of the rules and regulations for the scheme, according to two separate statements (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02N48HPa64YiNxEtEQjnPJsSXgKrpQkFrt3FXDLxLzHtNb6n292Y8KvhqwGodvSRbKl\">here<\/a> and <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0RrqjWPJkDWKa9pEWTL2CigGffn2PPfpHFSAaHGD9zZ9DmCcga6BqJhAypFXkxLgSl\">here<\/a>). The rules were published yesterday in the Official Gazette, triggering the start of the scheme, which President Abdel Fattah El Sisi <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82bee1e7-27a9-4e86-bf75-057a2812bbdb\">signed into law<\/a> at the end of last month.<\/p>\n<p><strong>How it works: <\/strong>The government will go live with an app dubbed \u201cSayarat masryeen bel khareg\u201d (Egyptian Cars from Abroad) \u2014 which doesn\u2019t appear to have landed on app stores just yet \u2014 which will automatically calculate the required USD payment for expats based on the car model they choose to import. Participants in the scheme will then need to pay the dues \u2014 which include customs fees, VAT, schedule tax, and development fees \u2014 in USD to a National Bank of Egypt account set up by the government before 28 February 2023. They should then submit proof of payment on the app, after which they will receive a letter approving the car import within a week. The rules also clarify that expats need only carry a residency permit abroad or a non-Egyptian passport to be eligible.<\/p>\n<p><strong>REFRESHER- <\/strong>Under the law, expats <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5cadb00-f078-4c70-8667-8d5fc50ad151\">will be able to bring cars into Egypt<\/a>, paying customs fees, VAT, and other taxes upfront in FX. They will then receive a full rebate on the dues in five years\u2019 time \u2014 paid in EGP at the USD-EGP exchange rate at that time and without interest. This comes as the state works to boost FX inflows into the country.<\/p>\n<p><strong>Course correction: <\/strong>The government had originally said the scheme will pave the way for <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30f774c7-53ed-44fb-b8cc-2cbd3b37fa9e\">300k-500k cars being imported<\/a>, drawing USD 2.5 bn in foreign currency in the process, but industry players we spoke with are skeptical, saying local demand for imported vehicles sits at around 120k a year. Officials started walking back the 300k-500k car estimate in appearances on Last Night\u2019s Talk Shows (below).<\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/expat-car-import-scheme\/\">expat car import scheme<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ministry-of-finance\/\">Ministry of Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577240\" 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=\"577240\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/vodacom-wants-to-launch-its-superapp-with-alibaba-in-egypt\/\">\r\n                            Vodacom wants to launch its superapp with Alibaba 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 href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/vodacom-wants-to-launch-its-superapp-with-alibaba-in-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/vodacom-wants-to-launch-its-superapp-with-alibaba-in-egypt\/')\">\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\/15\/vodacom-wants-to-launch-its-superapp-with-alibaba-in-egypt\/\">\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=Vodacom wants to launch its superapp with Alibaba in Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/vodacom-wants-to-launch-its-superapp-with-alibaba-in-egypt\/\">\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\/15\/vodacom-wants-to-launch-its-superapp-with-alibaba-in-egypt\/&title=Vodacom wants to launch its superapp with Alibaba in Egypt\">\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=Vodacom+wants+to+launch+its+superapp+with+Alibaba+in+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F15%2Fvodacom-wants-to-launch-its-superapp-with-alibaba-in-egypt%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\/15\/vodacom-wants-to-launch-its-superapp-with-alibaba-in-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/235.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577241\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/vodacom-wants-to-launch-its-superapp-with-alibaba-in-egypt\/235-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/235.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"235.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/235.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/235.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577240\" class=\"content-area-description single-story post-577240 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-alibaba tag-enterpriseam tag-fintech tag-ma-watch tag-vodacom tag-vodafone-egypt tag-vodapay 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>Vodacom is already making plans for Egypt:<\/strong> Vodafone\u2019s South African subsidiary plans to launch financial services products in Egypt through its <a href=\"https:\/\/vodapay.vodacom.co.za\/vodapay\/personal\/home\">Vodapay<\/a> superapp that it is developing with Chinese tech giant Alibaba Group, its CEO, Shameel Joosub, told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-14\/vodacom-plans-roll-out-of-alibaba-super-app-to-new-egypt-market?sref=mmeFTDW1\">Bloomberg<\/a> yesterday. The company hopes to soon enter Egypt with the EUR 2.34 bn (USD 2.7 bn) acquisition of Vodafone Group\u2019s majority stake in Vodafone Egypt, which Vodacom shareholders <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b47597a0-70d6-4847-8152-a200afcf370b\">approved<\/a> in January. Vodapay is modeled on Alibaba\u2019s Alipay \u2060\u2014 the world\u2019s largest digital wallet \u2060\u2014 and provides access to a suite of financial services including online shopping, loans, and mobile payments.<\/p>\n<p><strong>Not so fast? The companies are still waiting for approval from Egyptian regulator<\/strong>s, who have been silent on the transaction since the agreement was first announced back in November 2021. Sources at the Financial Regulatory Authority and the National Telecommunications Regulatory Authority told us yesterday that no decision has been made on the sale, which is still the subject of a national security review.<\/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\/alibaba\/\">Alibaba<\/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\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vodacom\/\">Vodacom<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vodafone-egypt\/\">Vodafone Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vodapay\/\">Vodapay<\/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=\"577242\" 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=\"577242\">\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\">CLIMATE CEO POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/the-enterprise-climate-ceo-poll-ebrds-harry-boyd-carpenter\/\">\r\n                            The Enterprise Climate CEO Poll: EBRD\u2019s Harry Boyd-Carpenter                        <\/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\/15\/the-enterprise-climate-ceo-poll-ebrds-harry-boyd-carpenter\/\" 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\/15\/the-enterprise-climate-ceo-poll-ebrds-harry-boyd-carpenter\/')\">\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\/15\/the-enterprise-climate-ceo-poll-ebrds-harry-boyd-carpenter\/\">\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 Enterprise Climate CEO Poll: EBRD\u2019s Harry Boyd-Carpenter&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/the-enterprise-climate-ceo-poll-ebrds-harry-boyd-carpenter\/\">\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\/15\/the-enterprise-climate-ceo-poll-ebrds-harry-boyd-carpenter\/&title=The Enterprise Climate CEO Poll: EBRD\u2019s Harry Boyd-Carpenter\">\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+Enterprise+Climate+CEO+Poll%3A+EBRD%E2%80%99s+Harry+Boyd-Carpenter+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F15%2Fthe-enterprise-climate-ceo-poll-ebrds-harry-boyd-carpenter%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\/15\/the-enterprise-climate-ceo-poll-ebrds-harry-boyd-carpenter\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/236.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577243\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/the-enterprise-climate-ceo-poll-ebrds-harry-boyd-carpenter\/236-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/236.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"236.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/236.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/236.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577242\" class=\"content-area-description single-story post-577242 post type-post status-publish format-standard has-post-thumbnail hentry category-climate-ceo-poll tag-climate-ceo-poll tag-cop27 tag-development-finance tag-ebrd tag-energy tag-enterpriseam tag-nwfe tag-renewables 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-05\"><\/a> <strong>Enterprise Climate CEO Poll- Harry Boyd-Carpenter:<\/strong> With just a few days to go until COP27 winds down in Sharm El Sheikh, Enterprise Climate and EnterpriseAM is continuing its inaugural Climate CEO poll. Our series of interviews with top C-suite execs and business leaders covers key issues being raised at the summit, including climate finance, regulation, and the green economy.<\/p>\n<p><strong>Harry Boyd-Carpenter (<\/strong><strong><a href=\"https:\/\/uk.linkedin.com\/in\/harry-boyd-carpenter-81288757\">LinkedIn<\/a><\/strong><strong>) is the managing director of climate strategy and delivery at the London-based European Bank for Reconstruction and Development (EBRD),<\/strong> one of the world\u2019s largest multilateral development banks and the organization leading the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/58aa142f-c5b9-45ac-82ba-573d06e262a6\">energy pillar<\/a> of Egypt\u2019s Nexus on Water, Food and Energy (NWFE) initiative, which aims to add 10 GW of renewable power generation capacity and wind down 5 GW of gas-fired power plants by 2028. We talked to Boyd-Carpenter about the bank\u2019s role in NWFE, and why the lender is placing importance on developing Egypt\u2019s renewable energy sector.<\/p>\n<p><strong>\u201cThe basic premise of NWFE is that Egypt is a green energy superpower,\u201d <\/strong>Boyd-Carpenter tells us. \u201cIn the world we are going into, anybody who has lots of windy, sunny desert is a superpower in a way that, historically, anybody who had lots of oil and gas was a superpower. The one thing you want in the emerging, decarbonized economy is huge quantities of low-cost renewable electricity, and Egypt is incredibly well positioned to have that.\u201d<\/p>\n<p><strong>NWFE is designed to help the country capitalize on that superpower potential<\/strong>, Boyd-Carpenter says. The obstacles to upping renewables capacity include a lack of investment in the national grid, and how to manage the surplus created by existing gas-powered plants, he explains. \u201cIt makes sense for Egypt to start closing those plants because this will result in cheaper electricity, and additional gas that can be used for export,\u201d as well as helping to cut our carbon emissions and conserve water.<\/p>\n<p><strong>\u201cThe next step is to build 10 GW of renewables, for which Egypt will need international support from international partners<\/strong>, which will then be used to build out the transmission network, invest in transmission lines, and battery technology,\u201d Boyd-Carpenter says. The EBRD is committing USD 300 mn in sovereign loans for public assets like the transmission network, and up to USD 1 bn for the renewable projects themselves.<\/p>\n<p><strong>Conditions are ideal for private-sector investment: <\/strong>Support from international partners including the US and European countries, combined with the government\u2019s pledge to look at adopting more ambitious renewable targets in an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/58aa142f-c5b9-45ac-82ba-573d06e262a6\">agreement on NWFE<\/a> announced at COP, have set the stage for an influx of flows from the private sector, he predicts. \u201cWhat you've got here is you've got everybody coming to the party,\u201d he says. \u201cI think that most of the USD 10 bn in investments needed for this pillar can come from the private sector.\u201d<\/p>\n<p><strong>When it comes to climate finance, balance is key \u2014 and each project demands a tailored approach. <\/strong>Renewable energy \u201ccan largely be financed with private money because it's a highly competitive, well-understood technology,\u201d while adaptation \u201cneeds significant public support, because it's very hard to monetize adaptation benefits.\u201d Green hydrogen projects fall somewhere in between \u2014 they can largely be financed with private money, but need some public support because the product is still not competitive, Boyd-Carpenter says. \u201cYou need a balance, and you need to tailor the financing instrument to the project and the product you're trying to sell.\u201d<\/p>\n<p><strong>\u201cYou have to look at the picture holistically,\u201d <\/strong>he adds. \u201cIt's no good setting it up so that multilateral development banks (MDBs) can lend a lot of money to a project if there's no demand for that money or if there's fiscal constraints.\u201d NWFE exemplifies this holistic approach. Public money for the transmission network and to close old plants will create space in the sector to generate new energy with the help of USD 10 bn private money. \u201cIf any one of those components is missing, none of the others will work,\u201d Boyd-Carpenter says.<\/p>\n<p><strong>The lender is eyeing several renewable energy projects in Egypt: <\/strong>EBRD is an investor in Infinity Power and so is looking at their <a href=\"https:\/\/www.weareiph.com\/en\/Projects\">200 MW Ras Ghareb wind farm<\/a>, and at the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/031ecccd-f816-4657-ae61-58d9c32a706d\">1.1 GW ACWA Power wind project<\/a>, Boyd-Carpenter says. Financing for the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce29a6e4-8653-4954-b817-c38ac8a69aa8\">newly announced 28 GW worth of wind projects<\/a> could also be on the table, though no agreements have yet been made since the projects are at a very early stage, Boyd-Carpenter says. \u201cWe financed Lekela\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5c730b4-4705-43f2-bfea-72fc0ba4e2db\">West Bakr wind farm<\/a>, and are involved in Orascom Construction, Engie and Toyota Tsusho\u2019s in-progress <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/448f4089-1c32-47d2-b37e-2ab97142d101\">500-MW facility<\/a>. People come to us before they come to anyone else. We hope we can make them a good offer.\u201d The lender is also helping the government tender off more of the 350 MW of unutilized capacity at Benban solar park, Boyd-Carpenter tells us.<\/p>\n<p><strong>The EBRD will continue to make midstream oil and gas investments but \u201conly where we think it accelerates decarbonization,\u201d<\/strong> Boyd-Carpenter says. \u201cThe obvious cases for that are countries which have a lot of coal, because if you\u2019re going to get off coal, especially if you're using it to generate heat, you\u2019re going to go to gas. There's a middle ground, which is really tricky. We have a whole methodology that helps us think through that problem. We look at things like, is there a low-carbon pathway? Is there a lock-in risk?\u201d<\/p>\n<p><strong>The bank wants to invest EUR 1 bn a year in Egypt but it could do even more if it finds the right project<\/strong>, Boyd-Carpenter says. \u201cWe at EBRD are private-sector led. We don't necessarily say it publicly, but we're opportunistic. Often, we'll finance a project in November that we didn\u2019t even know about in January, because it will come up during the year and we have the flexibility and the agility to jump on it.\u201d<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate-ceo-poll\/\">CLIMATE CEO POLL<\/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\/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\/energy\/\">energy<\/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\/renewables\/\">renewables<\/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=\"577244\" 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=\"577244\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/senate-tweaks-fx-for-tax-cut-plan-contractors-bill-clears-committee-in-the-house\/\">\r\n                            Senate tweaks FX-for-tax cut plan, contractors bill clears committee in the House                        <\/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\/15\/senate-tweaks-fx-for-tax-cut-plan-contractors-bill-clears-committee-in-the-house\/\" 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\/15\/senate-tweaks-fx-for-tax-cut-plan-contractors-bill-clears-committee-in-the-house\/')\">\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\/15\/senate-tweaks-fx-for-tax-cut-plan-contractors-bill-clears-committee-in-the-house\/\">\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=Senate tweaks FX-for-tax cut plan, contractors bill clears committee in the House&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/senate-tweaks-fx-for-tax-cut-plan-contractors-bill-clears-committee-in-the-house\/\">\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\/15\/senate-tweaks-fx-for-tax-cut-plan-contractors-bill-clears-committee-in-the-house\/&title=Senate tweaks FX-for-tax cut plan, contractors bill clears committee in the House\">\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=Senate+tweaks+FX-for-tax+cut+plan%2C+contractors+bill+clears+committee+in+the+House+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F15%2Fsenate-tweaks-fx-for-tax-cut-plan-contractors-bill-clears-committee-in-the-house%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\/15\/senate-tweaks-fx-for-tax-cut-plan-contractors-bill-clears-committee-in-the-house\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/237.jpeg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577245\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/senate-tweaks-fx-for-tax-cut-plan-contractors-bill-clears-committee-in-the-house\/237-jpeg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/237.jpeg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"237.jpeg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/237.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/237.jpeg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577244\" class=\"content-area-description single-story post-577244 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-building-code tag-construction tag-enterpriseam tag-legislation-watch tag-sameh-shoukry tag-senate wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>What happened in the upper and lower houses of parliament yesterday?<\/strong><\/p>\n<p><strong>#1- The contractor compensation bill is heading to the House general assembly:<\/strong> The House Housing Committee yesterday gave a final approval to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/827ca907-600a-408a-92cd-862ed7e58191\">amendments<\/a> that would see the government pay compensation to contractors who have suffered losses on the back of recent economic reforms such as the EGP float. The Senate <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/827ca907-600a-408a-92cd-862ed7e58191\">green-lit<\/a>the move at the end of October.<\/p>\n<p><strong>Remember: <\/strong>MPs are currently on recess because of COP27 and will return on Sunday, 20 November.<\/p>\n<p><strong>#2- Senate tweaks FX-for-tax cuts bill: <\/strong>The Senate made a minor change to draft amendments that would grant income tax breaks to investors who use FX to finance at least half of the cost of their projects. The change to the proposed amendments to the 2017 Investment Act would now have companies receive a tax cut ranging <strong>between 15% and 55%<\/strong> on income generated by projects funded by FX, instead of <strong>up to 55%<\/strong>. Senators <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4b4bd40e-b554-4e41-a41b-0fbea5e0c26f\">approved the legislation<\/a> on Sunday.<\/p>\n<p><strong>#3- Term limits for attach\u00e9s: <\/strong>The Senate gave a final nod to amendments to a 1982 law regulating the performance of Egyptian diplomatic and consular corps. The one-article bill allows the foreign minister to recruit employees affiliated with ministries to act as technical attach\u00e9s at diplomatic and consular missions abroad for one-year renewable terms, rather than for an indefinite number of years currently.<\/p>\n<p><strong>What\u2019s next: <\/strong>The bill will make its way to the House of Representatives to be discussed and passed.<\/p>\n<p><strong>FYI-<\/strong> The Senate has adjourned and will return on Sunday 27 November.<\/p>\n<p><strong>IN THE HOUSE NEXT WEEK-<\/strong><\/p>\n<p><strong>The House Housing committee will discuss government-drafted amendments to the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/46365d61-2678-435c-a7e7-c4e0c31454f6\">Unified Building Code<\/a><\/strong>, committee chairman Rep. Emad Hammouda said. The changes to the code \u2014 which has already been amended multiple times since it was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d52c3c53-266c-4b3d-995e-96fd1e4988e2\">passed in March 2020<\/a> \u2014 are expected to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5dd2bfd-b54b-4210-b346-7eb08afc8ea4\">resolve some of the problems<\/a> of the legislation.<\/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\/building-code\/\">building code<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/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\/senate\/\">Senate<\/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=\"577246\" 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=\"577246\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/edita-gb-auto-e-finance-ode-and-ekh-report-3q-2022-earnings\/\">\r\n                            Edita, GB Auto, e-Finance, ODE and EKH report 3Q 2022 earnings                        <\/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\/15\/edita-gb-auto-e-finance-ode-and-ekh-report-3q-2022-earnings\/\" 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\/15\/edita-gb-auto-e-finance-ode-and-ekh-report-3q-2022-earnings\/')\">\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\/15\/edita-gb-auto-e-finance-ode-and-ekh-report-3q-2022-earnings\/\">\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=Edita, GB Auto, e-Finance, ODE and EKH report 3Q 2022 earnings&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/edita-gb-auto-e-finance-ode-and-ekh-report-3q-2022-earnings\/\">\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\/15\/edita-gb-auto-e-finance-ode-and-ekh-report-3q-2022-earnings\/&title=Edita, GB Auto, e-Finance, ODE and EKH report 3Q 2022 earnings\">\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=Edita%2C+GB+Auto%2C+e-Finance%2C+ODE+and+EKH+report+3Q+2022+earnings+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F15%2Fedita-gb-auto-e-finance-ode-and-ekh-report-3q-2022-earnings%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\/15\/edita-gb-auto-e-finance-ode-and-ekh-report-3q-2022-earnings\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/241.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577247\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/edita-gb-auto-e-finance-ode-and-ekh-report-3q-2022-earnings\/241-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/241.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"241.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/241.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/241.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577246\" class=\"content-area-description single-story post-577246 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-automotive tag-e-finance tag-earnings tag-earnings-watch tag-edita tag-egypt-kuwait-holding tag-enterpriseam tag-gb-auto tag-manufacturing tag-orascom-development-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Bold-name companies were in with buzzer-beaters as 3Q earnings season winds down. <\/strong>Real estate players continued to post strong results, as have food, investment, automotive, consumer finance and payments players. Here\u2019s the rundown:<\/p>\n<p style='font-size: 18px;font-weight: bold' >EDITA<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Edita Food Industries reported record net income and revenues in 3Q 2022<\/strong> on the back of stronger sales and higher prices, the company said in its <a href=\"https:\/\/ent.news\/2022\/11\/Edita-3Q2022-ER-E-FINAL.pdf\">quarterly earnings release (p<\/a><a href=\"https:\/\/ent.news\/2022\/11\/Edita-3Q2022-ER-E-FINAL.pdf\">df)<\/a> yesterday. Quarterly revenues rose 45% y-o-y to an all-time high of EGP 2 bn, while profits more than doubled to EGP 286.1 mn.<\/p>\n<p><strong>Sales volumes rose almost 20% y-o-y during the quarter<\/strong>, with cakes being the biggest contributor to the growth. The cakes segment also accounted for the bulk of revenues, bringing in more than EGP 1 bn, up 66% from a year earlier. Meanwhile, bakery revenues rose 36% to EGP 710 mn, while wafers was the only segment that saw a decline in revenues, falling 1% to EGP 140.7 mn. Revenues were also supported by the company\u2019s decision to hike prices by an average 42.5% per ton.<\/p>\n<p><strong>What they said:<\/strong> \u201cEdita was successful in reaching new results records as it continued to expand its top-line despite an increasingly challenging operating environment,\u201d it said.<\/p>\n<p style='font-size: 18px;font-weight: bold' >GB AUTO<\/p>\n<p><strong>GB Auto reported record quarterly profits in 3Q 2022<\/strong> despite disruptions in the local car market weighing on revenues, according to the company\u2019s <a href=\"https:\/\/ent.news\/2022\/11\/GB-Auto-ER-3Q22-E-FINAL.pdf\">latest earnings release (pdf)<\/a>. The company reported a EGP 550.7 mn profit for the July-September period, up 66% on a year earlier, even as revenues fell 13% on the back of the government\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">import restrictions<\/a> and supply shortages, which caused the car market to contract 54% on a year earlier, the company said.<\/p>\n<p><strong>GB Capital offsets difficulties in the car market:<\/strong> A 43% drop-off in passenger car sales contributed to a 21% decline in revenues from the company\u2019s auto and auto-related segment, which fell to EGP 5.1 bn. This was offset by solid growth at the company\u2019s NBFS unit, GB Capital, which recorded revenues of EGP 2.4 bn, up 19% y-o-y.<\/p>\n<p><strong>Helping matters:<\/strong> \u201cAt the start of the year, we took advantage of increased inventory levels to hedge against supply chain disturbances and we enhanced our pricing strategy. This helped mitigate the impact of import restrictions and slowdowns in opening letters of credit,\u201d said CEO Nader Ghabbour. \u201cWe are cognizant that it will take a few quarters for the market to stabilize and for the situation to normalize. We are also closely monitoring shifting development and their effects on purchasing power and consumer demand across our lines of business.\u201d<\/p>\n<p style='font-size: 18px;font-weight: bold' >E-FINANCE<\/p>\n<p><strong>e-Finance\u2019s net income jumped 79% y-o-y in 9M 2022 to EGP 682.5 mn<\/strong>, it said in its latest <a href=\"https:\/\/ent.news\/2022\/11\/e-finance-3Q22-ER-E-Final.pdf\">earnings release (pdf)<\/a>. Revenues were up 49% y-o-y to EGP 1.9 bn for the period, driven by the company\u2019s digital operations which was the main contributor to revenue growth. In 3Q 2022, e-Finance\u2019s net income doubled to EGP 202.8 mn, with revenues up 71% to EGP 675.8 mn.<\/p>\n<p><strong>What they said<\/strong>: \u201cWe have maintained the rapidity and efficiency of the group\u2019s growth despite a challenging economic backdrop, from rising inflationary pressures, supply chain constraints, to<\/p>\n<p>the devaluation of the EGP,\u201d said Chairman Ibrahim Sarhan. An improving economy will drive growth at the company\u2019s e-tax unit, while the continued rollout of the national health insurance scheme will be positive for its e-health division. The company is also continuing to invest in promising startups and is looking to monetize its data lake with both data analytics and artificial intelligence, Sarham said.<\/p>\n<p style='font-size: 18px;font-weight: bold' >ORASCOM DEVELOPMENT EGYPT<\/p>\n<p><strong>Orascom Development Egypt\u2019s (ODE) net income rose 26% y-o-y to record EGP <\/strong><strong>1.5 bn in 9M 2022, <\/strong>according to the <a href=\"https:\/\/ent.news\/2022\/11\/Orascom-Development-3Q-2022-EN.pdf\">company\u2019s latest earnings release (pdf)<\/a>. Revenues increased by 36% y-o-y to EGP 6.7 bn in the first nine months of the year. ODE attributed the strong revenue growth to a ramp-up of construction, with real estate revenues rising 26% y-o-y to EGP 4.7 bn. It also pointed to \u201cenhanced business performance\u201d in its hotel and town management segments.<\/p>\n<p><strong>ODE saw a strong 3Q:<\/strong> The developer\u2019s net earnings rose 43% y-o-y to EGP 672.4 mn in 3Q 2022, on the back of a 50% y-o-y surge in revenues to EGP 2.9 bn. The growth was again driven by real estate and improved hospitality performance.<\/p>\n<p><strong>Net real estate sales hit an all-time record in the first nine months of the year<\/strong>, rising 17% to EGP 7.3 bn. In 3Q, net real estate sales rose 17% y-o-y to post EGP 2.6 bn. The company\u2019s O West development in West Cairo was the largest contributor to new sales (48%), followed by El Gouna (44%), and Makadi Heights (8%).<\/p>\n<p><strong>REMEMBER<\/strong>- ODE has given SODIC the greenlight to conduct due diligence after SODIC submitted a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/592bab85-1d68-48e9-8e68-08e6e1699a10\">preliminary, non-binding offer<\/a> to acquire 100% of ODE subsidiary Orascom for Real Estate (ORE) \u2014 owner of the O West project.<\/p>\n<p style='font-size: 18px;font-weight: bold' >EK HOLDING<\/p>\n<p><strong>Egypt Kuwait Holding (EKH)\u2019s net income rose 54% y-o-y in 9M 2022 to USD 207<\/strong><strong>.1 <\/strong><strong>mn<\/strong>, the company said in its latest <a href=\"https:\/\/ent.news\/2022\/11\/EKH-9M22-Results-Press-Release-E-Final.pdf\">earnings release (pdf)<\/a>. Revenues rose 44% y-o-y to USD 849.0 mn, thanks to strong performances across its company\u2019s fertilizer and petrochemicals segment and higher commodity prices. The commodities crunch was good for EKH\u2019s 3Q, with revenues increasing by 29% to USD 273.0 mn and profits up 36% to USD 63.6 mn, underpinned by strong growth in the company\u2019s fertilizers and petrochemicals segment.<\/p>\n<p><strong>What they said<\/strong>: \u201cOver the past nine months, our portfolio of investments continued delivering commendable results despite a challenging operational environment on both the domestic and<\/p>\n<p>global fronts, with hurdles that included continued global supply chain issues and rising inflation,\u201d EKH Chairman Loay Jassim Al-Kharafi said.<\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/e-finance\/\">e-finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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\/edita\/\">Edita<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-kuwait-holding\/\">Egypt Kuwait Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gb-auto\/\">GB Auto<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-development-egypt\/\">Orascom Development Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577248\" 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=\"577248\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/alex-medical-appoints-new-board-after-tawasol-limevest-acquisition\/\">\r\n                            Alex Medical appoints new board after Tawasol-LimeVest acquisition                        <\/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\/15\/alex-medical-appoints-new-board-after-tawasol-limevest-acquisition\/\" 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\/15\/alex-medical-appoints-new-board-after-tawasol-limevest-acquisition\/')\">\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\/15\/alex-medical-appoints-new-board-after-tawasol-limevest-acquisition\/\">\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=Alex Medical appoints new board after Tawasol-LimeVest acquisition&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/alex-medical-appoints-new-board-after-tawasol-limevest-acquisition\/\">\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\/15\/alex-medical-appoints-new-board-after-tawasol-limevest-acquisition\/&title=Alex Medical appoints new board after Tawasol-LimeVest acquisition\">\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=Alex+Medical+appoints+new+board+after+Tawasol-LimeVest+acquisition+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F15%2Falex-medical-appoints-new-board-after-tawasol-limevest-acquisition%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\/15\/alex-medical-appoints-new-board-after-tawasol-limevest-acquisition\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577248\" class=\"content-area-description single-story post-577248 post type-post status-publish format-standard hentry category-moves tag-alexandria-medical-services tag-enterpriseam tag-limevest tag-moves tag-tawasol-holding wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-08\" class=\"content-anchor\"><\/a> <strong>Alex Medical gets a post-acquisition board shake-up: <\/strong>Alexandria Medical Services has welcomed new faces to its board after shareholders in September <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5eac3944-7434-4343-a811-6dea71baf587\">sold more<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5eac3944-7434-4343-a811-6dea71baf587\">than 70% of the company<\/a> to a consortium of LimeVest and Tawasol Holding, the company said in an <a href=\"https:\/\/ent.news\/2022\/11\/Alex-New-Medical-Center.pdf\">EGX disclosure (pdf)<\/a> yesterday.<\/p>\n<p><strong>Heading up the board: <\/strong>LimeVest Managing Partner Sharif El Akhdar (<a href=\"https:\/\/www.linkedin.com\/in\/sharif-a-el-akhdar-21367a1\/\">LinkedIn<\/a>) will serve as non-executive chairman. Tawasol\u2019s Anas Amin was appointed non-executive vice chairman, and Alaa Abdelmeguid Messaoud, also a representative of Tawasol, was appointed managing director.<\/p>\n<p><strong>Also on the board:<\/strong> Representing LimeVest on the board are Tarek Shawki (<a href=\"https:\/\/www.linkedin.com\/in\/tarek-shawki-0059025\/\">LinkedIn<\/a>), Ahmed Abou-Hendia (<a href=\"https:\/\/www.linkedin.com\/in\/ahmed-abou-hendia-b214a956\/\">LinkedIn<\/a>), Dalia Elshal (<a href=\"https:\/\/www.linkedin.com\/in\/dalia-elshal-498a6a74\/\">LinkedIn<\/a>), and Hesham Mekawi (<a href=\"https:\/\/www.linkedin.com\/in\/hesham-mekawi-34b368124\/\">LinkedIn<\/a>), leaving LimeVest one spot on the board still to fill. Mohamed Abdel Mohsen is a representative for Tawasol, and Ayman Kandeel (<a href=\"https:\/\/www.linkedin.com\/in\/ayman-kandeel-a966578\/\">LinkedIn<\/a>) and Khaled Hegazy (<a href=\"https:\/\/www.linkedin.com\/in\/khaled-abdelaziz-hegazy-815709\/\">LinkedIn<\/a>) will act as independent board members.<\/p>\n<p><strong>The ownership breakdown:<\/strong> LimeVest acquired some 61% of Alex Medical in the transaction, it <a href=\"https:\/\/ent.news\/2022\/11\/LimeVest-Tawasol-Alex-Medical-13.11.22.pdf\">said (pdf)<\/a> yesterday. That would hand some 9.2% to Tawasol, bringing its total holdings to 35.2% including its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a108ea38-12e7-4974-9c7c-e191893d0399\">preexisting 26% stake<\/a>.<\/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\/alexandria-medical-services\/\">Alexandria Medical Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/limevest\/\">LimeVest<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tawasol-holding\/\">Tawasol Holding<\/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=\"577249\" 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=\"577249\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/577249\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577249\" class=\"content-area-description single-story post-577249 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 data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_CONNECTIONS_1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\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=\"577250\" 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=\"577250\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/construction-at-gem-is-now-finished\/\">\r\n                            Construction at GEM is now finished                        <\/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\/15\/construction-at-gem-is-now-finished\/\" 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\/15\/construction-at-gem-is-now-finished\/')\">\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\/15\/construction-at-gem-is-now-finished\/\">\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=Construction at GEM is now finished&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/construction-at-gem-is-now-finished\/\">\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\/15\/construction-at-gem-is-now-finished\/&title=Construction at GEM is now finished\">\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=Construction+at+GEM+is+now+finished+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F15%2Fconstruction-at-gem-is-now-finished%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\/15\/construction-at-gem-is-now-finished\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577250\" class=\"content-area-description single-story post-577250 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-automotive tag-cop27 tag-enterpriseam tag-grand-egyptian-museum tag-last-nights-talk-shows tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The nation\u2019s talking heads mostly forgot about COP27 last night<\/strong>, with the bulk of airtime dedicated to discussing the launch of the government\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5cadb00-f078-4c70-8667-8d5fc50ad151\">car import scheme for expats<\/a>. Customs Authority boss El Shahat El Ghatwary was on El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=7IqFEtDV9Gk\">watch, runtime: 19:29<\/a>) while Kelma Akhira\u2019s Lamees El Hadidi talked to cabinet spokesperson Nader Saad (<a href=\"https:\/\/www.youtube.com\/watch?v=TpBGejz5xVM\">watch, runtime: 26:53<\/a>). Head to this morning\u2019s news well, for more on the initiative, which Saad said would launch today.<\/p>\n<p><strong>Taming ambitions: <\/strong>There\u2019s no clear outlook on how many cars could be brought in under the initiative, El Ghatrawy admitted, going back on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30f774c7-53ed-44fb-b8cc-2cbd3b37fa9e\">very ambitious targets<\/a> that were called unrealistic by industry players.<\/p>\n<p><strong>The scheme is also getting coverage<\/strong> from Masa\u2019a DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=LHIS6hGjEaU\">watch, runtime: 31:01<\/a>), Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=vY3ykEOAaxM\">watch, runtime: 11:13<\/a>) and others.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Just in time for <\/strong><strong><a href=\"https:\/\/climatexforum.enterprise.press\/index.html\">the Enterprise Climate X Forum<\/a><\/strong><strong>: Construction at the Grand <\/strong><strong>Egyptian Museum <\/strong><strong>(GEM) has been completed<\/strong>, Mostafa Waziri, secretary-general of the Supreme Council of Antiquities, told Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=SpzqvgqnoLE\">watch, runtime: 6:06<\/a>) after President El Sisi met with officials to follow up on progress at the museum. Placing the artifacts on display at GEM would be finalized in the coming weeks, he said, adding that the museum would be inaugurated in 2023 without specifying a specific date. El Sisi\u2019s meeting also earned a mention Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=CqUIvV2e7Vs\">watch, runtime: 11:43<\/a>)<\/p>\n<p><strong>There was still time for a bit of COP:<\/strong> The official launch of the AWARE (Action for Water Adaptation and Resilience) initiative by the COP27 Presidency is getting coverage from Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=BBGo1Uwkmys\">watch, runtime: 4:57<\/a>). The show also covered a speech given by Environment Minister Yasmine Fouad during yesterday\u2019s Gender Day (<a href=\"https:\/\/www.youtube.com\/watch?v=sCaKzRTTGdQ\">watch, runtime: 4:07<\/a>).<\/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\/automotive\/\">automotive<\/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\/grand-egyptian-museum\/\">Grand Egyptian Museum<\/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\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577251\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored 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src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path 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data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577252\" 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=\"577252\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/this-morning-in-the-foreign-press-the-latest-on-alaa-abdel-fattah-cop27\/\">\r\n                            This morning in the foreign press: the latest on Alaa Abdel Fattah + COP27                        <\/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\/15\/this-morning-in-the-foreign-press-the-latest-on-alaa-abdel-fattah-cop27\/\" 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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COP27&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/this-morning-in-the-foreign-press-the-latest-on-alaa-abdel-fattah-cop27\/\">\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\/15\/this-morning-in-the-foreign-press-the-latest-on-alaa-abdel-fattah-cop27\/&title=This morning in the foreign press: the latest on Alaa Abdel Fattah + COP27\">\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=This+morning+in+the+foreign+press%3A+the+latest+on+Alaa+Abdel+Fattah+%2B+COP27+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F15%2Fthis-morning-in-the-foreign-press-the-latest-on-alaa-abdel-fattah-cop27%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\/15\/this-morning-in-the-foreign-press-the-latest-on-alaa-abdel-fattah-cop27\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577252\" class=\"content-area-description single-story post-577252 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-alaa-abdel-fattah tag-cop27 tag-enterpriseam tag-human-rights wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Human rights still dominates the conversation on Egypt in the foreign press:<\/strong> The family of Alaa Abdel Fattah said they have received a \u201cproof of life\u201d letter from the jailed activist. Abdel Fattah wrote that he had resumed drinking water as of 12 November and is receiving medical attention in prison, his sister Sanaa Seif <a href=\"https:\/\/twitter.com\/sana2\/status\/1592096466923032577?cxt=HHwWgsDQ8aTToZgsAAAA\">wrote on social media<\/a>. There\u2019s coverage everywhere this morning of the latest developments: <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/jailed-egyptian-british-hunger-strikers-family-says-they-received-proof-life-2022-11-14\/\">Reuters<\/a>| <a href=\"https:\/\/www.capitalfm.co.ke\/news\/2022\/11\/jailed-egypt-hunger-striker-says-doing-well-in-letter\/\">AFP<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/world-middle-east-63621333\">BBC<\/a> | <a href=\"https:\/\/www.yahoo.com\/now\/jailed-egyptian-activists-family-says-165214500.html\">CBS<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/11\/14\/world\/africa\/alaa-abd-el-fattah-egypt-alive.html?searchResultPosition=3\">NYT<\/a> | <a href=\"https:\/\/www.theguardian.com\/world\/2022\/nov\/14\/alaa-abd-el-fattah-family-of-activist-jailed-in-egypt-say-he-is-alive\">The Guardian<\/a> | <a href=\"https:\/\/www.dw.com\/en\/egypt-hunger-striking-activist-alive-family-says\/a-63750607\">DW<\/a> | <a href=\"https:\/\/www.independent.co.uk\/news\/uk\/british-rishi-sunak-james-cleverly-abdel-fattah-elsisi-sanaa-b2224599.html\">Independent<\/a>.<\/p>\n<p><strong>MEANWHILE- Special representative for the COP27 presidency Wael <\/strong><strong>Aboulmagd has rejected claims that the government has been spying on delegates<\/strong> at the climate summit as \u201cludicrous\u201d and said that some developing countries believe the claims to be a ploy by richer nations to distract from the substance of the climate negotiations. The German Foreign Ministry had complained after a number of attendees at the German pavilion alleged they were being monitored by unknown people, a claim that the UN said yesterday that it is investigating. (<a href=\"https:\/\/www.reuters.com\/article\/idUSKBN2S41LG\">Reuters<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/politics\/egypt-calls-reports-of-surveillance-at-cop27-ludicrous\/2022\/11\/14\/fc8bd77a-6431-11ed-b08c-3ce222607059_story.html\">AP<\/a> | <a href=\"https:\/\/www.dw.com\/en\/un-investigates-allegations-of-egypt-surveillance-at-cop27\/a-63756174\">Deutsche Welle<\/a> | <a href=\"https:\/\/www.thenationalnews.com\/mena\/2022\/11\/14\/egypt-says-reports-it-spied-on-cop27-delegates-are-ludicrous\/\">The National<\/a>)<\/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\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577253\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577254\" 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=\"577254\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/energean-sees-case-for-more-eastmed-gas-investment\/\">\r\n                            Energean sees case for more EastMed gas investment                        <\/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\/15\/energean-sees-case-for-more-eastmed-gas-investment\/\" 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 region could be a \u201cstable supplier\u201d of gas to the EU, Rigas said. \u201cI think there is a lot more gas to be found.\u201d<\/p><p><strong>From Energean\u2019s mouth to God\u2019s ears: <\/strong>Egypt has long been pushing for more cooperation and exploration on EastMed gas, as we look to position ourselves as a regional energy leader and the best replacement for lost Russian flows to Europe. Egypt, Israel and the EU <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 \u2014 and odds are good that flows from Karish will eventually make their way here for either domestic use or liquefaction and export.<\/p><p><strong>Speaking of gas:<\/strong> TotalEnergies will begin drilling at the Mediterranean North Marina concession area it holds with Shell and other firms early next year, CEO Patrick Pouyann\u00e9 told Oil Minister Tarek El Molla, the Oil Ministry said in <a href=\"http:\/\/bit.ly\/3Er5LBe\">a statement<\/a> on Saturday.<\/p><p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p><ul>\n<li>Russian state nuclear company <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0db6db4b-d0a7-42d5-ad0e-45b67777a22c\">Rosatom<\/a><\/strong> is reportedly set to finish manufacturing the turbines for the first reactor of <strong>the Dabaa nuclear plant<\/strong> in December, and will test them in early 2023. (<a href=\"https:\/\/bit.ly\/3EaTqzF\">Al Mal<\/a>)<\/li>\n<li><strong><a href=\"https:\/\/delemaralu.com\/\">Delemar Aluminum<\/a><\/strong> launched trial operations at three new factories worth over <strong>EGP 800 mn <\/strong>in total in the <strong>Sixth of October City industrial zone<\/strong> \u2014 one for glass, one for aluminum, and one for paint. (<a href=\"https:\/\/ent.news\/2022\/11\/Delmar-AR-PRL.pdf\">Company statement, pdf<\/a>)<\/li>\n<li>Global packaging solutions giant <strong>Tetra Pak<\/strong> plans to invest <strong>EUR 2.5 mn <\/strong>in a joint venture with Egyptian paper board manufacturer <strong>Uniboard<\/strong> to <strong>recycle used drinks cartons<\/strong>. (<a href=\"https:\/\/www.zawya.com\/en\/projects\/industry\/tetra-pak-to-partner-with-uniboard-for-beverage-carton-recycling-project-in-egypt-hkltgo7q\">Zawya<\/a>)<\/li>\n<li>Real estate developer <strong>Mountain View <\/strong>formed a joint venture with Saudi Arabia\u2019s <strong>Omar <\/strong><strong>Kassem Alesayi Group<\/strong>, focused on construction and real estate development in the KSA. (<a href=\"http:\/\/bit.ly\/3UJClUm\">Al Mal<\/a>)<\/li>\n<\/ul>\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\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dabaa-nuclear-plant\/\">Dabaa nuclear plant<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/delemar-aluminium\/\">Delemar Aluminium<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/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\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rosatom\/\">Rosatom<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/totalenergies\/\">TotalEnergies<\/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=\"577256\" 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=\"577256\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-too-early-to-quit-oil-and-gas-say-el-molla-opec-chief\/\">\r\n                            It\u2019s too early to quit oil and gas say El Molla + OPEC chief                        <\/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\" 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href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-too-early-to-quit-oil-and-gas-say-el-molla-opec-chief\/\">\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=It\u2019s too early to quit oil and gas say El Molla + OPEC chief&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/its-too-early-to-quit-oil-and-gas-say-el-molla-opec-chief\/\">\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\/15\/its-too-early-to-quit-oil-and-gas-say-el-molla-opec-chief\/&title=It\u2019s too early to quit oil and gas say El Molla + OPEC chief\">\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=It%E2%80%99s+too+early+to+quit+oil+and+gas+say+El+Molla+%2B+OPEC+chief+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F15%2Fits-too-early-to-quit-oil-and-gas-say-el-molla-opec-chief%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\/15\/its-too-early-to-quit-oil-and-gas-say-el-molla-opec-chief\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577256\" class=\"content-area-description single-story post-577256 post type-post status-publish format-standard hentry category-diplomacy tag-diplomacy tag-energy tag-enterpriseam tag-oil-and-gas tag-opec tag-tarek-el-molla wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egypt + OPEC affirm commitment to oil and gas:<\/strong> The oil and gas industry needs to remain an \u201cimportant and continuous\u201d part of the global energy mix despite the rise in renewable energy, Oil Minister Tarek El Molla and OPEC Secretary-General Haitham Al Ghais said during talks yesterday, the <a href=\"http:\/\/bit.ly\/3UYuItp\">Egyptian Oil Ministry<\/a> and <a href=\"https:\/\/twitter.com\/OPECSecretariat\/status\/1592218577985507328?s=20&t=O45jIOU1i1zMjvQg75b-kQ\">OPEC<\/a> said.<\/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\/diplomacy\/\">DIPLOMACY<\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/opec\/\">OPEC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-el-molla\/\">Tarek El Molla<\/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=\"577257\" 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\/15\/577257\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577257\" class=\"content-area-description single-story post-577257 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>13-22 November (Sunday-Tuesday): <a href=\"https:\/\/www.ciff.org.eg\/\">Cairo International Film Festival (CIFF)<\/a>.<\/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 of Representatives is 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 November (Sunday): Senate in session.<\/p>\n<p>27-28 November (Sunday-Monday): 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>Late November or early December: US and Russia to hold talks on resuming mutual nuclear inspections in 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 Arabia\u2019s 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\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":577235,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-577234","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"f312e2cf-f722-44a3-959a-0f01fcf134e4","teaser":"","photo_url":"https:\/\/ent.news\/2022\/11\/231.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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