{"id":577335,"date":"2022-11-20T04:02:28","date_gmt":"2022-11-20T04:02:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=577335"},"modified":"2025-12-16T11:14:34","modified_gmt":"2025-12-16T11:14:34","slug":"cop27-negotiators-have-pulled-an-all-nighter-in-search-of-a-climate-agreement-and-theyre-still-talking","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/cop27-negotiators-have-pulled-an-all-nighter-in-search-of-a-climate-agreement-and-theyre-still-talking\/","title":{"rendered":"COP27 negotiators have pulled an all-nighter in search of a climate agreement \u2014 and they\u2019re still talking"},"content":{"rendered":"<section id=\"577337\" 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=\"577337\">\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\/20\/this-morning-cop27-negotiators-are-pulling-another-all-nighter-in-search-of-a-climate-agreement\/\">\r\n                            THIS MORNING: COP27 negotiators are pulling another all-nighter in search of a climate 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\/20\/this-morning-cop27-negotiators-are-pulling-another-all-nighter-in-search-of-a-climate-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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We would love a few days of downtime after the madness of COP27, but (a) negotiations on a climate agreement are still continuing in Sharm, (b) the World Cup kicks off this week, and (c) we have just 42 days left in 2022.<\/p><p><strong>CLIMATE TALKS CONTINUE-<\/strong><\/p><p><strong>Climate negotiators have been up all night and are still trying to break the <\/strong><strong>stalemate this morning:<\/strong> Countries appear to have made a significant breakthrough on \u201closs and damage\u201d (aka compensating countries that are vulnerable to climate change) but are seemingly no closer to compromise over reducing emissions. We have the details on the current state of play in this morning\u2019s news well, below.<\/p><p><strong>We\u2019re already on the second day of overtime, but how long could the talks last?<\/strong> Egypt\u2019s chief negotiator, Amb Mohamed Nasr, said in a televised interview last night that he expects the closing session to start at 11am or 12pm today and run for four or five hours (<a href=\"https:\/\/www.youtube.com\/watch?v=UQSDAYNHung\">watch, runtime: 12:12<\/a>).<\/p><p><strong>What we know right now: A new draft agreement was presented to an open plenary <\/strong><strong>session for debate at 4:10am this morning<\/strong>, only for COP27 President Sameh Shoukry to suspend the session for half an hour at Switzerland\u2019s request, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-20\/cop27-latest-climate-envoys-haggle-over-final-deal-in-egypt?sref=mmeFTDW1\">Bloomberg\u2019s live coverage<\/a>. \u201cI implore you to adopt the draft decision I will present to you,\u201d Shoukry told the plenary session. \u201cThe world is watching.\u201d<\/p><p>^^ We have the rundown on the weekend in Sharm in this morning\u2019s news well, below.<\/p><p><strong>THE TALKS ARE THE BIG STORY in the global business press this morning<\/strong>. Most outlets are leading with news of an apparent breakthrough agreement on loss and damage, then go on to point out that we\u2019re in overtime on talks to \u201ckeep 1.5 alive\u201d by agreeing to a warming target. See <a href=\"https:\/\/www.ft.com\/content\/1ee87171-e9b3-44af-81df-babacdd90b89\">Financial Times<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/cop27-agrees-on-loss-and-damage-fund-for-vulnerable-countries-officials-say-11668866219?mod=hp_lead_pos1\">Wall Street Journal<\/a> | <a href=\"https:\/\/www.reuters.com\/business\/cop\/countries-agree-loss-damage-fund-final-cop27-deal-elusive-2022-11-20\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-20\/cop27-latest-climate-envoys-haggle-over-final-deal-in-egypt?srnd=premium-middle-east\">Bloomberg<\/a>.<\/p><p>(<strong>The other big story this morning: Elon Musk is letting Agent Orange back on Twitter<\/strong> \u2014 the news leads the front pages of <a href=\"https:\/\/www.axios.com\/2022\/11\/20\/donald-trump-back-on-twitter-elon-musk\">Axios<\/a> and <a href=\"https:\/\/www.politico.com\/news\/2022\/11\/19\/musk-lifts-twitter-ban-on-donald-trump-00069601\">Politico<\/a>.)<\/p><p><strong>THE WORLD CUP STARTS TODAY-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>The 2022 World Cup starts this afternoon:<\/strong> Qatar and Ecuador will get the 2022 World Cup underway when they kick off the opening game of the tournament at Al Bayt Stadium at 18:00 CLT.<\/p><p><strong>The 60k-capacity stadium will also host the tournament\u2019s opening ceremony at 16:00 <\/strong><strong>CLT. <\/strong>K-pop star <a href=\"https:\/\/www.football.london\/international-football\/jungkook-world-cup-opening-ceremony-25540042\">Jungkook<\/a> and Fahad Al Kubaisi will perform. Nicki Minaj, Maluma and Myriam Fares performed yesterday in the fan zone.<\/p><p><strong>Why couldn\u2019t we have played like this before?<\/strong> Egypt beat the Belgians (ranked #2 in the world) 2-1 in a pre-tournament friendly in Kuwait on Friday. Goals from Mostafa Mohamed in the 33rd minute and Mahmoud Trezeguet just seconds into the second half put the Pharaohs 2-0 up against one of the strongest teams in the tournament before Lois Openda got one back late in the game.<\/p><p><strong>Gianni Infantino needs to fire his PR team<\/strong> because clearly nobody told the Fifa president that unhinged press conferences are rarely effective at taking the heat out of a controversy. In a 57-minute rant on the eve of the World Cup, Infantino railed against Qatar\u2019s critics in the Western media, accusing them of hypocrisy using strange culture war rhetoric, and drawing parallels with his experience as a red-haired Italian kid to migrant workers and persecuted members of the LGBT community. The tournament in Qatar has been mired in controversy in the West, where it has received almost universally negative coverage due to the host nation\u2019s mistreatment of migrant workers, LGBTQ rights and others.<\/p><p><strong>Infantino\u2019s controversial press conference got a lot of ink from the foreign press:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-19\/embattled-fifa-chief-launches-defense-of-qatar-world-cup?srnd=premium-middle-east\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/lifestyle\/sports\/i-feel-gay-fifa-chief-attempts-empathise-with-marginalised-2022-11-19\/\">Reuters<\/a> | <a href=\"https:\/\/www.npr.org\/2022\/11\/19\/1137962269\/fifa-president-gianni-infantino-qatar-world-cup-hypocrisy\">NPR<\/a> | <a href=\"https:\/\/edition.cnn.com\/2022\/11\/19\/football\/gianni-infantino-press-conference-qatar-2022-world-cup-spt-intl\/index.html\">CNN<\/a> and others.<\/p><p><strong>Going to the World Cup? You can enter Egypt without paying visa fees. <\/strong>Ministers decided to waive visa fees for holders of the Hayya card \u2014 Qatar\u2019s entry permit for tournament attendees \u2014 in a bid to capitalize on the uptick of visitors to the region, cabinet said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0yY5pja8bhKkTBHoFJDr7HsGxbB5eLpw2dHeiCHhwV3uyr2jU46oDsGQEd9vRcntzl\">a statement<\/a> Wednesday.<\/p><p><strong>**JOIN US FOR OUR <\/strong><strong><a href=\"https:\/\/play.fifa.com\/fantasy-classic\/join-league\/SZJ507VP\">ENTERPRISE FANTASY WORLD CUP LEAGUE<\/a><\/strong><strong>.<\/strong> Sign up with the code SZJ507VP to compete against other members of the Enterprise community. The top three finishers will take home something special from us.<\/p><p><strong>We have everything you need to know about the World Cup in our latest edition of <\/strong><strong><a href=\"https:\/\/enterprise.press\/#the-9292-world-cup-is-here\">Your Wealth<\/a><\/strong>, which was out this Friday.<\/p><p><strong>RUMORS ARE FLYING-<\/strong><\/p><p>Meanwhile, some business rumors here at home:<\/p><p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>RUMOR HAS IT #1- Is the Qatar Investment Authority eyeing Le Meridien <\/strong><strong>Heliopolis?<\/strong> That\u2019s according to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=19112022&amp;id=c85d3727-0591-4afc-a4fc-9e0f20cd1016\">Al Shorouk<\/a>, which cited unnamed sources yesterday as saying the Gulf state\u2019s sovereign wealth fund is looking to team up with French hospitality giant Accor to acquire the shuttered hotel. The QIA is also in advanced talks to acquire one or more international schools in the Greater Cairo Area, the newspaper also claims.<\/p><p><strong>BACKGROUND- <\/strong>The Qataris have for a while now been in talks with the Madbouly government to acquire stakes in state-owned companies after pledging earlier this year to invest <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c734fc23-c0c0-4322-bf5d-ce3c400e707a\">USD 5 bn<\/a> here as part of a regional effort to provide Egypt with much-needed foreign currency. With talks ongoing and no transactions yet closed, QIA deposited <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f72cd713-290a-4932-b374-56c1dbdcc856\">earlier this month<\/a> USD 1 bn with the Central Bank of Egypt.<\/p><p><strong>#2- Did Al Safy Group just take a majority stake in the owner of the Ramses Hilton?<\/strong> Also in <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=19112022&amp;id=762a161d-3d72-414d-a3ee-db96adc4d0a0\">Al Shorouk<\/a>: Has Egyptian conglomerate <a href=\"https:\/\/www.alsafygroup.com\/\">Al Safy Group<\/a> has acquired 53% of the Arab International Company for Hotels and Tourism for EGP 4 bn? The newspaper quotes what it says are sources familiar with the transaction that Al Safi bought stakes held by several regional SWFs, including the Abu Dhabi Investment Authority , the Libyan Investment Authority, and the Kuwait Investment Authority. The Arab International Company for Hotels and Tourism reportedly owns six hotels across Cairo, the Red Sea and Port Said.<\/p><p><strong>What\u2019s Al Safy? <\/strong>The retail-heavy group distributes Samsung and Xiaomi phones as well as Wunder chocolates and operates 300 retail stores across Egypt, including 120 Orange- and &gt;70 Xiaomi-branded stores. It owns the Lighthouse lighting and also has investments or activities in financial services, real estate, and commodities.<\/p><p><strong>THIS WEEK<\/strong><strong> IN THE HOUSE- <\/strong><\/p><p>Our elected representatives will be back in business today after a two-week break for COP27:<\/p><ul>\n<li><strong>Today<\/strong>: The House will hold votes on the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/827ca907-600a-408a-92cd-862ed7e58191\">contractor compensation bill<\/a>, a law <a href=\"http:\/\/bit.ly\/3Xbww3S\">restructuring Al Azhar<\/a>, and foreign loan agreement with South Korea's Export-Import Bank (KEXIM) that will fund part of the project of upgrading the railway tracks linking Luxor and the High Dam train stations.<\/li>\n<li><strong>Tomorrow<\/strong>: MPs will discuss and vote on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ddca62b3-07a3-48e2-b026-0e49792dffb3\">amendments<\/a> to the Telecommunications Act, and a loan agreement between Egypt and the European Bank for Reconstruction and Development for the rehabilitation of Cairo Metro Line 2.<\/li>\n<li><strong>Tuesday<\/strong>: Tourism Minister Ahmed Eissa will be in the hot seat to answer questions from MPs on the ministry\u2019s tourism promotion program and its plans to restore antiquities.<\/li>\n<\/ul><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>DATA POINT #1- Remittances from Egyptian expats fell <\/strong><strong>19% y-o-y<\/strong><strong> to USD 2.2 bn in <\/strong><strong>August 2022<\/strong>, according to <a href=\"https:\/\/ent.news\/2022\/11\/Remittances-from-Egyptian-expats-AUG-22.pdf\">central bank figures (pdf)<\/a> out last week. Remittance flows were down 9% compared with the month before. Remittances <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dac629a7-c5f1-47e6-be38-83edd3859603\">recorded a fresh high<\/a> for the second year in a row in FY 2021-2022, as rising oil prices boosted transfers from the Gulf. <strong>Remittances are a key source of hard currency for Egypt and the outlook remains strong<\/strong> given that most Egyptian expats work in the GCC, where analysts expect there will be an extra USD 1.3 tn in liquidity sloshing around over the next year.<\/p><p><strong>DATA POINT #2- Our LNG exports are en route to hit a 13-year high this month <\/strong>as the country burns more oil for domestic electricity consumption and imports more gas from Israel for liquefaction and re-export, according to a report by oil and gas newsletter <a href=\"https:\/\/www.mees.com\/2022\/11\/18\/power-water\/egypt-oil-burn-at-4-year-high-as-lng-exports-prioritized\/8762b5c0-673d-11ed-a26b-f71f2be4f4ee\">MEES<\/a>. Egypt is set to ship 980k tons of LNG this month, according to projections from data firm <a href=\"https:\/\/www.kpler.com\/\">Kpler<\/a>. LNG exports have grown even as domestic gas production slows, in part due to higher imports from Israel, which were up 65% y-o-y in September. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/144e60dc-4f26-49d0-bffe-036d93c2b319\">government is aiming<\/a> for our LNG exports to hit USD 1 bn a month by January as it looks to capitalize on the European energy crunch triggered by the Russia-Ukraine war and position Egypt as a regional energy powerhouse.<\/p><p><strong>Not good for the environment:<\/strong> Egypt is burning mazut at a rate not seen since mid-2018, according to the report, replacing gas flows <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34592f12-233d-4901-ae0a-b210c9ca855e\">now being directed<\/a> to Europe. Mazut is a type of low-quality heavy fuel oil, and generates more air pollution when burned than other types of oil.<\/p><p><strong>There\u2019s more where that came from: <\/strong>The flows from Energean\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8e5d5785-6e5a-4c89-a7ca-fe55a280fbbf\">newly-launched Karish field<\/a>will be used for domestic consumption in Israel, MEES says, rather than sent to us as we had previously speculated could be the case. But we should still see a boost to our gas imports from Israel thanks to Karish, the report adds, as more gas is freed up for export from the country\u2019s Tamar and Leviathan fields, from which we already source flows.<\/p><p><strong>DATA POINT #3:<\/strong> Some 10k people registered in the first 48 hours after the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13ae1aa8-897e-4eaf-a810-24779d5d287d\">launch<\/a> of the government\u2019s app through which Egyptians living abroad can <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d46b1f72-d632-41ab-bab8-364dacf0db4a\">import a car to Egypt<\/a>, the Finance Ministry <a href=\"http:\/\/bit.ly\/3Eo3MMK\">said<\/a> Saturday. The app, dubbed Sayarat masryeen bel khareg, automatically calculates the required USD payment for expats based on the car model they choose to import. Get it here: <a href=\"http:\/\/bit.ly\/3WYnpDP\">App Store<\/a> | <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.mcit.eca&amp;pli=1\">Google Play<\/a>.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p class=\"web-image\"><a href=\"https:\/\/climatexforum.enterprise.press\/index.html#contactUs\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/Registration-web-E.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>COP27 <\/strong><strong>may be<\/strong><strong> almost <\/strong><strong>over \u2014 but climate will remain the world\u2019s largest and most important industry for decades to come. <\/strong>Our <a href=\"https:\/\/climatexforum.enterprise.press\/index.html#aboutSection\">Enterprise Climate X Forum<\/a> will see members of the business community gather at the <strong>Grand Egyptian Museum<\/strong> on Tuesday, 6 December 2022.<\/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. You can learn more on our conference website here.<\/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>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-safy-group\/\">Al Safy Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-international-company-for-hotels-and-tourism\/\">Arab International Company for Hotels and Tourism<\/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\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ramses-hilton\/\">Ramses Hilton<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us-russia-relations\/\">US-Russia relations<\/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=\"577338\" 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=\"577338\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/577338\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577338\" class=\"content-area-description single-story post-577338 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:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/Somabay-Stayr-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>Enjoy renting with home comfort, privacy, exclusive privileges, and tailor-made packages for an unforgettable guest experience. A signature collection of handpicked serviced villas, chalets, apartments, and studios to transform your vacation into an exceptional experience, and to discover the magic of Somabay in luxury bliss. For booking inquiries, contact us by phone at +20155 600 5693, by email at <a href=\"mailto:info@stayr.somabay.com\">info@stayr.somabay.com<\/a>, or through our website holidays.somabay.com<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577339\" 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=\"577339\">\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\">COP WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/are-we-nearly-there-yet\/\">\r\n                            Are we nearly there yet?                        <\/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\/20\/are-we-nearly-there-yet\/\" 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\/20\/are-we-nearly-there-yet\/')\">\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\/20\/are-we-nearly-there-yet\/\">\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=Are we nearly there yet?&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/are-we-nearly-there-yet\/\">\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\/20\/are-we-nearly-there-yet\/&title=Are we nearly there yet?\">\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=Are+we+nearly+there+yet%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F20%2Fare-we-nearly-there-yet%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\/20\/are-we-nearly-there-yet\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/294.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577340\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/are-we-nearly-there-yet\/294-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/294.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"294.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/294.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/294.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577339\" class=\"content-area-description single-story post-577339 post type-post status-publish format-standard has-post-thumbnail hentry category-cop-watch tag-climate tag-cop-watch tag-cop27 tag-diplomacy tag-energy tag-enterpriseam tag-nwfe tag-renewables tag-waste-management wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>COP27 negotiations run into overtime as delegates haggle over <\/strong><strong>reducing emissions:<\/strong> Climate negotiators from almost 200 countries have reportedly sealed an agreement to set up a fund to help poor countries face the impact of climate change but discussions over reducing emissions remain deadlocked. The high-stakes talks, which were supposed to have wrapped in Sharm El Sheikh on Friday, appear to have made progress the contentious debate over \u201closs and damage\u201d but the decision over how fast to reduce emissions is still being discussed, with some countries pushing for a tougher global agreement that will \u201ckeep 1.5\u00b0C alive.\u201d<\/p>\n<p><strong>A victory for the global south?<\/strong> After more than two weeks of tense negotiations, multiple outlets reported yesterday developing and developed nations had reached an agreement to set up a fund that will pay out to poorer countries on the front lines of the effects of climate change. Rich countries have for years avoided having to discuss the loss and damage question, rejecting the idea that they could be held liable for their outsized contributions to global CO2 emissions since industrialization began. But in a surprise turn on Thursday, the EU <a href=\"https:\/\/www.euronews.com\/green\/2022\/11\/18\/eu-proposes-loss-and-damage-fund-to-help-poor-countries-cope-with-climate-crisis\">came out in support<\/a> of setting up a fund on the proviso that high-emission countries such as China make contributions and that countries agree to adopting tougher action on cutting emissions. On Saturday, the US <a href=\"https:\/\/www.nytimes.com\/2022\/11\/19\/climate\/un-climate-damage-cop27.html\">agreed to the creation of a fund<\/a> after arguing against the concept just days earlier.<\/p>\n<p><strong>The small print will be key:<\/strong> Few details about the negotiations have been offered by insiders, and many questions about how the fund will work remain unanswered. Officials in the Biden administration have <a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2022\/11\/19\/cop27-climate-conference-egypt-updates\/\">briefed some<\/a><a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2022\/11\/19\/cop27-climate-conference-egypt-updates\/\">in the media<\/a> that the fund will not use compensation to create legal liability. They said the US is working to sign the agreement on the L&D fund, with one official adding that the administration had requested USD 11.4 bn from Congress for international climate aid.<\/p>\n<p><strong>\u201cKeeping 1.5\u00b0C alive\u201d:<\/strong> The main sticking point now is how fast to slash emissions and phase out the use of fossil fuels. Countries like Russia and Saudi Arabia are <a href=\"https:\/\/twitter.com\/LeoHickman\/status\/1594042545021267968\">refusing<\/a> to sign on to the EU and India\u2019s demand to phase down \u201call fossil fuels,\u201d while the EU had earlier threatened to walk out of the talks if the agreement didn\u2019t keep the 1.5\u00b0C target alive. \u201cWe\u2019d rather have no decision than a bad decision,\u201d the bloc\u2019s climate chief, Franz Timmermans, <a href=\"https:\/\/www.reuters.com\/business\/cop\/cop27-negotiators-push-deal-overtime-climate-talks-2022-11-19\/\">said<\/a>. \u201cOur message to partners is clear: We cannot accept that 1.5\u00b0C dies here and today.\u201d The US has also come out in support of calls for include \u201call fossil fuels\u201d in the text of the agreement, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-19\/eu-threatens-to-walk-away-from-cop27-climate-talks-in-egypt?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reported.<\/p>\n<p><strong>Egypt\u2019s proposal didn\u2019t go down too well:<\/strong> A proposal put forward by Egypt was criticized for backtracking on pledges made at last year\u2019s COP26 in Glasgow, which made a commitment to limiting global warming to 1.5\u00b0C, according to the <a href=\"https:\/\/apnews.com\/article\/united-nations-john-kerry-climate-and-environment-18f6e5cb8183c59ceaf0cf2408842e6c\">Associated Press<\/a>. COP27 President Sameh Shoukry defended the plan during a presser (<a href=\"https:\/\/www.youtube.com\/watch?v=Z-d2yoMMl8M\">watch, runtime: 10:02<\/a>), saying that a majority of parties had backed the text, and calling for parties to \u201crise to the occasion\u201d and \u201cshow the necessary flexibility.\u201d<\/p>\n<p><strong>Shoukry calls for methane holdouts to sign up:<\/strong> Shoukry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02FTEoKfTvZZyWQGJnVy7HSvRQMumeSpuipGXiE4w4g3M6XHc9aFzLK2XzQrNtAMjul\">urged countries<\/a> that haven\u2019t joined the global methane pledge to sign up and commit to reducing their methane emissions.<\/p>\n<p><strong>The world\u2019s two biggest polluters are continuing to mend climate ties:<\/strong> Talks between China and the US were \u201ccandid, friendly, positive and active,\u201d China\u2019s top climate negotiator said yesterday, according to <a href=\"https:\/\/www.reuters.com\/business\/cop\/cop27-chinas-climate-envoy-says-expects-cooperation-with-us-continue-2022-11-19\/\">Reuters<\/a>. The two countries will continue cooperation on climate change after the summit is over, Xie Zhenhua said. This comes nearly a week after US President Joe Biden and Chinese Premier Xi Jinping agreed to <a href=\"https:\/\/www.theguardian.com\/world\/2022\/nov\/14\/five-key-takeaways-from-biden-and-xis-first-meeting-as-leaders\">restart climate cooperation<\/a> during the G20 summit.<\/p>\n<p><strong>The ongoing talks are the big story everywhere this morning:<\/strong> <a href=\"https:\/\/apnews.com\/article\/united-nations-john-kerry-climate-and-environment-18f6e5cb8183c59ceaf0cf2408842e6c?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_01\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/business\/cop\/cop27-negotiators-push-deal-overtime-climate-talks-2022-11-19\/\">Reuters<\/a> | <a href=\"https:\/\/www.ft.com\/content\/1ee87171-e9b3-44af-81df-babacdd90b89\">FT<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-19\/eu-threatens-to-walk-away-from-cop27-climate-talks-in-egypt?srnd=premium-middle-east\">Bloomberg<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/cop27-agrees-on-loss-and-damage-fund-for-vulnerable-countries-officials-say-11668866219?mod=hp_lead_pos1\">WSJ<\/a> | <a href=\"https:\/\/www.bbc.co.uk\/news\/live\/science-environment-63656412\">BBC<\/a>.<\/p>\n<p><strong>USD 10 BN IN NWFE PLEDGES-<\/strong><\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e40eaa44-2bb4-49a3-9336-af3df3a4d395\">climate funding agreements<\/a><\/strong><strong> we secured at COP for the Nexus on Water, Food <\/strong><strong>and Energy (<\/strong><strong><a href=\"https:\/\/www.sis.gov.eg\/Story\/169930\/Egypt-aspires-to-present-success-story-in-COP27?lang=en-us\">NWFE<\/a><\/strong><strong>) program add up to nearly USD 10 bn<\/strong>, International Cooperation Minister Rania Al Mashat told <a href=\"https:\/\/www.reuters.com\/business\/cop\/cop27-host-egypt-aims-share-climate-finance-model-2022-11-18\/\">Reuters<\/a> on the sidelines of COP27. The investments already secured for the USD 15 bn program \u2014 which include <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/58aa142f-c5b9-45ac-82ba-573d06e262a6\">more than USD 550 mn<\/a> in concessional loans, debt swaps, and grants from the US, Germany and other European countries \u2014 can provide a \u201ctemplate\u201d for other developing countries to access climate-related finance, Al Mashat said. Many countries have already started talking to multilateral development banks about launching programs like NWFE, she added. The program includes an energy project worth USD 10 bn and eight food security, agriculture, and irrigation and water projects.<\/p>\n<p><strong>GOOD NEWS FOR OUR ENERGY EXPORT AMBITIONS? <\/strong><\/p>\n<p><strong>Fresh renewables agreements could help Egypt accelerate energy exports to Europe: <\/strong>Agreements on renewable energy projects signed during COP27 could help Egypt accelerate plans to export electricity to Europe, potentially within five years, Oil Minister Tarek El Molla told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-18\/egypt-to-speed-up-plans-to-export-power-and-hydrogen-to-europe\">Bloomberg<\/a> on the sidelines of the summit. Egypt has been preparing to link its electricity grids with Greece and Cyprus through a subsea cable as part of the USD 4 bn EuroAfrica Interconnector project <a href=\"https:\/\/enterprise.press\/stories\/2018\/03\/12\/egypt-cyprus-greece-begin-working-to-implement-usd-4-bn-electricity-interconnection-project\/\">since 2018<\/a>, while Europe is facing an ongoing energy crisis as it phases out reliance on Russian fossil fuels. \u201cThe momentum that we got from having hosted COP27 will help us to boom and speed up projects for emissions reduction,\u201d El Molla said.<\/p>\n<p><strong>WASTE MANAGEMENT-<\/strong><\/p>\n<p><strong>Egypt to build EGP 4.2 bn waste recycling facilities + sanitary landfills:<\/strong> The Local Development Ministry is within days set to sign contracts worth EGP 4.2 bn to establish sanitary landfills and waste recycling facilities for municipal waste, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0NTB2gCiNjzTbZCHWTHd7L7skukc2VTwHscL7eNKuWU2NGVamdyA2vVzJh897GZmdl\">statement<\/a>. The first EGP 3.3 bn contract will create 13 new recycling and waste treatment facilities across eight governorates and increase efficiency at 5 waste treatment and recycling plants in Sharqiya, El Wadi El Gedid, Beheira and Aswan. The second EGP 938.6 mn contract will see the ministry build 9 sanitary landfills in Matrouh, Sinai, the Red Sea and Sohag.<\/p>\n<p><strong>Background:<\/strong> This comes as part of a wider EGP 12 bn waste management program to develop recycling facilities, close illegal garbage dumps, boost the efficiency of the waste management system, and raise awareness, the statement said.<\/p>\n<p><strong>ON THE POLICY SIDE- <\/strong><\/p>\n<p><strong>Egypt will invest EGP 3 bn to plant 100 mn trees over the next seven years<\/strong>, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02rJPZTChr4G6Yq9SJMkYA7aWSpQFwV37j5RSFNrF1kAEPcTEtkxiiVMjxR5QtVAKdl\">statement<\/a>. The initiative could offset about 20% (or 61.2 mn tons) of our annual carbon emissions as well as improve air quality, the statement said, adding that some 10 mn trees will be planted by the end of FY 2022-2023.<\/p>\n<p><strong>We also launched four initiatives to help drive the development of sustainable infrastructure and transport in cities<\/strong> in developing countries:<\/p>\n<ul>\n<li>The <strong>Sustainable Cities Initiative<\/strong> in partnership with the World Bank aims to promote sustainable urban development projects in Egypt, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0tJGC5TNtVRCJ7WjE6YeADWPm6HTUo8gztG59cmJDJLJLHMkEwGiMV29njjgvh3JCl\">statement<\/a>.<\/li>\n<li>The <strong>Low Carbon Transport for Urban Sustainability<\/strong> <strong>Initiative <\/strong>will support the development of clean transport systems in developing countries over the next ten months leading up to COP28. It will agree on a roadmap and pilot initiatives by next February, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ZPFKEthrrfNhmkCpo612gZZExmyhaCCuuPps6VPhm95gAWYimk5phZYeYXYtYPuil\">statement<\/a>.<\/li>\n<li><strong>Friends of Greening National Investment Plans in Africa and Developing Countries Initiative <\/strong>aims to help developing countries increase the share of green projects in their national investment plans by at least 30% by 2030, according to a ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0mkeV9Gzyxa4TMX2wrGvK4A5nJjNVuTLyRYiN7p9Wj6Ss7HBcRokV6xsr3dfL9zQxl\">statement<\/a>. <\/li>\n<li>The <strong>Waste 50 by 2050 Initiative<\/strong> aims to raise the recycling rate of African waste to 50% by 2050 from a current 10%, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid07ynUSVpbJ2sUXuEh7yVW5wSzoG34pqjqEVaaakbVfRNhSLZ2BumPWAr8h5rGKtCUl\">statement<\/a>.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop-watch\/\">COP WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/waste-management\/\">waste management<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577341\" 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=\"577341\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/africas-first-voluntary-carbon-market-will-launch-in-mid-2023\/\">\r\n                            Africa\u2019s first voluntary carbon market will launch in mid-2023                        <\/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\/20\/africas-first-voluntary-carbon-market-will-launch-in-mid-2023\/\" 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 bourse is close to finalizing contracts with a Canadian fintech to supply the technology for the carbon credit platform, El Dokany said.<\/p>\n<p><strong>Don\u2019t expect local carbon credits to come on the market for a couple years:<\/strong> Auditing and verification alone takes at least 18 months to complete, El Dokany said, adding that the platform\u2019s target will be to issue some 7 mn tons of local carbon credits within the first three to four years.<\/p>\n<p><strong>What industries will be eligible? <\/strong>The market will not limit eligibility to specific industries, El Dokany said, adding that it will start by looking at the agribusiness sector. The EGX is partnering with the <a href=\"https:\/\/abe.com.eg\/\">Agricultural Bank of Egypt<\/a> and Enara Group\u2019s Libra Capital to establish <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f2d24668-bf4a-49e8-8e5a-5ec23423b2aa\">Libra Carbon<\/a>, the Egyptian company that will develop, manage, and issue carbon certificates. Other industries showing interest include the industrial sector, building materials, and banks, El Dokany added.<\/p>\n<p><strong>\u201cAfrica will be the hub for carbon credit supply,\u201d <\/strong>El Dokany said, adding that the bourse has a first-mover advantage on the continent and will be able to get started with African issuances at the same time as our local carbon credit market takes form. \u201cWe want to build an African OPEC for carbon that can regulate and standardize prices,\u201d El Dokany added.<\/p>\n<p><strong>There are still a lot of details to iron out: <\/strong>The regulatory framework for the market is still pending the cabinet\u2019s review, El Dokany said. Another key issue is auditing and verification, which El Dokany says needs some form of \u201cdisruption\u201d \u2014 whether through tech or by setting up local verifiers \u2014 to be able to scale. Verification of carbon certificates requires annual review. The EGX is currently in talks with global offset verifiers including <a href=\"https:\/\/verra.org\/\">Verra<\/a> and <a href=\"https:\/\/www.goldstandard.org\/\">Gold Standard<\/a>, he said.<\/p>\n<p><strong>Roadshow in the cards: <\/strong>The bourse is still looking into how to market carbon trading, but holding roadshows around Africa is on the table, El Dokany said.<\/p>\n<p><strong>BACKGROUND- Voluntary carbon markets are gathering steam across the region.<\/strong> Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund, <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/96ce0e75-0c9d-4f03-9e80-cc238211358c\">last month<\/a> set up a regional voluntary carbon market company, <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f3bb1924-9dc1-4866-b00f-d3f50b07744c\">which auctioned<\/a> 1.4 mn tons of carbon credits at Davos in the Desert.<\/p>\n<p><strong>EGYPT LAUNCHES CARBON CREDIT FUND- <\/strong><\/p>\n<p><strong>Planning Minister Hala El Said launched a fund <\/strong><strong>that will in<\/strong><strong>vest up to EGP 1 bn <\/strong><strong>in low-carbon projects that issue carbon credits<\/strong>, the Planning Ministry said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02xQffGf4jgmY3ihjDSWDPQvwpTZ64H6oNmjk9PPyLQhswvNqCo5hGc8pLUCvQFzvQl\">a statement<\/a> Thursday. The fund \u2014 dubbed EgyCOP \u2014 will complement the launch of the planned carbon market, the statement said.<\/p>\n<p><strong>What projects will be eligible? <\/strong>The statement does not specify what industries it will be focusing its investments on, but El Said name-checked sectors like transport, energy, waste, and biodiversity in the statement. The companies will have their credits verified by Gold Standard.<\/p>\n<p><strong>The Financial Regulatory Authority is working on approvals for the establishment of the fund<\/strong>, and on amendments to the Capital Markets Act that would validate the use of carbon certificates as a tradable security, the regulator said in <a href=\"https:\/\/ent.news\/2022\/11\/FRA-press-release.pdf\">a statement (pdf)<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/carbon-footprint\/\">carbon footprint<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egycop\/\">EgyCop<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hala-el-said\/\">Hala El Said<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/libra-carbon\/\">Libra Carbon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planning-ministry\/\">Planning Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ramy-el-dokany\/\">Ramy El Dokany<\/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=\"577343\" 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=\"577343\">\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\">Transport<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/alstom-to-work-on-cairo-metro-line-6\/\">\r\n                            Alstom to work on Cairo Metro Line 6                        <\/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\/20\/alstom-to-work-on-cairo-metro-line-6\/\" 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 27-station, 35-km line will be the first driverless metro in Africa and will link Shubra El Kheima in the north to New Maadi in the south, the company said.<\/p>\n<p><strong>Alstom said it will supply the rolling stock, and a raft of equipment<\/strong> including the signaling, telecoms and ticketing systems. It didn\u2019t disclose which other companies will work on the project or the value of the contract.<\/p>\n<p><strong>Alstom is becoming a major foreign player in Egyptian rail projects:<\/strong> Currently it\u2019s <a href=\"https:\/\/www.alstom.com\/monorail-story-greater-cairo\">leading<\/a><a href=\"https:\/\/www.alstom.com\/monorail-story-greater-cairo\">the consortium<\/a> in charge of the Sixth of October-new capital monorail and is providing new rolling stock for Metro Line 1 under an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfceb221-fc3a-4c21-8327-7a7104b86764\">EUR 876 mn contract<\/a>. It recently <a href=\"https:\/\/www.zawya.com\/en\/projects\/construction\/alstom-completes-cairo-metro-signalling-and-control-systems-contract-ucn851gh\">finished a contract<\/a> to supply and install signaling and control systems for the third phase of Metro Line 3.<\/p>\n<p><strong>The Transport Ministry signed several other agreements at the conference last week<\/strong>, it said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02UFYEoxkxrDgvZvNhoe9kDWZJtNmG2gzmy4C3r7fsZ9id3Mt7DpAtb954DzQegKxYl\">a statement<\/a>:<\/p>\n<ul>\n<li>An MoU with Spain-based consultant <strong>TYPSA<\/strong> to work on <strong>feasibility studies<\/strong> to extend <strong>Metro Line 1<\/strong>;<\/li>\n<li>An MoU with China\u2019s <strong>AVIC International<\/strong> to undertake engineering, railway and electromechanical work, as well as supply trains, for the <strong>fourth phase of the electric <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89cb9259-bf42-42bc-acdb-354768318727\">light rail train<\/a><\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89cb9259-bf42-42bc-acdb-354768318727\">(LRT)<\/a>;<\/li>\n<li>An MoU with <strong>Alstom<\/strong> to <a href=\"https:\/\/www.alstom.com\/press-releases-news\/2022\/11\/alstom-collaborates-egypts-ministry-transportation-launch-railway-academy-country\">set up an academy<\/a> to train Egyptian railway engineers.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alstom\/\">Alstom<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/france\/\">France<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport-ministry\/\">Transport Ministry<\/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=\"577345\" 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=\"577345\">\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\">Development finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/another-chunk-of-development-finance-from-germany\/\">\r\n                            Another chunk of development finance from Germany                        <\/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\/20\/another-chunk-of-development-finance-from-germany\/\" 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\/20\/another-chunk-of-development-finance-from-germany\/')\">\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\/20\/another-chunk-of-development-finance-from-germany\/\">\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=Another chunk of development finance from Germany&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/another-chunk-of-development-finance-from-germany\/\">\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\/20\/another-chunk-of-development-finance-from-germany\/&title=Another chunk of development finance from Germany\">\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=Another+chunk+of+development+finance+from+Germany+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F20%2Fanother-chunk-of-development-finance-from-germany%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\/20\/another-chunk-of-development-finance-from-germany\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/298.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577346\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/another-chunk-of-development-finance-from-germany\/298-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/298.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"298.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/298.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/298.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577345\" class=\"content-area-description single-story post-577345 post type-post status-publish format-standard has-post-thumbnail hentry category-development-finance tag-development-finance tag-education tag-enterpriseam tag-germany tag-giz tag-international-cooperation-ministry tag-kfw tag-rania-al-mashat tag-water 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-04\"><\/a> <strong>Egypt and Germany inked nine cooperation and financing agreements <\/strong><strong>worth EUR <\/strong><strong>160 m<\/strong><strong>n <\/strong>on the sidelines of COP27 last week, the International Cooperation Ministry said in <a href=\"https:\/\/moic.gov.eg\/news\/815?fbclid=IwAR3SABzdDS9J0nUmuukSt7Pyt-s6LGBDybvAYEhXKd8CyIVIWvb2em4ETZI\">a statement<\/a> Thursday.<\/p>\n<p><strong>#1- International Cooperation Minister Rania Al Mashat and German counterpart Svenja Schulze signed an EUR 80 mn grant<\/strong> to finance three unspecified projects to improve private sector competitiveness, solid waste management, and technical and vocational education and training (TVET).<\/p>\n<p><strong>#2- Al Mashat inked four financing agreements worth EUR 57 mn with German development bank <\/strong><strong>KfW<\/strong>. They include an EUR 26 mn grant and EUR 12.5 mn in financing for the Education Ministry to establish and refurbish TVET, applied tech, and teacher training facilities; and EUR 16.5 mn in finance and an EUR 2 mn grant to renovate irrigation canals.<\/p>\n<p><strong>#3- Al Mashat and German development agency GIZ signed four technical support grant agreements worth EUR 23 mn. <\/strong>They unlock EUR 11 mn for the <a href=\"https:\/\/www.giz.de\/en\/worldwide\/101813.html\">Nile Delta Water Management Programme<\/a>; EUR 8 mn for the <a href=\"https:\/\/www.giz.de\/en\/worldwide\/108358.html\">Supporting e-Government and Innovation in Public Administration (InnoPA)<\/a> project; EUR 2 mn for the <a href=\"https:\/\/www.giz.de\/en\/worldwide\/96033.html\">Capacity Building through Urban Infrastructure (CBUID)<\/a> project; and another EUR 2 mn for the <a href=\"https:\/\/www.giz.de\/en\/worldwide\/61875.html\">Participatory Infrastructure Project (PIP)<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/germany\/\">Germany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/giz\/\">GiZ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-cooperation-ministry\/\">International Cooperation Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kfw\/\">Kfw<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rania-al-mashat\/\">Rania Al Mashat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577347\" 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=\"577347\">\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\/20\/ci-capital-idh-raya-holding-report-3q-earnings\/\">\r\n                            CI Capital, IDH + Raya Holding report 3Q 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\/20\/ci-capital-idh-raya-holding-report-3q-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\/20\/ci-capital-idh-raya-holding-report-3q-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\/20\/ci-capital-idh-raya-holding-report-3q-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=CI Capital, IDH + Raya Holding report 3Q earnings&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/ci-capital-idh-raya-holding-report-3q-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\/20\/ci-capital-idh-raya-holding-report-3q-earnings\/&title=CI Capital, IDH + Raya Holding report 3Q 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=CI+Capital%2C+IDH+%2B+Raya+Holding+report+3Q+earnings+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F20%2Fci-capital-idh-raya-holding-report-3q-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\/20\/ci-capital-idh-raya-holding-report-3q-earnings\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/302.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577348\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/ci-capital-idh-raya-holding-report-3q-earnings\/302-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/302.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"302.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/302.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/302.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577347\" class=\"content-area-description single-story post-577347 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-ci-capital tag-earnings-watch tag-enterpriseam tag-integrated-diagnostics-holding tag-raya-holding 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>Earnings continued in earnest on Thursday<\/strong>, with a number of high-profile companies releasing their 3Q 2022 figures.<\/p>\n<p><strong>CI CAPITAL-<\/strong><\/p>\n<p><strong>CI Capital reported a 28% increase in revenues to EGP 2.5 bn in 9M 2022<\/strong>, it said in a <a href=\"https:\/\/ent.news\/2022\/11\/CICH-9M22-ER-EN-Final.pdf\">statement (pdf)<\/a>. Net earnings after tax and minority interest rose to EGP 486 mn, up 18% from a year earlier.<\/p>\n<p><strong>CI Capital\u2019s investment bank \u201cdelivered solid results\u201d across the board<\/strong>, it said in the statement. Investment banking revenues reached EGP 58 mn during the first nine months of the year. CI Capital Asset Management saw its assets under management almost quadruple to EGP 48.4 bn, while the company\u2019s brokerage captured a 16.4% market share, it said.<\/p>\n<p><strong>NBFS growth: <\/strong>CI Capital\u2019s non-bank financial services platform also registered strong growth across revenues, net income, and new bookings, with Reefy reporting a 67% increase in net income, CI Mortgage tripling its loan portfolio to EGP 598 mn, and Corplease booking a EGP 271 mn profit.<\/p>\n<p><strong>What they said:<\/strong> Chairman Mahmoud Attalla attributed the results to the \u201cefficiency of [CI Capitals] talented workforce, and a resilient business model that can weather market challenges.\u201d<\/p>\n<p><strong>NBFS activities accounted for 82% of CI Capital\u2019s group consolidated revenues<\/strong>, Group CEO Hesham Gohar said. \u201cThe Group continued to lead the Egyptian market with total on balance sheet financing portfolio reaching a new record-high.\u201d<\/p>\n<p><strong>INTEGRATED DIAGNOSTICS HOLDINGS-<\/strong><\/p>\n<p><strong>Integrated Diagnostics Holdings (IDH) saw its net income fall 65% y-o-y to EGP <\/strong><strong>403.4 mn in 9M 2022<\/strong>, according to its latest <a href=\"https:\/\/ent.news\/2022\/11\/IDH-9M2022-ER-E.pdf\">earnings<\/a><a href=\"https:\/\/ent.news\/2022\/11\/IDH-9M2022-ER-E.pdf\">release (pdf)<\/a>. Revenues at the medical diagnostics firm were down 26% y-o-y to EGP 2.8 bn in the nine-month period. IDH attributed the dip in revenue to a dropoff in demand for covid-related products, while margins were squeezed by higher accounting fees, higher marketing expenses, higher running costs at newly opened branches, and the cost of securing USD to fund its 2021 dividend, which it paid earlier this year.<\/p>\n<p><strong>Covid-related income was down, conventional revenues were up: <\/strong>Covid-19-related income was down 65% to EGP 678 mn in the first nine months of the year, as demand and average prices fell. This was partly offset by an increase in conventional revenues, which grew 14% to EGP 2.1 bn.<\/p>\n<p><strong>Revenues from the company\u2019s local operations were down 28% in 9M 2022 <\/strong>thanks to the \u201crapid decline\u201d in covid testing demand. Egypt still accounted for 82% of the company's total net sales, followed by Jordan with 16%, then Nigeria (2%) and Sudan (0.5%).<\/p>\n<p><strong>What they said: <\/strong>\u201cMid-way through the final quarter of the year, we remain well on track to record double-digit full-year growth, a remarkable achievement in light of the difficult macroeconomic environment faced across our markets and more generally across the world,\u201d IDH CEO Hend El Sherbini said. \u201cDespite the short-term challenges currently faced by the business, we remain optimistic on its long-term growth prospects, and have continued to invest to deliver on our long-term growth strategy.\u201d<\/p>\n<p><strong>RAYA HOLDING-<\/strong><\/p>\n<p><strong>Raya Holding\u2019s net income dropped 45% y-o-y in <\/strong><strong>9M 2022 to EGP 241 mn<\/strong>, according to the company\u2019s <a href=\"https:\/\/ent.news\/2022\/11\/RAYA-HOLDING-9M2022.pdf\">earnings release (pdf)<\/a>. Revenues were up 14% during the first nine months of the year to post EGP 14.1 bn, as trade, IT, fintech non-bank financial services (NBFS), and FMCG sectors continued to outperform. <strong>Raya\u2019s net income was down 69% <\/strong><strong>y-o-y in 3Q 2022 to EGP 97 mn<\/strong> even as revenues rose 21% to nearly EGP 5.0 bn.<\/p>\n<p><strong>Raya blames base effect: <\/strong>Raya attributed the fall in net income to a negative base effect thanks to one-off earnings from last year\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d3bf6dbd-15bf-4021-8040-45ef8db38ac7\">sale of recycling subsidiary BariQ<\/a> to Intro Group.<\/p>\n<p><strong>The breakdown:<\/strong> Raya\u2019s trade and distribution business unit generated 41% of Raya\u2019s total revenues in 9M 2022. The second biggest contributor was the firm\u2019s IT sector with 18%, followed by fintech NBFS with 18%.<\/p>\n<p><strong>IPO WATCH:<\/strong> The boards of Raya Holding and Aman Holding are hoping that market conditions will \u201csoon\u201d be favorable to list their NBFS platform Aman on the stock exchange, the company said. The Aman IPO was planned to take place this year but was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6bafb238-9ada-4c08-9846-30e51c6203ef\">pushed to 2023<\/a> due to turbulence in the financial markets.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/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\/integrated-diagnostics-holding\/\">Integrated Diagnostics Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/raya-holding\/\">Raya 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=\"577349\" 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=\"577349\">\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\/20\/ibrahim-ashmawy-reportedly-reappointed-head-of-itda-for-second-term\/\">\r\n                            Ibrahim Ashmawy reportedly reappointed head of ITDA for second term                        <\/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\/20\/ibrahim-ashmawy-reportedly-reappointed-head-of-itda-for-second-term\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n         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reappointed head of ITDA for second term&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/ibrahim-ashmawy-reportedly-reappointed-head-of-itda-for-second-term\/\">\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\/20\/ibrahim-ashmawy-reportedly-reappointed-head-of-itda-for-second-term\/&title=Ibrahim Ashmawy reportedly reappointed head of ITDA for second term\">\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=Ibrahim+Ashmawy+reportedly+reappointed+head+of+ITDA+for+second+term+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F20%2Fibrahim-ashmawy-reportedly-reappointed-head-of-itda-for-second-term%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\/20\/ibrahim-ashmawy-reportedly-reappointed-head-of-itda-for-second-term\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577349\" class=\"content-area-description single-story post-577349 post type-post status-publish format-standard hentry category-moves tag-enterpriseam tag-ibrahim-ashmawy tag-moves tag-supply-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Ibrahim Ashmawy<\/strong> will serve a second four-year term as head of the Supply MInistry\u2019s <strong>Internal Trade Development Authority (ITDA)<\/strong> per a decision by Prime Minister Moustafa Madbouly, according to the <a href=\"http:\/\/bit.ly\/3EMwWqw\">local press<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ibrahim-ashmawy\/\">Ibrahim Ashmawy<\/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\/supply-ministry\/\">Supply Ministry<\/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=\"577350\" 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=\"577350\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/577350\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577350\" class=\"content-area-description single-story post-577350 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_DESIGNS_1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577351\" 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=\"577351\">\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\/20\/cop27-world-cup-dominate-the-airwaves-plus-schools-arent-closing-due-to-spread-of-rsv\/\">\r\n                            COP27 + World Cup dominate the airwaves. Plus: Schools aren\u2019t closing due to spread of RSV                        <\/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\/20\/cop27-world-cup-dominate-the-airwaves-plus-schools-arent-closing-due-to-spread-of-rsv\/\" 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\/20\/cop27-world-cup-dominate-the-airwaves-plus-schools-arent-closing-due-to-spread-of-rsv\/')\">\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\/20\/cop27-world-cup-dominate-the-airwaves-plus-schools-arent-closing-due-to-spread-of-rsv\/\">\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=COP27 + World Cup dominate the airwaves. Plus: Schools aren\u2019t closing due to spread of RSV&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/cop27-world-cup-dominate-the-airwaves-plus-schools-arent-closing-due-to-spread-of-rsv\/\">\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\/20\/cop27-world-cup-dominate-the-airwaves-plus-schools-arent-closing-due-to-spread-of-rsv\/&title=COP27 + World Cup dominate the airwaves. Plus: Schools aren\u2019t closing due to spread of RSV\">\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=COP27+%2B+World+Cup+dominate+the+airwaves.+Plus%3A+Schools+aren%E2%80%99t+closing+due+to+spread+of+RSV+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F20%2Fcop27-world-cup-dominate-the-airwaves-plus-schools-arent-closing-due-to-spread-of-rsv%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\/20\/cop27-world-cup-dominate-the-airwaves-plus-schools-arent-closing-due-to-spread-of-rsv\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577351\" class=\"content-area-description single-story post-577351 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-climate tag-cop27 tag-enterpriseam tag-last-nights-talk-shows tag-qatar tag-respiratory-syncytial-virus-rsv wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>COP27 returned to our TV screens in a big way last night:<\/strong> The nation\u2019s talking heads took two approaches to subject, with Kelma Akhira\u2019s Lamees El Hadidi focusing on current state of the negotiations and the global implications of the summit, and most everyone else looking at COP27 as an Egypt success story.<\/p>\n<p><strong>Egypt\u2019s chief negotiator speaks:<\/strong> Amb. Mohamed Nasr, the lead negotiator of the COP27 Presidency, phoned-in to Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=UQSDAYNHung\">watch, runtime: 12:12<\/a>) to discuss the current state of the negotiations, saying that pushing for an agreement on establishing the loss and damage fund, a reduction of emissions, and funding topics have all pushed the summit into overtime. \u201cSuch topics are always thorny\u2026and always linger with non-stop negotiations until reaching a consensus on implementation and the liabilities by each party,\u201d he said. Nasr blamed developed countries for trying to speed the pace of climate action without differentiating between developing and developed nations. \u201cThis would put a strain on developing countries which are trying to secure more funds and technologies for implementation. This isn\u2019t carried out in a way that meets its needs,\u201d he said.<\/p>\n<p><strong>Other shows were less interested in a global climate agreement than telling their <\/strong><strong>viewers about how successful a host Egypt was:<\/strong> Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=q0iuQxBYLzQ\">watch, runtime: 5:30<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=8CrBh7_H58Y\">watch, runtime: 11:30<\/a>) and Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=lpCFzB3sYsA\">watch, runtime: 3:54<\/a>).<\/p>\n<p><strong>The World Cup is starting to get everyone talking<\/strong>, though the talking heads focused most of their attention on the tournament\u2019s price tag rather than the football itself. El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=9v1SEUrgfIQ\">watch, runtime: 2:42<\/a>) and Ala Masouleety\u2019s Ahmed Moussa both discussed how much Qatar has spent to host the World Cup \u2014 which according to some accounts reaches an eye-watering <a href=\"https:\/\/www.bloomberg.com\/graphics\/2022-what-qatar-built-for-the-world-cup\/?sref=mmeFTDW1\">USD 300 bn<\/a> \u2014 with Moussa reserving special criticism for the \u201ctrolls\u201d on social media who apparently praise Qatar\u2019s spending spree, while not sharing the same enthusiasm over Egypt\u2019s spending on infrastructure (<a href=\"https:\/\/www.youtube.com\/watch?v=YeD-jewBBSo\">watch, runtime: 4:06<\/a>).<\/p>\n<p><strong>A new warning on rice:<\/strong> Al Hayah Al Youm took note of a <a href=\"http:\/\/bit.ly\/3TQiTEy\">one-week notice period<\/a>starting yesterday for rice producers, sellers and distributors to notify the Supply Ministry directorates of their stockpiled rice and storage areas (<a href=\"https:\/\/www.youtube.com\/watch?v=BwmxYNjqsPE\">watch, runtime: 10:06<\/a>). Abdel Moneim Khalil, head of the internal trade sector at the Supply Ministry, said those who fail to report will have their rice confiscated and would be at risk of a jail term and a fine per the ministerial decree. The decree comes days after the Cabinet designated rice as a \u201c<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/087516ce-2d80-407c-a539-7782ac0a6a8b\">strategic commodity<\/a>\u201d for at least three months under efforts to deter traders who try to exploit the opportunity to hoard rice amid a global shortage of commodities. Fresh moves over rice by state also got a mention from Masa\u2019a DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=zRFC4RVmslc\">watch, runtime: 6:45<\/a>).<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Schools aren\u2019t closing over RSV: <\/strong>Don\u2019t expect schools to shut down over a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc2a85fd-813a-46ad-bd36-c5913bee3329\">spread of the respiratory syncytial virus<\/a>, Hossam Hosny, the head of the government\u2019s covid-19 committee told Hadret El Mowaten (<a href=\"https:\/\/www.youtube.com\/watch?v=gUcaPaK1jh0\">watch, runtime: 8:54<\/a>). \u201cWe won\u2019t close schools, but we urge parents to not send their kids to school if they\u2019re showing symptoms,\u201d he said.<\/p>\n<p><strong>BACKGROUND- <\/strong>While not a pandemic, <a href=\"https:\/\/www.cdc.gov\/rsv\/\">RSV<\/a> is making headlines across the world (<a href=\"https:\/\/nypost.com\/2022\/11\/17\/rsv-cases-spiking-at-nyc-hospitals-highest-levels-ever-seen\/\">here<\/a> and <a href=\"https:\/\/www.cbc.ca\/news\/health\/hospital-for-sick-children-surge-covid-flu-rsv-1.6654303\">here<\/a>) amid a rise in cases as fall gives way to winter.<\/p>\n<p><strong>AND- El Hekaya\u2019s Amr Adib appeared rather perplexed at a continued rise of <\/strong><strong>commodities prices<\/strong>, despite the EGP \/ USD exchange rate stabilizing in recent days (<a href=\"https:\/\/www.youtube.com\/watch?v=1GLsc0_4j4c\">watch, runtime: 9:10<\/a>). \u201cInflation looks currently at 20% or maybe even more,\u201d Adib said, describing continued price increases as \u201cunreasonable.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/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\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/respiratory-syncytial-virus-rsv\/\">respiratory syncytial virus (RSV)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        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   \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\/20\/were-now-in-week-3-of-climate-human-rights-dominating-the-foreign-press\/\">\r\n                            We\u2019re now in week 3 of climate + human rights dominating the foreign press                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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rights dominating the foreign press\">\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=We%E2%80%99re+now+in+week+3+of+climate+%2B+human+rights+dominating+the+foreign+press+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F20%2Fwere-now-in-week-3-of-climate-human-rights-dominating-the-foreign-press%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\/20\/were-now-in-week-3-of-climate-human-rights-dominating-the-foreign-press\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577353\" class=\"content-area-description single-story post-577353 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-alaa-abdel-fattah tag-archaeology tag-cop27 tag-electricity tag-enterpriseam tag-human-rights tag-oil-and-gas tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>A last round of COP + Egyptian climate news in the international press: <\/strong>The <a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2022\/11\/17\/cop27-egypt-climate-conference\/?itid=ap_maxinejoselow\">Washington Post<\/a> is out with another piece criticizing Egypt\u2019s organization of the climate summit as \u201cchaotic,\u201d while <a href=\"https:\/\/www.thenationalnews.com\/climate\/cop27\/2022\/11\/18\/egypts-green-zone-exhibitors-find-themselves-on-the-margins-of-cop27\/\">the National<\/a> takes a closer look at the green businesses exhibiting at the conference\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9f457215-5220-419a-9c98-790523c4b303\">Green Zone<\/a>. The <a href=\"https:\/\/www.washingtonpost.com\/climate-environment\/2022\/11\/17\/ancient-egypt-climate-stress\/\">Post<\/a> is also out with a story on how ancient Egyptians also struggled with climate change (though not the manmade kind), while <a href=\"https:\/\/www.reuters.com\/business\/cop\/egypts-nile-delta-farmland-salts-up-temperatures-seas-rise-2022-11-17\/\">Reuters<\/a> has more coverage on how climate is impacting farmers in the Nile Delta.<\/p>\n<p><strong>Human rights still in the spotlight: <\/strong>Four UN experts put out a <a href=\"https:\/\/www.ohchr.org\/en\/press-releases\/2022\/11\/egypt-un-experts-alarmed-harassment-civil-society-actors-cop27-climate\">statement<\/a> calling on Egypt to \u201cend all acts of harassment and intimidation and ensure the safety and full participation of human rights defenders and civil society\u201d at COP and beyond. Meanwhile, the international press continues to cover updates on the health of imprisoned activist Alaa Abdel Fattah, whose family said he is in a weak condition after ending his months-long hunger strike. (<a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/11\/17\/egypt-alaa-hunger-strike-family\/\">Washington Post<\/a> | <a href=\"https:\/\/www.reuters.com\/business\/cop\/family-egyptian-british-activist-hope-visit-him-jail-2022-11-17\/\">Reuters<\/a> | <a href=\"https:\/\/abcnews.go.com\/International\/wireStory\/family-egypt-activist-deteriorated-hunger-strike-93478558\">AP<\/a> | <a href=\"https:\/\/news.sky.com\/story\/jailed-british-egyptian-activist-alaa-abd-el-fattah-has-deteriorated-severely-12749757\">Sky News<\/a> | <a href=\"https:\/\/www.theguardian.com\/world\/2022\/nov\/17\/alaa-abd-el-fattah-exhausted-family\">The Guardian<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/world-middle-east-63665790\">BBC<\/a> | <a href=\"https:\/\/www.rfi.fr\/en\/africa\/20221118-egyptian-activist-alaa-abdel-fattah-deteriorated-severely-after-hunger-strike-says-family\">RFI<\/a>)<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alaa-abdel-fattah\/\">Alaa Abdel Fattah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/archaeology\/\">archaeology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/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=\"577354\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577355\" 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=\"577355\">\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\/20\/qatar-diar-has-eight-years-to-finally-finish-its-city-gate-project-in-new-cairo\/\">\r\n                            Qatar Diar has eight years to finally finish its City Gate project in New Cairo                        <\/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\/20\/qatar-diar-has-eight-years-to-finally-finish-its-city-gate-project-in-new-cairo\/\" 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\/20\/qatar-diar-has-eight-years-to-finally-finish-its-city-gate-project-in-new-cairo\/')\">\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\/20\/qatar-diar-has-eight-years-to-finally-finish-its-city-gate-project-in-new-cairo\/\">\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=Qatar Diar has eight years to finally finish its City Gate project in New Cairo&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/qatar-diar-has-eight-years-to-finally-finish-its-city-gate-project-in-new-cairo\/\">\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\/20\/qatar-diar-has-eight-years-to-finally-finish-its-city-gate-project-in-new-cairo\/&title=Qatar Diar has eight years to finally finish its City Gate project in New Cairo\">\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=Qatar+Diar+has+eight+years+to+finally+finish+its+City+Gate+project+in+New+Cairo+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F20%2Fqatar-diar-has-eight-years-to-finally-finish-its-city-gate-project-in-new-cairo%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\/20\/qatar-diar-has-eight-years-to-finally-finish-its-city-gate-project-in-new-cairo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577355\" class=\"content-area-description single-story post-577355 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-banque-du-caire tag-dabaa-nuclear-plant tag-e-finance tag-enterpriseam tag-new-urban-communities-authority tag-qatari-diar tag-real-estate tag-schneider-electric wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Qatari Diar has until 2031 to finish City Gate: <\/strong>The New Urban Communities Authority (NUCA) has given Qatari Diar subsidiary East Gate Developments eight years from January 2023 to complete its USD 8 bn City Gate project in East Cairo, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=19112022&id=0881a7b1-0ca7-4cd7-a2ae-67b065b2dda8\">Al Shorouk<\/a> reported yesterday, citing sources familiar with the matter. The authority has granted East Gate the deadline to compensate it after its work was suspended for years due to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7861345f-c750-41d3-81a9-fbc6bdbaa1aa\">a legal dispute<\/a>. The new deadline comes a month after <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=22102022&id=517be776-bc44-415e-b80e-4039d4a00421\">the newspaper reported<\/a> that East Gate secured a EGP 2 bn loan from the National Bank of Egypt and Banque Misr to finance the second phase of the City Gate project. East Gate <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aec62253-e782-4eb0-9277-7f11fc39a545\">began work<\/a> on the EGP 1 bn first phase of the project last year.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Trial operations<\/strong> have begun for the <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ab5eaaa-91d0-45f5-a884-103468011eaf\">Sixth of October dry port<\/a><\/strong>. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid024U7A3JLkT7qdBtYUkBafj4HDauNpvm5Uj5Ys8vdtrpDaowXbk5V19cbTTzvdcR1ol\">Tra<\/a><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid024U7A3JLkT7qdBtYUkBafj4HDauNpvm5Uj5Ys8vdtrpDaowXbk5V19cbTTzvdcR1ol\">nsport<\/a><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid024U7A3JLkT7qdBtYUkBafj4HDauNpvm5Uj5Ys8vdtrpDaowXbk5V19cbTTzvdcR1ol\">Ministry statement<\/a>)<\/li>\n<li>Construction of the<strong> second reactor<\/strong> at the <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60ea8ab6-9f81-43cc-a75d-b3ff1de7a342\">4.8 GW Dabaa<\/a><\/strong><strong> nuclear power plant<\/strong> got underway yesterday. (<a href=\"https:\/\/www.facebook.com\/103673038945925\/posts\/pfbid032mhzfUReZT7QFy8cb7HhpSTdQhfPXHssMhxcxWPKiu4WVE8UyhSmKgJqGtjzrKvGl\/?mibextid=Nif5oz\">Nuclear Power Plants Authority statement<\/a> | <a href=\"https:\/\/www.rosatom.ru\/en\/press-centre\/news\/main-construction-phase-for-unit-2-of-the-el-dabaa-nuclear-power-plant-commences-in-egypt\/\">Rosatom<\/a>)<\/li>\n<li>Several <strong>Bahraini firms<\/strong> are reportedly considering establishing <strong>green hydrogen<\/strong> projects at the <strong>Suez Canal Economic Zone<\/strong>. (<a href=\"https:\/\/www.alborsaanews.com\/2022\/11\/19\/1599328\">Al Borsa<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/banque-du-caire\/\">Banque du Caire<\/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\/e-finance\/\">e-finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-urban-communities-authority\/\">New Urban Communities Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qatari-diar\/\">Qatari Diar<\/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\/schneider-electric\/\">Schneider Electric<\/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=\"577357\" 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\/20\/577357\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577357\" class=\"content-area-description single-story post-577357 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>20 November (Sunday): House of Representatives is back in session.<\/p>\n<p>20 November-18 December (Sunday-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> and Pafix, Egypt International Exhibition Center, New Cairo.<\/p>\n<p>29 November - 6 December (Tuesday -Tuesday): US and Russia<a href=\"https:\/\/edition.cnn.com\/2022\/11\/18\/politics\/new-start-talks-cairo-2022\/index.html\">to hold talks<\/a> 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>6 December (Tuesday): <a href=\"https:\/\/climatexforum.enterprise.press\/\">Enterprise Climate X Forum<\/a>, Grand Egyptian Museum.<\/p>\n<p>7 December (Wednesday): <a href=\"https:\/\/events.euromoney.com\/event\/3bd9d782-7c1b-47db-85de-840ccd977928\/summary\">Euromoney Egypt 2022<\/a>conference<\/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\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":577336,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-577335","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"3464e388-610a-4215-834e-e60af1705e5a","teaser":"","photo_url":"https:\/\/ent.news\/2022\/11\/290.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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