{"id":577438,"date":"2022-11-23T04:00:47","date_gmt":"2022-11-23T04:00:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=577438"},"modified":"2025-12-16T11:17:11","modified_gmt":"2025-12-16T11:17:11","slug":"ksa-notches-historic-win-at-world-cup","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/ksa-notches-historic-win-at-world-cup\/","title":{"rendered":"KSA notches historic win at World Cup"},"content":{"rendered":"<section id=\"577440\" 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=\"577440\">\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\/23\/this-morning-the-egyptian-mercantile-exchange-fka-egycomex-launches-next-week\/\">\r\n                            THIS MORNING: The Egyptian Mercantile Exchange (FKA Egycomex) launches next week                        <\/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\/23\/this-morning-the-egyptian-mercantile-exchange-fka-egycomex-launches-next-week\/\" target=\"_blank\">\n                    Open in new tab  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<div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/351.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577441\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/this-morning-the-egyptian-mercantile-exchange-fka-egycomex-launches-next-week\/351-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/351.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"351.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/351.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/351.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577440\" class=\"content-area-description single-story post-577440 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-argentina tag-commodities tag-emx tag-energy tag-enterpriseam tag-oil-and-gas tag-opec tag-saudi-arabia tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, friends, and congratulations once again to all our friends and family in <\/strong><strong>Saudi <\/strong>after the Green Falcons\u2019 stunning upset of Argentina at the World Cup yesterday. Unlike us here in Egypt, folks in KSA get too few official days off, so we hope all of you over there are enjoying your impromptu national holiday. (More on the game below.)<\/p><p>(And no, Resident 15 Year Old, being one-quarter Saudi doesn\u2019t give you the right to claim the holiday given you live and go to school in Cairo\u2026)<\/p><p><strong>It\u2019s a pleasantly quiet morning on the news from<\/strong>, with the big stories of the day including Hisham Ezz Al Arab\u2019s return to CIB as a non-executive board member. Meanwhile, the meltdown on Planet Startup continues as Swvl has reportedly fired a large number of staff. That meltdown isn\u2019t stopping some folks from deploying capital, particularly if they\u2019re backed by DFIs or other international agencies. The latest is Modus Capital, which has launched a venture builder with backing from USAID.<\/p><p><strong>WATCH THIS SPACE #1- The IMF executive board\u2019s public calendar now shows its first <\/strong><strong>scheduled meetings for early December<\/strong>, and we\u2019re not yet on the list. The board will meet next month to sign off on our <a href=\"https:\/\/enterprise.press\/afternoons\/pm-taweem-3-0-sees-egp-at-23-03-against-the-greenback\/#tldr-story-01\">USD 3 bn package<\/a> after we reached a staff-level agreement in October. The cabinet economic group met yesterday to discuss unspecified issues related to the facility, spokesman Nader Saad said in a <a href=\"http:\/\/bit.ly\/3gzcu2R\">statement<\/a> that also emphasized ministers were keeping a watchful eye on the nation\u2019s FX position. Short-term priorities include promoting tourism in general and medical tourism in particular, the statement suggested.<\/p><p><strong>PSA- The calm before the hammer comes down:<\/strong> The 24 companies that have failed to file their 3Q financial statements on time will have until 7 December to get them in, the EGX said in <a href=\"https:\/\/ent.news\/2022\/11\/Screen-Shot-2022-11-22-at-8.26.53-PM.png\">a notice (pdf)<\/a> out yesterday.<\/p><hr class=\"grey-line\"><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\/Climate-X-new-registration-En-1600x.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a><strong> The <\/strong><strong><a href=\"https:\/\/climatexforum.enterprise.press\/index.html#aboutSection\">Enterprise Climate X Forum<\/a><\/strong><strong> is fast approaching, <\/strong>and we\u2019re incredibly excited to meet with some of you in Cairo at the <strong>Grand Egyptian Museum<\/strong> on Tuesday, 6 December 2022. We get underway with a networking breakfast at 8am CLT.<\/p><p><strong>What\u2019s on the table?<\/strong> CEOs, execs, bankers and development finance folks will mull over a variety of topics, including:<\/p><ul>\n<li>What\u2019s this green hydrogen mumbo-jumbo you speak of?<\/li>\n<li>How are leaders building green businesses \u2014 from scratch, or as retrofits to decades-old family enterprises?<\/li>\n<li>How do we pay for it all?<\/li>\n<li>What do you really think of the green economy?<\/li>\n<\/ul><p><strong>With that in mind, we\u2019ll be dropping little notices in stories and topics we intend to explore more of at the forum.<\/strong> Study up if you\u2019re coming.<\/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. You can learn more on our conference website <a href=\"https:\/\/climatexforum.enterprise.press\/index.html#aboutSection\">here<\/a>.<\/p><p><strong>*** YOU MUST REGISTER TO ATTEND by clicking the link on your registration email. <\/strong>Attendance is by invitation only. You\u2019ll need a special QR code to gain access to the GEM on event day.<\/p><p><strong>HAPPENING TODAY-<\/strong><\/p><p><a id=\"tldr-story-09\" class=\"content-anchor\"><\/a> <strong>It\u2019s day four of the World Cup<\/strong>: Teams in groups F and E play their openers today (all times CLT):<\/p><ul>\n<li>Morocco v Croatia (12pm)<\/li>\n<li>Germany v Japan (3pm)<\/li>\n<li>Spain v Costa Rica (6pm)<\/li>\n<li>Belgium v Canada (9pm)<\/li>\n<\/ul><p><strong>There\u2019s only one story coming out of Doha that needs your attention this morning:<\/strong> Saudi Arabia delivered one of the all-time great World Cup upsets, beating Argentina 2-1 and putting Lionel Messi\u2019s final chance at getting his hands on the trophy in jeopardy after just 90 minutes of football. If it wasn\u2019t for Saudi\u2019s offside trap working like a charm, the underdogs could have been 4-0 down by halftime, with the linesman chalking off three goals after Messi netted an early penalty. But two goals inside five minutes early in the second half gave the Green Falcons a shock lead, and after 40 minutes of dogged defending, they claimed a famous win against one of the (former?) favorites to win the tournament.<\/p><p><strong>Elsewhere:<\/strong><\/p><ul>\n<li><strong>An afternoon snooze fest:<\/strong> Tunisia v Denmark and Mexico v Poland played out two goalless draws;<\/li>\n<li><strong>No Benzema, no problem:<\/strong> France recovered after going behind against Australia to win 4-1.<\/li>\n<\/ul><p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a> <strong>HAPPENING NEXT WEEK-<\/strong> <strong>We\u2019re finally getting a comm<\/strong><strong>odity <\/strong><strong>exchange:<\/strong> The <a href=\"http:\/\/www.emx.com.eg\/Default.aspx\">Egyptian Mercantile Exchange<\/a> (EMX) \u2014 FKA the Egycomex \u2014 will go live on Sunday, the Supply Ministry said in a <a href=\"http:\/\/bit.ly\/3GEF91l\">statement<\/a> yesterday. Traders will be able to buy and sell wheat from next week, according to the ministry, which plans to make more commodities tradable on the exchange in the coming months. GASC will offer imported wheat from its stock for sale to private mills through the exchange twice a week, the ministry said.<\/p><p><strong>FYI- This is a spot market<\/strong>, meaning traders will only be able to buy and sell commodities at the current market price, rather than hedge and speculate based on future prices.<\/p><p><strong>But futures are coming:<\/strong> The EGX intends to launch futures trading on the exchange by the middle of 2023, according to a senior source at the bourse, who told us recently that it\u2019s working on setting up a clearing house and deciding on tech.<\/p><p><strong>Why now?<\/strong> The decision to launch the EMX comes as part of the ministry\u2019s efforts \u201cto stabilize prices \u2026 and contribute in meeting imported wheat needs of private mill companies\u201d to ensure price stability in the local market, the statement said.<\/p><p><strong>Four years in the making:<\/strong> The commodities exchange has been in the works since<a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/14\/house-passes-amendments-to-the-capital-markets-act\/\">2018<\/a> and is expected to eventually allow traders to buy and sell a range of commodities including gold, oil, sugar, rice, steel, and cotton. It was scheduled to go live <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53484f05-0f5f-4caf-8021-601966abe9a4\">before the end of the year<\/a>.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>THE BIG STORY ABROAD- No single story is driving the conversation in the global <\/strong><strong>business press this morning<\/strong>, with a hodge-podge of stories competing for your attention. Among them:<\/p><ul>\n<li><strong>Shocker \u2014 bad things happened at crypto-ponzi scheme FTX<\/strong>, and lots of assets are \u201cmissing,\u201d report the <a href=\"https:\/\/www.ft.com\/content\/470ce8e8-0e5d-4fe4-8b62-08eb0749da9c\">Financial Times<\/a> and the <a href=\"https:\/\/www.wsj.com\/articles\/ftx-lawyer-says-substantial-amount-of-crypto-firms-assets-stolen-or-missing-11669134521?mod=hp_lead_pos1\">Wall Street Journal<\/a>.<\/li>\n<li><strong>Turkey is getting a bailout from KSA<\/strong> as Riyadh deposits USD 5 bn at Turkey\u2019s central bank in the latest indication of warming ties. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-22\/saudi-arabia-set-to-deposit-5-billion-at-turkish-central-bank?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>Bob Iger\u2019s return to the helm of Disney is getting tons of ink<\/strong> in the <a href=\"https:\/\/www.wsj.com\/articles\/disneys-robert-iger-loomed-over-his-successor-as-ceo-creating-tensions-11669165304?mod=hp_lead_pos5\">US business<\/a><a href=\"https:\/\/www.wsj.com\/articles\/disneys-robert-iger-loomed-over-his-successor-as-ceo-creating-tensions-11669165304?mod=hp_lead_pos5\">press<\/a>.<\/li>\n<li><strong>China is showing no signs of backing down from its covid-zero policy<\/strong>, reimposing restrictions on movement in Beijing and Shanghai. (<a href=\"https:\/\/www.reuters.com\/world\/china\/china-reports-28127-new-covid-cases-nov-21-vs-27095-day-earlier-2022-11-22\/\">Reuters<\/a>)<\/li>\n<\/ul><p><strong>WATCH THIS SPACE #2- The US is formally reviewing its relationship with Saudi Arabia<\/strong>, Secretary of State Antony Blinken <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-22\/blinken-says-review-of-relations-with-saudi-arabia-ongoing\">said<\/a>, without going into details of where the review may be headed.<\/p><p><strong>MARKET WATCH-<\/strong><\/p><p><a id=\"tldr-story-08\" class=\"content-anchor\"><\/a> <strong>Is OPEC+ about to reverse course on supply cuts?<\/strong> Oil producers are considering raising output in anticipation of fresh Western sanctions on Russian crude, the <a href=\"https:\/\/www.wsj.com\/articles\/saudi-arabia-eyes-opec-production-increase-ahead-of-embargo-price-cap-on-russian-oil-11669040336?mod=hp_lead_pos2\">Wall Street Journal<\/a> reports. After angering the West last month with a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b8f784b-747a-4491-afeb-16b56b3aedbe\">shock supply cut<\/a>, the cartel is now deliberating whether to increase production by 500k barrels a day at its next meeting on 4 December. The meeting will take place a day before the EU is due to impose an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3ec33227-7a88-425b-9e9c-e494bf0fcb56\">embargo<\/a> on Russian oil and G7 nations introduce a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/57492fc5-123c-46c8-bd4f-a0e62ddb399b\">price cap<\/a> mechanism, moves that could take Moscow\u2019s output off the market and stoke volatility in global energy markets.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>The deadline to apply for the <\/strong><strong><a href=\"https:\/\/www.chicagobooth.edu\/executiveeducation\/programs\/management\/executive-program-el-gouna?fbclid=IwAR2P3G51SElb7ZQin8CZ8hE1o-Qi5d0_p5srOo0ADNI9a1v131AkMFQfmEE\">Chicago Booth Executive Program<\/a><\/strong><strong> in El Gouna is Sunday, <\/strong><strong>27 November.<\/strong> The two-week program, which kicks off in March 2023, offers executives from Egyptian public and private sector the skills to help them \u201cbecome a better leader for your organization and support Egypt\u2019s growth in the years ahead.\u201d<\/p><p><strong>Payment and fintech conference Pafix will be held as part of <\/strong><strong><a href=\"https:\/\/cairoict.com\/\">Cairo ICT 2022<\/a><\/strong> from 27-30 November at the Egypt International Exhibition Centre in New Cairo.<\/p><p><strong>The US and Russia will hold nuclear talks in Cairo next week: <\/strong>Washington and Moscow will discuss <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d75c978f-3cad-43f3-ac0d-44e5d5ab2b0b\">resuming mutual nuclear inspection<\/a>s during week-long talks from Tuesday, 29 November through to 6 December, Russian Deputy Foreign Minister Sergei Ryabkov said, according to <a href=\"https:\/\/edition.cnn.com\/2022\/11\/18\/politics\/new-start-talks-cairo-2022\/index.html\">CNN<\/a>.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/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\/argentina\/\">Argentina<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emx\/\">EMX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/opec\/\">OPEC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/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=\"577442\" 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=\"577442\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/577442\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577442\" class=\"content-area-description single-story post-577442 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 data-recalc-dims=\"1\" decoding=\"async\" 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 <a href=\"http:\/\/holidays.somabay.com\/stayr\/\">holidays.somabay.com<\/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=\"577443\" 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=\"577443\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/more-swvl-layoffs-as-company-continues-quest-to-turn-cashflow-positive\/\">\r\n                            More Swvl layoffs as company continues quest to turn cashflow positive                        <\/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\/23\/more-swvl-layoffs-as-company-continues-quest-to-turn-cashflow-positive\/\" 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\/23\/more-swvl-layoffs-as-company-continues-quest-to-turn-cashflow-positive\/')\">\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\/23\/more-swvl-layoffs-as-company-continues-quest-to-turn-cashflow-positive\/\">\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=More Swvl layoffs as company continues quest to turn cashflow positive&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/more-swvl-layoffs-as-company-continues-quest-to-turn-cashflow-positive\/\">\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\/23\/more-swvl-layoffs-as-company-continues-quest-to-turn-cashflow-positive\/&title=More Swvl layoffs as company continues quest to turn cashflow positive\">\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=More+Swvl+layoffs+as+company+continues+quest+to+turn+cashflow+positive+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F23%2Fmore-swvl-layoffs-as-company-continues-quest-to-turn-cashflow-positive%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\/23\/more-swvl-layoffs-as-company-continues-quest-to-turn-cashflow-positive\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/352.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577444\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/more-swvl-layoffs-as-company-continues-quest-to-turn-cashflow-positive\/352-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/352.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"352.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/352.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/352.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577443\" class=\"content-area-description single-story post-577443 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-startup-watch tag-swvl tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Swvl hands out more pink slips:<\/strong> Cairo-born mass transport app Swvl carried out a second wave of layoffs, <a href=\"https:\/\/bit.ly\/3OtHnSN\">Bloomberg Asharq<\/a> reports, citing a number of people who have recently been let go. Swvl had already <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c783ee0-2afb-4dfd-802d-3296cbbf08c4\">let go a third of its global workforce<\/a> this year amid tough economic conditions but the company has now been forced to make further cuts in a bid to stem losses. The company is yet to release an official statement and company representatives did not respond to requests for comment when we reached out yesterday.<\/p>\n<p><strong>We don\u2019t yet know the scope of the fresh job cuts \u2014 but they look to have been deep:<\/strong> Employees we spoke with suggest the scale of the cuts could be larger than in May. \u201cIt is much worse this time around \u2026 the product team is all gone and around 85% of the engineering team has been let go,\u201d one current employee told Enterprise. \u201cThey\u2019re keeping the teams in Europe,\u201d they added. Asharq quotes one employee who was let go on Sunday as saying that 90% of the Cairo office had been laid off, though another source said that figure was exaggerated. The layoffs also hit Swvl employees in the UAE and Pakistan, according to the news outlet.<\/p>\n<p><strong>It has been a tough 2022 for the company:<\/strong> A period of rapid expansion at Swvl that culminated in its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a69885d2-afc6-4a1c-8aef-016b926777d5\">Nasdaq debut<\/a> in April has in recent months given way to austerity, as tightening financial conditions and economic uncertainty batter the company\u2019s share price and losses widen. Despite solid revenue growth, Swvl\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d434ef6-458f-4052-b961-ec4449a6e149\">losses doubled<\/a> during the first six months of the year due to rising expenses and costs relating to its Nasdaq listing, forcing the company to lay off employees, reduce executive pay and cut back routes. In July, the company\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51e97c71-5a8b-463a-9397-53449e0d78a2\">full-year forecast<\/a> was for losses to double to USD 90 mn.<\/p>\n<p><strong>Cashflow-positive <\/strong><strong>by next year?<\/strong> That was Swvl\u2019s declared <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c783ee0-2afb-4dfd-802d-3296cbbf08c4\">target<\/a> when it announced its first round of job cuts back in May. The company\u2019s revenues are expected to rise almost 80% this year before almost tripling y-o-y in 2023.<\/p>\n<p><strong>Swvl is hoping to keep its place on Wall Street:<\/strong> The tumbling value of Swvl shares has left the company faced with being delisted from the Nasdaq. Shares have crashed more than 95% since it made its debut in April, and have traded below the exchange\u2019s USD 1.00 minimum threshold since the third week of September. The Nasdaq <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/762754de-c039-4c7c-b845-6b0bc96eb9c9\">informed the company<\/a> this month that it has until 1 May 2023 to raise its share price above USD 1.00 or risk being ejected from the bourse.<\/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\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/swvl\/\">Swvl<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577445\" 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=\"577445\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/modus-usaid-launch-local-venture-builder-to-promote-digital-inclusion\/\">\r\n                            Modus, USAID launch local venture builder to promote digital inclusion                        <\/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\/23\/modus-usaid-launch-local-venture-builder-to-promote-digital-inclusion\/\" 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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href=\"https:\/\/api.whatsapp.com\/send?text=Modus%2C+USAID+launch+local+venture+builder+to+promote+digital+inclusion+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F23%2Fmodus-usaid-launch-local-venture-builder-to-promote-digital-inclusion%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\/23\/modus-usaid-launch-local-venture-builder-to-promote-digital-inclusion\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/354.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577446\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/modus-usaid-launch-local-venture-builder-to-promote-digital-inclusion\/354-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/354.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"354.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/354.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/354.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577445\" class=\"content-area-description single-story post-577445 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-startup-watch tag-startups tag-usaid tag-venture-builder tag-venture-capital 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>A new venture builder on the scene: <\/strong>MENA-focused venture capital firm <a href=\"https:\/\/modus.vc\/\">Modus<\/a><a href=\"https:\/\/modus.vc\/\">Capital<\/a> and our friends at USAID have launched MV Builder II, an Egyptian venture builder targeting startups working to drive digital inclusion among women and underserved populations, according to a <a href=\"https:\/\/ent.news\/2022\/11\/Modus-partners-with-USAID-to-launch-impact-focused-Venture-Builder-in-Egypt.pdf\">joint statement<\/a><a href=\"https:\/\/ent.news\/2022\/11\/Modus-partners-with-USAID-to-launch-impact-focused-Venture-Builder-in-Egypt.pdf\">(pdf)<\/a> out yesterday.<\/p>\n<p><strong>MV Builder II is sector agnostic, with a focus on financial inclusion: <\/strong>\u201cWe\u2019re looking to onboard ambitious founders \u2026 and particularly startups focused on boosting financial inclusion, digital literacy, access to equitable healthcare and education, and those reducing the digital gender divide in Egypt,\u201d said Modus Partner Simon Tkachenko.<\/p>\n<p><strong>How it\u2019s funded: <\/strong>USAID is supporting MV Builder II through a \u201cblended finance model\u201d under its <a href=\"https:\/\/www.usaid.gov\/digital-development\/digital-invest\">Digital Invest program<\/a>, which aims to mobilize private capital in digital connectivity infrastructure and fintech services in emerging markets. Blended finance is development-speak for using money from an agency such as USAID to attract private capital to a project or investment by effectively de-risking it.<\/p>\n<p><strong>Places are limited: <\/strong>Up to 10 companies will be selected to take part in the program, receiving as much as USD 250k in funding each. Modus\u2019 UAE venture builder, Ventures Lab, received a total of 1.5k applicants, Tkachenko told us.<\/p>\n<p><strong>Interested? <\/strong>Apply <a href=\"https:\/\/gust.com\/programs\/mv-builder-egypt\">here<\/a> before the 15 December deadline.<\/p>\n<p><strong>Modus likes Egypt \u2014 and isn\u2019t fazed by the challenges here:<\/strong> \u201cEgypt is by far the largest [MENA market] in terms of population, and as a result a market opportunity. With Egypt being such a large country, there are complexities with this market that we do not find in other markets we participate in, such as certain regulations around cloud computing or a majority unbanked \/ underbanked population,\u201d Tkachenko told Enterprise.<\/p>\n<p><strong>REFRESHER- Modus last week <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3ca1bdb7-a097-4e17-90ea-da0bbd3b220e\">launched a USD 75 mn fund<\/a><\/strong>, dubbed Modus Africa, that will target early-stage African startups, including a number of local companies. The fund will invest in companies that use AI and blockchain technology and is expected to reach first close in 1Q 2023.<\/p>\n<p><strong>About Modus:<\/strong> Modus has established branches in <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/08\/new-york-based-modus-capital-launches-in-egypt\/\">Cairo<\/a>, Abu Dhabi, and most recently Riyadh, and is supported by backers including Mubadala's <a href=\"https:\/\/hub71.com\/\">Hub71<\/a> and USAID. It participated in Egypt-based blockchain email service provider Pravica\u2019s USD 500k pre-seed funding round <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d643929-985c-4c10-b994-aa4cf86f338d\">back in 2020<\/a>. Modus launched its first Egyptian venture builder in 2019, which ended up graduating eight regional startups including Emirati mentoring platform <a href=\"https:\/\/www.smartmentor.io\/\">SmartMentor<\/a> and the <a href=\"https:\/\/www.linkedin.com\/company\/play-date\/\">Play:Date<\/a> social media app for parents.<\/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\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/usaid\/\">USAID<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-builder\/\">venture builder<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/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=\"577447\" 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=\"577447\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/mps-approve-bills-on-telecoms-real-estate-contractors\/\">\r\n                            MPs approve bills on telecoms, real estate, contractors                        <\/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\/23\/mps-approve-bills-on-telecoms-real-estate-contractors\/\" 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\/23\/mps-approve-bills-on-telecoms-real-estate-contractors\/')\">\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\/23\/mps-approve-bills-on-telecoms-real-estate-contractors\/\">\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=MPs approve bills on telecoms, real estate, contractors&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/mps-approve-bills-on-telecoms-real-estate-contractors\/\">\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\/23\/mps-approve-bills-on-telecoms-real-estate-contractors\/&title=MPs approve bills on telecoms, real estate, contractors\">\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=MPs+approve+bills+on+telecoms%2C+real+estate%2C+contractors+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F23%2Fmps-approve-bills-on-telecoms-real-estate-contractors%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\/23\/mps-approve-bills-on-telecoms-real-estate-contractors\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/355.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577448\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/mps-approve-bills-on-telecoms-real-estate-contractors\/355-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/355.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"355.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/355.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/355.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577447\" class=\"content-area-description single-story post-577447 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-cit tag-construction-industry tag-enterpriseam tag-house-of-representatives tag-legislation-watch tag-real-estate tag-regulation tag-river-transport tag-state-ownership-policy 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>Four bills get final nod in the House of Representatives:<\/strong> MPs yesterday gave final approval to a number of legislative amendments focused on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d6bdbc39-5fcf-400a-b874-cf5e5f8657b4\">regulating<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d6bdbc39-5fcf-400a-b874-cf5e5f8657b4\">telecommunications<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ab07813-7793-4633-9d37-e93e0422d0f3\">compensating contractors<\/a> for losses on state contracts, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/866f85bc-8e65-4068-8820-f43b4c0a46a4\">property registration<\/a> in new cities. The final sign offs were the last before the House adjourned, with the lower house set to reconvene again on Sunday, 4 December.<\/p>\n<p><strong>#1- Tighter controls over telecom equipment:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d6bdbc39-5fcf-400a-b874-cf5e5f8657b4\">Amendments<\/a> to the 2003 Telecommunications Act will ban the possession, use, manufacture of any telecom equipment without prior approval from the National Telecom Regulatory Authority (NTRA). Under the changes, those who import, manufacture, assemble and market the equipment without a license from the NTRA would be at risk of jail terms ranging from one to five years and a fine of EGP 2 mn to EGP 5 mn. <strong>The legislation does not specify which technologies will be subject to the legislation<\/strong>, prompting controversy among some representatives who <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d6bdbc39-5fcf-400a-b874-cf5e5f8657b4\">raised concerns<\/a> that users of personal equipment could be prosecuted under the legislation.<\/p>\n<p><strong>#2- Bailing out contractors:<\/strong> The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ab07813-7793-4633-9d37-e93e0422d0f3\">amendments<\/a> will allow builders who have suffered losses on state projects due to recent economic reforms to receive compensation from the government. The 2017 law\u2060 \u2060\u2014 which was originally drafted for economic reforms undertaken between March and December 2016 \u2014 will be extended to cover all periods of reform. This means that contractors who have suffered losses because of this year\u2019s currency devaluations and the phasing out of fuel subsidies may be eligible for compensation.<\/p>\n<p><strong>#3- Simpler property registration in new cities:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/866f85bc-8e65-4068-8820-f43b4c0a46a4\">Amendments<\/a> to a 2018 law will simplify the real estate registry and notarization process in new cities. Under the changes, owners of property and plots of land in new cities won\u2019t be required to interact with the real estate registry and notarization offices and will only need to submit registration paperwork to the New Urban Communities Authority.<\/p>\n<p><strong>#4- Equality for Al Azhar teachers: <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ab07813-7793-4633-9d37-e93e0422d0f3\">Amendments to the 1961 Al Azhar Law<\/a> that would put Al Azhar\u2019s teachers on an equal footing with their counterparts in public schools in terms of employment, promotion, salaries, bonuses and incentives were approved by MPs.<\/p>\n<p><strong>#5- The House approved a USD 6 bn <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e889954-da3e-49ae-bfb6-380033628f1a\">loan agreement<\/a><\/strong><strong> with the International Islamic Trade <\/strong><strong>Finance Corporation<\/strong> to help authorities meet the country\u2019s needs of basic food commodities and fuel productions.<\/p>\n<p><strong>SIGNED INTO LAW- The River Transport Act<\/strong>, which aims to attract more investment into the country\u2019s inland waterways. The changes will open up the river transport sector to private investment and put the River Transport Authority (RTA) in charge of licensing river boats, Nile cruises and floating units. The bill was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51fcc8c7-c0c9-4cc8-aaba-691d7d276bbd\">approved by MPs<\/a> last month.<\/p>\n<p><strong>A NEW BILL-<\/strong> The pro-government Mostaqbal Watan party, which controls the majority of the House, submitted a new bill that would <strong>make it illegal for hospitals and medical institutions to refuse medical care to people during emergencies<\/strong> or who have life-threatening conditions. The bill, which was submitted by the chair of the House Health Committee and former health minister Ashraf Hatem along with 60 MPs, would also establish a governmental fund to compensate victims of negligence by hospitals, and provide protection to doctors and medical institutions against assault.<\/p>\n<p><strong>What\u2019s next:<\/strong> House Speaker Hanafi El Gebali sent the bill to the Health Committee for discussion.<\/p>\n<p><strong>FROM THE COMMITTEES-<\/strong><\/p>\n<p><strong>#1- Econ committee on Egypt\u2019s wealth fund: <\/strong>The House Economic Committee discussed the role of the Sovereign Fund of Egypt (SFE) in implementing the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">state ownership policy document<\/a>and maximizing economic returns from the sale of public assets, committee chair Mohamed Soliman told reporters. It also reviewed the fund\u2019s role in attracting foreign investments, including those from Arab Gulf sovereign wealth funds, and implementing infrastructure projects, he said, without providing details of the discussions.<\/p>\n<p><strong>Refresher:<\/strong> The state ownership policy document details the government\u2019s plan to more than double the private sector\u2019s role in the economy to 65% over the next three years, and attract USD 40 bn in investment over the next four years. The<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">document<\/a> outlines the industries which the government plans to open up to private companies and the ringfenced strategic sectors that will continue to see heavy state involvement.<\/p>\n<p><strong>#2- Turning EMRA into an economic body:<\/strong> The House Industry committee approved in principle plans to restructure the Egyptian Mineral Resources Authority (EMRA) and turn it into an economic body, according to <a href=\"http:\/\/bit.ly\/3GHGYKL\">Youm7<\/a>. The bill\u2019s author, Rep. Mohamed Ismail, said it aims to resolve conflicts inherent in EMRA being supervised financially by the finance and planning ministries, while taking direction on technical matters from the Oil Ministry. Making it an \u201ceconomic body\u201d rather than a \u201cpublic service body\u201d as it is at present.<\/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\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction-industry\/\">construction industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/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\/regulation\/\">regulation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/river-transport\/\">River transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-ownership-policy\/\">state ownership policy<\/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=\"577449\" 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=\"577449\">\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\">Coffee with\u2026<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/coffee-with-hatem-dowidar-group-ceo-of-e\/\">\r\n                            Coffee With: Hatem Dowidar, group CEO of e&amp;                        <\/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\/23\/coffee-with-hatem-dowidar-group-ceo-of-e\/\" 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\/23\/coffee-with-hatem-dowidar-group-ceo-of-e\/')\">\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\/23\/coffee-with-hatem-dowidar-group-ceo-of-e\/\">\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=Coffee With: Hatem Dowidar, group CEO of e&&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/coffee-with-hatem-dowidar-group-ceo-of-e\/\">\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\/23\/coffee-with-hatem-dowidar-group-ceo-of-e\/&title=Coffee With: Hatem Dowidar, group CEO of e&\">\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=Coffee+With%3A+Hatem+Dowidar%2C+group+CEO+of+e%26+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F23%2Fcoffee-with-hatem-dowidar-group-ceo-of-e%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\/23\/coffee-with-hatem-dowidar-group-ceo-of-e\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/356.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577450\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/coffee-with-hatem-dowidar-group-ceo-of-e\/356-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/356.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"356.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/356.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/356.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577449\" class=\"content-area-description single-story post-577449 post type-post status-publish format-standard has-post-thumbnail hentry category-coffee-with tag-cit tag-coffee-with tag-e tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Coffee With: Hatem Dowidar (<\/strong><strong><a href=\"https:\/\/www.linkedin.com\/in\/hatem-dowidar-7362b6\/?originalSubdomain=ae\">LinkedIn<\/a><\/strong><strong>), group CEO of e& (formerly Etisalat): <\/strong>Hatem Dowidar joined the UAE\u2019s largest telecoms operator as its COO in 2015, becoming its international CEO the following year, and Group CEO in 2020. In the two years since, the company\u2019s market value has increased by more than 150%, while <a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/hatem-dowidar\/\">Forbes Middle East<\/a> named Dowidar #16 in its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1b8be917-0049-4684-8fdc-e4113fbf87bd\">2022 ranking<\/a> of the region\u2019s top 100 CEOs.<\/p>\n<p><strong>Dowidar was at the helm for the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e961aac-f9bb-4708-87c4-68f87d583221\">rebranding of the company<\/a><\/strong><strong> earlier this year as e&<\/strong>, which saw it split into telecoms provider etisalat by e&, e& international, consumer services branch e& life, investment arm e& capital, and e& enterprise as the company <strong>repositions itself as a global tech player.<\/strong><\/p>\n<p><strong>ENTERPRISE:<\/strong> <strong>Etisalat was a known name. It had brand equity, particularly in the UAE, but had emerged as a clear Mideast-born telecoms operator with a clear business proposition. Why the shift in strategy? What does it mean to become a global tech and investment company?<\/strong><\/p>\n<p><strong>HATEM DOWIDAR:<\/strong> We're a 46-year-old company that, like many others in our industry, has seen the telecoms market reach saturation around the world. Almost in parallel, we've all seen these tiny companies that sprung up in Silicon Valley 25 years ago start to compete. Once, they were tiny compared to even the smallest telcos. Today, they've become giants and the telcos are still largely where they are: stagnant. That's not e&. We've done things differently since our foundation and as the business landscape underwent unprecedented changes, we embraced a progressive outlook to seek ways to transform into a global technology and investment conglomerate early this year.<\/p>\n<p>Our performance in the first half of the year demonstrates our resilience as we drive value from our core, focus on diversification, further digitalize and develop innovative solutions, build stronger regional adjacencies organically and through M&A. This year alone, we've taken massive strides in entering strategic partnerships and made several acquisitions for future business growth, driven by our commitment to providing innovative solutions for the benefit of our customers and offering long-term sustainable investments for our investors.<\/p>\n<p><strong>E: So that was the catalyst? The rise of Planet Startup? <\/strong><\/p>\n<p><strong>HD:<\/strong> Yeah. What these companies offer are services that we call \u201cover the top\u201d services they can offer on top of anybody's infrastructure. Ours or others. What we've set out to do is design a suite of services that we can offer to any customer. To customers who are buying our connectivity, sure. But also to people who are getting their connectivity elsewhere. We planted the first seeds of this with our enterprise services, pushing into the internet of things (IoT) and cloud services. We started building our own data centers and selling capacity on these data centers.<\/p>\n<p><strong>E: What was the turning point? <\/strong><\/p>\n<p><strong>HD: It was the pandemic.<\/strong> It was a great catalyst for us to rethink our business model. At first, we thought we were fortunate to be a defensive industry in the middle of the pandemic. If you were in aviation or hospitality, you really suffered. If you were in medical supplies, you did amazing. For us, as a telco, we found that there were fewer people out in the streets and in offices using their mobiles \u2014 but they needed a lot more broadband as they started working remotely, studying remotely, and so on.<\/p>\n<p><strong>As a defensive industry, we managed to deliver solid numbers in the middle of the pandemic<\/strong>, but we started thinking. The whole process of adapting to new ways of thinking, of working remotely \u2014 it was a catalyst for us to step back and say, \"Right, what do we want to do in our next phase?\"<\/p>\n<p>I mean, the regulators opened up voice-over-IP, opened Zoom, opened Teams, and a dozen other apps. We realized that the pandemic was a stimulus, that it was changing the ground beneath our feet, and we wanted to be ahead of it rather than being reactive.<\/p>\n<p><strong>Hence the realigning of our business operations<\/strong> by creating business pillars (etisalat by e&, e& international, e& life, e& enterprise) and our investment arm, e& capital. Our overarching promise is increased smart connectivity, more digital products, innovative tech platforms, and a more seamless customer experience. Most importantly, our commitment is to remain agile and continuously adjust gears in our shareholders' and customers' best interests.<\/p>\n<p><strong>E: So the future is a business that combines the steady dividends of a utility with the growth prospects of a tech company?<\/strong><\/p>\n<p><strong>HD:<\/strong> Absolutely. The telco industry was being commoditized \u2014 our goal was to pivot beyond that. There's a limit to how many gigabytes and minutes you can sell as a telco. But to become a technology company that's at the forefront of advancement and that creates a lot more value? That has the dividend stream of a utility but the growth prospects of a tech player? That's the best of both worlds \u2014 for our customers, our shareholders, and our people. That's why we're transforming from a regional telecom into a global tech company.<\/p>\n<p><strong>E: Why was it necessary to change the name? Why \"e&\u201d? <\/strong><\/p>\n<p><strong>HD:<\/strong> It's more than just a name change. We knew we needed to signal to the world, to our staff, and to ourselves as a leadership team that we're becoming something different. It was to signal the magnitude of the change. It denotes that, yeah, you have our traditional telecom business Etisalat, but there's lots more coming into play. \u201cEtisalat\u201d in Arabic means connectivity, which was fitting for our role as a telco. However, with our progression into the digital space, we now provide more than just traditional connectivity. The name e& is a reflection of our ambition to push boundaries, accomplish more, and be well-positioned for the future.<\/p>\n<p><strong>E: What are your investment priorities right now? <\/strong><\/p>\n<p><strong>HD:<\/strong> I think what we're doing with e& enterprise is particularly interesting. We're investing in three key areas: cloud, cybersecurity, loT, and Al.<\/p>\n<p><strong>In the cloud, it's all about the growth of our data centers and platforms<\/strong> as we help more companies move away from their own hardware and into the cloud and play a leading role in customer cloud transformation, including for our government clients, large-scale corporates, and enterprises.<\/p>\n<p><strong>Moving customers towards the cloud brings forward the need to step up cybersecurity<\/strong>, so in addition to our own resources, we've recently acquired Help AG, a leading<\/p>\n<p>regional provider that is headquartered here in Dubai. It's a full acquisition and has helped us deepen our offering already trusted by some of the most demanding clients in the region \u2014 banks, governments, and major corporates.<\/p>\n<p><strong>We've focused our Al and loT efforts on helping governments and enterprises elevate to data-driven and highly automated organizations.<\/strong> Recently, we fully acquired Smartworld, one of the UAE's leading systems integrators, and formed a new company called e& enterprise iot & ai which will act as the vehicle for the loT and Al organization.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/2022\/11\/23\/coffee-with-hatem-dowidar-group-ceo-of-e\/\">TAP OR CLICK HERE to continue reading the full interview<\/a><\/strong>, including more on e&\u2019s investments in fintech and entertainment, growth prospects for its telco business, and the net zero commitments it made at COP27.<\/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\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/coffee-with\/\">Coffee With<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/e\/\">e&amp;<\/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=\"577451\" 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=\"577451\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/hisham-ezz-al-arab-is-back-on-the-board-at-cib\/\">\r\n                            Hisham Ezz Al Arab is back on the board at CIB                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                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src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/357.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577452\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/hisham-ezz-al-arab-is-back-on-the-board-at-cib\/357-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/357.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"357.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/357.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/357.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577451\" class=\"content-area-description single-story post-577451 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-enterpriseam tag-hassan-abdallah tag-hisham-ezz-al-arab tag-moves tag-tarek-amer wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>Our friend Hisham Ezz Al Arab is back home: <\/strong>CIB\u2019s former chairman and managing director Hisham Ezz Al Arab (<a href=\"https:\/\/eg.linkedin.com\/in\/hisham-ezz-al-arab-4510714b\">LinkedIn<\/a>) is back on the bank\u2019s board of directors after being appointed a non-executive director with the Central Bank of Egypt\u2019s blessing, the bank said in <a href=\"https:\/\/ent.news\/2022\/11\/Mr.-Hisham-Ezz-joins-BoDs-E.pdf\">a statement<\/a> yesterday.<\/p>\n<p><strong>Ezz Al Arab was <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17847e29-9c0f-43ba-a6e6-a84a525dcc22\">forced by the previous governor of the central bank to step down<\/a><\/strong><strong> from <\/strong><strong>the board two years ago. <\/strong>Since the resignation of Tarek Amer as CBE governor earlier this year, Ezz Al Arab\u2019s relationship with the central bank has taken a 180\u00b0 turn \u2014 he has served <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8868e61c-2e6b-46e8-b837-f362709874dd\">as an advisor<\/a> to governor Hassan Abdalla since late August.<\/p>\n<p><strong>All of this was good for CIB\u2019s share price: <\/strong>CIB shares closed 1.5% higher at EGP 38.05 at the end of yesterday\u2019s trading session.<\/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\/hassan-abdallah\/\">Hassan Abdallah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-ezz-al-arab\/\">Hisham Ezz Al Arab<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-amer\/\">Tarek Amer<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577453\" 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=\"577453\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/577453\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577453\" class=\"content-area-description single-story post-577453 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_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=\"577454\" 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=\"577454\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/saudi-arabias-shock-win-against-argentina-at-the-world-cup-leads-the-talk-shows\/\">\r\n                            Saudi Arabia\u2019s shock win against Argentina at the World Cup leads the talk shows                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" 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   <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/saudi-arabias-shock-win-against-argentina-at-the-world-cup-leads-the-talk-shows\/&title=Saudi Arabia\u2019s shock win against Argentina at the World Cup leads the talk shows\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Saudi+Arabia%E2%80%99s+shock+win+against+Argentina+at+the+World+Cup+leads+the+talk+shows+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F23%2Fsaudi-arabias-shock-win-against-argentina-at-the-world-cup-leads-the-talk-shows%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" 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data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"358.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/358.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/358.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577454\" class=\"content-area-description single-story post-577454 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-argentina tag-cop27 tag-education tag-enterpriseam tag-last-nights-talk-shows tag-saudi-arabia tag-warraq wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was a football-heavy night on the talk shows yesterday<\/strong> as the nation\u2019s talking heads cheered Saudi Arabia\u2019s shock victory against Argentina. Everyone from Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=R-mkwPLNhFE\">watch, runtime: 2:14<\/a>) and Al Hayah Al Youm\u2019s Mohamed Sherdy (<a href=\"https:\/\/www.youtube.com\/watch?v=LBAXPGi_laQ\">watch, runtime: 4:09<\/a>) heaped praise on the Green Falcons for overturning a 1-0 deficit with two stunning second-half goals. Tunisia\u2019s goalless draw with Denmark was the only other of yesterday\u2019s games to get significant coverage \u2014 Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=PLFit1wZWJo\">watch, runtime: 3:08<\/a>) and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=PLFit1wZWJo\">watch, runtime: 1:43<\/a>) \u2014 while El Hadidi continued the football theme by covering last night\u2019s news that Cristiano Ronaldo had left Man Utd with immediate effect following last week\u2019s bare-all interview (<a href=\"https:\/\/www.youtube.com\/watch?v=hDb1HHC8hZ0\">watch, runtime: 6:50<\/a>).<\/p>\n<p><strong>Warraq development follow-up: <\/strong>President El Sisi\u2019s <a href=\"http:\/\/bit.ly\/3EzunGG\">meeting<\/a> to follow up on the redevelopment of Warraq Island got coverage from Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=6F-XrXwVsPE\">watch, runtime: 4:04<\/a>) and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=R3IARmFI1tk\">watch, runtime: 2:55<\/a>). Ala Mas\u2019ouleety\u2019s Moussa took it on himself to claim that the island\u2019s residents are fully in support of the state\u2019s plans, despite mass evictions of islanders triggering <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba04bffd-50ad-4e42-8b96-db3a73019c1d\">clashes<\/a> with security forces in August (<a href=\"https:\/\/www.youtube.com\/watch?v=R_cRSyES38s\">watch, runtime: 7:11<\/a>).<\/p>\n<p><strong>Also getting attention last night:<\/strong><\/p>\n<ul>\n<li><strong>COP27:<\/strong> The UN <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=22112022&id=72db8d56-5b8e-4d02-8e67-ebe542df670f\">sending a letter of thanks<\/a> to Egypt for hosting COP was covered by Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=gqArA8QBrRQ\">watch, runtime: 3:05<\/a>), with host Mohamed Sherdy still giving a loss and damage fund praise.<\/li>\n<li><strong>No wings in the classroom:<\/strong> The Education Ministry\u2019s decision to ban energy drinks at schools got coverage from Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=7BlIUdtqWdM\">watch, runtime: 4:34<\/a>), with ministry spokesperson Shady Zalata telling viewers (perhaps slightly hyperbolically) that the drinks \u201cpose a threat to students\u2019 lives.\u201d<\/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\/argentina\/\">Argentina<\/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\/education\/\">Education<\/a>\n          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class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 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NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/ivanka-trump-rides-camel-stands-next-to-pyramid\/\">\r\n                            Ivanka Trump rides camel, stands next to pyramid                        <\/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\/23\/ivanka-trump-rides-camel-stands-next-to-pyramid\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/ivanka-trump-rides-camel-stands-next-to-pyramid\/359-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/359.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"359.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/359.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/359.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577457\" class=\"content-area-description single-story post-577457 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-enterpriseam tag-israel tag-tourism tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>You know it\u2019s a slow news day when Ivanka Trump\u2019s visit to the Pyramids is the <\/strong><strong>most talked-about thing in the foreign press.<\/strong> Read about it here (<a href=\"https:\/\/www.thetimes.co.uk\/article\/another-trump-announces-run-ivanka-escapes-to-egypt-rw2vj700h\">The Times<\/a> | <a href=\"https:\/\/www.dailymail.co.uk\/femail\/article-11453371\/Ivanka-Trump-jets-Egypt-husband-kids.html\">Daily Mail<\/a> | <a href=\"https:\/\/www.businessinsider.com\/ivanka-trump-posts-egypt-photos-after-withdrawing-from-politics-2022-11?r=US&IR=T\">Business Insider<\/a>) if you\u2019re interested.<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>Egypt and Israel want to increase bilateral trade<\/strong> in the wake of climate discussions held at COP27. (<a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/11\/egypt-israel-seek-boost-trade-exchange-following-cop27\">Al Monitor<\/a>)<\/li>\n<li><strong>A British journalist shares her experience of traveling to Egypt with her nine-year old<\/strong>. (<a href=\"https:\/\/www.telegraph.co.uk\/travel\/destinations\/africa\/egypt\/why-egypt-ultimate-adventure-trip-kids\/\">The<\/a><a href=\"https:\/\/www.telegraph.co.uk\/travel\/destinations\/africa\/egypt\/why-egypt-ultimate-adventure-trip-kids\/\">Telegraph<\/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\/israel\/\">Israel<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577459\" 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=\"577459\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/the-cost-of-egypts-ambitious-tourism-targets-usd-20-bn-according-to-the-tourism-minister\/\">\r\n                            The cost of Egypt\u2019s ambitious tourism targets? USD 20 bn, according to the tourism minister                        <\/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\/23\/the-cost-of-egypts-ambitious-tourism-targets-usd-20-bn-according-to-the-tourism-minister\/\" 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\/23\/the-cost-of-egypts-ambitious-tourism-targets-usd-20-bn-according-to-the-tourism-minister\/')\">\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\/23\/the-cost-of-egypts-ambitious-tourism-targets-usd-20-bn-according-to-the-tourism-minister\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=The cost of Egypt\u2019s ambitious tourism targets? USD 20 bn, according to the tourism minister&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/the-cost-of-egypts-ambitious-tourism-targets-usd-20-bn-according-to-the-tourism-minister\/\">\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\/23\/the-cost-of-egypts-ambitious-tourism-targets-usd-20-bn-according-to-the-tourism-minister\/&title=The cost of Egypt\u2019s ambitious tourism targets? USD 20 bn, according to the tourism minister\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+cost+of+Egypt%E2%80%99s+ambitious+tourism+targets%3F+USD+20+bn%2C+according+to+the+tourism+minister+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F23%2Fthe-cost-of-egypts-ambitious-tourism-targets-usd-20-bn-according-to-the-tourism-minister%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\/23\/the-cost-of-egypts-ambitious-tourism-targets-usd-20-bn-according-to-the-tourism-minister\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/361.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577460\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/the-cost-of-egypts-ambitious-tourism-targets-usd-20-bn-according-to-the-tourism-minister\/361-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/361.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"361.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/361.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/361.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577459\" class=\"content-area-description single-story post-577459 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-dabaa-nuclear-plant tag-enterpriseam tag-financial-regulatory-authority tag-investment-watch tag-non-banking-financial-services tag-nuclear-energy tag-regulation tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Among the other stories we\u2019re paying attention to this morning:<\/strong><\/p>\n<p><strong>TOURISM-<\/strong><\/p>\n<p><strong>Egypt is going to need USD 20 bn if it\u2019s going to realize its <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3564fecc-ba24-4f50-9625-638c4ec6afb6\">ambitions<\/a><\/strong><strong> to attract 30 mn tourists a year<\/strong>, Tourism Minister Ahmed Eissa told MPs yesterday. \u201cEgypt needs at least half a mn rooms to receive 30-40 mn tourists a year and this will cost around USD 20 bn,\u201d he said during his appearance at the House yesterday. The government is expected to unveil a new strategy to attract more people to Egypt in 1Q 2023. Around 13 mn tourists visited Egypt in 2019.<\/p>\n<p><strong>INVESTMENT- <\/strong><\/p>\n<p><strong>Qalaa Holding<\/strong> plans to invest <strong>EGP 15 bn<\/strong> in its <strong>subsidiaries<\/strong> over the next three years, co-founder and managing director Hisham El Khazindar reportedly told <a href=\"https:\/\/www.alborsaanews.com\/2022\/11\/22\/1600645\">Al Borsa<\/a>.<\/p>\n<p><strong>El Sewedy Electric <\/strong>is set to <strong>launch a Saudi subsidiary<\/strong>. (<a href=\"https:\/\/ent.news\/2022\/11\/El-Sewedy-Electric-subsidiary-in-Sauid.pdf\">Statement, pdf<\/a>)<\/p>\n<p><strong>ENERGY- <\/strong><\/p>\n<p><strong>Rosatom<\/strong> will start shipping equipment for the <strong>Dabaa nuclear plant<\/strong> in <strong>March<\/strong>, Nuclear Power Plant Authority head Amgad El Wakeel reportedly told <a href=\"https:\/\/bit.ly\/3UZd60S\">Al Mal<\/a>. The Russian state nuclear company started building the 4.8 GW plant <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60ea8ab6-9f81-43cc-a75d-b3ff1de7a342\">over the summer<\/a>, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/457c2436-decc-4107-b965-5818e87c431f\">began work<\/a> on the second reactor this week.<\/p>\n<p><strong>GREEN ECONOMY- <\/strong><\/p>\n<p>The initial portfolio size of <strong>Contact Financial Holding\u2019<\/strong>s planned <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62cad0bc-e69e-42d7-92ba-2258bc009a94\">green<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62cad0bc-e69e-42d7-92ba-2258bc009a94\">financing<\/a><\/strong> covering solar power plants and modern irrigation systems \u2014 which could launch as soon as next month \u2014 is<strong> EGP 1.25 bn.<\/strong> (<a href=\"https:\/\/bit.ly\/3UVQgHg\">Al Mal<\/a>)<\/p>\n<p><strong>FOOD & BEVERAGE- <\/strong><\/p>\n<p><strong>Foodics<\/strong> is integrating <strong>Paymob<\/strong> POS devices into its restaurant management platform, creating what it says is \u201cthe first of its kind backend wireless API integration\u201d in the Egyptian F&B sector. (<a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/foodics-and-paymob-partner-to-fuel-digital-transformation-of-egypts-f-and-b-sector-lqtn5mun\">Statement<\/a>)<\/p>\n<p><strong>REGULATION- <\/strong><\/p>\n<p><strong>Grievance committees handling non-bank financial services <\/strong><strong>complaints have been restructured<\/strong> following a decree by Prime Minister Moustafa Madbouly, the Financial Regulatory Authority (FRA) <a href=\"https:\/\/ent.news\/2022\/11\/FRA-grievance.pdf\">said (pdf)<\/a> yesterday. The changes restructure committees for capital markets, ins., real estate finance, microfinance, and leasing and factoring, with some of the activities getting grievance committees for the first time. The move aims to \u201cbolster confidence levels by stakeholders in NBFS activities supervised by the authority,\u201d and to create a favorable environment for doing business.<\/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\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dabaa-nuclear-plant\/\">Dabaa nuclear plant<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nuclear-energy\/\">nuclear energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation\/\">regulation<\/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=\"577463\" 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=\"577463\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/egypt-greece-ink-agreements-on-agriculture-migration\/\">\r\n                            Egypt, Greece ink agreements on agriculture, migration                        <\/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\/23\/egypt-greece-ink-agreements-on-agriculture-migration\/\" 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\/23\/egypt-greece-ink-agreements-on-agriculture-migration\/')\">\n                    Copy 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       <\/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\/23\/egypt-greece-ink-agreements-on-agriculture-migration\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/363.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577464\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/egypt-greece-ink-agreements-on-agriculture-migration\/363-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/363.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"363.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/363.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/363.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577463\" class=\"content-area-description single-story post-577463 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-agriculture tag-diplomacy tag-electricity tag-enterpriseam tag-greece tag-green-hydrogen tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egypt + Greece ink agreements on agriculture + migration:<\/strong> Egypt and Greece will work more closely on migrant rescue operations and increase cooperation on agriculture under two agreements signed Cairo yesterday.<\/p>\n<p><strong>#1- The two countries will cooperate on migrant search and rescue operations in the Mediterranean<\/strong> under an agreement signed by the countries\u2019 defense ministers, the Greek Foreign Ministry said in <a href=\"https:\/\/www.mfa.gr\/epikairotita\/proto-thema\/deloseis-upourgou-exoterikon-nikou-dendia-meta-to-peras-tes-sunanteses-tou-me-ton-aiguptio-omologo-tou-sameh-shoukry-kairo-22112022.html\">a statement<\/a>.<\/p>\n<p><strong>#2- Egypt will send 5k agricultural laborers to help harvest Greek crops<\/strong> for nine months a year under a pilot scheme agreed yesterday, the ministry said in <a href=\"https:\/\/www.mfa.gr\/epikairotita\/proto-thema\/upographe-sumphonias-metaxu-elladas-kai-aiguptou-apo-ton-anaplerote-upourgo-exoterikon-miltiade-barbitsiote-kai-ton-aiguptio-omologo-tou-ihab-nasr-gia-ten-apaskholese-epokhikon-ergaton-ges-kairo-22112022.html\">a separate statement<\/a>.<\/p>\n<p><strong>Regional rivalries:<\/strong> Greek Foreign Minister Nikos Dendias was in Cairo yesterday for the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c521e91f-3fbe-4029-a4e9-08febbf1e1ff\">second time<\/a> in less than six weeks for talks with Sameh Shoukry. The visits have come after the countries\u2019 mutual rival Turkey signed a new oil and gas exploration agreement with Libya\u2019s Tripoli-based government. This was the latest in a series of moves that have pitted the two sides against one another as they jockey for control over the region\u2019s natural resources.<\/p>\n<p><strong>MEANWHILE- The World Bank could provide support for electricity and green hydrogen projects in <\/strong><strong>Egypt<\/strong>, according to an Electricity Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/556207363216355\">statement<\/a> released Sunday following talks between Minister Mohamed Shaker and the bank\u2019s country director, Marina Wes. Bank officials discussed partnering on several projects including the upgrading the electricity link with Jordan, green hydrogen plants, and emission-reduction initiatives.<\/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\/agriculture\/\">agriculture<\/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\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/greece\/\">Greece<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/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=\"577465\" 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\/23\/577465\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577465\" class=\"content-area-description single-story post-577465 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>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>4 December (Sunday): House back in session.<\/p>\n<p>4 December (Sunday): OPEC+ meeting.<\/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>5-7 December (Monday-Wednesday): <a href=\"https:\/\/foodafrica-expo.com\/\">Food Africa 2022<\/a> kicks off at Egypt International Exhibitions Center.<\/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>January: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.<\/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>End of December\/early January: SFE\u2019s pre-IPO fund <a href=\"https:\/\/www.alborsaanews.com\/2022\/11\/20\/1599698\">to kick off<\/a>roadshow.<\/p>\n<p>4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.<\/p>\n<p>4Q 2022: 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>1Q 2023: 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":577439,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-577438","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"573069f5-d55f-4c43-89a2-bcec710d000f","teaser":"","photo_url":"https:\/\/ent.news\/2022\/11\/348.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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