{"id":577558,"date":"2022-11-28T03:41:25","date_gmt":"2022-11-28T03:41:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=577558"},"modified":"2025-12-16T11:19:49","modified_gmt":"2025-12-16T11:19:49","slug":"more-than-60-of-egyptian-adults-now-have-access-to-the-nations-financial-system","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/more-than-60-of-egyptian-adults-now-have-access-to-the-nations-financial-system\/","title":{"rendered":"More than 60% of Egyptian adults now have access to the nation\u2019s financial system"},"content":{"rendered":"<section id=\"577560\" 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=\"577560\">\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\/28\/this-morning-more-of-us-are-banked-than-ever-before\/\">\r\n                            THIS MORNING: More of us are banked than ever before                        <\/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\/28\/this-morning-more-of-us-are-banked-than-ever-before\/\" 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size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577561\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/this-morning-more-of-us-are-banked-than-ever-before\/444-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/444.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"444.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/444.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/444.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577560\" class=\"content-area-description single-story post-577560 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-debt tag-enterpriseam tag-fdi tag-foreign-exchange 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, wonderful people, and welcome to one of those good-news, bad-news <\/strong><strong>kind of mornings:<\/strong><\/p><p><strong>FROM THE DEPT. OF GOOD NEWS: <\/strong>New figures from the CBE suggest that more than 60% of Egyptian adults are now participating in the formal financial system \u2014 more than double where we stood just a few short years ago.<\/p><p><strong>FROM THE DEPT. OF NOT GOOD NEWS: Importers are reportedly saying they still can\u2019t <\/strong><strong>get goods out of port<\/strong> as the shortage of hard currency lingers even as the central bank moves to lift import restrictions.<\/p><p><strong>There are some near-term catalysts that offer hope the shortage may start to ease in the <\/strong><strong>new year<\/strong>, including the expected approval in December of our IMF facility, continued investment from GCC countries, and the long-awaited opening of the stunning Grand Egyptian Museum, which pundits expect to draw more (bigger-spending) tourists.<\/p><p>(As of this morning, the IMF executive board has released its meeting schedule through 7 December, and we\u2019re not on the list.)<\/p><p><strong>BUT BIG-NAME CEOs AGREE- We need a long-term solution. <\/strong>As we all look ahead to 2023, we\u2019re more convinced than ever that foreign direct investment and exports need to be at the heart of our nation\u2019s economic growth strategy. That\u2019s why we published a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7\">five-step recipe<\/a> that has the power to transform Egypt into a major global export hub and turn us into a magnet for FDI \u2014 and then talked it over with 20 top CEOs at an invite-only breakfast. In our CEO poll on FDI and exports that will run through December, we asked each leader two simple questions: If you could pick just one champion industry, what would it be? And why do you think FDI and exports are the way forward?<\/p><p><strong>SPEAKING TODAY: McKinsey &amp; Company Senior Partner Jalil Bensouda<\/strong>, at the head of our news well, below.<\/p><p><strong>Did you miss yesterday\u2019s installment? <\/strong>We spoke with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fcde18b-95f6-4782-9083-0840d9fda8db\">Mohamed El Dababy, general manager of GSK in Egypt<\/a>.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>We\u2019re happy to see frank discussion of how to boost FDI in the Senate: <\/strong>The Senate\u2019s financial and economic affairs committee yesterday discussed a report by the pro-government Mostaqbal Watan party that aims to overhaul how we approach FDI.<\/p><p><strong>The 190-page study cites ten obstacles to growing FDI to Egypt<\/strong>, including red-tape, a lack of incentives, gaps in digital government services, and a lack of transparency and accountability. It also highlights the country\u2019s investment advantages, including the availability of affordable, skilled labor, and robust infrastructure and transport links. There\u2019s also a chapter on how to take the example set on FDI by neighbors including Saudi Arabia, the UAE, and Turkey. Plenty of that meshes with our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7\">five-step recipe<\/a> to boost FDI and exports.<\/p><p><strong>DATA POINT: <\/strong>Our external debt to GDP ratio remains within a \u201csafe range\u201d at 34.6%, Finance Minister Mohamed Maait said at an Egyptian-Chinese investment forum yesterday, according to <a href=\"http:\/\/bit.ly\/3ij1Q0T\">Hapi Journal<\/a>. Our high debt levels have been flagged as a risk in parts of the <a href=\"https:\/\/www.reuters.com\/markets\/egypt-not-out-woods-after-imf-rescue-deal-2022-11-25\/\">international business press<\/a>, as the country\u2019s external position is pressured by surging commodity prices, rising interest rates, a hot greenback, and turmoil in the financial markets.<\/p><p class=\"web-image\"><a href=\"https:\/\/climatexforum.enterprise.press\/index.html#agenda\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/Enterprise-Climate-X-GEM-En-1600x.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Some of the biggest names in Egypt\u2019s climate industry are appearing at our <\/strong><strong>inaugural <\/strong><strong><a href=\"https:\/\/climatexforum.enterprise.press\/index.html\">Enterprise Climate X Forum<\/a><\/strong><strong>, which takes place on Tuesday, 6 December at the Grand Egyptian Museum. Are you? <\/strong><\/p><p><strong>Hydrogen: What is it, what does a \u201chydrogen economy\u201d look like and how will we know it\u2019s becoming real? Jorgo Chatzimarkakis<\/strong>, CEO of industry association Hydrogen Europe, is flying in to help us unpack it.<\/p><p><strong>Three industry leaders will talk about climate as the biggest (and most important) business opportunity of our generation: Mohamed Mansour<\/strong> is co-founder and CEO of Infinity. <strong>Amr Allam<\/strong> is co-CEO of Hassan Allam Holding. Jointly and separately, they\u2019re building and operating GW worth of renewable energy projects, charging stations, desalination, wastewater, and more. They\u2019ll be joined on stage by <strong>Sherif El Kholy<\/strong>, partner and head of MENA at private equity giant Actis, who has a passion for investing in green businesses \u2014 and for helping conventional businesses put ESG at the core of what they do.<\/p><p><strong>How are we going to pay for it all? <\/strong><strong>Todd Wilcox<\/strong>, CEO and deputy chairman of HSBC Egypt; <strong>Tarek El Nahas<\/strong>, group head of international banking at Mashreq; <strong>Khaled Hamza<\/strong>, director and head of Egypt at the European Bank for Reconstruction and Development (EBRD); and <strong>Nader Abushadi<\/strong>, group treasurer at Dar Group, will help us get our heads around topics including green, sustainability-linked, blended, and concessional finance, as well as how much you need to know about your supply chain.<\/p><p>We\u2019ll also be meeting Shift EV\u2019s <strong>Aly El Tayeb<\/strong> and Algebra\u2019s <strong>Karim Hussein<\/strong>, the guys who want to be Egypt\u2019s first climate bn\u2019aires. They\u2019ll be talking with USAID Egypt Mission Director <strong>Leslie Reed <\/strong>as well as EFG Hermes Head of Strategy <strong>Simon Kitchen<\/strong>, who\u2019s flying in from London to talk with us about how business leaders across frontier and emerging markets are getting their heads around climate.<\/p><p><strong>** Have you confirmed your attendance? <\/strong>We\u2019ll be sending you on Sunday, 4 December the QR code you\u2019ll need to gain admission to the Grand Egyptian Museum, along with a Google Maps link and some other pointers.<\/p><p><strong><a href=\"https:\/\/climatexforum.enterprise.press\/index.html#agenda\">Tap or click here for the full agenda<\/a><\/strong><a href=\"https:\/\/climatexforum.enterprise.press\/index.html#agenda\">.<\/a><\/p><p><strong>HAPPENING TODAY-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>In the House today: <\/strong>The House of Representatives\u2019 manpower committee will hold hearings on the new draft Labor Act today and tomorrow. Representatives from the Egyptian Trade Union Federation and the Federation of Egyptian Industries are expected to attend. The 245-article bill, which was approved by the Senate in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca0eee4d-fde9-42b2-b59e-d153ab58a28e\">February<\/a>, extends both maternity leave and notice periods, caps working hours, and changes minimum raise increments, among other things. If the House passes the Act, it would replace the current Labor Act of 2003. We have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ae083a4f-781c-443d-ad37-ab705d0103ee\">more on the bill\u2019s finer points here<\/a>.<\/p><p><strong>Senate to pass wildcat building bill today<\/strong>: The Senate is today expected to pass <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3045baa9-e5b2-4a13-a2f2-e1bdab5bc4c6\">legislation<\/a> aimed at making it easier for owners of illegal buildings to go legit. Senate Speaker Abdel Wahab Abdel Razek postponed yesterday\u2019s vote by a day to give more members a chance to speak on the bill.<\/p><p><strong>MORNING MUST READ- <\/strong><\/p><p><strong>Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, <a href=\"https:\/\/enterprise.press\/industries\/what-the-new-green-star-program-could-mean-for-manufacturers\/\">we looked at Green Star<\/a>, the recently announced government program laying out guidelines for companies that will favor low-carbon products for government purchases. The program will be offering a number of incentives to businesses compliant with the new environmental standards.<\/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<\/strong>-<\/p><p><strong>Protests are spreading from Shanghai to other Chinese cities <\/strong>as citizens take to the streets to voice frustration over years of strict covid restrictions including ongoing lockdowns. Demonstrations spread to the capital Beijing and dozens of university campuses across the country, in a show of civil disobedience the likes of which hasn\u2019t been seen in mainland China in decades. China\u2019s Hang Seng stock index dropped some 3.7% on this morning\u2019s open. <a href=\"https:\/\/www.reuters.com\/world\/china\/shanghai-hit-by-covid-protests-anger-spreads-across-china-2022-11-27\/\">Reuters<\/a>, <a href=\"https:\/\/apnews.com\/article\/taiwan-health-fires-social-media-50d7515e5fae00f5054062209e9306cc?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_01\">AP<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/live-blog\/2022-11-28\/china-covid-unrest?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>, and the <a href=\"https:\/\/www.ft.com\/content\/d8231c04-5d7f-468e-8547-77587546734e\">FT<\/a> have more.<\/p><p><strong>Goodbye, ordinary Twitter. Hello, \u201cThe Everything App\u201d:<\/strong> New Twitter boss Elon Musk plans to transform the social media platform into \u201cThe Everything App,\u201d with features like longfrom tweets, encrypted direct messages, and payments, as part of his plan for \u201cTwitter 2.0,\u201d according to slides from an internal presentation he shared in a <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1596718851097755648?s=20&amp;t=8bXfJICRP0_AgLDynGsLQg\">tweet<\/a>. The slideshow also claimed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff0c85b0-2de4-4e54-8f2c-ed981521bb85\">new user signups are at an \u201call-time high\u201d<\/a> since Musk took over the platform late last month, recording 2 mn new users a day last week, up 66% y-o-y.<\/p><p><strong>WORLD CUP UPDATE\u2013<\/strong><\/p><p><strong>It\u2019s day nine of the World Cup:<\/strong> Teams in Group G and H face off today (all times CLT):<\/p><ul>\n<li>Cameroon v Serbia (12pm)<\/li>\n<li>South Korea v Ghana (3pm)<\/li>\n<li>Brazil v Switzerland (6pm)<\/li>\n<li>Portugal v Uruguay (9pm)<\/li>\n<\/ul><p><strong>ICYMI- <\/strong>Yesterday\u2019s games saw Costa Rica beat Japan 1-0 and Croatia lock in a convincing 4-1 victory against a young, enthusiastic Canadian side that scored its first-ever World Cup goal. The much-anticipated match between Germany and Spain ended in a 1-1 tie. The Germans now need a victory in their next game against Costa Rica to have a chance of advancing to the knockout stage.<\/p><p><strong>Fans riot in Brussels:<\/strong> Violence broke out in several Belgian and Dutch cities after Morocco upset Belgium with a 2-0 victory yesterday, the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-27\/brussels-sees-riots-after-morocco-beats-belgium-at-world-cup?srnd=premium-middle-east\">AP<\/a> reports. Police in Brussels used tear gas and water cannons to disperse the crowds.<\/p><p><strong>Never a dull moment between the US and Iran<\/strong>: Iran\u2019s football federation has called for the US national team to get a ten-game ban for \u201coffending the dignity\u201d of the country, after the US federation displayed Iran\u2019s flag on social media without the emblem of the Islamic Republic, <a href=\"https:\/\/www.theguardian.com\/football\/2022\/nov\/27\/usa-show-iran-flag-without-emblem-of-islamic-republic-before-world-cup-clash\">the Guardian<\/a> reports. The US Soccer Federation said it decided to post the image in \u201csupport for the women in Iran fighting for basic human rights.\u201d The graphic was soon deleted after a wave of outrage on social media. It\u2019s all ramping up the tension ahead of the two teams\u2019 final Group B match on Tuesday.<\/p><p><strong>MARKET WATCH-<\/strong><\/p><p><strong>Iraq will ring in the new year with more oil exports: <\/strong>OPEC\u2019s second-biggest oil producer will boost its oil export capacity by 150-250k barrels per day starting next year, the country\u2019s national representative at OPEC Mohammed Saadoon said in an interview with Saudi broadcaster Al Ekhbariya (<a href=\"https:\/\/www.youtube.com\/watch?v=MOyMqzAuiEI\">watch, runtime: 11:15<\/a>). Next year\u2019s increase is part of Iraq\u2019s longer-term plans to add 1-1.5 mn bpd to its oil exports by 2025, from a current 3.3 mn bpd. The country will fix up its Khor Al Amaya port and marine pipelines to help it increase export capacity, Saadoon said.<\/p><p><strong>Expect a wild week in the oil markets: <\/strong>Geopolitical uncertainty has sent global crude prices on a rollercoaster ahead of a planned price cap on Russian crude and a meeting of the OPEC+ cartel next week, the <a href=\"https:\/\/www.wsj.com\/articles\/oil-prices-face-fresh-volatility-with-new-russia-sanctions-opec-decision-11669550024?mod=mhp\">Wall Street Journal<\/a> reports. OPEC+ will meet next Monday, 4 December, amid reports that it could look to partially reverse production cuts agreed in October. The next day, the EU will likely move to ban imports of most Russian crude while Western allies are expected to introduce a price cap. Brent futures have swung by 1% or more almost every trading day in November thanks to the uncertainty. Brent is currently trading at around USD 83.74.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>PSA- The deadline to apply for the <\/strong><strong><a href=\"https:\/\/www.chicagobooth.edu\/executiveeducation\/programs\/management\/executive-program-el-gouna\">Chicago Booth Executive Program<\/a><\/strong><strong> in El Gouna has <\/strong><strong>been pushed one week to next Sunday, 4 December.<\/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 You can <a href=\"https:\/\/www.linkedin.com\/posts\/newton-education-services_sawiris-chicagobooth-newton-activity-7001484649931681792-3_-m\/\">find more information here<\/a>.<\/p><p><strong>Payment and fintech conference Pafix is being held as part of <\/strong><strong><a href=\"https:\/\/cairoict.com\/\">Cairo ICT 2022<\/a><\/strong><strong> through <\/strong><strong>Wednesday<\/strong> at the Egypt International Exhibition Centre in New Cairo. The conference kicked off yesterday.<\/p><p><strong>The US and Russia will hold nuclear talks in Cairo this week: <\/strong>Washington and Moscow will discuss <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d75c978f-3cad-43f3-ac0d-44e5d5ab2b0b\">resuming mutual nuclear inspections<\/a> during week-long talks from tomorrow until next Tuesday, 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>EGX-listed Pachin will brief shareholders on acquisition offers it has received in <\/strong><strong>its ordinary general assembly on Tuesday, 20 December, <\/strong>according to an EGX <a href=\"https:\/\/ent.news\/2022\/11\/Pachin-general-assembly.pdf\">disclosure (pdf)<\/a>. Dubai-based National Paints Holdings is offering to purchase 100% of Pachin for EGP 29 per share \u2014 far outbidding earlier offers from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa4253d1-4e21-484b-8dd5-c291322ebfa7\">Universal Building Materials and Chemicals (Sipes)<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/282c2d10-3962-4fe7-9d62-eb7036227f7b\">Saybad Industrial Investment<\/a> that have since been withdrawn.<\/p><p><strong>Pachin\u2019s board gave the Emirati firm the greenlight to conduct due diligence<\/strong> on 13 November, <a href=\"https:\/\/bit.ly\/3gA8orz\">Al Mal<\/a> reports, citing an EGX disclosure.<\/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><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.<\/p><p><strong>In today\u2019s issue:<\/strong> We discuss how the education sector is surviving a tougher economy in part two of our sit-down with Mohamed El Kalla, CEO of CIRA Education.<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"577562\" 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=\"577562\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/577562\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577562\" class=\"content-area-description single-story post-577562 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=\"577563\" 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=\"577563\">\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\">CEO POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/why-mckinseys-jalil-bensouda-thinks-we-could-go-bigger-and-faster-than-even-morocco-on-fdi-and-exports\/\">\r\n                            Why McKinsey\u2019s Jalil Bensouda thinks we could \u201cgo bigger and faster\u201d than even Morocco on FDI and exports                        <\/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\/28\/why-mckinseys-jalil-bensouda-thinks-we-could-go-bigger-and-faster-than-even-morocco-on-fdi-and-exports\/\" target=\"_blank\">\n                    Open 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\u201cgo bigger and faster\u201d than even Morocco on FDI and exports\">\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=Why+McKinsey%E2%80%99s+Jalil+Bensouda+thinks+we+could+%E2%80%9Cgo+bigger+and+faster%E2%80%9D+than+even+Morocco+on+FDI+and+exports+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F28%2Fwhy-mckinseys-jalil-bensouda-thinks-we-could-go-bigger-and-faster-than-even-morocco-on-fdi-and-exports%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\/28\/why-mckinseys-jalil-bensouda-thinks-we-could-go-bigger-and-faster-than-even-morocco-on-fdi-and-exports\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/445.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577564\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/why-mckinseys-jalil-bensouda-thinks-we-could-go-bigger-and-faster-than-even-morocco-on-fdi-and-exports\/445-jpg-23\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/445.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"445.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/445.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/445.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577563\" class=\"content-area-description single-story post-577563 post type-post status-publish format-standard has-post-thumbnail hentry category-ceo-poll tag-ceo-poll tag-enterprise-poll tag-enterpriseam tag-fdi tag-jalil-bensouda tag-mckinsey-company 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>We recently had breakfast with 20 top CEOs to talk about why exports and <\/strong><strong>FDI are key to <\/strong><strong>our economy going forward.<\/strong> After reading our <a href=\"https:\/\/enterprise.press\/issues\/2022\/10\/18\/am-a-five-step-recipe-to-boost-exports-fdi-and-make-sure-egypt-never-has-to-ask-the-imf-for-another-cent\/\">five-step recipe for turning Egypt into a global export hub and FDI magnet<\/a>, participating CEOs agreed to answer two questions on the record.<\/p>\n<p><strong>Jalil Bensouda (<\/strong><strong><a href=\"https:\/\/www.linkedin.com\/in\/jalil-bensouda-308522\/?originalSubdomain=ma\">LinkedIn<\/a><\/strong><strong>) is senior partner at McKinsey & Company<\/strong>, the global management consulting firm. Jalil re-opened McKinsey\u2019s Cairo office in early 2021 and has built a team of 90 consultants in Cairo. He was previously based in Casablanca as the firm\u2019s managing partner for Francophone Africa and he is also an experienced industrial entrepreneur. Jalil specializes in large-scale transformation of public and private organizations from strategy to implementation and he has long worked with financial and industrial companies on investment and development strategies. He\u2019s also a Moroccan national \u2014 a fact more than a little germane to our discussion, as you\u2019ll see below:<\/p>\n<p><strong>ENTERPRISE- Which industry would you put on a focused short list \u2014 and why?<\/strong><\/p>\n<p><strong>JALIL BENSOUDA-<\/strong> I would say definitely tourism if we take a 12-18 month timeframe, because it can deliver the foreign exchange the country needs right now with little up-front investment. All the infrastructure required already exists. What we need to unlock is flight capacity and global promotion, and that can be tackled in a short timeframe. Longer term, I believe in the power of people, and Egypt has a huge talent pool, so I would naturally gravitate toward other service-based industries, including business process outsourcing and customer relations management (CRM). Global demand is steady and Egypt can play a bigger role to attract large CRM players.<\/p>\n<p>If you take a medium-term perspective, Egypt will need to focus and choose 4-6 key export-oriented industries where it has a clear value proposition and go all-in to attract global and national investors to position itself as a regional manufacturing hub to serve Middle East and East African markets. The current context with global supply chain redeployment represents a great opportunity. In the long term, Egypt is already very well positioned on some big bets like hydrogen, where massive investments were announced at COP27. We will need to take the opportunity to create an integrated ecosystem around those investments to locally capture most of the value added.<\/p>\n<p><strong>E- Why are exports and FDI the way forward?<\/strong><\/p>\n<p><strong>JB- Because the formula is proven. Your<\/strong><strong><a href=\"https:\/\/enterprise.press\/issues\/2022\/10\/18\/am-a-five-step-recipe-to-boost-exports-fdi-and-make-sure-egypt-never-has-to-ask-the-imf-for-another-cent\/\">five-point plan<\/a><\/strong><strong> is spot on and very relevant for Egypt in the current context<\/strong> to create a new S-curve for growth.<\/p>\n<p><strong>It reminds me of the choices Morocco made in late 2000<\/strong> with the launch of a National economic development program called \u201cEmergence.\u201d Its aim was to accelerate the growth of export-oriented sectors. Morocco chose five industries: automotive, aeronautics, electronics, offshoring and food, all based on the nation\u2019s global competitive advantage.<\/p>\n<p><strong>Its full focus was then on creating the right environment in terms of infrastructure, business environment, and training of local talent to attract both local and foreign investors.<\/strong> And starting with the prime minister\u2019s office, the two big focuses were on execution and speed to attract flagship investors to start creating the momentum. Renault led the push in automotive with a 400k-unit capacity plant, Bombardier in aeronautics.<\/p>\n<p><strong>Today, 12 years later, Morocco has become an export powerhouse in sectors that were merely emerging in 2008.<\/strong> This year, its automotive exports will come in at USD 10 bn with 600k vehicles produced \u2014 with 70% local integration. Aeronautics and electronics each deliver USD 3 bn worth of export sales. And it is netting USD 2 bn in revenues from offshoring with more than 100k jobs created. Each of those industries has seen a local industrial ecosystem blossom beyond initial flagship projects with big-name multinationals such as Renault, Stellantis, Boeing and Bombardier.<\/p>\n<p><strong>I am convinced that Egypt can go bigger and faster given its starting point in terms of size and competitive advantages<\/strong>, including its geographical position and \u201cgreen\u201d and competitive energy and labor costs. But doing it will demand a focus on key sectors, fast-paced decision making, a much more nimble and streamlined end-to-end investment journey, and \u2014 more importantly \u2014 building trust and confidence with the private sector to allow them to invest with clear visibility on the legal and competitive framework. There is a highly competitive market globally to attract foreign industrial investment, and Egypt can clearly play a winning role in this market.<\/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\/ceo-poll\/\">CEO POLL<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-poll\/\">Enterprise Poll<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jalil-bensouda\/\">Jalil Bensouda<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mckinsey-company\/\">McKinsey &amp; Company<\/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=\"577565\" 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=\"577565\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/some-60-of-egyptian-adults-have-access-to-the-financial-system\/\">\r\n                            Some 60% of Egyptian adults have access to the financial system                        <\/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\/28\/some-60-of-egyptian-adults-have-access-to-the-financial-system\/\" 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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Some 40 mn adults (60.6%) in Egypt were banked by June of this year, up from 17.1 mn in 2016, the report says.<\/p>\n<p><strong>Some 3 mn people entered the financial system in 1H 2022: <\/strong>More than 56% of Egyptian adults \u2014 nearly 37 mn people \u2014 were banked at the end of 2021, up from almost 53% the year before, according to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/efb05722-ac49-407f-bd41-b11265a358ba\">earlier figures<\/a> from the CBE.<\/p>\n<p><strong>The CBE is doubling down on its plans to push<\/strong><strong> financial inclusion through 2025<\/strong> by amending legal and regulatory frameworks, driving growth in fintech and digital financial infrastructure, and ensuring the availability of sustainable finance and a stable economic environment. The report does not go into further detail on these \u201cenablers\u201d of the CBE\u2019s financial inclusion strategy.<\/p>\n<p><strong>REFRESHER<\/strong>- The four-pillar financial inclusion strategy was first <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/17\/cbe-announces-four-key-pillars-to-its-financial-inclusion-strategy-going-forward\/\">launched in 2019<\/a> and focuses on consumer empowerment through raising awareness about financial inclusion and consumer rights, diversification in banking and non-banking financial products, supporting the MSME ecosystem, and expanding the use of fintech solutions, according to the report.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-inclusion\/\">financial inclusion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577567\" 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=\"577567\">\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\">IMPORTS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/pm-cbe-governor-working-to-drum-up-fx\/\">\r\n                            PM, CBE governor working to drum up FX                        <\/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\/28\/pm-cbe-governor-working-to-drum-up-fx\/\" 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\/28\/pm-cbe-governor-working-to-drum-up-fx\/')\">\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\/28\/pm-cbe-governor-working-to-drum-up-fx\/\">\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=PM, CBE governor working to drum up FX&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/pm-cbe-governor-working-to-drum-up-fx\/\">\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\/28\/pm-cbe-governor-working-to-drum-up-fx\/&title=PM, CBE governor working to drum up FX\">\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=PM%2C+CBE+governor+working+to+drum+up+FX+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F28%2Fpm-cbe-governor-working-to-drum-up-fx%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\/28\/pm-cbe-governor-working-to-drum-up-fx\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/447.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577568\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/pm-cbe-governor-working-to-drum-up-fx\/447-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/447.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"447.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/447.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/447.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577567\" class=\"content-area-description single-story post-577567 post type-post status-publish format-standard has-post-thumbnail hentry category-imports tag-enterpriseam tag-foreign-exchange tag-imports wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-10\" class=\"content-anchor\"><\/a>\u00a0<strong>Central Bank Governor Hassan Abdalla and Prime Minister Moustafa Madbouly discuss ensuring that FX remains available and stable for strategic goods<\/strong>, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0kQtv7WDxYtZK1555ZaisPsKECqFbNP6UoWqMZysmvfGWjYxRrFaVgnRQ47E2fzJPl\">cabinet statement<\/a>. Their statement stressed that they\u2019re working to boost FX reserves by drumming up FX, including by attracting more FDI, boosting tourism, and through the expat car import scheme.<\/p>\n<p><strong>Imports of everything but food and fuel have slowed to a trickle or stopped altogether in <\/strong><strong>the past two weeks<\/strong> as local banks struggle to find the hard currency to issue letters of credit (L\/Cs) to get shipments released from ports, importers and bankers are quoted as saying by <a href=\"http:\/\/bit.ly\/3u69rSW\">Bloomberg Asharq<\/a>.<\/p>\n<p><strong>Blame the ongoing FX crisis: <\/strong>The continued shortage of FX and the rising USD-EGP exchange rate has slowed \u2014 but not completely stopped \u2014 the flow of goods into the country, Federation of Egyptian Chambers of Commerce Member Ahmed Shiha is quoted as saying. Unnamed sources go further, with one home appliances importer reportedly telling the news outlet that imports have dried up completely.<\/p>\n<p><strong>The CBE in October <\/strong><strong><a href=\"https:\/\/enterprise.press\/afternoons\/pm-taweem-3-0-sees-egp-at-23-03-against-the-greenback\/#tldr-story-04\">said<\/a><\/strong><strong> it would \u201cgradually\u201d phase out <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">import restrictions<\/a><\/strong>, including rolling back by the end of the year a requirement introduced in February that all imports be financed through L\/Cs, rather than the cheaper and simpler process of documentary collection. Shipments worth up to USD 500k are now allowed to rely on documentary collection, up from a previous USD 5k limit, while measures were taken to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0804cef1-cff7-4b45-a752-01de3a0e527a\">release some imports<\/a> for private use from ports in November.<\/p>\n<p><em>CORRECTED ON- 28 November\u00a0<\/em><br \/>\n<em>A previous version of this story inaccurately quoted a statement from the cabinet on Prime Minister Moustafa Madbouly's meeting with CBE Governor Hassan Abdullah earlier this week, where the two discussed facilitating FX for imports of strategic and critical goods. They did not suggest that there had been a slowdown in the clearing of goods from customs, as was previously noted.\u00a0<\/em><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imports\/\">IMPORTS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577569\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"577569\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/577569\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577569\" class=\"content-area-description single-story post-577569 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/1-SODIC-Karokee-1600x1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577570\" 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=\"577570\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/last-nights-talk-shows-commodities-exchange-kicks-off\/\">\r\n                            Last Night\u2019s Talk Shows: Commodities exchange kicks off                        <\/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\/28\/last-nights-talk-shows-commodities-exchange-kicks-off\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The 12k tons of Russian wheat offered to traders was nearly twice oversubscribed, Ashmawy said. Some 18 transactions were executed, he added, without providing further details.<\/p>\n<p><strong>The exchange will \u201climit monopolies or lobbying by traders,\u201d<\/strong> Ashmawy said, adding that farmers and traders could one day potentially sell directly through the EMX. Ashmawy also sat for an interview with Al Hayah Al Youm to mark the launch of the exchange (<a href=\"https:\/\/www.youtube.com\/watch?v=28Mt8YJoGXw\">watch, runtime: 22:43<\/a>).<\/p>\n<p><strong>Elsewhere in commodities:<\/strong> Our elected representatives at the House of Representatives want some answers on the rice crisis, Kelma Akhira\u2019s Lamis El Hadidi noted, highlighting briefing requests by reps on the shortage <a href=\"https:\/\/www.youtube.com\/watch?v=lBCbJt5FFMk\">(watch, runtime: 8:34<\/a>) El Hadidi got into a heated debate with Abdel Moneim Khalil, head of internal trade at the Supply Ministry, who said that rice is available and affordable at the ministry\u2019s outlets and supermarkets despite Hadidi\u2019s insistence of a serious supply shortage afoot.<\/p>\n<p><strong>REMEMBER- <\/strong>Rice has been designated as a \u201c<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/087516ce-2d80-407c-a539-7782ac0a6a8b\">strategic commodity<\/a>\u201d for at least three months under efforts to deter traders who try to exploit the opportunity to hoard rice amid a global shortage of commodities. Producers, sellers and distributors have until Sunday, 4 December to notify the Supply Ministry of what they\u2019ve stockpiled and where they\u2019re keeping it.<\/p>\n<p><strong>Also on the airwaves last night: <\/strong>The Senate has followed the House of Representatives in rubbishing a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f7f3a53f-ba10-4233-8f2f-1d48c2832baf\">resolution by the European Parliament<\/a>condemning Egypt\u2019s human rights record, arguing that the resolution leans on \u201cmisconceptions,\u201d Ala Mas\u2019ouleety reported (<a href=\"https:\/\/www.youtube.com\/watch?v=BchviMkO4jQ\">watch, runtime: 10:17<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-mercantile-exchange\/\">Egyptian Mercantile Exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ibrahim-ashmawy\/\">Ibrahim Ashmawy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577572\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel 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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=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577573\" 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=\"577573\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/egypt-in-the-news-more-cop-postmortems\/\">\r\n                            Egypt in the News: More COP postmortems                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" 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class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/egypt-in-the-news-more-cop-postmortems\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/449.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577574\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/egypt-in-the-news-more-cop-postmortems\/449-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/449.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"449.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/449.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/449.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577573\" class=\"content-area-description single-story post-577573 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-cop27 tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>On a slow day for mentions of Egypt in the international press, <\/strong>a short documentary by the Intercept asks where the human rights debate that grew up around the COP27 climate summit in Sharm El Sheikh could go next, as the world prepares for the 2023 iteration of the climate summit in Dubai (<a href=\"https:\/\/theintercept.com\/2022\/11\/26\/egypt-cop27-climate-human-rights\/\">watch, runtime: 9:09<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/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=\"577575\" 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=\"577575\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/does-pif-want-more-of-eipico\/\">\r\n                            Does PIF want more of EIPICO?                        <\/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\/28\/does-pif-want-more-of-eipico\/\" 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\/28\/does-pif-want-more-of-eipico\/')\">\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\/28\/does-pif-want-more-of-eipico\/\">\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=Does PIF want more of EIPICO?&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/does-pif-want-more-of-eipico\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                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 <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/does-pif-want-more-of-eipico\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/451.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577576\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/does-pif-want-more-of-eipico\/451-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/451.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"451.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/451.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/451.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577575\" class=\"content-area-description single-story post-577575 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-banking tag-eipico tag-enterpriseam tag-investment-watch tag-non-banking-financial-services tag-pharma tag-pif tag-real-estate tag-sumou 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>PHARMA-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a><strong> EIPICO says it hasn\u2019t been formally told Saudi\u2019s PIF wants to up its stake: <\/strong>EIPICO IR Manager Abdel Raheem Ghareeb tells us that the company has not received any official notice that Saudi Arabia\u2019s Public Investment Fund (PIF) intends to up its stake in the drugmaker. His remarks came after <a href=\"https:\/\/bit.ly\/3Uc5cQD\">Al Mal<\/a>, citing sources it says have knowledge of the transaction, reported that the PIF is looking to acquire an additional stake in the EGX-listed company by subscribing to a capital increase worth nearly EGP 149 mn. The capital increase would put an additional 15% stake up for grabs.<\/p>\n<p><strong>BACKGROUND- <\/strong>PIF <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfa56241-8a86-4457-8bac-4ad26d1405e5\">acquired a 4.7% stake<\/a> in EIPICO last month for more than EGP 140 mn via its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/358b6591-3db7-4fa1-bb2f-de2e69e31cc8\">newly-established Egypt investment arm<\/a>.<\/p>\n<p><strong>KEEPING IT ALL STRAIGHT-<\/strong> Since setting up the Saudi Egyptian Investment Company in August, the PIF <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/316415e5-ccc3-42ca-b442-80dd3b8b2e16\">has acquired<\/a> sizeable stakes in several companies and been linked to a number of others in the domestic press, including the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3eb67451-ed3d-459b-ae82-b9a6756d29f5\">Alexandria Mineral Oil Company<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7ef0109-f72e-4b5c-a44d-005328a1c284\">EgyptAlum<\/a>, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7ef0109-f72e-4b5c-a44d-005328a1c284\">Egyptian Media Production City<\/a>. The investment drive is part of a USD 22 bn package of financial support offered by Gulf allies to help Egypt\u2019s economy through the economic crisis sparked by the war in Ukraine.<\/p>\n<p><strong>INVESTMENT-<\/strong><\/p>\n<p><strong>SFE likes Chinese FDI:<\/strong> The Sovereign Fund of Egypt (SFE) wants to attract Chinese investors to projects in the Suez Canal corridor and in key economic sectors including renewable energy, desalination, and petrochemicals, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=27112022&id=52f8feec-77e2-4101-a74f-0733e3d7d709\">Al Shorouk<\/a> reports the fund\u2019s CEO Ayman Soliman as telling reporters at an Egyptian-Chinese business event.<\/p>\n<p><strong>The Emigration Ministry next year plans to set up a firm through which Egyptian expats <\/strong><strong>can invest in local projects<\/strong>, Emigration Minister Soha Gendy told <a href=\"https:\/\/bit.ly\/3V55JVA\">Bloomberg Asharq<\/a>. The ministry plans to list the company on the EGX, allowing expats to buy stakes or invest privately, Gendy said, without specifying the types of projects the company will help fund, or its initial and targeted capital.<\/p>\n<p><strong>REAL ESTATE-<\/strong><\/p>\n<p><strong>Saudi Arabia\u2019s Sumou eyes an entry to our real estate market: <\/strong>Saudi real estate firm <strong><a href=\"https:\/\/sumouholding.com\/\">Sumou Holding<\/a><\/strong> wants to acquire a 49% stake in the <a href=\"https:\/\/www.egy-fund.com\/\">Egyptians for Real Estate Investment Fund<\/a> from Egyptians for Housing and Development<a href=\"https:\/\/www.egy-fund.com\/\"><\/a>for EGP 29.2 mn, CEO Hashem El Sayed told Enterprise, following a <a href=\"https:\/\/ent.news\/2022\/11\/315485044_6054567801276135_307569504799744310_n.jpeg\">bourse filing<\/a> on Thursday. Egyptians for Housing and Development currently holds a 75.5% stake in the fund, El Sayed said, and plans to form a strategic partnership with Sumou to help it tap into the local market.<\/p>\n<p><strong>Dubai-based real estate investment platform <\/strong><strong><a href=\"https:\/\/getstake.com\/welcome\">Stake<\/a><\/strong><strong> will launch in the local marke<\/strong><strong>t next year<\/strong>, with operations slated to begin in El Gouna, the fintech\u2019s co-founder and CEO said at the Forbes Under 30 summit, according to <a href=\"https:\/\/bit.ly\/3EDnAfd\">Hapi Journal<\/a>.<\/p>\n<p><strong>FINANCIAL SERVICES-<\/strong><\/p>\n<p><strong>Mobile network operator Orange has landed a consumer finance license <\/strong>from the Financial Regulatory Authority. The <a href=\"https:\/\/ent.news\/2022\/11\/FRA-1946.pdf\">FRA decision (pdf)<\/a> does not specify what new financial services or product Orange plans to bring to market.<\/p>\n<p><strong>Egyptian fintech startup <\/strong><strong><a href=\"https:\/\/moneyfellows.com\/\">MoneyFellows<\/a><\/strong><strong> plans to close a USD 10 mn funding round <\/strong><strong>in Q1 2023<\/strong>, CEO and founder Ahmed Wadi reportedly told <a href=\"https:\/\/www.alborsaanews.com\/2022\/11\/27\/1602290\">Al Borsa<\/a>.<\/p>\n<p><strong>BANKING- <\/strong><\/p>\n<p><strong>ADIB rolls out prepaid card:<\/strong> Abu Dhabi Islamic Bank (ADIB) will begin offering its new prepaid card, Takka, after getting approval from the Central Bank of Egypt, according to a <a href=\"https:\/\/ent.news\/2022\/11\/CBE-ADIB-Takka-card-AR-PRL.pdf\">CBE statement<\/a>. ADIB will roll out the card, which is Sharia-compliant, through subsidiary Abu Dhabi Islamic Consumer Finance (ADI-CF).<\/p>\n<p><strong>TOURISM- <\/strong><\/p>\n<p><strong>The Health Ministry will appoint an official to a full-time role leading its efforts to <\/strong><strong>boost health tourism,<\/strong> PM Moustafa Madbouly said, according to a <a href=\"http:\/\/bit.ly\/3XEKuvk\">cabinet statement<\/a>. The official will report directly to the Health Minister, with oversight from the PM.<\/p>\n<p><strong>TECH-<\/strong><\/p>\n<p><strong>Telecom Egypt <\/strong>inked a cooperation agreement with <strong>SAP partner <\/strong><strong><a href=\"https:\/\/www.cloud4c.com\/sap\/\">Cloud4C<\/a><\/strong> to set up a <strong>cloud data center<\/strong>, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid03kq3RKnhzsSmfhPoSQm9rArzY4rcmnDz7JowqBmusypfNk56zcRPeBvPqRD7RhZEl\">statement<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eipico\/\">Eipico<\/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\/pharma\/\">pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pif\/\">PIF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sumou\/\">Sumou<\/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=\"577578\" 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=\"577578\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/erdogan-is-keen-for-another-handshake-from-el-sisi\/\">\r\n                            Erdogan is keen for another handshake from El Sisi                        <\/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\/28\/erdogan-is-keen-for-another-handshake-from-el-sisi\/\" 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\/28\/erdogan-is-keen-for-another-handshake-from-el-sisi\/')\">\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\/28\/erdogan-is-keen-for-another-handshake-from-el-sisi\/\">\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=Erdogan is keen for another handshake from El Sisi&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/erdogan-is-keen-for-another-handshake-from-el-sisi\/\">\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\/28\/erdogan-is-keen-for-another-handshake-from-el-sisi\/&title=Erdogan is keen for another handshake from El Sisi\">\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=Erdogan+is+keen+for+another+handshake+from+El+Sisi+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F28%2Ferdogan-is-keen-for-another-handshake-from-el-sisi%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\/28\/erdogan-is-keen-for-another-handshake-from-el-sisi\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/453.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577579\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/erdogan-is-keen-for-another-handshake-from-el-sisi\/453-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/453.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"453.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/453.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/453.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577578\" class=\"content-area-description single-story post-577578 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-abdel-fattah-el-sisi tag-diplomacy tag-enterpriseam tag-india tag-recep-tayyip-erdogan tag-turkey 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>The handshake that buried the hatchet? <\/strong>Turkish President Recep Tayyip Erdogan hinted that he could meet formally with President Abdel Fattah El Sisi as the two countries look to mend a decade-long rift. In comments to a Turkish TV channel, Erdogan said \u201cthe process with Egypt has started\u201d and \u201cafter minister-level talks, we will get together.\u201d His comments come days after the Egyptian and Turkish presidents shared a handshake when they <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f19d96c3-4e7a-429d-a48c-1fdf11b4478a\">met for the first time<\/a> at the World Cup in Qatar. The pair spoke for 30-45 minutes and were \u201chappy\u201d with the meeting, Erdogan revealed yesterday. <a href=\"https:\/\/sports.yahoo.com\/erdogan-says-turkish-egyptian-ministers-184710565.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAADgg0h9x9RIATIdd_Ta0HFhopRXJXj9qD8tb1riS1hixQfHexr_2e0oEREk5Z-5dssYDsGgxRvheAoBLmCFFUWaHW1mTwSu3qLJET2ppg729RJ0aglageLt1GjudvCifpKbMsns6N4NvL-fPiazfXhAS4-Ntll3h12L3OBU2VZ-0\">Reuters<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-27\/erdogan-will-meet-with-egypt-s-sisi-after-world-cup-handshake\">Bloomberg<\/a> have more.<\/p>\n<p><strong>MEANWHILE- El Sisi will visit India on 26 January next year, <\/strong>where he has been invited as the \u201cchief guest\u201d at celebrations to mark the 74th anniversary of Indian independence, according to an Indian Foreign Ministry <a href=\"https:\/\/www.mea.gov.in\/press-releases.htm?dtl\/35927\/Chief_Guest_at_Indias_Republic_Day_Celebrations_2023\">statement<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/india\/\">India<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/recep-tayyip-erdogan\/\">Recep Tayyip Erdogan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/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=\"577582\" 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\/28\/577582\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577582\" class=\"content-area-description single-story post-577582 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>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>2-3 December (Thursday-Saturday): <a href=\"https:\/\/www.biznex-expo.com\/\">BiznEX<\/a> kicks off at Mamsha Ahl Misr.<\/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>20 December (Tuesday): EGX-listed Pachin will <a href=\"https:\/\/ent.news\/2022\/11\/Pachin-general-assembly.pdf\">brief shareholders<\/a> on offers received to acquire the company in an ordinary general assembly.<\/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): President El Sisi will visit India as <a href=\"https:\/\/www.mea.gov.in\/press-releases.htm?dtl\/35927\/Chief_Guest_at_Indias_Republic_Day_Celebrations_2023\">\u201cchief guest\u201d at celebrations<\/a>to mark the 74th anniversary of Indian independence.<\/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":577559,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-577558","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"3b3283a3-9642-4425-ac13-32323b5b88c5","teaser":"","photo_url":"https:\/\/ent.news\/2022\/11\/442.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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