{"id":577633,"date":"2022-11-30T04:10:07","date_gmt":"2022-11-30T04:10:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=577633"},"modified":"2025-12-16T11:21:35","modified_gmt":"2025-12-16T11:21:35","slug":"an-international-jv-is-now-the-face-of-bmw-mini-in-egypt","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/an-international-jv-is-now-the-face-of-bmw-mini-in-egypt\/","title":{"rendered":"An international JV is now the face of BMW, Mini in Egypt"},"content":{"rendered":"<section id=\"577635\" 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=\"577635\">\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\/30\/this-morning-could-ryanair-land-in-egypt\/\">\r\n                            THIS MORNING: Could Ryanair land in Egypt?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/this-morning-could-ryanair-land-in-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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Could Ryanair land in Egypt?&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/this-morning-could-ryanair-land-in-egypt\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/this-morning-could-ryanair-land-in-egypt\/&title=THIS MORNING: Could Ryanair land in Egypt?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/this-morning-could-ryanair-land-in-egypt\/494-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/494.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"494.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/494.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/494.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577635\" class=\"content-area-description single-story post-577635 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-automotive tag-enterpriseam tag-tourism 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 \u2014 and happy last day of November. <\/strong>There are now 31 days left in 2022.<\/p><p><strong>We have a packed issue for you this morning<\/strong>, including the latest in CEO poll of top executives on why we need to focus on FDI and exports, word that BMW has appointed a new agent in Egypt, the formal end to the CBE\u2019s subsidized loans program, and more.<\/p><p><strong>WATCH THIS SPACE- Could Ryanair be landing in Egypt? <\/strong>The Irish budget airline is in talks to launch flights to Egypt and Libya, <a href=\"https:\/\/www.reuters.com\/article\/ryanair-expansion\/ryanair-in-talks-to-expand-into-egypt-and-libya-ceo-says-idINL1N32P1JM\">Reuters<\/a> reports, citing statements by CEO Michael O\u2019Leary during an event. \u201cWe\u2019re talking to the Egyptians, the Libyans,\u201d O\u2019Leary said, without providing further details. Europe\u2019s largest airline by passenger numbers currently only operates flights outside of Europe to and from Morocco, Israel and Jordan.<\/p><p><strong>More flights is exactly what we need right now: <\/strong>Making it easier to visit Egypt (and improving our offering) is an immediate way to boost our nation\u2019s FX receipts, Somabay CEO Ibrahim El Missiri <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7ab47ec-95d5-46b4-a486-ce97ca107374\">told Enterprise as part of our CEO poll<\/a> on FDI and exports. Speaking of which\u2026<\/p><p><strong>DATA POINT-<\/strong> <strong>Nearly 30k Egyptian expats have registered on the government\u2019s <\/strong><strong>app<\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d46b1f72-d632-41ab-bab8-364dacf0db4a\">to import cars<\/a><\/strong>since it launched on 15 November, Finance Minister Mohamed Maait told Al Arabiya TV in an interview (<a href=\"http:\/\/bit.ly\/3GZECqK\">watch, runtime: 4:16<\/a>), describing it as a \u201cgood turnout.\u201d Customs Authority boss El Shahat El Ghatwary put the figure at 21.6k t the start of this week. The government is trying to draw foreign currency into Egypt through the scheme, which allows expats to import cars using foreign currency in exchange for a full rebate on taxes and dues. It will close on 15 March, 2023.<\/p><p><strong>HAPPENING TODAY- <\/strong><\/p><p><strong>The Industrial Development Authority (IDA) will open tenders on vacant units in <\/strong><strong>seven of its industrial complexes today<\/strong>, according to a<a href=\"https:\/\/www.facebook.com\/IDA.Egypt\/posts\/pfbid0cyqw43ZhxXocRwNo8b9Uiy1AUvhUwUrP7PGgF3tnX9PXCqfWSsR54Qy2xuFX5WfGl\">statement<\/a>. Bidders can take out the tender conditions booklet for the units from the IDA\u2019s headquarters or its bureaus at the complexes. Bidding will remain open until all the units have been allocated.<\/p><p><strong>FURTHER AFIELD- The US Fed could drop some hints today. <\/strong>Traders will be paying close attention to a speech US Federal Reserve head Jerome Powell is set to give today, <a href=\"https:\/\/www.reuters.com\/markets\/us\/futures-edge-higher-boost-growth-stocks-hopes-looser-china-covid-curbs-2022-11-29\/\">Reuters<\/a> reports. Powell is expected to make some indication as to where the Fed\u2019s head is at in terms of its tightening cycle, amid speculation that the central bank could soon start slowing interest rate hikes as inflation slows and recession threats ramp up.<\/p><div class=\"stand-out\">\n<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\/Amr-Allam-En-web-quote.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p><strong>Amr Allam, co-CEO of Hassan Allam Holding is joining us for the <\/strong><strong><a href=\"https:\/\/climatexforum.enterprise.press\/index.html\">Enterprise Climate X<\/a><\/strong><strong><a href=\"https:\/\/climatexforum.enterprise.press\/index.html\">Forum<\/a><\/strong><strong>, taking place at the Grand Egyptian Museum. Are you?<\/strong> We\u2019re proud to announce that our friend Amr Allam is going to be speaking at the forum on why he thinks climate is the most compelling industry of our generation. He is joined on stage for that discussion by <strong>Mohamed Ismail Mansour<\/strong>, co-founder and CEO of Infinity (Amr and Mohamed are working on a ton of projects together) and <strong>Sherif El Kholy<\/strong>, partner and head of MENA at Actis (a long time investor in climate themes).<\/p>\n<p><strong>They\u2019re not the only ones:<\/strong> Among the top execs, bankers, and development finance folks speaking at the conference are: <strong>Todd Wilcox<\/strong>, CEO and deputy chairman of HSBC Egypt; <strong>Tarek El Nahas<\/strong>, group head of international banking, Mashreq; <strong>Khalid Hamza,<\/strong> director and head of Egypt at European Bank for Reconstruction and Development (EBRD); <strong>Simon Kitchen<\/strong>, head of strategy at EFG Hermes Research; <strong>Nader Abushadi<\/strong>, group treasurer at Dar Group; <strong>Karim Hussein<\/strong>, managing partner at Algebra Ventures; <strong>Aly El Tayeb<\/strong>, CEO and co-founder of ShiftEV; <strong>Jorgo Chatzimarkakis,<\/strong> CEO of Hydrogen Europe; <strong>Khaled Naguib<\/strong>, CEO of Hydrogen Egypt, and <strong>Leslie Reed<\/strong>, Mission director for Egypt, USAID.<\/p>\n<p><strong>Topics and live interviews will include:<\/strong><\/p>\n<ul>\n<li>What is green hydrogen, why is it important, and what signs will tell us that USD 85 bn in framework agreements are real?<\/li>\n<li>How CEOs across global emerging markets are dealing with climate change.<\/li>\n<li>What\u2019s the difference between sustainability-linked and climate finance? How much do CEOs need to know about their supply chain?<\/li>\n<li>Meet the startup and VC in line to be Egypt\u2019s first climate bn\u2019aires.<\/li>\n<\/ul>\n<p><strong>For the full agenda<\/strong> please click <a href=\"https:\/\/climatexforum.enterprise.press\/index.html#agenda\">here<\/a>.<\/p>\n<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 \u2014 including a reminder that the event takes place under Chatham House Rules. <strong>Only confirmed invitees who can present their personal QR codes will be able to gain admission to the GEM on event day. <\/strong><\/p>\n<\/div><p><strong>WORLD CUP UPDATE-<\/strong><\/p><p><strong>It\u2019s day 11 of the World Cup: <\/strong>Teams in Group C and D face off today (all times CLT):<\/p><ul>\n<li>Tunisia v France (5pm)<\/li>\n<li>Australia v Denmark (5pm)<\/li>\n<li>Poland v Argentina (9pm)<\/li>\n<li>Saudi Arabia v Mexico (9pm)<\/li>\n<\/ul><p><strong>Senegal, Netherlands, and the USA got through to knockouts yesterday: <\/strong>Senegal earned its place in the knockout stage after beating Ecuador 2-1, with captain Kalidou Koulibaly scoring a second goal to restore Senegal\u2019s lead only minutes after Ecuador equalized. Netherlands also qualified to the next stage after its 2-0 victory against host Qatar. The USA is also through, beating Iran 1-0 in a politically charged game between the two diplomatic foes. England is through to knockouts on the back of its 3-0 victory against Wales.<\/p><p><strong>We already know some of the knockout clashes<\/strong>: It\u2019s going to be England v Senegal + Netherlands v USA.<\/p><p><strong>Speaking of the World Cup: More signs we\u2019ll be teaming up with the KSA and Greece for <\/strong><strong>a 2030 bid.<\/strong> KSA Tourism Minister Ahmed Al Khateeb told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-29\/saudi-arabia-says-mulling-world-cup-2030-bid-with-egypt-greece?srnd=premium-middle-east\">Bloomberg<\/a> that his country is considering a joint bid to host the 2030 World Cup. \u201cWe are considering a bid with Greece and Egypt and we wish that it will be a [successful] bid,\u201d he said. \u201cDefinitely the three countries would invest heavily in infrastructure and would definitely be ready. And I know by then Saudi Arabia would have state of the art stadiums and fanzones built,\u201d he added. His statements <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e13a20c3-4fb5-4567-8459-85347c782f58\">come days after<\/a> Egypt\u2019s Sports Minister Ashraf Sobhy said that Egypt is working on joining a bid to host the World Cup in 2030 or 2034, after weeks of murmurs in the media that the three countries could team up.<\/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>MARKET WATCH-<\/strong><\/p><p><strong>Next week\u2019s OPEC+ meeting goes WFH: <\/strong>The oil cartel and allies will hold a much-discussed 4 December meeting online instead of in Vienna as planned, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-29\/opec-considering-moving-dec-4-meeting-to-virtual-gathering?srnd=premium-middle-east\">Bloomberg<\/a> reports, citing sources it says are in the know.<\/p><p><strong>Would OPEC make major policy changes over Zoom?<\/strong> The shift to an online meeting is leading market watchers to wager that the meeting won\u2019t see the cartel change its October decision to cut supply by some 2 mn barrels per day. Five OPEC+ sources told <a href=\"https:\/\/www.reuters.com\/business\/energy\/opec-weigh-rollover-or-oil-output-cut-sunday-meeting-say-sources-2022-11-29\/\">Reuters<\/a> that it\u2019s likely to keep policy unchanged, while two other sources said that further cuts could be on the table in a bid to boost prices.<\/p><p><strong>Germany seals long-term LNG supply agreement with Qatar:<\/strong> Qatar will begin supplying Germany with 2 mn tons of liquefied natural gas (LNG) per year as of 2026 under a 15-year agreement signed yesterday by ConocoPhillips and state-owned Qatar Energy, Qatar\u2019s energy minister told reporters yesterday, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-29\/qatar-to-supply-germany-with-lng-under-long-term-gas-deals?srnd=premium-middle-east\">Bloomberg<\/a>. The minister did not disclose the agreement\u2019s price tag.<\/p><p><strong>It\u2019s not going to plug the Russia-shaped hole in Germany\u2019s natgas needs, but it\u2019s a start:<\/strong> The LNG volumes Germany will import from Qatar under the agreement are equivalent to only around 6% of Germany\u2019s natgas imports from Russia last year, according to Bloomberg.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>The House Manpower Committee will continue hearings on the new draft Labor Act <\/strong><strong>next Wednesday<\/strong>, 7 December. The session will see representatives from the Federation of Egyptian Industries (FEI) and the Egyptian Trade Union Federation in attendance. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ae083a4f-781c-443d-ad37-ab705d0103ee\">bill<\/a>, 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. 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><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\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>We take a closer look at how new legislation could boost the river transport industry and attract private investment.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/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=\"577637\" 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=\"577637\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/577637\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577637\" class=\"content-area-description single-story post-577637 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/Somabay-Stayr-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>Enjoy renting with home comfort, privacy, exclusive privileges, and tailor-made packages for an unforgettable guest experience. A signature collection of handpicked serviced villas, chalets, apartments, and studios to transform your vacation into an exceptional experience, and to discover the magic of Somabay in luxury bliss. For booking inquiries, contact us by phone at +20 155 600 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=\"577638\" 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=\"577638\">\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\/30\/alcs-bahaa-alieldean-on-why-freezones-are-key-for-fdi-and-exports\/\">\r\n                            ALC\u2019s Bahaa Alieldean on why freezones are key for 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\/30\/alcs-bahaa-alieldean-on-why-freezones-are-key-for-fdi-and-exports\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> 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href=\"https:\/\/api.whatsapp.com\/send?text=ALC%E2%80%99s+Bahaa+Alieldean+on+why+freezones+are+key+for+FDI+and+exports+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F30%2Falcs-bahaa-alieldean-on-why-freezones-are-key-for-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\/30\/alcs-bahaa-alieldean-on-why-freezones-are-key-for-fdi-and-exports\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/495.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577639\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/alcs-bahaa-alieldean-on-why-freezones-are-key-for-fdi-and-exports\/495-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/495.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"495.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/495.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/495.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577638\" class=\"content-area-description single-story post-577638 post type-post status-publish format-standard has-post-thumbnail hentry category-ceo-poll tag-alc-alieldean-weshahi-partners tag-bahaa-ali-el-dean tag-ceo-poll tag-enterprise-poll tag-enterpriseam tag-fdi 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 FDI are key to <\/strong><strong>our economy going forward. <\/strong>After reading our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7\">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 for our latest CEO Poll.<\/p>\n<p><strong>We have already heard from:<\/strong><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fcde18b-95f6-4782-9083-0840d9fda8db\">GSK\u2019s Mohamed El Dababy<\/a><\/strong>, who says the starting point is tourism;<\/li>\n<li><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f93541d-abee-4a1a-b87e-2b6f88349f10\">McKinsey\u2019s Jalil Bensouda<\/a><\/strong>, who points to business process outsourcing and customer relationship management.<\/li>\n<li><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7ab47ec-95d5-46b4-a486-ce97ca107374\">Somabay\u2019s Ibrahim El Missiri<\/a><\/strong>, who believes tourism and aviation can be quick draws for FX.<\/li>\n<\/ul>\n<p><strong>TODAY- Bahaa Alieldean (<\/strong><strong><a href=\"https:\/\/www.alc.law\/the-team\/team\/bahaa-ali-el-din-helal\/\">bio<\/a><\/strong><strong>) is managing partner at<\/strong><strong><a href=\"https:\/\/www.alc.law\/\"><\/a><\/strong><strong><a href=\"https:\/\/www.alc.law\/\">ALC Alieldean Weshahi & Partners<\/a><\/strong><strong>, <\/strong>where he specializes in capital market, banking, and projects and infrastructure with a deep roster of foreign clients who invest across a range of industries here in Egypt. He holds a PhD in business law from King\u2019s College London. Excerpts from our discussion:<\/p>\n<p><strong>ENTERPRISE- Which industry would you put on a focused short list \u2014 and why?<\/strong><\/p>\n<p><strong>BAHAA ALIELDEAN- <\/strong>Part of the five-step plan that Enterprise proposed and that people loved was the enabling environment. As a lawyer, I\u2019d be stepping out of my lane if I talk about which industries make the most sense. Instead, I\u2019ll say that from where I sit, the make it or break it is the enabling environment.<\/p>\n<p><strong>The enabling environment is something we\u2019ve been trying to create since 1952.<\/strong> Did you know that the nation\u2019s first freezone law dates back to December 1952? That\u2019s 70 years ago almost to the day. It\u2019s telling, and it makes sense: Given our geographic location, our interlocking web of trade agreements, our abundance of energy, and our large (trainable) workforce? We need to look at exports, and I would frankly propose that we have freezones for every priority industry. And I\u2019m not talking just about land, energy, and a highly functional customs window. I\u2019m talking about freezones with strong management teams that understand exactly how to pitch themselves to global companies and local giants alike \u2014 and who understand that feeder industries are key.<\/p>\n<p><strong>I see this all the time as a lawyer: This desire to transcend the past and learn something new. But that just won\u2019t work in Egypt.<\/strong> The one thing that has succeeded in Egypt is the freezone concept. Regulators understand it. Businesses understand it. And we have success stories: The SCZone is fantastic and it has all the right ingredients. So my approach would be to build on what has worked in the past \u2014 as if your five-step plan was not about what I\u2019m going to focus on, but how I\u2019m going to focus on those things.<\/p>\n<p><strong>E- Why are exports and FDI the way forward?<\/strong><\/p>\n<p><strong>BA-<\/strong> There\u2019s no doubt that exports and FDI are the way forward. They are key to our survival, foreign currency, employment, etc. Hot money is not the solution, and asset sales will only get us so far. We need to attract foreign investment \u2014 capital and know-how \u2014 into industries that will help us become an export powerhouse and lock in positions in the global supply chains of multinationals of all descriptions, whether they\u2019re buying from us strawberry jam, call center services, or electrolyzers.<\/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\/alc-alieldean-weshahi-partners\/\">ALC Alieldean Weshahi &amp; Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bahaa-ali-el-dean\/\">Bahaa Ali El Dean<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577640\" 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=\"577640\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/the-new-face-of-bmw-in-egypt\/\">\r\n                            The new face of BMW in Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/the-new-face-of-bmw-in-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/the-new-face-of-bmw-in-egypt\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/the-new-face-of-bmw-in-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=The new face of BMW in Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/the-new-face-of-bmw-in-egypt\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/the-new-face-of-bmw-in-egypt\/&title=The new face of BMW in Egypt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+new+face+of+BMW+in+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F30%2Fthe-new-face-of-bmw-in-egypt%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/the-new-face-of-bmw-in-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/497.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577641\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/the-new-face-of-bmw-in-egypt\/497-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/497.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"497.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/497.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/497.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577640\" class=\"content-area-description single-story post-577640 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-automotive tag-bavarian-auto-group tag-bmw tag-enterpriseam tag-global-auto-group tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>An international JV now represents BMW and Mini in Egypt, says it\u2019s restarting local assembly<\/strong><strong>: <\/strong>BMW has made Global Auto Group its new importer and agent in Egypt. Global is a joint venture between Kuwait\u2019s Ali Alghanim & Sons Automotive, Saudi Arabia\u2019s Mohamed Yousuf Naghi Motors, and local firms Organi Group and Al Safi Group, according to a <a href=\"https:\/\/ent.news\/2022\/11\/Global-Auto-PRL-ENG.pdf\">statement (pdf)<\/a>. Global has also acquired Bavarian Auto Group (BAG), the former importer of both brands, the statement said.<\/p>\n<p><strong>What\u2019s included: <\/strong>The acquisition sees BMW Group hand Global Auto the exclusive rights to import and assemble BMW and Mini cars in the local market. The JV has acquired BAG\u2019s existing network of service centers and showrooms, as well as its BMW assembly plant. The facility is home to three production lines with an annual production capacity of 10k vehicles. It\u2019s not clear if the acquisition includes the local rights to Brilliance Auto, the Chinese brand for which Bavarian has been the local agent and assembler.<\/p>\n<p><strong>The Gulf partners are bringing plenty of experience: <\/strong>Alghanim is a BMW distributor in Kuwait and Iraq, while Naghi Motors is the exclusive BMW, Mini, and Rolls Royce importer to the KSA.<\/p>\n<p><strong>Global Auto is set to invest USD 100 mn in the local market, <\/strong>chairman Fahad Alghanim told CNBC Arabia and Bloomberg Asharq in separate interviews (<a href=\"http:\/\/bit.ly\/3OLK02y\">watch, runtime: 2:24<\/a> | <a href=\"http:\/\/bit.ly\/3FeiaJ2\">watch, runtime: 2:05<\/a>). Part of the capex spending will go to refurbishing existing showrooms and service centers and opening new ones powered by renewables, \u201cespecially in new urban cities,\u201d the press release reads. Global Auto will also adopt BMW Group\u2019s <a href=\"https:\/\/www.bmwblog.com\/2022\/04\/14\/bmw-retail-next-dealership\/\">\u201cRetail Next\u201d corporate identity<\/a> for dealerships.<\/p>\n<p><strong>The company wants to bring back local BMW assembly ASAP:<\/strong> The company will restart assembly at the former BAG plant in January 2023, Alghanim said. It wants to assemble 1.5k vehicles annually in a first phase, with plans to expand and export locally assembled vehicles in the future. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0285bb0-da9f-4bc1-a5d5-9254e0f3380e\">Like other international brands<\/a>, BMW downed tools on local assembly when it became clear the European Union was insisting <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/11\/has-the-eu-rejected-egypts-proposal-to-delay-delay-0-customs-duties-on-car-imports\/\">Egypt honor its agreement to allow tariffs on fully assembled imports from Europe to fall to zero<\/a> in 2019.<\/p>\n<p><strong>Fancy an electric BMW? <\/strong>Global Auto plans to introduce BMW i all-electric vehicles in the market. BMW has just rolled out its new i7 luxury EV in the UAE, <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/9601f69d-6743-4d08-ac5f-68f1140eaca9\">Enterprise Climate<\/a> reported yesterday.<\/p>\n<p><strong>This transaction is back from two years in the wilderness:<\/strong> We <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eb0ec383-e861-40fb-9d0e-990ca6e42330\">reported back in 2020<\/a> that Alghanim and BAG chairman Farid El Tobgui were competing to acquire the 99% stake in BAG held by a group of Qatari investors. Alghanim reportedly offered USD 300 mn for the dealership, while El Tobgui\u2019s offer was not disclosed. We don\u2019t know when El Tobgui bowed out, when the transaction was finalized, or how much Global Auto ultimately paid for BAG. BMW Group would have the final say in the transaction, we were told previously.<\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bavarian-auto-group\/\">Bavarian Auto Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bmw\/\">BMW<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/global-auto-group\/\">Global Auto Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577642\" 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=\"577642\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/ksa-rolls-over-its-usd-5-bn-cbe-deposit\/\">\r\n                            KSA rolls over its USD 5 bn CBE deposit                        <\/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\/30\/ksa-rolls-over-its-usd-5-bn-cbe-deposit\/\" 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\/30\/ksa-rolls-over-its-usd-5-bn-cbe-deposit\/')\">\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\/30\/ksa-rolls-over-its-usd-5-bn-cbe-deposit\/\">\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=KSA rolls over its USD 5 bn CBE deposit&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/ksa-rolls-over-its-usd-5-bn-cbe-deposit\/\">\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\/30\/ksa-rolls-over-its-usd-5-bn-cbe-deposit\/&title=KSA rolls over its USD 5 bn CBE deposit\">\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=KSA+rolls+over+its+USD+5+bn+CBE+deposit+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F30%2Fksa-rolls-over-its-usd-5-bn-cbe-deposit%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\/30\/ksa-rolls-over-its-usd-5-bn-cbe-deposit\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/498.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577643\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/ksa-rolls-over-its-usd-5-bn-cbe-deposit\/498-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/498.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"498.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/498.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/498.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577642\" class=\"content-area-description single-story post-577642 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-foreign-reserves tag-saudi-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Saudi Arabia is extending by one year its USD 5 bn deposit at the Central Bank of <\/strong><strong>Egypt (CBE)<\/strong>, state-run <a href=\"https:\/\/www.spa.gov.sa\/viewfullstory.php?lang=ar&newsid=2405161#2405161\">Saudi Press Agency<\/a> reports. The kingdom made the deposit <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">in March<\/a>. The sum forms part of over <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\/\">USD 22 bn<\/a> pledged in investments and deposits by our GCC neighbors to help shore up Egypt\u2019s finances and contain the fallout from Russia\u2019s war in Ukraine.<\/p>\n<p><strong>The Saudi statement noted Egypt\u2019s \u201cenormous growth potential\u201d amid ongoing structural reforms <\/strong>and moves to boost the role of the private sector in the economy. The statement also notes that Riyadh believes the deposit is important to Egypt\u2019s bid to line up deposits and other lines of finance from other sources \u2014 including paving the way for us to land a USD 3 bn IMF facility.<\/p>\n<p><strong>What about the IMF facility? <\/strong>As of this morning, we still don\u2019t appear on the IMF executive board\u2019s public agenda, which is public through to 7 December.<\/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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-reserves\/\">foreign reserves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577644\" 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=\"577644\">\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\">Debt<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/the-end-of-subsidized-loans-to-industry\/\">\r\n                            The end of subsidized loans to industry                        <\/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\/30\/the-end-of-subsidized-loans-to-industry\/\" 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\/30\/the-end-of-subsidized-loans-to-industry\/')\">\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\/30\/the-end-of-subsidized-loans-to-industry\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=The end of subsidized loans to industry&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/the-end-of-subsidized-loans-to-industry\/\">\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\/30\/the-end-of-subsidized-loans-to-industry\/&title=The end of subsidized loans to industry\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+end+of+subsidized+loans+to+industry+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F30%2Fthe-end-of-subsidized-loans-to-industry%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\/30\/the-end-of-subsidized-loans-to-industry\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/499.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577645\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/the-end-of-subsidized-loans-to-industry\/499-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/499.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"499.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/499.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/499.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577644\" class=\"content-area-description single-story post-577644 post type-post status-publish format-standard has-post-thumbnail hentry category-debt tag-agriculture tag-central-bank-of-egypt tag-construction tag-debt tag-egyptian-businessmens-association tag-enterpriseam tag-industry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Subsidized loans to industrial, agricultural, and construction companies will be <\/strong><strong>axed<\/strong>, Deputy Central Bank of Egypt (CBE) Governor Gamal Negm said during a <a href=\"http:\/\/bit.ly\/3gJy595\">cabinet meeting<\/a> yesterday. Borrowers who have already taken out loans under the program will continue to benefit from the subsidized 8% interest rate. However, industry players who want to extend or borrow more under existing facilities will have to do so at prevailing interest rates, according to the statement. The central bank has informed the Federation of Egyptian Industries (FEI) and local banks of the move, Negm said.<\/p>\n<p><strong>REFRESHER-<\/strong> A <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc99d570-aa53-468e-b000-60de8fa427ff\">decree<\/a> issued by Prime Minister Moustafa Madbouly last week saw the CBE end support for the 8% subsidized loans. The central bank will pass responsibility for some loan programs \u2014 including mortgages, tourism industry loans, the dual-fuel vehicle replacement scheme, and loans to farmers for irrigation upgrades \u2014 to the housing, finance, and tourism ministries. The fate of loans to industry wasn\u2019t clear until yesterday.<\/p>\n<p><strong>The Egyptian Businessmen\u2019s Association (EBA) called the decision to end subsidized loans \u201csurprising\u201d \u2014 and is (unsurprisingly) less than happy about it. <\/strong>The EBA wasn\u2019t notified of the move despite <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99a317f8-e5c5-4e72-b92f-ca9c0f836549\">flagging concerns<\/a> to the PM over ending the central bank\u2019s role in the program last week, chairman Ali Eissa told Kelma Akhira\u2019s Lamis El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=_SpoKqJzgpc\">watch, runtime: 12:43<\/a>). The industry body had hoped to propose setting up a fund at the Finance Ministry to help fund the loans, and phasing out the central bank\u2019s involvement over the next five years.<\/p>\n<p><strong>Manufacturers won\u2019t be able to afford a sudden jump in interest rates<\/strong>, Eissa argues. \u201cThis could cause factories to slash production\u2026and have producers hike prices for consumers amid limited supply,\u201d he said.<\/p>\n<p><strong>In all likelihood cheering the news? The IMF. <\/strong>Reports in the press had suggested in the past weeks that ending subsidized loans was one of the conditions set by the IMF for our fresh financing. The Washington-based lender argues that providing financing at below-market rates is a lever best left in the hands of fiscal policymakers and is not the purview of the folks who set monetary policy. If we want, as a nation, to offer lower rates for SMEs, certain types of corporates, women-owned businesses, et cetera, it\u2019s going to have to come out of ministries \u2014 using tax receipts \u2014 and not via CBE policy.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-businessmens-association\/\">Egyptian Businessmen&#039;s Association<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577646\" 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=\"577646\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/senate-votes-to-pass-wildcat-building-law-say-goodbye-to-your-not-so-friendly-neighborhood-sayes\/\">\r\n                            Senate votes to pass wildcat building law + Say goodbye to your not-so-friendly neighborhood sayes?                        <\/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\/30\/senate-votes-to-pass-wildcat-building-law-say-goodbye-to-your-not-so-friendly-neighborhood-sayes\/\" 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\/30\/senate-votes-to-pass-wildcat-building-law-say-goodbye-to-your-not-so-friendly-neighborhood-sayes\/')\">\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\/30\/senate-votes-to-pass-wildcat-building-law-say-goodbye-to-your-not-so-friendly-neighborhood-sayes\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Senate votes to pass wildcat building law + Say goodbye to your not-so-friendly neighborhood sayes?&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/senate-votes-to-pass-wildcat-building-law-say-goodbye-to-your-not-so-friendly-neighborhood-sayes\/\">\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\/30\/senate-votes-to-pass-wildcat-building-law-say-goodbye-to-your-not-so-friendly-neighborhood-sayes\/&title=Senate votes to pass wildcat building law + Say goodbye to your not-so-friendly neighborhood sayes?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Senate+votes+to+pass+wildcat+building+law+%2B+Say+goodbye+to+your+not-so-friendly+neighborhood+sayes%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F30%2Fsenate-votes-to-pass-wildcat-building-law-say-goodbye-to-your-not-so-friendly-neighborhood-sayes%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\/30\/senate-votes-to-pass-wildcat-building-law-say-goodbye-to-your-not-so-friendly-neighborhood-sayes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/500.jpeg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577647\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/senate-votes-to-pass-wildcat-building-law-say-goodbye-to-your-not-so-friendly-neighborhood-sayes\/500-jpeg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/500.jpeg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"500.jpeg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/500.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/500.jpeg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577646\" class=\"content-area-description single-story post-577646 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-automotive tag-construction tag-enterpriseam tag-house-of-representatives tag-housing tag-infrastructure tag-legislation-watch tag-senate 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> Wildcat building law gets Senate sign off:<\/strong> After three days of debate, the Senate gave its final nod yesterday to <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.<\/p>\n<p><strong>What will it cost owners to get their buildings legalized? <\/strong>The current draft of the bill sets reconciliation fees at a minimum EGP 50 and a maximum EGP 2.5k per square meter. Owners who cough up immediately would receive a 25% break. They would also have the option to stretch out the period to five years.<\/p>\n<p><strong>The bill aims to seal some gaps in the current legislation on illegal building. <\/strong>The government has offered owners the option to pay to reconcile illegal buildings since 2020 \u2014 but authorities have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5dd2bfd-b54b-4210-b346-7eb08afc8ea4\">reportedly<\/a> only responded to a fraction of the mns of requests received, while fines have gone unpaid. Meanwhile, a lack of unified rules has meant that various governorates around the country have been implementing the law differently. The new draft bill aims to address these issues, amid a wider crackdown on illegal construction by the authorities.<\/p>\n<p><strong>ICYMI- Cabinet last month finalized the draft bill<\/strong>, which widens the scope for property owners in violation of the building code to pay \u201creconciliation fees\u201d to the government to legalize their buildings. It would <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5cadb00-f078-4c70-8667-8d5fc50ad151\">allow more owners<\/a> of illegal buildings to enter the reconciliation process, provided that their buildings are structurally sound and not built on land protected by the Nile Protection Law or the Antiquities Protection Law. Reconciliation could also be possible for buildings that don\u2019t meet the eligibility criteria if, for example, they are difficult to remove \u2014 but owners will pay triple the usual reconciliation fee.<\/p>\n<p><strong>What\u2019s next<\/strong>: The bill will now make its way to the House of Representatives. If passed, it will be signed into law by President Abdel Fattah El Sisi.<\/p>\n<p><strong>Mini-break: <\/strong>The Senate is now off and will reconvene on Sunday 11 December.<\/p>\n<p style='font-size: 18px;font-weight: bold' >Standardized parking fees to be rolled out across Cairo by the spring<\/p>\n<p><strong>Is haggling over parking fees about to become a thing of the past? <\/strong>Some 70% of Cairo\u2019s streets will be governed by a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5aae2946-febd-436b-a4d1-0832d3e21999\">street parking bill<\/a> that aims to standardize and regulate the business of the \u201csayes\u201d (street parking attendant) by March 2023, Ibrahim Awad, secretary general of Cairo governorate, told the House Local Administration Committee yesterday.<\/p>\n<p><strong>Nothing new for some:<\/strong> A pilot application of the bill has been in effect across six neighborhoods in Cairo, and in Dokki in Giza, since August 2021. The pilot met with criticism on social media, with some saying it was unfair to charge residents monthly fees to park on the streets where they reside, and others saying the fees and fines are too expensive amid a cost of living crisis.<\/p>\n<p><strong>Parking will be pricier in upscale neighborhoods: <\/strong>The capital\u2019s streets will be classified in three bands with varying prices for parking \u201caccording to the social status of districts,\u201d Awad said, without specifying a price range. Companies will be established to collect parking fees.<\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/housing\/\">housing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/senate\/\">Senate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577648\" 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=\"577648\">\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\">DISPUTE WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/gb-auto-misr-beni-suef-cement-have-separate-arbitration-news-for-us\/\">\r\n                            GB Auto, Misr Beni Suef Cement have separate arbitration news for us                        <\/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\/30\/gb-auto-misr-beni-suef-cement-have-separate-arbitration-news-for-us\/\" 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\/30\/gb-auto-misr-beni-suef-cement-have-separate-arbitration-news-for-us\/')\">\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\/30\/gb-auto-misr-beni-suef-cement-have-separate-arbitration-news-for-us\/\">\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=GB Auto, Misr Beni Suef Cement have separate arbitration news for us&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/gb-auto-misr-beni-suef-cement-have-separate-arbitration-news-for-us\/\">\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\/30\/gb-auto-misr-beni-suef-cement-have-separate-arbitration-news-for-us\/&title=GB Auto, Misr Beni Suef Cement have separate arbitration news for us\">\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=GB+Auto%2C+Misr+Beni+Suef+Cement+have+separate+arbitration+news+for+us+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F30%2Fgb-auto-misr-beni-suef-cement-have-separate-arbitration-news-for-us%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\/30\/gb-auto-misr-beni-suef-cement-have-separate-arbitration-news-for-us\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/502.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577649\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/gb-auto-misr-beni-suef-cement-have-separate-arbitration-news-for-us\/502-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/502.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"502.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/502.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/502.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577648\" class=\"content-area-description single-story post-577648 post type-post status-publish format-standard has-post-thumbnail hentry category-dispute-watch tag-algeria tag-asec tag-dispute-watch tag-enterpriseam tag-gb-auto tag-misr-beni-suef-cement wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a><strong> GB Auto has filed an arbitration case against the Algerian government for what it <\/strong><strong>says are \u201csevere damages and losses suffered\u201d<\/strong> due to unspecified measures taken against GB Auto\u2019s units and investments in the country. In an <a href=\"https:\/\/ent.news\/2022\/11\/%D8%AC%D9%89-%D8%A8%D9%89-%D8%A7%D9%86%D8%AC%D9%84%D9%8A%D8%B2%D9%89-29-11-2022.pdf\">EGX disclosure (pdf)<\/a>, the company says its Algerian units \u2014 GBR Auto and GBR Services \u2014 have suffered at least USD 24 mn in losses due to actions taken by the Algerian government. GB Auto indirectly holds 54% of GBR Auto and 48.8% of GBR Services. GB Auto representatives declined to comment when approached by Enterprise yesterday.<\/p>\n<p><strong>The case: <\/strong>The company claims that the Algerian government\u2019s actions were in breach of a <a href=\"https:\/\/edit.wti.org\/app.php\/document\/show\/8977dbfa-26b3-4da4-be82-73a31b4287e6\">1997 investment treaty<\/a> signed between the two countries, which enshrines the protection of investments.<\/p>\n<p><strong>GB Auto moved into Algeria in 2009 <\/strong>when it set up a JV to distribute trailers before going on to distribute car and tire brands in the country from 2013. <strong>Algeria later turned its back on foreign investors<\/strong> in the nation\u2019s auto industry and GB Auto\u2019s operations there have amounted to little more than a rounding error in its results since 2018.<\/p>\n<p><strong>What we don\u2019t know: <\/strong>GB Auto\u2019s statement does not get into details of its statement of claim against the Algerian government, including how much it is seeking in damages.<\/p>\n<p style='font-size: 18px;font-weight: bold' >Misr Beni Suef Cement will appeal EGP 380 mn arbitration ruling:<\/p>\n<p><strong>Misr Beni Suef Cement has filed to appeal a September arbitration ruling<\/strong> by the Cairo Regional Centre for International Commercial Arbitration (CRCICA) that fined the company EGP 380 mn to settle a dispute with Qalaa Holdings\u2019 unit ASEC, according to a <a href=\"https:\/\/ent.news\/2022\/11\/Misr-Beni-Suef-Cement-disclosure.pdf\">disclosure to the EGX (pdf<\/a>). The company filed the case with the Cairo Court of Appeal.<\/p>\n<p><strong>Background-<\/strong> The dispute <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/67507575-9954-4c6b-a6a0-ecfad2e31569\">dates back<\/a>to October 2020, when Misr Beni Suef began procedures to let go of ASEC, leading ASEC to object and halt production. In turn, Misr Beni-Suef withheld funds from ASEC\u2019s paycheck to prevent it from leaving the partnership with technical staff and engineers. ASEC has been managing Beni-Suef\u2019s factory for over 20 years.<\/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\/algeria\/\">Algeria<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/asec\/\">ASEC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dispute-watch\/\">dispute watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gb-auto\/\">GB Auto<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/misr-beni-suef-cement\/\">Misr Beni Suef Cement<\/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=\"577650\" 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=\"577650\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/500-global-to-set-up-egyptian-office-boost-local-investments\/\">\r\n                            500 Global to set up Egyptian office + boost local investments                        <\/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\/30\/500-global-to-set-up-egyptian-office-boost-local-investments\/\" 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 VC will launch a bootcamp for seed-stage companies, a scale-up program for pre-series A companies, and a bootcamp for accelerator managers.<\/p>\n<p><strong>What they said:<\/strong> \u201cWe strongly believe in the potential of the Egyptian startup ecosystem, which has seen significant growth over the past two years,\u201d Enan told Enterprise, adding that dealflow from the local market remains strong.<\/p>\n<p><strong>500 Global is no stranger to the Egyptian market: <\/strong>The VC has previously deployed funds in local startups including <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/26\/egyptian-e-commerce-startup-maxab-raises-usd-6-2-mn-in-seed-investment\/\">e-commerce startup MaxAB<\/a>, online furniture marketplace <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a36927e-7f47-424a-8a77-d38aa4d072e6\">Homzmart<\/a>, grocery and bakery delivery startup <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/26\/breadfast-raises-seven-figure-series-a-funding-joins-y-combinator-accelerator-program\/\">Breadfast<\/a>, and outsourcing startup <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0d1cf69-6b5f-46b6-b1b0-e4d36ecaf50e\">Stllr Network<\/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\/500-global\/\">500 Global<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/itida\/\">ITIDA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577652\" 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=\"577652\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/577652\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577652\" class=\"content-area-description single-story post-577652 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/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=\"577653\" 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=\"577653\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/making-it-easier-to-become-an-organ-donor-in-egypt-is-smart-policy\/\">\r\n                            Making it easier to become an organ donor in Egypt is smart policy                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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                   <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/504.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577654\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/making-it-easier-to-become-an-organ-donor-in-egypt-is-smart-policy\/504-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/504.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"504.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/504.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/504.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577653\" class=\"content-area-description single-story post-577653 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-debt tag-enterpriseam tag-health-ministry tag-industry tag-last-nights-talk-shows wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The end of subsidized loans to industry was the big business topic on the talk shows <\/strong><strong>last night <\/strong>as the pundits parsed the reaction to the Central Bank of Egypt\u2019s (CBE) <a href=\"http:\/\/bit.ly\/3gJy595\">clarification<\/a> that subsidized 8% loans to the industrial, agricultural, and construction industries will be axed. Egyptian Businessmen\u2019s Association (EBA) chairman Ali Eissa voiced his concerns over the move to Kelma Akhira\u2019s Lamis El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=_SpoKqJzgpc\">watch, runtime: 12:43<\/a>). Masa\u2019a DMC and Ala Mas\u2019ouleety also had coverage (<a href=\"https:\/\/www.youtube.com\/watch?v=TSYbX_047CM\">watch, runtime: 10:57<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=17cvufMgVJk\">watch, runtime: 8:21<\/a>).<\/p>\n<p>^^ We have full coverage in this morning\u2019s news well, above.<\/p>\n<p><strong>SMART POLICY- The Health Ministry plans to introduce an organ donation option on <\/strong><strong>national ID <\/strong><strong>cards and driving licenses \u201clike in the rest of the world,\u201d<\/strong> chair of the House Health Committee and former health minister Ashraf Hatem told Al Hadath Al Youm. (<a href=\"https:\/\/www.youtube.com\/watch?v=0zbDxeHCRe8\">watch, runtime: 5:29<\/a>). We\u2019re all in favor of the move, which could get more of us talking on the topic of organ donation \u2014 and ultimately help save lives.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/health-ministry\/\">Health Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"577655\" 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 alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" data-label-slide-of=\"Slide %%d of %%d\">\r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div 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draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-k6ftnhi\" data-v=\"4\" data-block-id=\"k6ftnhi\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-k6ftnhi-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-k6ftnhi-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 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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=\"577656\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/golden-tongued-mummies\/\">\r\n                            Golden-tongued mummies                        <\/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   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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/golden-tongued-mummies\/505-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/505.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"505.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/505.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/505.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577656\" class=\"content-area-description single-story post-577656 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-archaeology tag-enterpriseam tag-tourism-and-antiquities-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s another very slow day for Egypt in the international press<\/strong> \u2014 not that we\u2019re complaining.<\/p>\n<p><strong>A tongue of gold: <\/strong>Mummies with solid gold tongues were unearthed last week at the Quweisna necropolis in Menoufia governorate, according to a <a href=\"https:\/\/www.facebook.com\/tourismandantiq\/posts\/pfbid0E9fvYhQMUbXo2zcxtwSunc1W94EP2adgkabsxwnB8bxiP4PFnxqEUJyh17Tv6V5sl\">Tourism Ministry statement<\/a>. The news is making headlines at <a href=\"https:\/\/www.thetimes.co.uk\/article\/mummies-found-fitted-with-golden-tongues-inside-a-network-of-tombs-near-cairo-ldq68drwl\">the Times<\/a>, the <a href=\"https:\/\/www.independent.co.uk\/news\/science\/archaeology\/mummies-golden-tongues-archaeologists-egypt-b2234586.html\">Independent<\/a>, and the <a href=\"https:\/\/nypost.com\/2022\/11\/29\/archeologists-discover-mummies-with-solid-gold-tongues-in-egypt\/\">New York Post<\/a>, among others.<\/p>\n<p><strong>MEANWHILE- <\/strong><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-arabia-extends-term-deposit-egypts-cbank-spa-2022-11-29\/\">Reuters<\/a> and the <a href=\"https:\/\/abcnews.go.com\/International\/wireStory\/saudi-arabia-extends-terms-5-billion-aid-egypt-94149391\">AP<\/a> are picking up the news that Saudi Arabia will extend its USD 5 bn deposit at the Central Bank of Egypt (more on that above).<\/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\/archaeology\/\">archaeology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism-and-antiquities-ministry\/\">Tourism and Antiquities Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577658\" 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=\"577658\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/govt-reportedly-looking-to-tender-200-mw-worth-of-new-benban-solar-projects\/\">\r\n                            Gov\u2019t reportedly looking to tender 200-MW worth of new Benban solar projects                        <\/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\/30\/govt-reportedly-looking-to-tender-200-mw-worth-of-new-benban-solar-projects\/\" 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\/30\/govt-reportedly-looking-to-tender-200-mw-worth-of-new-benban-solar-projects\/')\">\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\/30\/govt-reportedly-looking-to-tender-200-mw-worth-of-new-benban-solar-projects\/\">\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=Gov\u2019t reportedly looking to tender 200-MW worth of new Benban solar projects&url=https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/govt-reportedly-looking-to-tender-200-mw-worth-of-new-benban-solar-projects\/\">\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\/30\/govt-reportedly-looking-to-tender-200-mw-worth-of-new-benban-solar-projects\/&title=Gov\u2019t reportedly looking to tender 200-MW worth of new Benban solar projects\">\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=Gov%E2%80%99t+reportedly+looking+to+tender+200-MW+worth+of+new+Benban+solar+projects+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F11%2F30%2Fgovt-reportedly-looking-to-tender-200-mw-worth-of-new-benban-solar-projects%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\/30\/govt-reportedly-looking-to-tender-200-mw-worth-of-new-benban-solar-projects\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/508.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577659\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/govt-reportedly-looking-to-tender-200-mw-worth-of-new-benban-solar-projects\/508-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/508.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"508.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/508.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/508.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577658\" class=\"content-area-description single-story post-577658 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-benban-solar-park tag-energy tag-enterpriseam tag-fintech tag-renewables tag-sodic tag-sustainability tag-valu 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>ENERGY-<\/strong><\/p>\n<p><strong>A 200 MW solar tender in Benban?<\/strong> The New and Renewable Energy Authority is reportedly planning to issue a tender for one company to develop solar power plants with a combined production capacity of 200 MW across several land plots in Aswan\u2019s Benban solar park, Amwal Al Ghad reports, citing Electricity Ministry sources. The authority is looking to reach financial close on the plants in 2023, the sources are quoted as saying. Local media has previously reported that the government will look to tender <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/174d0949-75cd-49ae-bb8d-6abd66ec4206\">six solar projects<\/a> with a combined 300-MW capacity in Aswan this year.<\/p>\n<p><strong>We\u2019re expecting expansions at Benban: <\/strong>The European Bank for Reconstruction and Development is helping the government tender off more of the 350 MW of unutilized capacity at Benban, EBRD Managing Director Harry Boyd-Carpenter <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b7c30f5c-e47b-4e2c-8596-bba8314fc4dc\">told us during COP27<\/a>.<\/p>\n<p><strong>SUSTAINABILITY-<\/strong><\/p>\n<p><strong>SODIC is out with its very first sustainability report: <\/strong>Our friends at SODIC published a <a href=\"https:\/\/ent.news\/2022\/11\/Sodic-sustainability-report-2021.pdf\">sustainability report (pdf)<\/a> showcasing their economic, environmental, social, and governance (EESG) strategy and measuring the company\u2019s EESG impact in 2021. SODIC is currently conducting its first standalone carbon footprint report, the company says. EGX-listed firms and NBFS companies are now required to file mandatory annual ESG reports, following a decree from the Financial Regulatory Authority <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2ca0fb6-8f89-496f-a2ca-ea8c113ec0ee\">last year<\/a>.<\/p>\n<p><strong>FINTECH- <\/strong><\/p>\n<p><strong>EFG Hermes\u2019 BNPL platform valU will offer payment solutions for customers at <\/strong><strong>TotalEnergies<\/strong><strong> service stations<\/strong>, according to <a href=\"https:\/\/ent.news\/2022\/11\/valU-x-Total-Energies-English.docx.pdf\">a statement (pdf)<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/benban-solar-park\/\">Benban solar park<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sustainability\/\">sustainability<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/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=\"577664\" 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\/30\/577664\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577664\" class=\"content-area-description single-story post-577664 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>27-30 November (Sunday-Wednesday): <a href=\"https:\/\/cairoict.com\/\">Cairo ICT<\/a> and Pafix, Egypt International Exhibition Center, New Cairo.<\/p>\n<p><strong>DECEMBER<\/strong><\/p>\n<p>1 December (Thursday): Sphinx International Airport <a href=\"https:\/\/bit.ly\/3UdDqDB\">will begin operating<\/a> international flights.<\/p>\n<p>1 December (Thursday): Contractors to <a href=\"https:\/\/www.youm7.com\/5964288\">break ground<\/a> on Egypt-Saudi interconnection project.<\/p>\n<p>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":577634,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-577633","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"38ad7fc2-4390-4dae-835f-3b300ce854fc","teaser":"","photo_url":"https:\/\/ent.news\/2022\/11\/492.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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