{"id":577761,"date":"2022-12-05T04:08:50","date_gmt":"2022-12-05T04:08:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=577761"},"modified":"2025-12-16T11:24:20","modified_gmt":"2025-12-16T11:24:20","slug":"first-imf-loan-tranche-could-land-this-month-says-maait","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/first-imf-loan-tranche-could-land-this-month-says-maait\/","title":{"rendered":"First IMF loan tranche could land this month, says Maait"},"content":{"rendered":"<section id=\"577763\" 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=\"577763\">\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\/12\/05\/this-morning-the-enterprise-climate-x-forum-is-happening-tomorrow-its-pmi-today\/\">\r\n                            THIS MORNING: The Enterprise Climate X Forum is happening tomorrow + It\u2019s PMI today                        <\/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\/12\/05\/this-morning-the-enterprise-climate-x-forum-is-happening-tomorrow-its-pmi-today\/\" 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\/12\/05\/this-morning-the-enterprise-climate-x-forum-is-happening-tomorrow-its-pmi-today\/')\">\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\/12\/05\/this-morning-the-enterprise-climate-x-forum-is-happening-tomorrow-its-pmi-today\/\">\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=THIS MORNING: The Enterprise Climate X Forum is happening tomorrow + It\u2019s PMI today&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/this-morning-the-enterprise-climate-x-forum-is-happening-tomorrow-its-pmi-today\/\">\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\/12\/05\/this-morning-the-enterprise-climate-x-forum-is-happening-tomorrow-its-pmi-today\/&title=THIS MORNING: The Enterprise Climate X Forum is happening tomorrow + It\u2019s PMI today\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+The+Enterprise+Climate+X+Forum+is+happening+tomorrow+%2B+It%E2%80%99s+PMI+today+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F05%2Fthis-morning-the-enterprise-climate-x-forum-is-happening-tomorrow-its-pmi-today%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\/12\/05\/this-morning-the-enterprise-climate-x-forum-is-happening-tomorrow-its-pmi-today\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/63.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577764\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/this-morning-the-enterprise-climate-x-forum-is-happening-tomorrow-its-pmi-today\/63-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/63.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"63.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/63.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/63.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577763\" class=\"content-area-description single-story post-577763 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-energy tag-enterpriseam tag-financial-markets tag-house-of-representatives tag-interest-rates tag-oil-and-gas tag-opec tag-pmi tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Good morning, friends, and happy Monday. <\/strong><\/p>\n<p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>We\u2019re looking forward to meeting many of you tomorrow at 8am at the Grand Egyptian Museum <\/strong>for our inaugural <a href=\"https:\/\/climatexforum.enterprise.press\/\">Enterprise Climate X Forum<\/a>.<\/p>\n<p><strong>If you\u2019re attending: Please plan to arrive on time<\/strong> for our 8am standing networking breakfast. Traffic in the area surrounding the GEM has been heavy of late, so you will likely want to leave a few minutes early.<\/p>\n<p><strong>** You will need a special QR code <\/strong>to gain admission to the GEM. Everyone who received and completed our online registration form got their QR code by email yesterday. If you registered online and did not receive a QR code, please reach out to us today.<\/p>\n<p><strong>We regret that overwhelming demand from the community meant we could not welcome everyone <\/strong>who expressed interest in attending.<\/p>\n<p><strong>STAY TUNED- <\/strong>The Enterprise Climate X Forum is our first large-scale event, but it\u2019s not our last. We look forward to welcoming many more of you at our slate of Enterprise X Forums coming up in 2023.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>HAPPENING TODAY-<\/strong><\/p>\n<p><strong>It\u2019s PMI day:<\/strong> S&P Global will tell us how Egypt\u2019s private sector performed in November when it publishes its latest purchasing managers\u2019 index a few minutes after we hit send on this morning\u2019s issue. <a href=\"https:\/\/www.pmi.spglobal.com\/Public\/Release\/PressReleases?language=en\">You\u2019ll find it here at about 6:15am CLT.<\/a><\/p>\n<p><strong>REWIND-<\/strong> The private sector was continuing to struggle with the impact of inflation and supply chain snarls in October, with the PMI remaining effectively unchanged at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/73e5e94d-9c27-44ed-8a54-c8efb58292a7\">47.7<\/a>, firmly below the 50.0 threshold that separates growth from contraction.<\/p>\n<p><strong>The smart money:<\/strong> Expect the contraction to have deepened in November on the back of the EGP float and heightened inflationary pressures.<\/p>\n<p><strong>FYI-<\/strong> Another month of contraction and it will have been two years since private-sector business activity last recorded growth \u2014 the last time the PMI was in the green was all the way back <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17d5b6b4-283f-4d7b-aba6-e4c960b0042e\">in November 2020<\/a>.<\/p>\n<p><strong>MEANWHILE- It\u2019s the opening day of <\/strong><strong><a href=\"https:\/\/foodafrica-expo.com\/\">Food Africa 2022<\/a><\/strong><strong> at the Egypt International Exhibitions Center.<\/strong> More than 440 exhibitors from 28 countries will be at the food expo, which runs through to Wednesday.<\/p>\n<p><strong>On the House agenda today:<\/strong><\/p>\n<ul>\n<li><strong>Competition Act:<\/strong> The remaining articles of the Competition Act are set to be discussed and passed by the House today, with a final vote expected tomorrow.<\/li>\n<li><strong>Western Desert exploration agreements:<\/strong> The General Assembly will discuss three oil exploration agreements in the Western Desert signed with Energean and Croatia-based INA; Kuwait Energy Egypt; and Egyptian National Petroleum For Exploration and Development Company (Enpedco).<\/li>\n<li><strong>FRA boss to discuss fintech regs:<\/strong> Financial Regulatory Authority Chairman Mohamed Farid will appear before the House Economic Affairs Committee to discuss the legislative impact of amendments to the Fintech Act and the Capital Market Law.<\/li>\n<\/ul>\n<p><strong>LATER THIS WEEK-<\/strong><\/p>\n<p><strong>Samir in the hot seat:<\/strong> Trade and Industry Minister Ahmed Samir will face questions from MPs tomorrow on issues facing manufacturers, including on licensing and exports, as well as what the ministry is doing to solve the crisis in the automotive industry.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>WATCH THIS SPACE-<\/strong><\/p>\n<p><strong>#1- The Electricity Ministry will start allocating land for the nine <\/strong><strong>green hydrogen projects <\/strong><strong>signed at COP27 within the next few days<\/strong>, Electricity Minister Mohamed Shaker reportedly told <a href=\"https:\/\/bit.ly\/3XTsKg3\">Al Mal<\/a>. The cabinet had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/709f9faf-fc55-4650-b1cc-5bd7c1589ecd\">signed off<\/a> last week on agreements with international power companies to construct nine green hydrogen and ammonia facilities in the Suez Canal Economic Zone, which were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f2251cd-82db-4ba9-9ef9-b1287b0bef1f\">made during last month\u2019s climate summit<\/a> and could require as much as USD 83 bn to complete. The facilities would collectively produce up to 7.6 mn tons of green ammonia and 2.7 mn tons of hydrogen a year when fully operational.<\/p>\n<p><strong>#2<\/strong>- <strong>Expect new rules for <\/strong><strong><a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/02\/short-selling-comes-to-the-egyptian-stock-market-7495\/\">short selling<\/a><\/strong><strong> to arrive in 1Q 2023:<\/strong> That\u2019s according to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=04122022&id=3fc5b653-685a-4a9f-beda-caada5be3515\">Al Shorouk<\/a>, which reported comments made by FRA boss Mohamed Farid at an event yesterday. Farid\u2019s statements come as authorities look to boost short selling, which was <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/02\/short-selling-comes-to-the-egyptian-stock-market-7495\/\">introduced in Egypt in 2019<\/a> but has failed to take off. The FRA, EGX and Misr for Central Clearing and Depository (MCDR) have been in talks with foreign investors and experts, including Citibank, on best practices to boost short selling activity and improve clearing procedures in the country.<\/p>\n<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<\/p><\/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    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>WORLD CUP- <\/strong><\/p>\n<p><strong>France to take on England in World Cup quarter-final:<\/strong> France and England eased through their round of 16 ties yesterday, setting up a tasty quarter-final clash later this week. It was a comfortable 3-0 victory against Senegal for the Three Lions, with Harry Kane getting his first goal of the tournament and Jordan Henderson and Bukayo Saka also finding the net. Earlier in the day, Kylian Mbappe continued his ruthless form in front of goal, scoring twice in France\u2019s 3-1 win against Poland and putting him ahead in the race for the <a href=\"https:\/\/olympics.com\/en\/news\/golden-boot-top-goalscorer-fifa-world-cup-2022-qatar\">Golden Boot<\/a>.<\/p>\n<p><strong>The R16 continues today <\/strong>(all times CLT):<\/p>\n<ul>\n<li>Shock Group E winners <strong>Japan<\/strong> play 2018 finalists <strong>Croatia<\/strong> at <strong>5pm<\/strong>.<\/li>\n<li>Tournament favorites <strong>Brazil<\/strong> will take on <strong>South Korea<\/strong> at <strong>9pm<\/strong>.<\/li>\n<\/ul>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/OPEC-1600px.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><strong>THE BIG STORY ABROAD-<\/strong><\/p>\n<p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>Leading the conversation in the global business press this morning:<\/strong> Oil is surging this morning as traders react to yesterday\u2019s OPEC+ meeting, the introduction of the Russia oil price cap, and the easing of covid-19 curbs in China \u2014 all of which look set to tighten global supply. Brent jumped 2.3% to USD 87.38 a barrel in Asia this morning while US crude was up 2.1% to USD 81.66.<\/p>\n<p><strong>OPEC+ left oil output unchanged at its virtual meeting yesterday<\/strong> as it assesses the impact of Western sanctions on Russian crude and the relaxation of China\u2019s covid restrictions on the global market, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-04\/opec-meets-to-discuss-oil-output-as-china-russia-cloud-market-outlook?srnd=premium-middle-east\">Bloomberg<\/a> reports. The alliance, which is led by Saudi Arabia and Russia, had made a surprise 2 mn barrels-per-day production cut at its last meeting in October in efforts to support falling oil prices.<\/p>\n<p><strong>G7 price cap + EU embargo now in force:<\/strong> Today marks the start of an EU embargo on Russian seaborne crude and the introduction of the G7\u2019s price cap mechanism, which bans shipping and ins. companies from transporting Russian oil priced at more than USD 60 a barrel.<\/p>\n<p><strong>Moscow\u2019s response could have major implications for the oil market: <\/strong>Russian Deputy Prime Minister Alexander Novak said yesterday that Russia will refuse to sell oil subject to the price cap and will opt to reduce production, potentially removing mns of barrels from the global market. <a href=\"https:\/\/www.reuters.com\/business\/energy\/russia-mulls-banning-oil-supplies-subject-western-price-cap-2022-12-04\/\">Reuters<\/a> quoted him as saying.<\/p>\n<p><strong>OPEC+ at the ready: <\/strong>The alliance said following its meeting it could \u201cmeet at any time\u201d and could \u201ctake immediate additional measures\u201d in response to market instability, according to <a href=\"https:\/\/www.ft.com\/content\/269a0036-c01e-464d-856d-ef5ec682a651\">the Financial Times<\/a>.<\/p>\n<p><strong>MARKET WATCH-<\/strong><\/p>\n<p><strong>Investors are calling the Fed\u2019s bluff: <\/strong>Traders in US treasuries are predicting that the Federal Reserve will resort to two rate cuts at the end of next year as the economy slows, despite the Fed\u2019s signals that it will not be reversing course on its monetary tightening cycle, the <a href=\"https:\/\/www.ft.com\/content\/aafa4892-b2cc-433d-a3a3-f09b1aba297a\">Financial Times<\/a> reports. Treasuries futures markets are penciling in a peak for interest rates in May 2023, before they fall back by about 50 bps by the end of the year.<\/p>\n<p><strong>Fed head Jerome Powell recently <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/916b67d1-3c8e-41d5-ac6f-62f03d3320ba\">said<\/a><\/strong><strong> the US central bank could start slowing the tightening cycle as soon as its next meeting on 13-14 December<\/strong>, though he also reiterated that more evidence is needed to prove inflation is declining. A strong <a href=\"https:\/\/ent.news\/2022\/12\/empsit.pdf\">US jobs report (pdf)<\/a> published over the weekend also means the Fed is likely to stay on course with its tightening cycle.<\/p>\n<p><strong>ICYMI- <\/strong><strong>Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e453a738-88a4-40cf-b463-e31d889150d8\">we asked<\/a> whether Egypt has what it takes to become an electronic design and manufacturing hub.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Key news triggers to keep an eye on this week and beyond:<\/strong><\/p>\n<ul>\n<li><strong>Inflation:<\/strong> Inflation data for November will land on Thursday, 8 December.<\/li>\n<li><strong>Foreign reserves figures<\/strong> for November should be out sometime this week.<\/li>\n<li><strong>Interest rates:<\/strong> The Central Bank of Egypt\u2019s Monetary Policy Committee meets on Thursday, 22 December to review interest rates.<\/li>\n<\/ul>\n<p><strong>The cabinet\u2019s Information and Decision Support Center (IDSC) will kick off the<\/strong><strong> first session of its new intellectual forum on Thursday, 8 December<\/strong>, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02tGCH35w2D7RNNtWMJP7LD8nThnMWSu7m3uK2DDby5gcAmJ9x7iDsPK7qcBga3MR3l\">statement<\/a>. The weekly forum will see experts including government officials, academics, representatives of multilateral institutions, MPs, and national dialogue members meet to discuss key policy questions and make recommendations on them to the prime minister.<\/p>\n<p><strong>Thursday\u2019s session will cover fiscal discipline and sustainability.<\/strong> The remainder of the December sessions will focus on our investment environment; ways to support sustainable agriculture in line with Europe\u2019s <a href=\"https:\/\/ec.europa.eu\/info\/strategy\/priorities-2019-2024\/european-green-deal_en\">Green Deal<\/a>; and the latest in Ukraine.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/CIRA-Blackboard-Banner-B-1600.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.<\/p>\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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/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\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/opec\/\">OPEC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/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=\"577765\" 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=\"577765\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/577765\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577765\" class=\"content-area-description single-story post-577765 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/Somabay-Stayr-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>Enjoy renting with home comfort, privacy, exclusive privileges, and tailor-made packages for an unforgettable guest experience. A signature collection of handpicked serviced villas, chalets, apartments, and studios to transform your vacation into an exceptional experience, and to discover the magic of Somabay in luxury bliss. For booking inquiries, contact us by phone at +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=\"577766\" 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=\"577766\">\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\/12\/05\/amazons-omar-el-sahy-on-why-we-should-focus-on-agriculture-clothing-to-boost-local-manufacturing\/\">\r\n                            Amazon\u2019s Omar El Sahy on why we should focus on agriculture + clothing to boost local manufacturing                        <\/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\/12\/05\/amazons-omar-el-sahy-on-why-we-should-focus-on-agriculture-clothing-to-boost-local-manufacturing\/\" target=\"_blank\">\n                    Open in new tab                   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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/amazons-omar-el-sahy-on-why-we-should-focus-on-agriculture-clothing-to-boost-local-manufacturing\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/64.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577767\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/amazons-omar-el-sahy-on-why-we-should-focus-on-agriculture-clothing-to-boost-local-manufacturing\/64-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/64.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"64.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/64.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/64.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577766\" class=\"content-area-description single-story post-577766 post type-post status-publish format-standard has-post-thumbnail hentry category-ceo-poll tag-amazon 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 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7\">our five-step recipe<\/a> for turning Egypt into a global export hub and FDI magnet, participating CEOs agreed to answer two questions on the record for our latest CEO Poll.<\/p>\n<p><strong>We\u2019ve already heard from:<\/strong> GSK\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fcde18b-95f6-4782-9083-0840d9fda8db\">Mohamed El Dababy<\/a> | McKinsey\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f93541d-abee-4a1a-b87e-2b6f88349f10\">Jalil Bensouda<\/a> | Somabay\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7ab47ec-95d5-46b4-a486-ce97ca107374\">Ibrahim El Missiri<\/a> | ALC Alieldean Weshahi & Partners\u2019 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2ab690b8-8f8f-4482-9729-879fc20d94bc\">Bahaa Alieldean<\/a> | HSBC Egypt\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e52c658-009c-46c8-b339-010f4d162cec\">Todd Wilcox<\/a> | Actis\u2019 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c3b5a2fa-f7ac-44ca-a582-48e3c1328442\">Sherif El Kholy<\/a>.<\/p>\n<p><strong>TODAY- Omar Elsahy (<\/strong><strong><a href=\"https:\/\/www.linkedin.com\/in\/omar-elsahy-bb49b510\/\">LinkedIn<\/a><\/strong><strong>) is general manager of Amazon Egypt. <\/strong>He brings to the table a rare mix of experience: He runs a major multinational company in Egypt, he\u2019s an entrepreneur who has started and run his own businesses, and he\u2019s a mentor and consultant. His industry experience ranges from sales to outsourcing and retail, much of it with a tech bent. Omar was also the subject of one of our weekly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e229a244-cf17-4d32-837c-4e3116adf7dd\">My Morning Routine<\/a> interviews back in 2020.<\/p>\n<p><strong>ENTERPRISE- Which industry would you put on a focused short list \u2014 and why?<\/strong><\/p>\n<p><strong>OMAR EL SAHY- <\/strong>Before you pinpoint an industry, there are a couple of things to take into consideration when you\u2019re talking about a country taking a path of progress. <strong>Egypt has many different types of resources, but when it comes down to it, it\u2019s the people. <\/strong>You try to extract on capacity building, creating jobs, but also leveraging infrastructure and tech advancements. If you look at the human capital, the young age group and the tech savviness of the youth gives an optimistic view of where the country can go.<\/p>\n<p><strong>If I translate that into what can use a lot of tech and scale \u2014 and flourish if you invest in the capacity of people \u2014 I feel strongly about local manufacturing. <\/strong>This is not about 10 big companies doing the manufacturing and then exporting, but more about investing in small and medium-sized enterprises (SMEs) as they are the engine of the country\u2019s economic growth. We need to drive manufacturing through SMEs if we\u2019re going to leapfrog. A lot of it comes down to the private companies and the industry leaders working closely with the government to empower SMEs and integrate them in the formal economy. Nevertheless, there's a piece missing. We need to start bringing tech into local manufacturing.<\/p>\n<p>If we\u2019re saying we want to focus on local manufacturing, people think we should do what we did before at scale and really invest in it. <strong>But the question is, if we\u2019ve been doing this for so long, why hasn\u2019t it been working?<\/strong><\/p>\n<p><strong>I think what could be developed further is tech and the digitization of local manufacturing and SMEs growth. <\/strong>We need to continue building on the export of physical goods, but also build on digital exports. When I say local manufacturing, people think of garments. But I also want to talk about how to do that in an era of digital transformation. This will help create a lot of new value, especially if we can streamline or optimize operations to address supply chain issues.<\/p>\n<p><strong>E: Why are exports and FDI the way forward?<\/strong><\/p>\n<p><strong>OS-<\/strong> FDI and exports are the most sustainable economic growth measures compared to something like hot money. So, we are in alignment that they are essential for the country\u2019s path towards progress. But we should not limit our thinking on how we get more FDI or how we can export more goods. <strong>We need to take a step back to prepare ourselves a bit more. <\/strong>We need to look at the different things happening around the world, disruptions and catastrophes, like COVID and recessions, for example. We need to start predicting when these things will happen so we can prepare ourselves before we engage so that we can build more on mitigation.<\/p>\n<p><strong>Egypt is very resilient in that sense, but the planning is probably where we have a little more work to do.<\/strong> There\u2019s a lot of positives that have come behind that \u2014 in ready-made garments, agriculture, and other industries, but the core is planning.<\/p>\n<p><strong>We need to be able to say no to a lot of things. We\u2019re going to have to drive a lot more focus on the industries that are most efficient for us<\/strong>. We can almost take a mental model of where we should be growing (strategic areas), taking very specific categories, and becoming very strong at those. <strong>Agriculture, clothing, and garments are things that we want to focus on, rather than vehicles for example<\/strong>. So, we really need to drive our focus where it needs to be, build from there, and import the rest. We\u2019re not going to become an export country overnight, so we need to make sure that we can source the raw materials for the industries that we want to grow.<\/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\/amazon\/\">Amazon<\/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=\"577768\" 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=\"577768\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/we-could-see-the-first-tranche-of-our-imf-loan-before-the-new-year-says-maait\/\">\r\n                            We could see the first tranche of our IMF loan before the new year, says Maait                        <\/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\/12\/05\/we-could-see-the-first-tranche-of-our-imf-loan-before-the-new-year-says-maait\/\" 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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Speaking at a conference yesterday, the minister said that Egypt could receive USD 750 mn this month, equating to 25% of the USD 3 bn loan program announced at the end of October.<\/p>\n<p><strong>Hold your horses: The loan program isn\u2019t yet a done deal. <\/strong>The staff-level agreement we reached in October still needs the sign-off of the lender\u2019s executive board. As of this morning, Egypt\u2019s program isn\u2019t yet scheduled on the board\u2019s public agenda, which runs through 14 December.<\/p>\n<p><strong>ICYMI- <\/strong>The USD 3 bn, 46-month <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60dc5b0c-8c51-4c61-aa04-54e46a86a7c6\">extended fund facility (EFF)<\/a> will provide much-needed foreign currency to Egypt\u2019s financial system which has come under significant liquidity stress on the back of tightening global financial conditions and the spillover effects of the war in Ukraine. It could be topped up with around USD 5 bn from unnamed \u201cmultilateral and regional partners,\u201d the IMF has said, plus another USD 1 bn that we\u2019re applying for from the lender\u2019s resilience and sustainability trust.<\/p>\n<p style='font-size: 18px;font-weight: bold' >PANDA BONDS COMING IN THE NEW YEAR?<\/p>\n<p><strong>Egypt is planning to take its inaugural USD 500 mn panda bond issuance to market in 1Q <\/strong><strong>2023<\/strong>, <a href=\"https:\/\/bit.ly\/3EXfNt3\">Al Mal<\/a> quotes Maait as saying. Plans to issue the CNY-denominated bonds have been in the works since 2019, but were put on hold due to the pandemic. Vice Finance Minister Ahmed Kouchouk previously said the ministry could issue the panda bonds <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a84e409a-3a6c-4241-8906-8c6a0b2c0ee3\">before the end of this year<\/a>.<\/p>\n<p><strong>All part of our debt diversification strategy: <\/strong>The government is also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/819d9c6c-a362-484e-86cf-e5c31939b6d0\">looking to issue<\/a> sukuk and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6423a792-1a96-4047-9b89-f930c8b91587\">\u201cgreen\u201d versions of samurai and panda bonds<\/a>, following the ministry\u2019s JPY-denominated bond issuance <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6170918c-d131-411e-a667-a3f24c66a66c\">in late March<\/a>. The issuances are part of efforts to diversify our debt and move away from hot money, which has seen some USD 22 bn in outflows this year, according to Maait.<\/p>\n<p style='font-size: 18px;font-weight: bold' >PRIVATIZATION PROGRAM COULD RETURN IN 1Q 2023<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Stake sales on EGX before March?<\/strong> The government could sell stakes in companies in the banking and oil sectors before March 2023, the minister said, without providing further information.<\/p>\n<p><strong>One state-owned bank we know for sure is planning to go public:<\/strong> Banque du Caire (BdC) has long planned to IPO on the EGX but has repeatedly delayed its plans in response to periods of market turmoil triggered by the pandemic and the war in Ukraine. The bank was planning to make its debut this year but decided in July to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/004a2209-c482-4067-af0e-5ba87566e2d4\">postpone the sale<\/a> until market conditions improve. BdC has until <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e107adf1-0206-4eff-b9f5-6b0fdabc39b9\">31 March 2023<\/a> to finish the IPO procedures.<\/p>\n<p><strong>Other state companies are looking at going public in 1Q 2023: <\/strong><a href=\"http:\/\/dchc.com.eg\/\">Damietta Container & Cargo<\/a><a href=\"http:\/\/dchc.com.eg\/\">Handling Company<\/a> and <a href=\"https:\/\/www.pscchc.com\/\">Port Said Container & Cargo Handling Company<\/a> \u2014 both subsidiaries of the Holding Company for Maritime Transport \u2014 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f071461a-67ca-4eda-97bf-6c10415a375d\">could both sell 25% stakes<\/a> on the EGX during the coming quarter.<\/p>\n<p><strong>Both companies took a step towards a share sale yesterday: <\/strong>The ordinary general assemblies of both companies have approved the plans, <a href=\"https:\/\/bit.ly\/3VSc7PQ\">Al Mal<\/a> reported yesterday, citing informed sources.<\/p>\n<p><strong>REFRESHER-<\/strong> The government is looking at how and when to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/341bd556-a758-49d4-9aa9-1852ae8a3d9f\">reboot its privatization program<\/a> with recent listing changes and a new pre-IPO fund set up by the Sovereign Fund of Egypt (SFE) in September. The fund will offer stakes in state-owned companies to strategic investors and sovereign funds ahead of listing them on the bourse. The fund plans to market several state companies \u2014 including the military-owned firms Safi and Wataniya \u2014 to strategic investors ahead of IPOing them on the EGX.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/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=\"577770\" 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=\"577770\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/chevron-finds-3-5-tn-cf-of-gas-in-the-eastmed\/\">\r\n                            Chevron finds 3.5 tn cf of gas in the EastMed                        <\/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\/12\/05\/chevron-finds-3-5-tn-cf-of-gas-in-the-eastmed\/\" 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\/12\/05\/chevron-finds-3-5-tn-cf-of-gas-in-the-eastmed\/')\">\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\/12\/05\/chevron-finds-3-5-tn-cf-of-gas-in-the-eastmed\/\">\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=Chevron finds 3.5 tn cf of gas in the EastMed&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/chevron-finds-3-5-tn-cf-of-gas-in-the-eastmed\/\">\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\/12\/05\/chevron-finds-3-5-tn-cf-of-gas-in-the-eastmed\/&title=Chevron finds 3.5 tn cf of gas in the EastMed\">\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=Chevron+finds+3.5+tn+cf+of+gas+in+the+EastMed+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F05%2Fchevron-finds-3-5-tn-cf-of-gas-in-the-eastmed%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\/12\/05\/chevron-finds-3-5-tn-cf-of-gas-in-the-eastmed\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/66.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577771\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/chevron-finds-3-5-tn-cf-of-gas-in-the-eastmed\/66-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/66.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"66.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/66.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/66.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577770\" class=\"content-area-description single-story post-577770 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-chevron tag-energy tag-enterpriseam tag-oil-and-gas 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-10\"><\/a> <strong>A big gas find in the EastMed:<\/strong> Chevron has discovered an offshore gas field in the Mediterranean estimated to hold 3.5 tn cubic feet of gas, a source tells <a href=\"https:\/\/www.mees.com\/2022\/12\/2\/oil-gas\/chevron-hits-paydirt-with-35tcf-egypt-gas-find\/ade840c0-7247-11ed-acce-cb0f706a9951\">MEES<\/a>. The US energy giant made the finding drilling its first ever offshore well in Egypt at its Narges block off the coast of North Sinai, in which it holds a 45% operating interest. Italian major Eni owns 45% while the state-owned Tharwa Petroleum holds the remaining 10%.<\/p>\n<p><strong>Production has been slipping:<\/strong> The find comes at a good time for Egypt, which has seen output fall from a peak of 7.2 bn cf per day last September to 6.5 bn cf\/d in 3Q 2022, according to MEES.<\/p>\n<p><strong>And good news for our push to become energy BFFs with Europe:<\/strong> Egypt signed a nine-year agreement with the EU and Israel <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613a0e7e-2a74-4d1b-8b28-0c9660944559\">earlier this year<\/a> to increase gas exports to Europe.<\/p>\n<p><strong>Chevron has become a key player in the EastMed<\/strong> following its 2020 acquisition of Noble Energy. It now operates Israel\u2019s two largest gas fields \u2014 Tamar and Leviathan \u2014 and is developing Cyprus\u2019 Aphrodite field.<\/p>\n<p><strong>The report got attention on the airwaves last night:<\/strong> Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=JR77yUjneDE\">watch, runtime: 3:03<\/a>) and Masa\u2019a DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=lD8Wdsg-EFI\">watch, runtime: 4:31<\/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\/chevron\/\">Chevron<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577772\" 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=\"577772\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/mps-give-initial-approval-to-competition-act-amendments\/\">\r\n                            MPs give initial approval to Competition Act amendments                        <\/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\/12\/05\/mps-give-initial-approval-to-competition-act-amendments\/\" 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\/12\/05\/mps-give-initial-approval-to-competition-act-amendments\/')\">\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\/12\/05\/mps-give-initial-approval-to-competition-act-amendments\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=MPs give initial approval to Competition Act amendments&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/mps-give-initial-approval-to-competition-act-amendments\/\">\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\/12\/05\/mps-give-initial-approval-to-competition-act-amendments\/&title=MPs give initial approval to Competition Act amendments\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=MPs+give+initial+approval+to+Competition+Act+amendments+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F05%2Fmps-give-initial-approval-to-competition-act-amendments%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\/12\/05\/mps-give-initial-approval-to-competition-act-amendments\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/67.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577773\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/mps-give-initial-approval-to-competition-act-amendments\/67-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/67.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"67.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/67.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/67.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577772\" class=\"content-area-description single-story post-577772 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-competition-act tag-enterpriseam tag-house-of-representatives tag-legislation-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>MPs<\/strong><strong> give initial approval to new and improved Competition Act: <\/strong>The House of Representatives yesterday gave its initial approval on amendments to the 2005 Competition Act, which would grant the Egyptian Competition Authority (ECA) more power over M&As.<\/p>\n<p><strong>What\u2019s at stake:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3582805e-b867-4076-9e5e-bff71e01f886\">Introduced<\/a> early last year by the government, the amendments would give the ECA the power to block M&As that could harm market competition and promote monopolistic practices. The authority is currently only able to voice concerns after transactions are concluded. The changes <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3389a090-d075-4a50-9d73-793ac01dbee1\">have proved controversial<\/a>, with disagreements between regulators resulting in the bill being kicked to the current legislative session.<\/p>\n<p><strong>What\u2019s next:<\/strong> House Speaker Hanafi Gebali said the Competition Bill\u2019s remaining articles will be discussed today, with a final vote of approval expected tomorrow. Along with the preliminary approval, the House passed amendments to Articles 11 and 18 yesterday.<\/p>\n<p><strong>We dive deeper<\/strong> into what this means for our business community <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3582805e-b867-4076-9e5e-bff71e01f886\">here<\/a>.<\/p>\n<p><strong>ALSO FROM THE HOUSE- <\/strong> The House Legislative and Constitutional Affairs Committee began discussing amendments to the 1950s Criminal Procedures Act.<\/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\/competition-act\/\">Competition Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577774\" 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=\"577774\">\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\">A MESSAGE FROM HSBC<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/growing-internationally-with-metito\/\">\r\n                            Growing internationally with Metito                        <\/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\/12\/05\/growing-internationally-with-metito\/\" 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\/12\/05\/growing-internationally-with-metito\/')\">\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\/12\/05\/growing-internationally-with-metito\/\">\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=Growing internationally with Metito&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/growing-internationally-with-metito\/\">\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\/12\/05\/growing-internationally-with-metito\/&title=Growing internationally with Metito\">\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=Growing+internationally+with+Metito+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F05%2Fgrowing-internationally-with-metito%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\/12\/05\/growing-internationally-with-metito\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577774\" class=\"content-area-description single-story post-577774 post type-post status-publish format-standard hentry category-a-message-from-hsbc tag-a-message-from-hsbc tag-enterpriseam tag-hsbc tag-metito 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-07\"><\/a> <strong>Metito, a leading sustainability business, is able to unlock large scale circular water projects in<\/strong><strong> MENA via sustainability-linked funding from HSBC: <\/strong>The world\u2019s natural water resources are facing an unprecedented challenge. The global rate of water consumption has grown twice as fast as the world population in the last century, according to <a href=\"https:\/\/www.unwater.org\/water-facts\/scarcity\/\">UN Water statistics<\/a>. Dubai-based water and wastewater treatment player <a href=\"https:\/\/www.metito.com\/\">Metito<\/a> is leading industry and governments through sustainable innovation, showing how circular water systems can resolve water shortages and other water-related challenges.<\/p>\n<p>The United Nations, World Economic Forum and the World Bank all recognize water security, including resources and conservation, as a major environmental priority and a catalyst for positive change. Countries, cities, and industries are increasingly turning to circular water systems and Metito is playing an active role to make that vision a reality in key markets across the globe.<\/p>\n<p>Metito has developed over 3k projects in more than 50 countries across Africa, Eastern Europe, the Middle East and Southeast Asia.<\/p>\n<p>But it wants to do more. To meet the increasing international water demand, Metito has utilized a USD 120 mn Sustainability-Linked Loan (SLL) from HSBC to further its ability to move into new markets and enhance its presence in existing ones where it is developing large-scale projects.<\/p>\n<p>\u201cMetito\u2019s vision to be the world\u2019s leading provider of intelligent water management solutions is supported by the company\u2019s three founding principles of Impact, Sustainability, and Innovation,\u201d said Metito Chief Investment Officer Talal Ghandour. This loan underscores one of our key attributes of providing sustainable infrastructure to our municipal and industrial clients. The funding from HSBC and the wider consortium will strengthen our ability to grow across our target markets and marks an important step in our green transition and in achieving a circular economy through the provision of sustainable water infrastructure in nations that most need them.\u201d<\/p>\n<p>The sustainable finance solution, which is the first-of-its-kind in the Middle East\u2019s water sector, will facilitate the expansion of Metito\u2019s wastewater treatment projects and boost an ambitious growth strategy over the next five years. Metito is now further enabled to help more developing nations meet their environmental commitments.<\/p>\n<p>\u201cNot only is Metito a major player in intelligent water management solutions, but it is an ambitious business with a strong strategy to target international growth and unlock new markets. At HSBC, we take great pride in supporting businesses that are helping to create positive environmental impact, with a global commitment of up to USD 1 tn to support clients in transitioning to net zero,\u201d Patricia Gomes, regional head of commercial banking, MENAT, HSBC said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/a-message-from-hsbc\/\">A MESSAGE FROM HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/metito\/\">Metito<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577775\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"577775\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/577775\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577775\" class=\"content-area-description single-story post-577775 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/2-SODIC-Startup-1600x1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577776\" 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=\"577776\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/opposition-to-e-invoicing-among-the-self-employed-is-mounting\/\">\r\n                            Opposition to e-invoicing among the self-employed is mounting                        <\/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\/12\/05\/opposition-to-e-invoicing-among-the-self-employed-is-mounting\/\" 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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Pharmacists argue they can\u2019t stomach the costs:<\/strong> Ramzy said that annual expenses to register through the system \u201cwould be five times\u201d taxes already paid by pharmacists. \u201cWe can\u2019t incur such expenses,\u201d he said, pegging the costs at over EGP 30k a year. The expenses include installing a designated system at pharmacies and paying monthly and annual subscription fees for the system, he said.<\/p>\n<p><strong>The Doctors\u2019 Syndicate also has concerns:<\/strong> Syndicate chiefs are set to meet ministry officials tomorrow to discuss their concerns, the syndicate\u2019s treasurer Abu Bakr El Qady told El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=pKxQ-81ZKd0\">watch, runtime: 3:37<\/a>). El Qady believes it would be difficult to oblige private clinics in rural areas for example to register on the system, given its costly expenses and hurdles to implement the system.<\/p>\n<p><strong>The Bar <\/strong><strong>Association<\/strong><strong> is arguing that lawyers don\u2019t provide services and so shouldn\u2019t <\/strong><strong>have to file e-invoices:<\/strong> Its deputy head, Magdy Sakhy, told Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=lraaWT_7Yc4\">watch, runtime: 9:49<\/a>) that lawyers \u201cdo not provide a service or sell a product\u201d to have them obliged to register on the system. \u201cI take part with the authority to achieve justice,\u201d Sakhy said, stressing that his profession was not one of a service provider. Tens of lawyers recently staged a protest in front of the Lawyers Syndicate against the mandatory registration on the e-invoicing system.<\/p>\n<p><strong>Enterprise says: If the rest of us have gotta sign up for e-invoicing and pay our taxes, so do you.<\/strong><\/p>\n<hr class=\"grey-line\">\n<p><strong>Pharmacists <\/strong><strong>will continue to be allowed to administer some injections \u2014 but only for <\/strong><strong>patients who have a prescription: <\/strong>Pharmacists will now only be permitted to administer intramuscular or subcutaneous injections that have been prescribed to patients by a doctor, the Health Ministry <a href=\"https:\/\/www.facebook.com\/story.php?story_fbid=pfbid0QNaPqdLWUHS3BqGuvRFjKckSLgV5whgLADX4xbT1NoDXvgtAReTLGfg2aocQDgXil&id=100069036705848&mibextid=Nif5oz\">said<\/a> yesterday. They will also have to pass a course designed by the ministry in order to administer injections, the statement reads.<\/p>\n<p><strong>More details<\/strong>: Health Ministry spokesman Hossam Abdel Ghaffar spoke to Ala Mas\u2019ouleety on the decision (<a href=\"https:\/\/www.youtube.com\/watch?v=WB2xdsrueQE\">watch, runtime: 8:32<\/a>) and confirmed that only doctors, nurses and accredited pharmacists who have passed the course would be authorized to administer injections, he said. The ministry announced a week ago that it would begin holding one-day courses at certain hospitals and medical centers, he said.<\/p>\n<p><strong>Why now?<\/strong> The decision came weeks after a pharmacist and her assistant were <a href=\"https:\/\/bit.ly\/3XTgZ9o\">arrested in<\/a><a href=\"https:\/\/bit.ly\/3XTgZ9o\">Alexandria<\/a> over the death of two young sisters after taking injections at the pharmacy. They were referred to trial on charges of practicing medicine without a license.<\/p>\n<p><strong>Pharmacists are not happy:<\/strong> The Cairo Pharmacists\u2019 Syndicate\u2019s Mahfouz told El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=1ugZMf0POlc\">watch, runtime: 13:16<\/a>) that the issue is bigger than the pharmacists administering the injections, and that any solution needs to consider the role of doctors handing out prescriptions. He called for pharmacists to have more power to intervene when they believe a doctor has wrongly prescribed a shot and rejected the idea that they should be held accountable for doctors\u2019 actions.<\/p>\n<p><strong>Enterprise says: If all of the rest of us have gotta sign up for e-invoicing and pay our taxes, so do you. <\/strong><\/p>\n<hr class=\"grey-line\">\n<p><strong>Egyptian journalist and television presenter Mufid Fawzy passed away at the age of 89<\/strong>, <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/2\/482009\/Egypt\/Society\/Veteran-journalist-Mofeed-Fawzy-dies-aged-.aspx\">Ahram Online<\/a> reports. Fawzy was a renowned television presenter, interviewer, and journalist. He served as host of the talk show Hadeeth Al Madena for nearly 26 years. He was also a co-host for Al Qahira Al Youm and the editor-in-chief of Rose Al Yusuf\u2019s Sabah Al Khayr magazine.<\/p>\n<p><strong>Fawzy\u2019s passing got the talking heads talking about his legacy<\/strong>, with coverage from El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=K5IjRSBLLeI\">watch, runtime: 19:04<\/a>), Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=G2Hpbw3DFEw\">watch, runtime: 9:12<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=VtfFBQXe-CU\">watch, runtime: 3:55<\/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\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a 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<\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577779\" 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=\"577779\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/the-global-fashion-press-is-still-talking-about-diors-show-at-the-giza-pyramids\/\">\r\n                            The global fashion press is still talking about Dior\u2019s show at the Giza pyramids                        <\/a>\r\n                    <\/h3>\r\n\r\n                    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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577780\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/the-global-fashion-press-is-still-talking-about-diors-show-at-the-giza-pyramids\/69-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/69.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"69.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/69.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/69.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577779\" class=\"content-area-description single-story post-577779 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-dior tag-enterpriseam tag-fashion tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Dior\u2019s dramatic <\/strong><strong><a href=\"https:\/\/www.facebook.com\/Dior\/posts\/pfbid0m5T7AAQJpaTi49wm3oGDMgSqm5wQUnfyHmJkgPGhJSx9PvG8Ru22tRswzHku1aHzl\">Pre-Fall Men 2023 runway show<\/a><\/strong> <strong>at the Giza pyramids complex is <\/strong><strong>continuing to get attention in the international fashion press this morning:<\/strong> The event, which showcased the work of English menswear designer Kim Jones, featured 75 models trekking through the desert beside the pyramids, and drew high profile guests including Formula One driver Lewis Hamilton, British model Naomi Campbell and others. \u201cBagging Egypt, ancient and modern, was quite a diplomatic flourish,\u201d <a href=\"https:\/\/www.vogue.com\/fashion-shows\/pre-fall-2023-menswear\/dior-homme\">Vogue<\/a> writes in its coverage of the show. Fashion industry journal Women\u2019s Wear Daily (<a href=\"https:\/\/wwd.com\/menswear-news\/mens-designer-luxury\/sehun-lewis-hamilton-lila-moss-at-dior-event-grand-egyptian-museum-in-cairo-1235437148\/\">WWD<\/a>) also covered the event.<\/p>\n<p><strong>Also getting attention: <\/strong>The fiance of a US-Egyptian dual national arrested in UAE is voicing concern over his possible extradition to Egypt following his criticism of Egyptian authorities ahead of the COP27 summit last month, according to <a href=\"https:\/\/www.reuters.com\/world\/fiance-us-citizen-detained-uae-fears-he-will-be-extradited-egypt-2022-12-04\/\">Reuters<\/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\/dior\/\">Dior<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fashion\/\">fashion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/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=\"577781\" 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=\"577781\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/progress-on-golden-licenses\/\">\r\n                            Progress on golden licenses                        <\/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\/12\/05\/progress-on-golden-licenses\/\" 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\/12\/05\/progress-on-golden-licenses\/')\">\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\/12\/05\/progress-on-golden-licenses\/\">\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=Progress on golden licenses&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/progress-on-golden-licenses\/\">\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\/12\/05\/progress-on-golden-licenses\/&title=Progress on golden licenses\">\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=Progress+on+golden+licenses+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F05%2Fprogress-on-golden-licenses%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\/12\/05\/progress-on-golden-licenses\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/71.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577782\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/progress-on-golden-licenses\/71-jpg-25\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/71.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"71.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/71.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/71.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577781\" class=\"content-area-description single-story post-577781 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-customs tag-enterpriseam tag-financial-regulatory-authority tag-industry tag-investment-watch tag-non-banking-financial-services tag-private-equity tag-regulation wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>CUSTOMS-<\/strong><\/p>\n<p><strong>New customs rules aim to clear backlogs at ports:<\/strong> The Customs Authority is obliging importers to submit import approvals from the General Authority for Freezones and Investment (GAFI) before they request an ACID number for their shipments, <a href=\"https:\/\/www.alborsaanews.com\/2022\/12\/03\/1604465\">Al Borsa<\/a> reports. Importers were previously able to apply for GAFI approval after receiving an ACID number \u2014 a unique ID number that importers obtain through the digital Nafeza customs window at least 48 hours before their goods are shipped. Flipping the order in which the documents are supplied is meant to help ease logjams at ports and crack down on evasion of customs duties.<\/p>\n<p><strong>INDUSTRY-<\/strong><\/p>\n<p><strong>Industrial projects take a step closer to golden licenses:<\/strong> Eight industrial projects have had their applications for <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d03b6507-b649-4f52-9d7b-1c4bdf41420a\">golden licenses<\/a> preliminarily approved by a government committee tasked with speeding up licensing in the industrial sector, cabinet said in <a href=\"https:\/\/bit.ly\/3ulwnhe\">a statement<\/a> yesterday. Cabinet will decide on whether to give final approval in an upcoming meeting.<\/p>\n<p><strong>REMEMBER<\/strong>- The approvals <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8ebb0009-e300-426d-81fa-bd0d0807a011\">come weeks<\/a> after President Abdel Fattah El Sisi ordered that all investors be granted three-month golden licenses, making it easier for them to set up projects. It\u2019s unclear if the approvals for the selected projects yesterday would only be set for three months.<\/p>\n<p><strong>INVESTMENT-<\/strong><\/p>\n<p><strong>TCV eyes three investments next year: <\/strong>Private equity firm <a href=\"https:\/\/tcvegypt.com\/\">Tanmiya Capital Ventures<\/a> (TCV) plans to add three companies to its portfolio in 2023, Ahmed El Guindy, founding and managing partner at the firm, reportedly told <a href=\"https:\/\/bit.ly\/3UB3BDP\">Al Mal<\/a>.<\/p>\n<p><strong>NBFS-<\/strong><\/p>\n<p><strong>Non-bank lenders will be required to have solvency ratios of at least 12% at any time<\/strong>, rather than by the end of each quarter, the Financial Regulatory Authority said in <a href=\"https:\/\/ent.news\/2022\/12\/FRA_4Dec22.pdf\">a statement (pdf)<\/a> yesterday. The decision is part of efforts to improve financial stability in the NBFS sector.<\/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\/customs\/\">customs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-equity\/\">private equity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation\/\">regulation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577787\" 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\/12\/05\/577787\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577787\" class=\"content-area-description single-story post-577787 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><strong>DECEMBER<\/strong><\/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: 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":577762,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-577761","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"62393f8c-03a6-4f15-b174-6c3966662001","teaser":"","photo_url":"https:\/\/ent.news\/2022\/12\/60.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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