{"id":577842,"date":"2022-12-07T04:00:27","date_gmt":"2022-12-07T04:00:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=577842"},"modified":"2025-12-16T11:26:11","modified_gmt":"2025-12-16T11:26:11","slug":"we-have-a-date-with-the-imf-and-new-ma-rules-too","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/we-have-a-date-with-the-imf-and-new-ma-rules-too\/","title":{"rendered":"We have a date with the IMF (and new M&#038;A rules, too)"},"content":{"rendered":"<section id=\"577844\" 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=\"577844\">\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\/07\/this-morning-the-imf-executive-board-finally-has-egypt-on-its-schedule\/\">\r\n                            THIS MORNING: The IMF executive board finally has Egypt on its schedule                        <\/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\/07\/this-morning-the-imf-executive-board-finally-has-egypt-on-its-schedule\/\" target=\"_blank\">\n                    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src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/123.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577845\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/this-morning-the-imf-executive-board-finally-has-egypt-on-its-schedule\/123-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/123.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"123.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/123.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/123.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577844\" class=\"content-area-description single-story post-577844 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-economy tag-enterpriseam tag-foreign-reserves tag-imf tag-inflation tag-morocco tag-retail tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, wonderful people. <\/strong>We hope you\u2019re all looking forward to a beautiful day.<\/p><p><strong>We start this morning by thanking the 300 of you who joined us yesterday morning for <\/strong><strong>our first ever <\/strong><strong>Enterprise Climate X Forum <\/strong>at the Grand Egyptian Museum. Together, we took a deep dive into the fundamentals of what we think is the world\u2019s largest and most important industry. (And big thanks to everyone for having shown up on time \u2014 there\u2019s a reason Enterprise is a breakfast brand\u2026)<\/p><p><strong>We\u2019re exceptionally grateful to our friends <\/strong>at USAID, HSBC, Mashreq, Attijariwafa Bank, Etisalat by e&amp;, Hassan Allam Utilities, and Infinity for having made yesterday possible.<\/p><p><strong>We also owe enormous thanks to the team at the GEM and the GEM Authority for having <\/strong><strong>trusted <\/strong><strong>us to be the first business conference at the new museum. <\/strong>It is simply a spectacular facility and we look forward to doing more events there in the future.<\/p><p><strong>More events? <\/strong>Yes. Yesterday was just the first of our planned series of Enterprise X Forums, at which we\u2019ll take deep dives into the industries and ideas that are driving opportunities for our community. Stay tuned.<\/p><p><strong>COVERAGE-<\/strong> Enterprise Climate has the rundown this morning on our <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/ed7721ec-7b8b-4b6a-96e0-7d3d28e27a31\">climate finance panel<\/a> and we have a recap below of what three industry leaders had to say about renewables, green hydrogen and EVs. Look for more in both EnterpriseAM and Enterprise Climate in the days ahead.<\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>The IMF\u2019s board has finally put us on its schedule: <\/strong>The IMF\u2019s executive board will discuss Egypt\u2019s request for a new extended fund facility next Friday, 16 December, according to its <a href=\"https:\/\/www.imf.org\/en\/About\/executive-board\/EBC-Scheduled\">calendar<\/a>. It\u2019s unclear whether the board will make a decision on whether to approve the USD 3 bn, 46-month facility during the meeting. Egypt and the Fund reached a\u00a0<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60dc5b0c-8c51-4c61-aa04-54e46a86a7c6\">staff-level agreement<\/a> for a new loan program at the end of October.<\/p><p><strong>REFRESHER- <\/strong>Finance Minister <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76937c25-3c19-442b-995a-5cf50812c220\">Mohamed Maait said<\/a> earlier this week that we could receive the first USD 750 mn tranche of the bailout loan before the end of the year. The 46-month loan agreement, which was announced in tandem with October\u2019s EGP devaluation, is part of a series of measures to help shore up our economy amid the fallout of the war in Ukraine.<\/p><p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a> <strong>DATA POINT-<\/strong> Egypt\u2019s foreign reserves continued to edge up in November, rising to USD 33.5 bn from USD 33.4 bn a month earlier, according to <a href=\"https:\/\/www.cbe.org.eg\/en\/Pages\/HighlightsPages\/NIR-November-2022.aspx\">central bank data<\/a> released yesterday. Reserves have risen by almost USD 400 mn since August, a reversal after falling 20% earlier in the year on the back of the war in Ukraine and tightening financial conditions globally.<\/p><p><strong>HAPPENING THIS WEEK-<\/strong><\/p><p><strong>We\u2019ll find out tomorrow<\/strong> <strong>how the latest EGP devaluation impacted consumer prices in <\/strong><strong>November <\/strong>when the central bank and CAPMAS publish the latest inflation data. A poll of analysts conducted by <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-inflation-seen-jumping-1875-november-post-devaluation-2022-12-06\/\">Reuters<\/a> sees annual urban inflation rising to 18.75% from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eda939e2-7215-4e94-bc1e-93f00623cee5\">16.20% in October<\/a>, which would be the highest level in almost five years. The survey also sees core inflation reaching 21.60% in November \u2014 its highest since November 2017 \u2014 up from 19% the month prior. The EGP has tumbled 24.8% since 27 October, when the central bank said it was moving to a flexible exchange rate, opening the door to a new wave of imported inflation.<\/p><p><strong>HAPPENING NEXT WEEK-<\/strong><\/p><p><strong>Unlicensed shops are going to have to start thinking seriously about going legit from <\/strong><strong>next Sunday <\/strong>when a <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/11\/bill-that-would-regulate-egypts-retail-industry-making-its-way-through-the-house-of-representatives\/\">long-awaited law<\/a> regulating shops goes into effect. The date <a href=\"https:\/\/bit.ly\/3HgkalD\">was revealed<\/a> yesterday by Local Development Minister Hesham Amna, who said that the government will begin implementing the law from 11 December. The <a href=\"https:\/\/bit.ly\/3HfYENP\">bill<\/a>, <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/11\/bill-that-would-regulate-egypts-retail-industry-making-its-way-through-the-house-of-representatives\/\">passed by the<\/a><a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/11\/bill-that-would-regulate-egypts-retail-industry-making-its-way-through-the-house-of-representatives\/\">House<\/a> in 2019, will require shops to acquire licenses, introduce a new inspection regime, and specify ins. requirements as part of efforts to formalize the largely informal retail sector. According to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3ffb743e-464b-4845-a510-d03553c6a96b\">one estimate<\/a>, some 80-90% of stores are currently unlicensed. Owners of unlicensed shops will have one year to apply for a commercial license.<\/p><hr class=\"grey-line\"><p><strong>Gov\u2019t could intervene to solve poultry market snarl:<\/strong> The government could intervene to protect the poultry industry from soaring feed prices, Prime Minister Moustafa Madbouly <a href=\"https:\/\/bit.ly\/3ixvwY4\">said<\/a> during a meeting with industry figures yesterday. Madbouly did not provide details on what action could be taken to help bring prices of feed under control, yet stressed that the government \u201cwould not allow the persistence of such conditions. \u2026 We will not allow instability in poultry production,\u201d he said.<\/p><p><strong>REMEMBER- <\/strong>A feed shortage on the back of import restrictions has sent prices of poultry and eggs skyrocketing, with the government trying to address the shortage by releasing thousands of tons of poultry feed from ports since mid-October. Agriculture Minister El Sayed El Quseir said yesterday that 960k tons of feed have been released from ports since mid-October, though this appears to have done little to calm prices.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Morocco-v-Spain-World-Cup22-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>WORLD CUP- <\/strong><\/p><p><a id=\"tldr-story-10\" class=\"content-anchor\"><\/a> <strong>It was all cheers from the Arab world (and us) yesterday<\/strong>, as Morocco sealed a historic win against Spain to become the first Arab team ever to qualify for the World Cup quarter-finals. After playing out a tense 0-0 draw with the Spaniards, the Atlas Lions triumphed in an easy shoot out that saw Spain miss all three of their penalties and Morocco\u2019s star full-back Achraf Hakimi seal victory with a cheeky Panenka.<\/p><p><strong>Morocco will have a tougher time getting past Portugal in the next round<\/strong>, who thrashed Switzerland 6-1. All the pre-game talk centered on Fernando Santos\u2019 decision to drop Ronaldo, who saw his inexperienced replacement, the 21-year-old Goncalo Ramos, bag the first hat trick of the competition as the Portuguese swatted aside a lackluster Switzerland.<\/p><p><strong>We now have two football-less days ahead of us before the quarter-finals get underway. <\/strong>Here\u2019s how they line up (all times CLT):<\/p><ul>\n<li><strong>Croatia v Brazil<\/strong> (Friday, 5pm)<\/li>\n<li><strong>Netherlands v Argentina<\/strong> (Friday, 9pm)<\/li>\n<li><strong>Morocco v Portugal<\/strong> (Saturday, 5pm)<\/li>\n<li><strong>England v France<\/strong> (Saturday, 9pm)<\/li>\n<\/ul><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>Just what Trump doesn\u2019t want as he gears up for his 2024 presidential run:<\/strong> The Trump Organization was convicted yesterday of a 15-year scheme to defraud tax authorities, with the family real estate company facing fines of up to USD 1.6 mn following the guilty verdicts that followed two days of jury deliberations in New York. Trump wasn\u2019t personally charged with any offenses.<\/p><p><strong>The verdict is dominating the international press this morning:<\/strong> <a href=\"https:\/\/apnews.com\/article\/business-new-york-manhattan-donald-trump-government-and-politics-86177401a887c85ab50d8b78eb1ed397?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_01\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/legal\/jury-resumes-deliberating-trump-organization-criminal-tax-fraud-trial-2022-12-06\/\">Reuters<\/a> | <a href=\"https:\/\/www.ft.com\/content\/b6f6dee4-7869-4324-8a19-604bf506fc83\">FT<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/12\/06\/trump-organization-convicted-in-new-york-criminal-tax-fraud-case.html\">CNBC<\/a> | <a href=\"https:\/\/edition.cnn.com\/2022\/12\/06\/politics\/trump-organization-fraud-trial-verdict\/index.html\">CNN<\/a>| <a href=\"https:\/\/www.bbc.com\/news\/world-us-canada-63882140\">BBC<\/a>.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>Key news triggers to keep an eye on this week and beyond:<\/strong><\/p><ul>\n<li><strong>Inflation:<\/strong> Inflation data for November will land on Thursday, 8 December.<\/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><p><strong>President Abdel Fattah El Sisi is in Riyadh later this week to attend the China-Arab summit<\/strong> that will coincide with Chinese President Xi Jinping\u2019s visit to the kingdom. Some 12-14 Arab leaders are expected to attend the summit on Friday.<\/p><p><strong>The cabinet\u2019s Information and Decision Support Center (IDSC) will kick off the first <\/strong><strong>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><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>We talked to the head of the Finance Ministry\u2019s PPP Unit, Atter Hannoura, about the government\u2019s plans for public-private partnerships going forward.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-reserves\/\">foreign reserves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morocco\/\">Morocco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/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=\"577846\" 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=\"577846\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/577846\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577846\" class=\"content-area-description single-story post-577846 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=\"577847\" 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=\"577847\">\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\">Climate<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/what-business-leaders-think-of-the-business-of-climate-in-egypt\/\">\r\n                            What business leaders think of the business of climate in Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/what-business-leaders-think-of-the-business-of-climate-in-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Discussions covered everything from how to build a (potentially bn USD) climate-centered business to how to access climate finance and what is needed at the policy and regulatory levels to move the green economy forward.<\/p>\n<p><strong>We had on stage yesterday three guys who are building large-scale climate businesses right here in Egypt <\/strong>to discuss everything from hydrogen and renewables to EVs<strong>. <\/strong>The panel brought together some of the biggest industry players in the region, including:<\/p>\n<ul>\n<li>Amr Allam, CEO, Hassan Allam Holding<\/li>\n<li>Mohamed Ismail Mansour, co-founder and CEO, Infinity<\/li>\n<li>Sherif El Kholy, partner and head of MENA, Actis.<\/li>\n<\/ul>\n<p><strong>Amr and Mohamed\u2019s <\/strong><strong>companies are working together \u2014 and separately \u2014 on some of Egypt\u2019s most interesting climate opportunities.<\/strong> Together, they\u2019re developing a total of 10 GW of wind and 4 GW of electrolyzer capacity for green hydrogen production. Hassan Allam is separately working on a 1.1 GW wind project in Egypt, which is one of the largest onshore wind farms in the world, and the largest in the Middle East, as well as almost 70 MW solar PV projects.<\/p>\n<p><strong>Infinity is gearing up to become the largest African renewable energy company by 1Q 2023<\/strong> after having signed agreements to acquire Lekela Power\u2019s portfolio of operational wind power projects, which have a combined installed capacity of over 1 GW (in South Africa, Egypt and Senegal). They\u2019ve also developed more than 440 EV charging points across 11 governorates in Egypt.<\/p>\n<p>Sherif El Kholy is a longtime partner and head of Middle East and Africa Infrastructure as well as MENA private equity at Actis, a leading investor in sustainable infrastructure in global growth markets. <strong>Actis has owned and developed 15 GW of renewable power<\/strong> by investing in successful platforms including Lekela Power, in pioneering commercial and industrial businesses such as Yellow Door Energy, and climate adaptation-focused businesses including Emicool.<\/p>\n<p><strong>KEY TAKEAWAYS-<\/strong><\/p>\n<p><strong>There is plenty of appetite from the private sector for climate-focused projects<\/strong>, El Kholy said, to the extent that limited partner appetite is now seeing private equity firms set up specific vehicles and funds to focus on the green energy transition, El Kholy said. LPs including sovereign wealth and pension funds are convinced of the financial returns \u2014 and they want to invest in climate opportunities because their mandates now demand it, he said. They want to do good while doing well.<\/p>\n<p><strong>The private sector wants a piece of the adaptation pie: <\/strong>Private investors are already getting in on mitigation \u2014 dominated largely by investment in green energy projects with a view to reducing carbon emissions. But there\u2019s plenty of reason for the private sector to be interested in adaptation: Investments that will help businesses, consumers and nations adapt to a warming world. \u201cI think going forward, there are going to be increasing shifts to deploy capital more creatively in the sector, with investments becoming more diversified as more capital becomes available,\u201d El Kholy said. He emphasized the need to focus on energy-efficient technologies, rather than just on power generation, name-checking industries like district cooling, which has taken off across the GCC but is still undeveloped in Egypt.<\/p>\n<p><strong>Few countries anywhere in the world are setting out build as much renewable power in the coming years as Egypt<\/strong>, which we estimate will need 40 GW of green energy to power just the hydrogen plants for which the Madbouly government inked framework agreements at COP27.<\/p>\n<p><strong>The way the electricity market works today: <\/strong>Folks operating solar and wind facilities generate electricity and sell it to the state under a long-term offtake agreement. The assumption is that the state will continue to do this with energy for the hydrogen plants: Buying from the renewables players and selling the the plant operators at a markup. (In this case, through a special \u201cgreen corridor\u201d: You can think of it as something resembling a point-to-point grid separate from the national network that links producers with the hydrogen plants. That ensures eventual buyers of the green hydrogen that only green energy was used to make it.)<\/p>\n<p><strong>The way the private sector wished it worked: <\/strong>Energy producers wish they could effectively \u201crent\u201d the state\u2019s grid: Use it, for a fee, to sell green electricity directly to their end clients. In industry speak, that\u2019s called \u201cwheeling.\u201d<\/p>\n<p><strong>Mansour and Allam say producers \u2014 like all businesses \u2014 want visibility. <\/strong>They want a wheeling tariff that makes sense, and they want the tariff for each project they do to be set for the lifetime of the offtake agreement. The state\u2019s role needs to be that of a regulator rather than a market participant, El Kholy added, suggesting that public funding can go towards expanding and developing the national power grid and on distribution, rather than generation, which should be the private sector\u2019s purview.<\/p>\n<p><strong>One key to making this happen: <\/strong>Look at having the state divest some of its transmission infrastructure to the private sector, possibly through a program involving the Sovereign Fund of Egypt (SFE), which already \u201cspeaks the language of the private sector,\u201d Allam said.<\/p>\n<p><strong>GREEN HYDROGEN-<\/strong><\/p>\n<p><strong>The green hydrogen sector remains young, but it\u2019s a risk many are willing to take <\/strong>as industry players look at the rapidly forming market for the green fuel in Europe. Hydrogen Europe CEO Jorgo Chatzimarkakis, who was on stage just before this panel, called the 2020s the \u201cdecade of hydrogen.\u201d The private sector agrees, despite it being an embryonic sector in which European regulations and incentives are still no clear.<\/p>\n<p><strong>Is hydrogen a viable business today? No. <\/strong>Allam notes that while the green hydrogen sector right now is not economically attractive, neither was solar or wind 10-15 years ago. \u201cWe believe in the next 10 years, green hydrogen will be one of the key sources of energy in the world,\u201d Allam said. \u201cBeing a first mover in this would pay off for us.\u201d<\/p>\n<p><strong>When could we see companies breaking ground on planned green hydrogen plants?<\/strong> Masdar, Hassan Allam, and Infinity could begin commissioning the pilot phase of its 480k-ton green hydrogen facility within five years, Mansour said. Several of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f2251cd-82db-4ba9-9ef9-b1287b0bef1f\">hydrogen facilities<\/a> for which framework agreements were signed during COP27 are slated to go online in 2025 or 2026.<\/p>\n<p><strong>EXPORTS, EXPORTS, EXPORTS-<\/strong><\/p>\n<p><strong>All three of our panelists agreed that with Egypt undertaking a world-scale green energy program, we need to push hard to localize manufacturing <\/strong>of components from solar panels to wind turbines, blades and electrolyzers for hydrogen. Don\u2019t just buy components from big Chinese, German and other players \u2014 we need to have them come and manufacturing plants here to serve our booming renewables industry, setting us up to become a key export hub to Europe, Africa, the Levant and the GCC not just of green electricity and hydrogen, but also of components for the industry.<\/p>\n<p><strong>OTHER TAKEAWAYS-<\/strong><\/p>\n<p><strong>When it comes to Egypt\u2019s EV industry, we still have a long way to go<\/strong>, Mansour says. Only some 2.5k electric cars are currently on our roads, he noted. We could see the transition to EVs take form within the next 5-8 years, he predicts, as more and more brands roll out EVs here.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/d460233f-0537-4064-be8c-f0dbadbbed3d\">landmark loss and damage fund<\/a><\/strong><strong> coming out of COP27 could be key to advancing these industries forward<\/strong>, especially given the turbulent global macroeconomic backdrop and higher interest rates, El Kholy said. Subsidized finance will be key, and the loss and damage fund could be a major source of funding, he added.<\/p>\n<p><em>Our thanks to <\/em><em>CairoScene and StartupScene<\/em> for images from the event<\/p>\n<div class=\"story__body\">\n<p><strong>** The Enterprise Climate X Forum is proud to be supported by\u00a0<\/strong>USAID, HSBC, Mashreq, Attijariwafa Bank, Etisalat by e&, Hassan Allam Utilities, and Infinity.<\/p>\n<\/div>\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\/actis\/\">Actis<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate-x-forum\/\">Climate X Forum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-allam-holding\/\">Hassan Allam Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infinity\/\">Infinity<\/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=\"577849\" 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=\"577849\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/competition-act-amendments-pass-the-house\/\">\r\n                            Competition Act amendments pass the House                        <\/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\/07\/competition-act-amendments-pass-the-house\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3582805e-b867-4076-9e5e-bff71e01f886\">amendments<\/a> \u2014 which got initial signoff from the chamber on Monday \u2014 grant the Egyptian Competition Authority (ECA) the power to block M&As that it thinks could harm market competition and promote monopolistic practices.<\/p>\n<p><strong>REFRESHER- <\/strong>The amendments force businesses looking to do mergers or acquisitions to seek ECA approval and give the regulator a veto over transactions that it deems anti-competitive. The existing law confines the ECA to only raising red flags about a transaction, typically after a sale is concluded.<\/p>\n<p><strong>It was a long and winding road to get here: <\/strong>MPs had hoped to pass the legislation before the House broke for recess back in the summer, but the vote <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3389a090-d075-4a50-9d73-793ac01dbee1\">was delayed<\/a> thanks to unresolved differences between the ECA on the one hand, and the EGX, Financial Regulatory Authority (FRA), and central bank on the other. Successive antitrust bosses have sought the power to approve or reject M&As <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/25\/egypt-competition-watchdog-warns-uber-and-careem-of-fines-up-to-egp-500-mn-each-in-case-of-merger\/\">for years<\/a>.<\/p>\n<p><strong>What changed? <\/strong>The draft amendments passed by the House settle the deadlock between the ECA and other bodies over how much time the ECA should have to review an M&A transaction and the fees it would charge companies. They also lay out the penalties for firms who fail to follow the new rules, and settle how mandatory tender offers (MTOs) will be regulated between the FRA and the ECA.<\/p>\n<p><strong>KEY TAKEAWAYS<\/strong>, per a House Economic Committee report on the bill seen by Enterprise:<\/p>\n<p><strong>#1-<\/strong><strong> The fina<\/strong><strong>l bill gives the ECA power to investigate transactions of all sizes: <\/strong>The amendments give the ECA the authority to investigate M&A transactions of any size if it has evidence that it could hamper market competition. A review is mandatory for companies whose combined asset value or combined business transactions in the last year exceed EGP 900 mn in Egypt, or EGP 7.5 bn globally. Some <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ca9167f-3d70-49b8-8ada-4ecece5dd8f0\">MPs had been opposed to the EGP 900 mn threshold,<\/a>saying that it is too low and that the authority should only adjudicate larger transactions.<\/p>\n<p><strong>#2- Mandatory tender offers will continue to go through the <\/strong><strong>FRA<\/strong><strong> \u2014 with ECA input: <\/strong>Businesses acquiring shares via mandatory tender offers (MTOs) are required to get approval from the FRA before the transactions can progress. Under the new rules, the FRA has to notify the ECA of MTOs, giving the ECA 30 working days to recommend the FRA approve or block the transaction.<\/p>\n<p><strong>#3- Fees: <\/strong><strong>The ECA won\u2019t charge as much as it had hoped. <\/strong>The regulator will charge companies up to EGP 100k per transaction to conduct a first review. Pushback from the business community saw the proposed fees brought down from a previous draft that would have seen the ECA <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e0b0c98-0fbd-4f3f-9806-5107df6c4796\">charge 0.025% of the total transaction value<\/a> (or of the total value of assets merged under the transaction, whichever is higher), with an EGP 1 mn cap. The ECA can currently charge a fee of EGP 10k to look into requests from companies that want to exempt anti-competitive agreements from being subject to the law.<\/p>\n<p><strong>#4- Timeline: <\/strong><strong>The ECA got the longer review period it had been seeking. <\/strong>The final version of the amendments keeps a 30-working-day timeline on reviewing transactions with the possibility for a 15-day extension. The ECA can also make the case to enter a second, 60-working-day review with another 15-day extension option if it suspects that a transaction would harm or restrict competition. Then-EGX chief Mohamed Farid (who now leads the FRA) had previously <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ca9167f-3d70-49b8-8ada-4ecece5dd8f0\">voiced concern over the length of first reviews<\/a>, saying they should be cut to 15 business days to minimize any \u201cnegative impact.\u201d Regulatory delays are already a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e0b0c98-0fbd-4f3f-9806-5107df6c4796\">persistent challenge to businesses<\/a> that need to make decisions on whether or not to go ahead with an investment.<\/p>\n<p><strong>#5- Appeals:<\/strong> Companies will have 30 days to appeal against a decision made by the ECA. We don\u2019t yet know who would review appeals or how long that process could take.<\/p>\n<p><strong>#6- Penalties: Fines for breaking the new rules start at EGP 30 mn.<\/strong> A fine of 1-10% of the value of the annual operations of the businesses engaged in the M&A transaction, or EGP 30-500 mn, whichever is greater, will be imposed on parties that fail to notify the ECA of their M&A plans, ignore the regulator\u2019s final decision, or knowingly submit false documentation.<\/p>\n<p><strong>Other unknowns<\/strong><strong>: <\/strong>It\u2019s still not clear at which stage of M&A transactions businesses should notify the ECA. Business community reps had proposed that the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e0b0c98-0fbd-4f3f-9806-5107df6c4796\">ECA be notified after businesses conduct due diligence<\/a> and decide whether they want to go ahead with the process or not.<\/p>\n<p><strong>What\u2019s next? <\/strong>The amendments will be signed into law by President Abdel Fattah El Sisi before being published in the Official Gazette.<\/p>\n<p><strong>ALSO FROM THE HOUSE: <\/strong><\/p>\n<ul>\n<li><strong>Labor Act hearings continue:<\/strong> The House Manpower Committee continued hearings on the draft Labor Act with industry representatives.The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ae083a4f-781c-443d-ad37-ab705d0103ee\">bill<\/a>, which was approved by the Senate in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca0eee4d-fde9-42b2-b59e-d153ab58a28e\">February<\/a>, extends both maternity leave and notice periods, caps working hours, and changes minimum raise increments, among other things.<\/li>\n<li><strong>Unified Tax Procedures Act lands in the House:<\/strong> House Speaker Hanafi El Gebali referred new government-drafted amendments to the Unified Tax Act to a joint committee. The amendment allows an exchange of client information by in compliance with international tax agreements effective in the country without prejudice to the Banking Act.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/competition-act\/\">Competition Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-competition-authority\/\">Egyptian Competition Authority<\/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\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577851\" 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=\"577851\">\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\">CEO POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/biis-sherine-shohdy-on-investing-in-the-green-transition-the-vc-ecosystem-for-sustainable-development\/\">\r\n                            BII\u2019s Sherine Shohdy on investing in the green transition + the VC ecosystem for sustainable development                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/biis-sherine-shohdy-on-investing-in-the-green-transition-the-vc-ecosystem-for-sustainable-development\/126-jpg-24\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/126.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"126.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/126.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/126.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577851\" class=\"content-area-description single-story post-577851 post type-post status-publish format-standard has-post-thumbnail hentry category-ceo-poll tag-development-finance tag-enterpriseam tag-fdi wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>We recently had breakfast with 20 top CEOs to talk about why exports and FDI are key to <\/strong><strong>our economy going forward. <\/strong>After reading our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7\">five-step recipe for turning Egypt into a global export hub and FDI magnet<\/a>, participating CEOs agreed to answer two questions on the record for our latest CEO Poll.<\/p>\n<p><strong>We\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> | Amazon\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dc87ff7f-7ee7-424e-b16f-ea2ea088998f\">Omar El Sahy<\/a>.<\/p>\n<p><strong>TODAY<\/strong>- <strong>Sherine Shohdy (<\/strong><strong><a href=\"https:\/\/www.linkedin.com\/in\/sherine-shohdy-78460522\/\">LinkedIn<\/a><\/strong><strong>)<\/strong> is Egypt head and North Africa coverage director at <a href=\"https:\/\/www.bii.co.uk\/en\/\">British International Investment (BII)<\/a>, the UK government\u2019s development finance arm.<\/p>\n<p><strong>ENTERPRISE- Which industry would you put on a focused short list and why?<\/strong><\/p>\n<p><strong>SS- <\/strong>BII has commitments of over USD 760 mn in Egypt and its direct and indirect investments in the country span critical sectors such as clean infrastructure and energy, healthcare, manufacturing, and financial services. We recognize the caliber and ambition of the business leaders here and the size of the economy, so we are actively pursuing chances to support the growth of the country\u2019s most promising businesses.<\/p>\n<p>We will work towards unlocking other climate innovation strategies, including in clean energy solutions such as solar and wind power, green hydrogen, and water, sanitation, and hygiene (WASH) systems. Over the next five years, at least 30% of our total new commitments will be in climate finance, making us one of the world\u2019s largest climate investors in Africa.<\/p>\n<p>We also aim to nurture the local venture capital ecosystem, having recently committed to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44a4f4a0-2d83-4d36-a16b-3b56e14c0f00\">investing USD 100 mn in Egyptian startups<\/a> over the next five years, including in high-potential entrepreneurs with unique climate solutions. Local investors are ideal partners to identify the next generation of high-potential entrepreneurs whose unique solutions help solve development challenges, including climate solutions.<\/p>\n<p><strong>E- Why are exports and FDI the way forward? <\/strong><\/p>\n<p><strong>SS- <\/strong>We invest in productive, sustainable, and inclusive development. Export and FDI-led growth sparks global competitiveness for home-grown products, services, and businesses. Long-term lending builds self-sufficiency, stability, and a financial backbone for growing companies, which supports economic growth. It addresses the stark imbalance in international trade and elevates Africa's potential as a global trading hub. It will further boost Egypt\u2019s participation in global value chains and the economic prospects of mns of people and provide alternative sources of foreign currency beyond tourism.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"577853\" 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=\"577853\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/saudi-auto-startup-morni-is-on-the-lookout-for-egyptian-acquisitions\/\">\r\n                            Saudi auto startup Morni is on the lookout for Egyptian acquisitions.                        <\/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\/07\/saudi-auto-startup-morni-is-on-the-lookout-for-egyptian-acquisitions\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The startup plans to invest USD 10 mn by the end of the decade on Egypt acquisitions as part of its regional expansion strategy, Exits co-founder Ahella El Saban told Enterprise.<\/p>\n<p><strong>About Morni: <\/strong>The Saudi startup already operates in a number of GCC countries including Bahrain, serving over 1.2 mn customers. Morni is looking to expand across the region and is also looking to enter the UAE in addition to Egypt, El Saban said.<\/p>\n<p><strong>Potential candidates? <\/strong>Some of the most prominent RAS players in the local market include <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/967b83f3-412b-4d4c-8170-950dfcf95128\">Odiggo<\/a>, a tech company that allows drivers to connect with suppliers and service providers, and automotive service provider <a href=\"http:\/\/www.3atlana.com\/\">3atlana<\/a>.<\/p>\n<p><strong>Exits\u2019 role:<\/strong> \u201cThe buyer comes in and they have a specific expansion plan and we source and find the startups they can buy,\u201d El Saban said. \u201cThe Egyptian market, the mere size of it, makes it attractive to any investor and the exchange rate makes it a very lucrative market for many investors,\u201d she added. The advisory outfit was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/00603e3e-a806-4507-8732-0ee293997ffc\">acquired by Mohamed Aboulnaga\u2019s Pie Consulting<\/a> earlier this year, and closed a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0836b85-c8b1-49a5-81aa-e21a85793c75\">USD 1 mn pre-seed funding round<\/a> in September.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morni\/\">Morni<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"577855\" 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=\"577855\">\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\">Development finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/savolas-afia-could-be-getting-usd-20-mn-from-ebrd-to-fund-imports\/\">\r\n                            Savola\u2019s Afia could be getting USD 20 mn from EBRD to fund imports                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        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href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/savolas-afia-could-be-getting-usd-20-mn-from-ebrd-to-fund-imports\/\">\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=Savola\u2019s Afia could be getting USD 20 mn from EBRD to fund imports&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/savolas-afia-could-be-getting-usd-20-mn-from-ebrd-to-fund-imports\/\">\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\/07\/savolas-afia-could-be-getting-usd-20-mn-from-ebrd-to-fund-imports\/&title=Savola\u2019s Afia could be getting USD 20 mn from EBRD to fund imports\">\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=Savola%E2%80%99s+Afia+could+be+getting+USD+20+mn+from+EBRD+to+fund+imports+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F07%2Fsavolas-afia-could-be-getting-usd-20-mn-from-ebrd-to-fund-imports%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\/07\/savolas-afia-could-be-getting-usd-20-mn-from-ebrd-to-fund-imports\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/129.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577856\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/savolas-afia-could-be-getting-usd-20-mn-from-ebrd-to-fund-imports\/129-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/129.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"129.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/129.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/129.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577855\" class=\"content-area-description single-story post-577855 post type-post status-publish format-standard has-post-thumbnail hentry category-development-finance tag-afia tag-development-finance tag-ebrd tag-enterpriseam tag-savola wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>EBRD could help fund Afia\u2019s imports: <\/strong>Savola Group\u2019s edible oil company Afia Egypt could receive a USD 20 mn senior unsecured loan from the European Bank for Reconstruction and Development (EBRD) to help it pay for imports amid an FX crunch at home and growing food insecurity abroad, according to the <a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/53749.html\">lender\u2019s website<\/a>.<\/p>\n<p><strong>What they said:<\/strong> The financing would support Afia Egypt\u2019s \u201cworking capital needs for the importation of its main production input, edible oil, from the international markets,\u201d the EBRD said. \u201cThe project strengthens the company's resilience to the current and potential shocks from the external environment with growing food security threats in the SEMED region and foreign currency shortage in Egypt following the Russia-Ukraine war,\u201d it said.<\/p>\n<p><strong>REMEMBER-<\/strong> Egyptian importers are facing tough times right now, with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">import restrictions<\/a> making it more difficult to bring goods into the country and the falling value of the currency making what goods they are able to import more expensive. Hard currency has become scarce due to tightening global financial conditions and the fallout from the war in Ukraine has, forcing the central bank to intervene with the curbs to shore up the country\u2019s FX reserves.<\/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\/afia\/\">Afia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/savola\/\">Savola<\/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=\"577857\" 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=\"577857\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/itida-gets-a-new-boss\/\">\r\n                            ITIDA gets a new boss                        <\/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\/07\/itida-gets-a-new-boss\/\" 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\/07\/itida-gets-a-new-boss\/')\">\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\/07\/itida-gets-a-new-boss\/\">\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=ITIDA gets a new boss&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/itida-gets-a-new-boss\/\">\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\/07\/itida-gets-a-new-boss\/&title=ITIDA gets a new boss\">\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=ITIDA+gets+a+new+boss+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F07%2Fitida-gets-a-new-boss%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\/07\/itida-gets-a-new-boss\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/131.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577858\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/itida-gets-a-new-boss\/131-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/131.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"131.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/131.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/131.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577857\" class=\"content-area-description single-story post-577857 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-ahmed-elzaher tag-cit-ministry tag-enterpriseam tag-itida tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Ahmed Elzaher<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/ahmedelzaher\/details\/experience\/\">LinkedIn<\/a>) has been named <strong>acting CEO<\/strong> of the <strong>Information <\/strong><strong>Technology <\/strong><strong>Industry Development Agency (ITIDA)<\/strong>, succeeding <strong>Amr Mahfouz<\/strong> who <a href=\"https:\/\/bit.ly\/3Y4XwCA\">retired last month<\/a>, the agency said in <a href=\"https:\/\/ent.news\/2022\/12\/Ahmed-Elzaher-Named-Acting-CEO-of-ITIDA.pdf\">a statement (pdf)<\/a> yesterday. Elzaher is also assistant minister for ecosystem development at the Communications Ministry, and has more than 27 years of experience in the IT industry in several countries, including Egypt, UAE, Kenya and Algeria. Elzaher spent most of his professional career at IBM, where he held several executive posts. He joins ITIDA from the Abu Dhabi-based Digital14, where he was the chief commercial officer.<\/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\/ahmed-elzaher\/\">Ahmed Elzaher<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cit-ministry\/\">CIT ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/itida\/\">ITIDA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/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=\"577859\" 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=\"577859\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/577859\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577859\" class=\"content-area-description single-story post-577859 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=\"577860\" 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=\"577860\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/moroccos-world-cup-win-the-imf-get-attention-on-the-talk-shows\/\">\r\n                            Morocco\u2019s World Cup win + the IMF get attention on the talk shows                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" 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\/07\/moroccos-world-cup-win-the-imf-get-attention-on-the-talk-shows\/\" 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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Morocco\u2019s win is also getting cheers from Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=vyE_U8id7lo\">watch, runtime: 13:54<\/a>).<\/p>\n<p><strong>A reminder of our 3rd program with the IMF:<\/strong> Following yesterday\u2019s news that the IMF executive board will discuss Egypt\u2019s request for a new loan program, Kelma Akhira\u2019s El Hadidi reminded viewers about the details of the staff-level agreement reached in October (<a href=\"https:\/\/www.youtube.com\/watch?v=at7YAaZmCl0\">watch, runtime: 4:35<\/a>).<\/p>\n<p><strong>An IMF approval would count as a \u201cgreen light\u201d fo<\/strong><strong>r investments by foreign and Arab <\/strong><strong>investors<\/strong>, House Budget and Planning Committee Chairman Fakhri El Fiqi told El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=MrdToXOYNJM\">watch, runtime: 11:22<\/a>). \u201cEgypt is on the right track,\u201d El Fiqi said, looking to send a message of reassurance on the importance of the loan for the economy.<\/p>\n<p><strong>REMEMBER- <\/strong>Our Gulf allies <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">have pledged to provide<\/a> more than USD 20 bn in investment and funding for Egypt as they move to help shore up the country\u2019s FX reserves amid global fallout from Russia\u2019s war in Ukraine.<\/p>\n<p><strong>El Fiqi<\/strong><strong> dismissed speculation about a fresh devaluation<\/strong>, saying that \u201cthe [exchange rate] has already devalued in October\u201d and blaming rumors for what he said were higher rates on the still-anemic parallel market. His statements come amid speculation from some <a href=\"https:\/\/twitter.com\/i\/broadcasts\/1BdGYyDgYMZGX\">analysts<\/a> and <a href=\"https:\/\/bit.ly\/3XZXpbA\">MPs<\/a> that the currency could lose value again, with 12-month <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-06\/imf-board-to-discuss-egypt-next-week-as-loan-approval-awaited?sref=mmeFTDW1\">non-deliverable forward<\/a> now changing hands at EGP 30 to the USD. The EGP closed yesterday at 24.64 to the greenback. Enterprise readers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd84427a-c81c-42e3-9a7b-a8ca9d01efdc\">told us in September<\/a> that they expected the USD to be changing hands at EGP 23-24 next year.<\/p>\n<p><strong>The gold market is being hit by uncertainty over the currency right now<\/strong>, which led some merchants to this week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3ceb7546-21db-4f79-8d43-8f1ed31f4f23\">stop pricing<\/a> the precious metal. Local gold prices have surged to record highs this week, with 21 carat gold reaching EGP 1.8k. Demand for gold has surged in the wake of October\u2019s EGP devaluation which has seen the currency fall almost 25% against the USD.<\/p>\n<p><strong>Expect EGP 1.8k \u201cto be the norm\u201d into next year<\/strong>, according to Amir Rizk, member of the Gold Division at the Chamber of Commerce. He told Yahduth Fi Masr\u2019s Sherif Amer last night that he expects prices to decline towards the new year but will then pick back up again towards record highs (<a href=\"https:\/\/www.youtube.com\/watch?v=xyjO01V4O2I\">watch, runtime: 5:55<\/a>).<\/p>\n<p><strong>MEANWHILE- The National Dialogue guest list: <\/strong>The National Dialogue\u2019s board of trustees began to discuss yesterday who will participate, with the guest list set to include politicians, NGOs, experts and others, board member Talaat Abdel Qawy told Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=sOwLZxthxzs\">watch, runtime: 9:40<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gold\/\">gold<\/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\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morocco\/\">Morocco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spain\/\">Spain<\/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=\"577862\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 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class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-jpvafkc\" data-v=\"4\" data-block-id=\"jpvafkc\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-jpvafkc-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-jpvafkc-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240923.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-g48h369\" data-v=\"4\" data-block-id=\"g48h369\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-g48h369-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-g48h369-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240924.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27487.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Live More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-6f7ce9s\" data-v=\"4\" data-block-id=\"6f7ce9s\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-6f7ce9s-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-6f7ce9s-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-5h1gmyw\" data-v=\"4\" data-block-id=\"5h1gmyw\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-5h1gmyw-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-5h1gmyw-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" 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   \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/sczone-to-take-its-promo-campaign-to-japan-next-year\/\">\r\n                            SCZone to take its promo campaign to Japan next year                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/133.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577864\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/07\/sczone-to-take-its-promo-campaign-to-japan-next-year\/133-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/133.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"133.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/133.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/133.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577863\" class=\"content-area-description single-story post-577863 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-enterpriseam tag-investment-watch tag-suez-canal-economic-zone wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>INVESTMENT- <\/strong><\/p>\n<p><strong>A promotional campaign by SCZone in Japan? <\/strong>A Japanese investment delegation has invited Suez Canal Economic Zone (SCZone) head Walid Gamal El Din to prepare a promotional campaign for the zone in Japan early next year, according to <a href=\"https:\/\/bit.ly\/3BgkAoa\">a SCZone statement<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/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=\"577869\" 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\/07\/577869\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577869\" class=\"content-area-description single-story post-577869 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>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>19-20 December (Monday-Tuesday): The Arab Administrative Development Organization\u2019s<a href=\"https:\/\/www.arado.org\/Activity\/Details?Id=537954\">conference on Modern Methods in Hospital Management<\/a>, Cairo.<\/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":577843,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-577842","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"c0acbf6f-f056-4f4a-a356-a532104f8a44","teaser":"","photo_url":"https:\/\/ent.news\/2022\/12\/121.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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