{"id":577881,"date":"2022-12-08T03:46:34","date_gmt":"2022-12-08T03:46:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=577881"},"modified":"2025-12-16T11:27:03","modified_gmt":"2025-12-16T11:27:03","slug":"egypt-signs-agreements-for-feasibility-studies-on-seven-more-green-hydrogen-projects","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/egypt-signs-agreements-for-feasibility-studies-on-seven-more-green-hydrogen-projects\/","title":{"rendered":"Egypt signs agreements for feasibility studies on seven more green hydrogen projects"},"content":{"rendered":"<section id=\"577883\" 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=\"577883\">\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\/08\/this-morning-expect-qatari-investment-come-the-new-year\/\">\r\n                            THIS MORNING: Expect Qatari investment come the new 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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decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/151.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577884\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/this-morning-expect-qatari-investment-come-the-new-year\/151-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/151.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"151.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/151.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/151.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577883\" class=\"content-area-description single-story post-577883 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-cyprus tag-eastern-mediterranean-gas-forum tag-egyptian-dental-syndicate tag-enterpriseam tag-golden-license tag-imf tag-qia tag-sovereign-fund-of-egypt tag-tarek-el-molla 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, folks, and HAPPY THURSDAY. <\/strong>It\u2019s been an exhilarating and exhausting week and we\u2019re looking forward to getting some much-needed rest here at Enterprise HQ.<\/p><p><strong>But first, we bring you yet another packed issue this morning. <\/strong>There\u2019s plenty of encouraging news on foreign investment in our industrial and manufacturing sectors this morning, from fresh green hydrogen agreements, to cabinet moves to widen investment incentives, to positive sounds from automakers on plans to up local manufacturing. That ties in nicely with the latest installment of our CEO poll on our five-step recipe to boost FDI and exports, with Mansour Automotive\u2019s Ankush Arora.<\/p><p><strong>We also bring you more from Tuesday\u2019s inaugural Enterprise Climate X Forum:<\/strong> Our panel on green hydrogen and the NWFE program saw Jorgo Chatzimarkakis, CEO of <strong>Hydrogen Europe<\/strong>, Khalid Hamza, director and head of Egypt at the <strong>EBRD<\/strong>, and Khaled Nageib, CEO of <strong>Hydrogen Egypt<\/strong>, demystify two of the biggest opportunities for the private sector to have come out of COP27.<\/p><hr class=\"grey-line\"><p><strong>We\u2019re expecting the IMF\u2019s board meeting on our loan to go smoothly:<\/strong> Egypt expects the IMF to approve our USD 3 bn bailout package without any hiccups when its executive board meets next Friday, Deputy Finance Minister Ahmed Kouchouk said at a conference yesterday, according to <a href=\"https:\/\/www.investing.com\/news\/economy\/egypt-expecting-approval-of-imf-package-next-weekdeputy-minister-2959242\">Reuters<\/a>. It\u2019s \u201cvery accurate\u201d to say that meeting is a formality, Kouchouk said.<\/p><p><strong>REMEMBER-<\/strong> Finance Minister Mohamed Maait said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76937c25-3c19-442b-995a-5cf50812c220\">earlier this week<\/a> that we could receive the first USD 750 mn tranche of the rescue package before the end of this 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><hr class=\"grey-line\"><p><strong>ALSO ON OUR RADAR-<\/strong><\/p><p><strong>Dentists join the e-invoicing opposition club:<\/strong> The Egyptian Dental Syndicate is \u201crejecting\u201d the requirement that self-employed professionals including doctors, engineers, lawyers, and artists register on the Tax Authority\u2019s e-invoicing system by 15 December, according to a <a href=\"https:\/\/www.facebook.com\/287655195102469\/posts\/pfbid02RNnXi8dXNxvUk9Bm47AZ57fLkepZCF1rSdhTKvZWyb4qb8EYqq7PKvTgjXUw6QTXl\/?mibextid=Nif5oz\">statement<\/a>. The syndicate is the latest to join the chorus of voices opposing the requirement, including <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4811d17-4f27-4d5b-afef-3cbec01f797b\">doctors, pharmacists and lawyers<\/a>.<\/p><p><strong>Enterprise says: Businesses pay taxes. You should pay yours. <\/strong>The majority of licensed professionals are good and honest people, but their versions of industry associations have for more than five years now aggressively pushed back on anything coming out of the Tax Authority or the Central Bank of Egypt that would make their finances more transparent to The Man. Incorporated businesses charge and remit VAT, file e-invoices, pay income taxes, etc, etc \u2014 solo practitioners and partnerships between them should be no different.<\/p><p><strong>Oil Minister Tarek El Molla was appointed president of the East Mediterranean Gas <\/strong><strong>Forum\u2019s (EMGF) 2023 ministerial meeting<\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/12\/Updated-EMGF-8th-MM-Declaration-06122022-1936-clean-final.pdf\">joint declaration (pdf)<\/a> out of the forum\u2019s 2022 meeting yesterday, which was chaired by Cypriot Energy Minister Natasa Pilides.<\/p><p><strong>Good news for our gas export ambitions:<\/strong> Cyprus\u2019 Aphrodite field will see a new round of drilling in early 2023, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/new-drilling-round-aphrodite-gas-field-set-early-2023-cypriot-minister-2022-12-07\/\">Reuters<\/a> reports, citing statements by Pilides in Cairo yesterday. Pilides said her country is trying to accelerate development so the first shipment could reach Egypt by 2027.<\/p><p><strong>REMEMBER- <\/strong>Egypt and Cyprus are planning to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d3e83f43-ae59-490e-961f-2ffbeef74788\">lay a pipeline<\/a> connecting the Aphrodite field to Egypt\u2019s LNG facilities, where natural gas is liquified and exported to Europe. Egypt is the only country with LNG facilities in the Eastern Mediterranean, putting us in pole position to fill Europe\u2019s energy supply gap as it rapidly transitions away from Russian fossil fuels.<\/p><hr class=\"grey-line\"><p><strong>WATCH THIS SPACE<\/strong><strong>- SFE boss sees fresh Qatari investments coming in at the <\/strong><strong>beginning of 2023: <\/strong>The Qatar Investment Authority (QIA) is expected to make more investments in the local market early next year, <a href=\"https:\/\/www.alborsaanews.com\/2022\/12\/07\/1605902\">Al Borsa<\/a> quotes Sovereign Fund of Egypt (SFE) CEO Ayman Soliman as saying. Sovereign wealth funds from other unspecified countries are also set to invest in Egypt at the beginning of 2023, Soliman said, without giving further details on the expected investments. The SFE is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4eba7b6-ca92-405e-a086-a06d840bc043\">planning a roadshow<\/a> in late December or the beginning of January to market assets in its pre-IPO fund to regional wealth funds.<\/p><p><strong>QIA has a number of investments in the pipeline<\/strong><strong>:<\/strong> QIA earlier this year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f72cd713-290a-4932-b374-56c1dbdcc856\">deposited USD 1 bn with the Central Bank of Egypt<\/a> as a stop-gap while it completes due diligence and finalizes agreements to purchase as much as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/23c6426c-0b5d-4302-aeb2-74226e86a276\">USD 2.5 bn worth of state-held stakes<\/a>in unlisted companies. The fund already has its eye on a number of potential investments, including the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b25dff95-58b6-4c52-ad41-2a0d694c3251\">port of Safaga<\/a>, the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd3f1189-fe0f-4c6d-914b-7c320d65f001\">Damietta port<\/a> and Egypt\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1b0de2d-c348-49f4-842b-4b5f4ff1c21c\">container terminals<\/a>.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p><p><strong>We\u2019ll find out today 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\">16.2% in October<\/a>, which would be the highest level in almost five years. The survey also sees core inflation reaching 21.6% in November \u2014 its highest since November 2017 \u2014 up from 19.0% 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>AND TOMORROW-<\/strong><\/p><p><strong>President Abdel Fattah El Sisi will be in Riyadh 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><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 this morning is the political drama unfolding in Peru<\/strong>: Dina Boluarte was sworn in as Peru\u2019s new president hours after former leader Pedro Castillo was ousted by lawmakers. Castillo has been arrested on charges of \u201crebellion\u201d after he sought to dissolve the congress to avoid an impeachment vote. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-07\/peru-s-dina-boluarte-sworn-in-by-congress-as-new-president\">Bloomberg<\/a>, <a href=\"https:\/\/www.reuters.com\/world\/americas\/perus-president-says-will-dissolve-congress-calls-elections-2022-12-07\/\">Reuters<\/a>, <a href=\"https:\/\/apnews.com\/article\/peru-caribbean-government-pedro-castillo-62923886f7c53b1dcceb0db84cb09888?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_04\">AP<\/a>, and the <a href=\"https:\/\/www.ft.com\/content\/f9f1336a-9d79-4cb6-9e85-f9ef7e2eb439\">FT<\/a> have more.<\/p><p><strong>The international press is also still buzzing with the bizarre \u2013 and somewhat scary <\/strong><strong>\u2014 story of a foiled coup attempt by a rightwing fringe group in Germany. <\/strong>German police arrested 25 people accused of planning an armed coup to overthrow the government and install 71-year-old German aristocrat Heinrich XIII as the country\u2019s leader. The <a href=\"https:\/\/www.ft.com\/content\/5fd41052-ad81-46fb-b33b-a277236c24e9\">Financial Times<\/a>, <a href=\"https:\/\/www.theguardian.com\/world\/2022\/dec\/07\/german-police-raids-target-far-right-reich-citizens-movement\">the Guardian<\/a>, and the <a href=\"https:\/\/www.bbc.com\/news\/world-europe-63885028\">BBC<\/a> are among those with coverage.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/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 today<\/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>The Egyptian Private Equity Association is hosting a healthcare summit next Monday, 12<\/strong><strong> December.<\/strong> The event will be held under the auspices of the finance and planning ministries. You can check out the <a href=\"https:\/\/ent.news\/2022\/12\/Healthcare-Summit-final.pdf\">agenda here (pdf)<\/a> and <a href=\"https:\/\/docs.google.com\/forms\/d\/e\/1FAIpQLSf1Ww5Qf_B5XHZKqyLvvdoAZihyz0xQoBUcZciMAU7VEUBS-Q\/viewform?usp=pp_url\">register for the summit here<\/a>.<\/p><p><strong>Later this month:<\/strong> The Central Bank of Egypt\u2019s Monetary Policy Committee meets on Thursday, 22 December to review interest rates.<\/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>\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\/cyprus\/\">Cyprus<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-mediterranean-gas-forum\/\">Eastern Mediterranean Gas Forum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-dental-syndicate\/\">Egyptian Dental Syndicate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/golden-license\/\">Golden license<\/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\/qia\/\">QIA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-el-molla\/\">Tarek El Molla<\/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=\"577885\" 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=\"577885\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/577885\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577885\" class=\"content-area-description single-story post-577885 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Simply-Somabay1-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>Somabay brings out the best in majestic natural elements where raw beauty and endless activities reign supreme. Immerse yourself into a picturesque getaway all year long. This is simply Somabay. For more information, call 16390 or visit <a href=\"http:\/\/www.somabay.com\">www.somabay.com<\/a>.<\/p>\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=\"577886\" 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=\"577886\">\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\">ENTERPRISE CLIMATE X<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/green-hydrogen-and-nwfe-are-key-for-the-private-sector-coming-out-of-cop27\/\">\r\n                            Green hydrogen and NWFE are key for the private sector coming out of COP27                        <\/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\/08\/green-hydrogen-and-nwfe-are-key-for-the-private-sector-coming-out-of-cop27\/\" 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 panel was a deep dive into how some of the biggest agreements out of COP27 could take shape over the coming years that brought together some of the biggest players in the global and local hydrogen industries, as well as one of the champions of NWFE, to discuss what needs to be done for hydrogen and renewable energy to take off over the coming decade, and the potential impact of the NWFE program on Egypt\u2019s green transition and sustainability drive.<\/p>\n<p><strong>Joining us for the panel:<\/strong><\/p>\n<ul>\n<li><strong>Jorgo Chatzimarkakis<\/strong>, CEO, Hydrogen Europe<\/li>\n<li><strong>Khalid Hamza<\/strong>, director and head of Egypt, European Bank for Reconstruction and Development (EBRD)<\/li>\n<li><strong>Khaled Nageib<\/strong>, CEO, Hydrogen Egypt<\/li>\n<\/ul>\n<p><strong>Refresher: <\/strong>Egypt signed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f2251cd-82db-4ba9-9ef9-b1287b0bef1f\">framework agreements<\/a> for c.USD 85 bn worth of green hydrogen projects during COP27, which will need some 40 GW of green energy to power them. We also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78d954b3-0d56-460d-af13-2358656a7958\">locked in<\/a> some USD 10.3 bn in funding for NWFE, which seeks to implement some USD 15 bn worth of projects to turbocharge the country\u2019s green transition, including an energy project worth USD 10 bn and eight food security, agriculture, and irrigation and water projects.<\/p>\n<p><strong>Wait, what\u2019s NWFE+? <\/strong>Where NWFE focuses on water, food and energy, NWFE+ adds transportation to the mix.<\/p>\n<p><strong>Those were two of our biggest achievements during COP27 <\/strong>\u2014 besides, of course, getting countries to agree to the landmark <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/d460233f-0537-4064-be8c-f0dbadbbed3d\">loss and damage fund<\/a> (in our eyes, that last one makes Amb. Mohamed Nasr, our chief climate negotiator, a hero to emerging markets). It\u2019s those agreements that allowed us to follow through with our commitment to move from \u201cpledges\u201d to \u201cimplementation,\u201d helped the summit earn the title <strong>\u201c<\/strong>the hydrogen COP\u201d from Hydrogen Europe\u2019s Chatzimarkakis. Similarly, NWFE get plenty of honorable mentions among climate experts as a \u201cpioneering model\u201d for attracting investments to climate projects in emerging markets. But how can we ensure we can take these forward \u2014 and that the MoUs will translate into operational hydrogen plants?<\/p>\n<p><strong>Among the key takeaways from our discussion:<\/strong><\/p>\n<p><strong>IT\u2019S A GLOBAL LAND GRAB-<\/strong><\/p>\n<p><strong>Major international players think Egypt will emerge as one of the key hubs of the global hydrogen economy<\/strong>, potentially just ahead of other big players including Saudi Arabia, Namibia and Chile.<\/p>\n<p><strong>Uh, what\u2019s hydrogen, anyway? <\/strong>Boosters like Chatzimarkakis and Nageib think it\u2019s the fuel of the future, and Europe is starting a wholesale adoption that will see it need to buy mns of tons per year to fuel industry and power generation.<\/p>\n<p><strong>Okay, but what can you do with it? <\/strong>In time, just about anything you can do with a fossil fuel. Hydrogen and derived \u201ccarrier molecules\u201d such as ammonia and methanol can be used to power ships and cars, fire steel and other energy-intensive plants, <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/45668a7e-c0b9-42c8-acae-2e3ab49c96fc\">maybe even power an airplane<\/a>.<\/p>\n<p><strong>Yeah, but what can you do with it today? <\/strong>The technology is still maturing, but already the Swedish steel industry is switching entirely to hydrogen \u2014 and Chaztimarkakis drives to work each day in a zero-carbon-emissions hydrogen-powered car. He fills up at a growing network of hydrogen fueling stations. (The jury is still very much out on whether EVs or H2-powered cars will be the future).<\/p>\n<p><strong>So it replaces electricity? <\/strong>Nope. When it\u2019s feasible, direct electrification wins just about 100% of the time. But the simple fact is that electricity accounts for just 20% of our global energy use. And with batteries being large, difficult to make, difficult to dispose of, and having limited lifespans, there\u2019s an argument to be made that hydrogen is a critical part of our energy mix going forward.<\/p>\n<p><strong>How do we export it? <\/strong>Chatzimarkakis imagines we\u2019ll be selling ammonia and methanol to Europe and sending it there by ship in the first phases, but ultimately wants to see a pipeline linking Egypt to Greece and Trieste. That pipeline could handle pure hydrogen or an oil-like carrier called LOHC, he says.<\/p>\n<p><strong>So, why Egypt? <\/strong>We get into that below, but essentially we\u2019re one of the most affordable places in the world to make it \u2014 and we\u2019re incredibly close to hydrogen-hungry Europe.<\/p>\n<p><strong>ON NWFE- <\/strong><\/p>\n<p><strong>We\u2019re building, using and exporting a massive amount of renewables over the next decade: <\/strong>The outcome of Egypt\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eadfc091-174c-41db-bf19-a1e4cf62e7b7\">hydrogen strategy<\/a>, on which EBRD is working with the Madbouly government as the lead on energy pillar of NWFE, suggests that Egypt will need some 40 GW of renewable energy in place to power our hydrogen ambitions, Hamza said. For that, we also need to develop and expand the national grid to absorb this energy, which requires some USD 2-3 bn in additional investment, Hamza said. To put that in context, our total installed renewables capacity was at 3.4 GW at the end of last year \u2014 1.6 GW of which came from the Benban solar power park. \u201cThat means we need about 30x more Benbans,\u201d Hamza said.<\/p>\n<p><strong>How close are we to seeing NWFE turn into reality? <\/strong>The program should be implemented over five or six years, Hamza said. \u201cEgypt was able to raise USD 10.3 bn in just three months,\u201d he said, adding that this is just an indication of what the program can achieve. \u201cAs we work on implementation, building a steering committee for donors, and identifying projects with the government, and hopefully sign them at the beginning of next year, I think it is happening,\u201d he said.<\/p>\n<p><strong>ON HYDROGEN- <\/strong><\/p>\n<p><strong>Is this the decade of hydrogen?<\/strong> \u201cThe 2000s were the decade of wind, the 2010s the decade of solar, and the 2020s will be the decade of hydrogen,\u201d Chatzimarkasis said during the panel, stressing that, despite being an embryonic technology, the clean energy has massive potential for the climate industry.<\/p>\n<p><strong>Egypt is primed to become a global hydrogen hub:<\/strong> \u201cWe will see Egypt being the hub for hydrogen,\u201d Chatzimarkakis said. \u201cThe country at the crossroads, with the biggest opportunities, is Egypt; it\u2019s a prime partner for the EU next to Namibia, but Namibia is far away.\u201d Egypt\u2019s proximity to the EU and the GCC, as well as our low costs of producing renewable energy (which accounts for 60% of the cost of producing hydrogen), gives it this competitive advantage, he explains.<\/p>\n<p><strong>There is a huge market for hydrogen: <\/strong>Europe wants to import <a href=\"https:\/\/energy.ec.europa.eu\/topics\/energy-systems-integration\/hydrogen_en#:~:text=Hydrogen%20accelerator,-With%20the%20publication&text=The%20REPowerEU%20plan's%2520ambition%2520is,Directive%252C%2520published%2520in%2520July%25202021.\">10 mn tons of hydrogen<\/a> annually by 2030 \u2014 and that\u2019s just one potential export market for Egypt, Chatzimarkakis said. \u201cThen there are the low hanging fruits: the chemical industries that are already using hydrogen,\u201d he added.<\/p>\n<p><strong>But we need to expand infrastructure \u2014 and fast: <\/strong>Projects like the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/891598e1-8197-40e4-91d6-93e212f9c000\">Egypt-Greece pipeline<\/a> can allow Egypt to become a first mover in the industry and attract investments, he said. \u201cThis is the project we need to pursue and rush,\u201d he added. The pipeline is currently expected to come online <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/05\/turkey-announces-natgas-drilling-off-cyprus-egypt-eu-caution-drillers\/\">in 2024 or 2025<\/a>.<\/p>\n<p><strong>We also need to provide the appropriate policy environment: <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59629508-f337-48ec-b80c-092a43eecb30\">Fuel subsidies<\/a> must be scrapped if we want hydrogen to be competitive, said the EBRD\u2019s Hamza, who heads up the energy component of NWFE. \u201cYou need to have subsidies for hydrogen just like solar and wind\u201d to initially make it cost-attractive for the industry, he said. \u201cYou can't compete with an established industry that is also subsidized, so you need to take away that subsidy over time,\u201d he added, saying that he expects the phase-out to happen eventually.<\/p>\n<p><strong>There are several ways to produce green hydrogen \u2014 and that unlocks even more potential for a \u201chydrogen economy,\u201d<\/strong> Chatzimarkasis said. One way is through electrolysis \u2014 where hydrogen and oxygen are separated from water via an electric current \u2014 and another is pyrolysis, which produces what is more accurately termed \u201cturquoise hydrogen\u201d \u2014 because it sits comfortably between green and blue hydrogen. Pyrolysis uses biomethane as feedstock to produce hydrogen and carbon as outputs, but carbon comes out in solid form, which means it can be used in applications like soil improvement and manufacturing.<\/p>\n<p><strong>A hydrogen economy also means chances for industry: <\/strong>\u201cThere\u2019s a lot of industrialization that can happen around this sector, because you have scale,\u201d Hamza said. \u201cWhen you\u2019re talking about 30-40 GW of needed renewables over the next ten years, that's a huge amount of investments required, and it's going to clog your ports, use your transport system; all of that needs to be expanded to cater to that,\u201d he explained. Localizing an industry for components for wind and solar plants could be a game-changer, he added.<\/p>\n<p style='font-size: 18px;font-weight: bold' >HYDROGEN EGYPT + HYDROGEN EUROPE LINK UP TO DEVELOP A LOCAL GREEN HYDROGEN SECTOR<\/p>\n<p><strong>Hydrogen Egypt and Hydrogen Europe <\/strong><strong><a href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7006200865334136832\/\">signed an agreement<\/a><\/strong><strong> during Climate X to work together on piloting small-scale hydrogen projects across Egypt. <\/strong>The companies will be working on pitching projects to the oil and transport Ministries on everything from transitioning tuktuks to hydro-powered alternatives, to greening the steel industry, Nageib said during the forum.<\/p>\n<p><strong>\u201cEvery authority in Egypt has a hydrogen unit and they\u2019re thinking of plans to develop hydrogen,\u201d<\/strong> Nageib said. The companies\u2019 agreement will see them help bring B2B opportunities from the public and private sector in Egypt to European offtakers to support those plans, he added \u2014 in what Chatzimarkakis described as \u201cmatchmaking\u201d between European and Egyptian companies in the sector.<\/p>\n<p><strong>** The Enterprise Climate X Forum is proud to be supported by <\/strong>USAID, HSBC, Mashreq, Attijariwafa Bank, Etisalat by e&, Hassan Allam Utilities, and Infinity.<\/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\/enterprise-climate-x\/\">ENTERPRISE CLIMATE X<\/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\/hydrogen-egypt\/\">Hydrogen Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hydrogen-europe\/\">Hydrogen Europe<\/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\/nwfe\/\">NWFE<\/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=\"577888\" 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=\"577888\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/we-could-be-getting-even-more-green-hydrogen-projects\/\">\r\n                            We could be getting even more green hydrogen projects                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/we-could-be-getting-even-more-green-hydrogen-projects\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The statement does not provide further details on the potential investment size, production capacity, or timeline for any of the projects.<\/p>\n<p><strong>Who\u2019s signing? <\/strong>Saudi renewables player Acwa Power, a consortium of <a href=\"https:\/\/benchmark-energy.com\/\">Benchmark<\/a> and the Holding Company for Chemical Industries, China Energy, Germany\u2019s <a href=\"https:\/\/www.dai.com\/\">DAI<\/a>, India\u2019s <a href=\"https:\/\/ocior.in\/\">Ocior Energy<\/a>, a consortium of France\u2019s <a href=\"https:\/\/www.voltalia.com\/\">Voltalia<\/a> and Qalaa Holdings\u2019 <a href=\"https:\/\/www.taqa.com.eg\/\">Taqa<\/a><a href=\"https:\/\/www.taqa.com.eg\/\">Arabia<\/a>, and BP.<\/p>\n<p><strong>There are plenty of familiar names there:<\/strong> French renewables company Voltalia has also been mulling new solar and wind energy investments here since <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/446867e9-1969-42d7-8981-7d436d064b25\">last year<\/a>, while Acwa Power could build a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/866d0721-9205-4641-bcd0-b61100d2abec\">10-GW wind farm here<\/a>, as well as its planned <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f41c35d7-5b75-4306-89c7-0a716849a97f\">1.1 GW wind<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f41c35d7-5b75-4306-89c7-0a716849a97f\">farm<\/a> in the Gulf of Suez with our friends at Hassan Allam.<\/p>\n<p><strong>Demand is high for our green energy hub projects: <\/strong>The new MoUs come after Egypt signed a basket of agreements with international companies and consortiums to establish green hydrogen and green ammonia projects, including nine <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f2251cd-82db-4ba9-9ef9-b1287b0bef1f\">framework agreements<\/a> for projects that would, if implemented, bring in north of USD 80 bn worh of investments.<\/p>\n<p style='font-size: 18px;font-weight: bold' >Fortescue\u2019s green hydrogen plant could be up and running within five years<\/p>\n<p><strong>MEANWHILE- Australia\u2019s Fortescue Future Industries (FFI) could begin production at its <\/strong><strong>planned <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c49a1f98-886d-415a-8e3c-78a1227861fc\">g<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c49a1f98-886d-415a-8e3c-78a1227861fc\">reen<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c49a1f98-886d-415a-8e3c-78a1227861fc\">hydrogen plant<\/a><\/strong><strong> in 2027<\/strong>, FFI\u2019s Middle East, North Africa, and Central Asia President Moataz Kandil was quoted as saying by <a href=\"https:\/\/www.alborsaanews.com\/2022\/12\/07\/1605887\">Al Borsa<\/a>. FFI expects to complete the plant by 2030, Kandil said in an interview with Bloomberg Asharq (<a href=\"https:\/\/now.asharq.com\/category\/56\/%D8%AA%D8%BA%D8%B7%D9%8A%D8%A7%D8%AA-%D8%AE%D8%A7%D8%B5%D8%A9\/1506822\/%D9%82%D9%86%D8%AF%D9%8A%D9%84-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D8%A5%D9%86%D8%AA%D8%A7%D8%AC-%D8%A7%D9%84%D9%87%D9%8A%D8%AF%D8%B1%D9%88%D8%AC%D9%8A%D9%86-%D8%A7%D9%84%D8%A3%D8%AE%D8%B6%D8%B1-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1-%D8%A3%D8%AD%D8%AF-%D8%A3%D9%83%D8%A8%D8%B1-%D8%A7%D9%84%D9%85%D8%B4%D8%B1%D9%88%D8%B9%D8%A7%D8%AA-%D8%A8%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85\">watch, runtime: 7:53<\/a>).<\/p>\n<p><strong>The details: <\/strong>The project will have a 7.6 GW generation capacity \u2014 apparently down from the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c49a1f98-886d-415a-8e3c-78a1227861fc\">9.2 GW facility<\/a> the company had been looking into \u2014 and could produce as much as 330k tons of green hydrogen annually once complete, Kandil reportedly told Al Borsa. The company is in talks with the Suez Canal Economic Zone (SCZone) over land allocation, he added.<\/p>\n<p><strong>Where is the money coming from? <\/strong>The project will be financed through \u201cequity capital, loans from multilateral development banks and commercial banks, and possibly a bond issuance,\u201d Kandil told Asharq. The government is planning to chip in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b56f637f-421f-49fb-80b8-98fb0ba82403\">20-25% of the cost<\/a> of the project.<\/p>\n<p><strong>Boosting our energy export hub ambitions:<\/strong> The company is planning to export its production output to Europe, including Germany, with which FFI has contracts to export 5 mn tons of green hydrogen annually starting 2030, Kandil told Asharq. FFI also signed a framework agreement with the government to set up a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f2251cd-82db-4ba9-9ef9-b1287b0bef1f\">green ammonia production facility<\/a> with an annual production capacity of some 2 mn tons on the sidelines of COP27.<\/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\/acwa-power\/\">ACWA Power<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/benchmark\/\">Benchmark<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bp\/\">BP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dai\/\">DAI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fortescue-future-industries\/\">Fortescue Future Industries<\/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\/ocior-energy\/\">Ocior Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taqa-arabia\/\">TAQA Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/voltalia\/\">Voltalia<\/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=\"577890\" 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=\"577890\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/sovereign-sukuk-sustainable-bond-issuances-coming-this-fy\/\">\r\n                            Sovereign sukuk + sustainable bond issuances coming this FY?                        <\/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\/08\/sovereign-sukuk-sustainable-bond-issuances-coming-this-fy\/\" 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\/08\/sovereign-sukuk-sustainable-bond-issuances-coming-this-fy\/')\">\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\/08\/sovereign-sukuk-sustainable-bond-issuances-coming-this-fy\/\">\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=Sovereign sukuk + sustainable bond issuances coming this FY?&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/sovereign-sukuk-sustainable-bond-issuances-coming-this-fy\/\">\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\/08\/sovereign-sukuk-sustainable-bond-issuances-coming-this-fy\/&title=Sovereign sukuk + sustainable bond issuances coming this FY?\">\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=Sovereign+sukuk+%2B+sustainable+bond+issuances+coming+this+FY%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F08%2Fsovereign-sukuk-sustainable-bond-issuances-coming-this-fy%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\/08\/sovereign-sukuk-sustainable-bond-issuances-coming-this-fy\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/155.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577891\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/sovereign-sukuk-sustainable-bond-issuances-coming-this-fy\/155-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/155.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"155.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/155.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/155.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577890\" class=\"content-area-description single-story post-577890 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-capital-markets tag-debt tag-economy tag-enterpriseam tag-finance-ministry tag-mohamed-maait tag-sukuk tag-sustainable-development-bonds wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a><strong> FinMin could take its maiden sovereign sukuk issuance to market in 1H 2023: <\/strong>The Finance Ministry is planning to sell USD 1.5-2.5 bn of sukuk, a shariah-compliant debt instrument, Finance Minister Mohamed Maait told <a href=\"https:\/\/www.nasdaq.com\/articles\/egypt-targets-$1.5-$2.5-bln-from-the-first-sovereign-sukuk-issuance-finmin\">Reuters<\/a> yesterday. The timing of the issuance is still undetermined and the ministry will pull the trigger when market conditions look better, Maait said \u2014 though Vice Minister of Finance Ahmed Kouchouk signaled the sale is scheduled for the current fiscal year, which ends on 30 June, 2023. The ministry had previously penciled in a USD 2 bn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/88126f66-190a-4cdd-a26b-d5ce65a7e762\">issuance<\/a> for FY 2021-2022.<\/p>\n<p><strong>Sustainable development bonds are still in the cards: <\/strong>The ministry is still on track to issue <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5feef994-e47a-4d44-943d-496f793c1b92\">USD 500 mn<\/a> of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5feef994-e47a-4d44-943d-496f793c1b92\">sustainable development bonds<\/a> before the end of this fiscal year, <a href=\"https:\/\/bit.ly\/3BhOMPN\">Bloomberg Asharq<\/a> quotes Maait as saying. The ministry is in talks with investment banks to promote the issuance, Maait said, without disclosing which banks are in the running.<\/p>\n<p><strong>SOUND SMART- Susdev bonds? <\/strong>FinMin earlier this year broadened its green financing framework to include sustainable development bonds, allowing the state to raise money for a wider array of social and environmental projects <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/199e5d40-1615-47e9-8990-e93f1ab1a9aa\">including the Decent Life initiative<\/a>.<\/p>\n<p><strong>All part of our debt diversification strategy:<\/strong> The government has been working to diversify Egypt\u2019s sources of financing and switch to longer-term debt <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/03\/egypts-debt-control-strategy-looks-to-reduce-public-debt-to-72-75-of-gdp-in-2021-22\/\">since 2018<\/a> to help reduce the country\u2019s debt service burden. The ministry is planning to take its debut <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76937c25-3c19-442b-995a-5cf50812c220\">CNY-denominated Panda bond issuance<\/a> worth USD 500 mn to market in 1Q 2023, and is also looking to issue a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6423a792-1a96-4047-9b89-f930c8b91587\">\u201cgreen\u201d version of samurai and panda bonds<\/a>, following its first JPY-denominated bond issuance in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6170918c-d131-411e-a667-a3f24c66a66c\">late March<\/a>.<\/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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sustainable-development-bonds\/\">sustainable development bonds<\/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=\"577892\" 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=\"577892\">\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\">Cabinet watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/it-just-got-easier-for-industry-to-get-golden-licenses\/\">\r\n                            It just got easier for industry to get golden licenses                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/it-just-got-easier-for-industry-to-get-golden-licenses\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Companies previously needed to have issued capital of at least 20% of the investment cost of their projects to qualify for a golden license, but many investors lobbied against the requirement, saying it was difficult to meet, General Authority for Freezones and Investment boss Mohamed Abdel Wahab said.<\/p>\n<p><strong>AND- Companies can now apply for a <\/strong><strong>golden license<\/strong><strong> online through the cabinet\u2019s<\/strong> <strong><a href=\"https:\/\/www.cabinet.gov.eg\/GoldLicense\">website<\/a><\/strong>, it said in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02f5Q6Ryip33FmGhomKFKP61tU1HdTze6XKtwHdxNG2c6CCt9ss9hGeDNnN8c9zKCbl\">statement<\/a> yesterday. The website now includes an application form and a guide for how to obtain the single-approval licenses. Companies need to fill out the form, which asks for details including annual exports and local component usage, as well as upload the relevant documents.<\/p>\n<p><strong>REFRESHER- <\/strong>The golden license (AKA single approval license) was introduced in the 2017 Investment Act to streamline implementation of key industrial and infrastructure projects. The licenses allow investors to obtain a single approval for all phases of a project, from land allocation through operation. The one-stop-shop license is given to investors working on strategically valuable national projects and those aligned with the government\u2019s development strategy.<\/p>\n<p><strong>Automotive-linked engineering industries are getting incentives:<\/strong> Companies that work on the engineering side of the automotive industry will now be able to enjoy incentives provided to businesses under the Investment Act, after the cabinet agreed to add research, accreditation, and software development centers to the list of eligible activities, according to the statement. The move comes as part of the long-awaited <a href=\"https:\/\/enterprise.press\/industries\/%f0%9f%8f%ad-inside-industry\/\">automotive strategy<\/a>, which aims to up local auto assembly and component manufacturing and boost auto exports.<\/p>\n<p style='font-size: 18px;font-weight: bold' >Sale of state-owned land for FX sets a precedent<\/p>\n<p><strong>Cabinet approves land-for-FX sale: <\/strong>State-owned land in Sadat City will be sold to an unnamed Gulf investor to set up a housing project, with the investor set to pay for the plots in hard currency, according to a separate <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Z1JeqLpK8d47eAFoHMTazVkzQuiyL1sPcFp1pVtvKakC8mGFYvdLGWuB3MTQMjJcl\">statement<\/a>. Ministers agreed to set a precedent to approve similar cases where foreign investors agree to pay for land in FX.<\/p>\n<p><strong>This is the latest in a string of gov\u2019t programs designed to attract FX:<\/strong> The government has recently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d46b1f72-d632-41ab-bab8-364dacf0db4a\">rolled out a scheme<\/a> offering a full rebate on customs fees, VAT, and other taxes in five years to Egyptian expats who bring cars into Egypt and pay the fees up front in FX. A <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17a8718e-d87f-4515-a0c9-05d43f958eb0\">separate program<\/a> offers investors generous tax breaks if they use hard currency to fund at least half of the investment cost of industrial projects.<\/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\/cabinet-watch\/\">cabinet watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gafi\/\">GAFI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/golden-license\/\">Golden license<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-act\/\">Investment Act<\/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=\"577894\" 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=\"577894\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/stellantis-wants-to-build-50k-cars-a-year-here\/\">\r\n                            Stellantis wants to build 50k cars a year here                        <\/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\/08\/stellantis-wants-to-build-50k-cars-a-year-here\/\" 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\/08\/stellantis-wants-to-build-50k-cars-a-year-here\/')\">\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\/08\/stellantis-wants-to-build-50k-cars-a-year-here\/\">\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=Stellantis wants to build 50k cars a year here&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/stellantis-wants-to-build-50k-cars-a-year-here\/\">\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\/08\/stellantis-wants-to-build-50k-cars-a-year-here\/&title=Stellantis wants to build 50k cars a year here\">\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=Stellantis+wants+to+build+50k+cars+a+year+here+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F08%2Fstellantis-wants-to-build-50k-cars-a-year-here%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\/08\/stellantis-wants-to-build-50k-cars-a-year-here\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/157.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577895\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/stellantis-wants-to-build-50k-cars-a-year-here\/157-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/157.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"157.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/157.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/157.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577894\" class=\"content-area-description single-story post-577894 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-automotive tag-enterpriseam tag-gb-auto tag-nissan tag-stellantis wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a><strong> Automobile manufacturer Stellantis Egypt wants to locally produce 50k cars a <\/strong><strong>year<\/strong>, Managing Director Hesham Hosny said at an industry conference this week (<a href=\"https:\/\/www.facebook.com\/EgyptAutomotiveAr\/videos\/3478761922343166\">watch, runtime: 44:33<\/a>). \u201cWe plan to have the Middle East and Africa produce 70% of its own automotive needs,\u201d he said. Stellantis is one of the largest car manufacturers in the world and was formed in 2021 following a merger of Fiat Chrysler and PSA. Its brands include Jeep, Peugeot, Fiat, Citroen and Chrysler.<\/p>\n<p><strong>Keeping up the EV momentum: <\/strong>Stellantis is waiting on the details of incentives laid out in the government\u2019s <a href=\"https:\/\/enterprise.press\/industries\/%f0%9f%8f%ad-inside-industry\/\">automotive strategy<\/a> to move forward with plans to locally manufacture electric vehicles in Egypt, Hosny said. He didn\u2019t specify whether the 50k target includes EVs. Earlier this year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4534ea6-a5e2-4eb3-acfa-31b73f738925\">Stellantis held talks<\/a> with Prime Minister Moustafa Madbouly to express its interest in taking advantage of the coming industry incentives to establish an EV factory for the local market and exports.<\/p>\n<p><strong>The Madbouly gov\u2019t wants more locally made cars: <\/strong>The government is working to launch its long-awaited <a href=\"https:\/\/enterprise.press\/industries\/%f0%9f%8f%ad-inside-industry\/\">automotive strategy<\/a>, the Egyptian Automotive Industry Development Program (AIDP). The strategy will provide incentives to carmakers in a bid to increase local assembly and component manufacturing here, up the sector\u2019s competitiveness to become a regional manufacturing hub, and bolster export volumes.<\/p>\n<p><strong>Others in the auto industry are keeping a close eye on the strategy:<\/strong> GB Auto is waiting for the government to formally launch AIDP before it starts working on its export plans, Chief Manufacturing Officer Ramez Adeeb said at the event. The company\u2019s Sadat City <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c9ef687b-6c90-42af-b913-873a7115e4c1\">passenger car factory<\/a> will assemble 60k cars a year, Adeeb said.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gb-auto\/\">GB Auto<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nissan\/\">Nissan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/stellantis\/\">Stellantis<\/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=\"577896\" 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=\"577896\">\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\">CEO POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/mansour-automotives-ankush-arora-on-why-renewables-could-be-our-best-shot-to-boost-exports\/\">\r\n                            Mansour Automotive\u2019s Ankush Arora on why renewables could be our best shot to boost exports                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/mansour-automotives-ankush-arora-on-why-renewables-could-be-our-best-shot-to-boost-exports\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/mansour-automotives-ankush-arora-on-why-renewables-could-be-our-best-shot-to-boost-exports\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/158.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577897\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/mansour-automotives-ankush-arora-on-why-renewables-could-be-our-best-shot-to-boost-exports\/158-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/158.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"158.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/158.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/158.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577896\" class=\"content-area-description single-story post-577896 post type-post status-publish format-standard has-post-thumbnail hentry category-ceo-poll tag-ceo-poll tag-enterpriseam tag-fdi tag-mansour-group tag-renewable-energy 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>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> | BII\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/72d42f74-2905-45e9-b9fd-581dfc43b878\">Sherine Shohdy<\/a>.<\/p>\n<p><strong>TODAY<\/strong>- <strong>Ankush Arora (<\/strong><strong><a href=\"https:\/\/eg.linkedin.com\/in\/ankush-arora-19b27077\">LinkedIn<\/a><\/strong><strong>) is president and CEO of Al Mansour Automotive, <\/strong>one of the biggest automotive distributors in Egypt. Starting with its partnership with General Motors, it has since scaled up to manufacture cars, trucks and pickups, and owns franchises for multiple global car brands. Arora <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b7bcdf3-66c8-451e-94b2-35d5ad74dad4\">was appointed<\/a> as the company\u2019s CEO last year, after serving as its director of operations for seven years. Arora\u2019s experience in the automotive industry spans 30 years and includes former leadership roles at General Motors and India\u2019s Tata Motors.<\/p>\n<p><strong>ENTERPRISE- Which industry would you put on a focused short list \u2014 and why?<\/strong><\/p>\n<p><strong>AA-<\/strong> When you need to really narrow down the industries that should be the areas of focus, you have to look at a couple of things. The first is, what is your natural resource capability? Second, what is your human capital capability? Third, what is the long-term opportunity that this capability can offer to the country? When you find the right match between the three, it tells you what industry you need to focus on. I could choose two or three, but if I had to pick a single industry \u2014 apart from my own \u2014 that would be renewable energy.<\/p>\n<p><strong>We have the natural resources, gas and wind. <\/strong>We have the technical capability, the knowhow, and the talent, who are either ready or can be trained over the years. We have a strategic location where we can be a supplier to our neighbors. The proximity of Egypt to Europe, the GCC, and Africa makes it very easy for it to become a renewable energy source. Some of it is already happening today, but we can do more.<\/p>\n<p><strong>More importantly, you also have a >100 mn consumer population.<\/strong> If you are able to fulfill the needs of that base first, you can reduce your energy bill, and then top it up with exports \u2014 which could be multiple times higher than where we are today. Emerging markets, which are low-cost producing markets, are becoming the next source of renewable energy. The renewables market today is about USD 1 tn globally, and it is estimated to grow to USD 2 tn by 2030. Gas is a huge opportunity, especially with the current geopolitical crisis. People are looking at alternative, cheaper sources.<\/p>\n<p><strong>E: Why are exports and FDI the way forward?<\/strong><\/p>\n<p><strong>I'm a big fan of your <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7\">five-point strategy<\/a><\/strong><strong>. <\/strong>I believe this is the right recipe. There are many success stories, and of course, as with anything, there\u2019ll be some failure. But failure should not deter us, especially if the successes are bigger. In order to build a stable, prosperous economy, industrialization is key. The advantage of a high domestic consumption rate also gives you the strong foundation required for any industry to prosper, and then you add export to that \u2014 it's the icing on the cake.<\/p>\n<p><strong>I\u2019m not really worried about the EGP devaluation. <\/strong>Devaluation is a function of market forces and the geopolitical situation. It's a function of your net trade deficit. The question is, can we withstand these shocks of devaluation and still prosper? To do that, we have to become self-sufficient and self-reliant.<\/p>\n<p><strong>Take India as an example.<\/strong> India's currency has weakened by 12-15% over the last five to six months. But the economy is still growing at a 6.5-7.0% clip. Why? Because over the last decade to 15 years, they have been making themselves self-sufficient with the Make in India program. It\u2019s the same story with Vietnam. Currencies will play up and down based on the market forces, but the point is: What can you digest and still continue to move 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\/ceo-poll\/\">CEO POLL<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mansour-group\/\">Mansour Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewable-energy\/\">renewable energy<\/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=\"577898\" 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=\"577898\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/577898\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577898\" class=\"content-area-description single-story post-577898 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/2-SODIC-Startup-1600x1600-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\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=\"577899\" 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=\"577899\">\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\/08\/last-nights-talk-shows-madbouly-has-a-plan-to-solve-fx-woes\/\">\r\n                            Last Night\u2019s Talk Shows: Madbouly has a plan to solve FX woes                        <\/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\/08\/last-nights-talk-shows-madbouly-has-a-plan-to-solve-fx-woes\/\" 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\/08\/last-nights-talk-shows-madbouly-has-a-plan-to-solve-fx-woes\/')\">\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\/08\/last-nights-talk-shows-madbouly-has-a-plan-to-solve-fx-woes\/\">\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=Last Night\u2019s Talk Shows: Madbouly has a plan to solve FX woes&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/last-nights-talk-shows-madbouly-has-a-plan-to-solve-fx-woes\/\">\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\/08\/last-nights-talk-shows-madbouly-has-a-plan-to-solve-fx-woes\/&title=Last Night\u2019s Talk Shows: Madbouly has a plan to solve FX woes\">\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=Last+Night%E2%80%99s+Talk+Shows%3A+Madbouly+has+a+plan+to+solve+FX+woes+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F08%2Flast-nights-talk-shows-madbouly-has-a-plan-to-solve-fx-woes%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\/08\/last-nights-talk-shows-madbouly-has-a-plan-to-solve-fx-woes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/159.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"577900\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/last-nights-talk-shows-madbouly-has-a-plan-to-solve-fx-woes\/159-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/159.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"159.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/159.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/159.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577899\" class=\"content-area-description single-story post-577899 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-cabinet-watch tag-enterpriseam tag-moustafa-madbouly wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was a slow night on talk shows yesterday \u2014 sans Lamees Hadidi and Amr Adib <\/strong><strong>\u2014 as we inch closer to the weekend.<\/strong> The biggest business story was the PM\u2019s presser reassuring us on the state of the economy (<a href=\"https:\/\/www.youtube.com\/watch?v=ml2lQsLsBEE\">watch, runtime: 20:05<\/a>).<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Everything is under control: <\/strong>Prime Minister Moustafa Madbouly held another presser on the economy yesterday, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0Anr1QizXVt4zQ7xE1hC9EHEAigC6TR5fWeivKCsp7DxYL5qN3bprQrF6RAdRd3rMl\">cabinet statement<\/a>, as the government looks to reassure the market on FX rates, the state of imports, and the rising cost of living. Madbouly ran through the raft of measures the government has taken to address global economic headwinds, from moves to boost foreign inflows and sell state-owned assets to the private sector, to an EGP 130 bn package of tax cuts and social spending meant to alleviate the burden of rising costs domestically.<\/p>\n<p><strong>The presser came as the government issued <\/strong><strong><a href=\"https:\/\/ent.news\/2022\/12\/Cabinet-report.pdf\">a report (pdf)<\/a><\/strong><strong>responding to 17 claims and rumors circulating about the economy<\/strong>, including on the FX rate, the country\u2019s external debt, and our IMF loan. Masa\u2019a DMC\u2019s Ramy Radwan had a rundown of the report (<a href=\"https:\/\/www.youtube.com\/watch?v=AFKGy0ywkc0\">watch, runtime: 3:15<\/a>).<\/p>\n<p><strong>The government is working on a plan to secure the nation\u2019s FX needs until the end of FY 2022-2023<\/strong>, as well as a medium-term plan for the following two years, Madbouly said. Madbouly didn\u2019t provide details on what the plan entails. Some of the steps the government is taking to secure FX shouldn\u2019t be made public ahead of time to avoid negative repercussions, he said.<\/p>\n<p><strong>Building on the economic conference: <\/strong>A new board of trustees will follow up on how to implement the recommendations that came out of the state\u2019s three-day economic conference in October, Madbouly said. A separate committee will prepare for a global conference to promote investment in Egypt in 1H 2023, Madbouly added.<\/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\/cabinet-watch\/\">cabinet watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/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=\"577901\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF 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data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/162.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/162.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577902\" class=\"content-area-description single-story post-577902 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-cairo-angels tag-enterpriseam tag-fintech tag-infrastructure tag-manufacturing tag-non-banking-financial-services tag-retail tag-startups 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_408146\"\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\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.f552428b-3318-4b00-90e8-4d2350110e6f.mp3\"><\/audio><\/figure><p><strong>STARTUPS-<\/strong><\/p><p><strong>Cairo Angels is now<\/strong><strong> the Acasia Group<\/strong>: Local investor outfit <a href=\"https:\/\/cairoangels.com\/\">Cairo Angels<\/a> has rebranded as Acasia Group, according to a <a href=\"https:\/\/ent.news\/2022\/12\/Acasia-Launch-PR.pdf\">press release (pdf)<\/a>. The group is made up of three entities: VC firm Acasia Ventures, startup events and programs coordinator Acasia Impact, and angel investor group Acasia Angels.<\/p><p><strong>What they said: <\/strong>\u201cThe startup ecosystem has given us so much since our 2011 beginnings. As it grows in size and complexity, so must we. With Acasia, we honor our mission to support founders and make tech startup investing readily available, while capturing the top tier opportunity that Africa and the Middle East has become,\u201d said our friend Hossam Allam, the group\u2019s non-executive chair.<\/p><p><strong style=\"background-color: transparent;\">RETAIL-<\/strong><\/p><p><strong>Dior wants to set up shop here in two years:<\/strong> French luxury fashion brand Dior is planning to open retail outlets in Egypt in 4Q 2024, Trade and Industry Minister Ahmed Samir said following a meeting with Jerome Baudy, president of Dior for Europe and the Middle East, cabinet said in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02d9nZCrP9F36XTAh3A58gQv5WGdk1hY51kKQ8KSKomwi1vn5bRSJWLpcmxNfScGySl\">statement<\/a>. The sit-down comes after Dior hosted its star-studded <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bb1baa0a-31ec-43c3-9d05-cf37ed5756f9\">Pre-Fall Men 2023 runway show<\/a> at the Giza Pyramids complex last weekend.<\/p><p><strong>Shops are nice and all, but how about Dior makes its products here? <\/strong>Samir encouraged Baudy to invest in manufacturing some Dior products locally, highlighting our cheap operating costs, skilled labor, and affordable energy, the statement read.<\/p><p><strong>MANUFACTURING-<\/strong><\/p><p><strong>European firms eye sugarcane ethanol factory: <\/strong>Italian, Indian, and French companies have submitted bids to build a EGP 1.5 bn sugarcane ethanol plant in partnership with a subsidiary of the state-owned Holding Company for Food Industries, <a href=\"https:\/\/www.alborsaanews.com\/2022\/12\/06\/1605592\">Al Borsa<\/a> reports.The subsidiary is also in talks with an unnamed Emirati investor to partner on a sugar factory in Tanzania, <a href=\"https:\/\/www.alborsaanews.com\/2022\/12\/06\/1605820\">the newspaper reported<\/a> separately.<\/p><p><strong>Turkish garment maker <\/strong><strong><a href=\"https:\/\/english.yesim.com\/icerik\/21\/home-textiles\/\">Yesim\u2019s<\/a><\/strong><strong> Egyptian arm wants to invest as much as USD 70 mn to <\/strong><strong>expand its operations<\/strong>, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid058EPgRiUMY5W1UWKrd96EaNDJc37iAHYuXoe4Eu7g7FVL96qv5qLYUQz2YBKJwtxl\">cabinet statement<\/a>.<\/p><p><strong>Turkish retailer Beko broke ground on its USD 100 mn home appliances factory, <\/strong>according to a <a href=\"https:\/\/ent.news\/2022\/12\/Beko-Egypt-Factory-Groundbreaking_Press-Release_English.pdf\">statement (pdf)<\/a>. The factory is set to produce 1.5 mn appliances annually. Some 60% of output will be exported to the EMEA region, generating as much as USD 250 mn in annual export revenue. Operations should kick off by 4Q 2023 at the 10th of Ramadan factory, which is the company\u2019s first in the Middle East..<\/p><p><strong>Kuwait\u2019s <\/strong><strong><a href=\"https:\/\/www.aldanahkw.com\/\">Danah Fisheries<\/a><\/strong><strong> plans to start building an EGP 100 mn seafood factory in Egypt <\/strong><strong>by the end of next year,<\/strong> the company\u2019s sales executive Mohamed El Qady reportedly told <a href=\"https:\/\/www.alborsaanews.com\/2022\/12\/07\/1606408\">Al Borsa<\/a>.<\/p><p><strong>INFRASTRUCTURE<\/strong>-<\/p><p><strong>EGP 1 bn phase of waste management program kicks off:<\/strong> The planning, environment and local development ministers signed an EGP 1 bn contract to implement the fourth phase of the nationwide <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36ebb942-7c81-44fa-84b3-8ccff63bea5c\">waste management project<\/a>, according to a <a href=\"https:\/\/bit.ly\/3Fd94en\">statement<\/a>. The government will build nine sanitary landfills across five governorates and remove 2.1 mn tons of piled-up waste under the contract.<\/p><p><strong>N<\/strong><strong>BFS-<\/strong><\/p><p><strong>Consumer finance players <\/strong><strong><a href=\"https:\/\/advaeg.com\/en\/\">Adva<\/a><\/strong><strong> and <\/strong><strong><a href=\"https:\/\/www.linkedin.com\/company\/onefinance-eg\/\">One Finance<\/a><\/strong><strong> are partnering<\/strong> on installment payment plans for services available through Adva, including school tuition, healthcare, travel, and ins., according to <a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/adva-and-one-finance-sign-partnership-agreement-to-offer-consumer-financing-services-na8p3vtd\">a joint statement<\/a> out Monday.<\/p><p><em style=\"background-color: transparent;\">CORRECTION- 12 December, 2022<\/em><span style=\"background-color: transparent;\">\u00a0<\/span><\/p><p><em style=\"background-color: transparent;\">An earlier version of this article misspelled Acasia\u00a0<font face=\"Arial\">Group.\u00a0<\/font><\/em><\/p>\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\/cairo-angels\/\">Cairo Angels<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/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=\"577906\" 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=\"577906\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/my-morning-routine-jimmy-khan-ceo-lafarge-egypt\/\">\r\n                            My Morning Routine: Jimmy Khan, CEO, Lafarge 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\/08\/my-morning-routine-jimmy-khan-ceo-lafarge-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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Speaking to us this week is Jimmy Khan (<a href=\"https:\/\/www.linkedin.com\/in\/jimmy-khan-38a3993\/\">LinkedIn<\/a>), CEO at <a href=\"https:\/\/www.lafarge.com.eg\/en\">Lafarge Egypt<\/a>.<\/p>\n<p><strong>I am Jimmy Khan, CEO of Lafarge Egypt, a husband, and a father to Sophia <\/strong>\u2014 and the latter two are my highest priorities.<\/p>\n<p><strong>We are very lucky to have one of our largest businesses in the group operating in Egypt. <\/strong>We have got a very large \u2014 10 mn ton \u2014 cement plant in Ain Sokhna, and we have nine or ten mixed plants all over the country. We also have a total of 2.2k direct employees and USD 500 mn in annual revenue, which equates to more than EGP 10 bn.<\/p>\n<p><strong>The current trend circulating our industry is LC3<\/strong><strong> [limestone calcined clay cement.]<\/strong> Only two earth materials are globally abundant: limestone and clay. We have recently discovered that you can make a reactive cement out of clay, and Egypt has an abundance of this natural material. Although the country\u2019s building code hasn\u2019t adopted this yet, we are going to be investing in producing LC3 locally in Egypt. Until we can use it here, we will export it to Europe \u2014 where LC3 has already been adopted as a replacement material for cement.<\/p>\n<p><strong>My morning routine starts at 5:30am, and I can confirm this because my communications director sees me at the gym every morning [laughs].<\/strong> I quietly roll out of bed so as not to wake my daughter up, have a strong coffee, and bike to the gym.<\/p>\n<p><strong>I have to leave my house for the gym before the morning edition of Enterprise comes out. <\/strong>If I\u2019m still at home when Enterprise arrives in my inbox, I will invariably start reading it without getting up, and that throws off my entire schedule. I get on the treadmill at 6am sharp, and those 15-20 minutes on the treadmill are probably my most important scheduled moment of zen. So technically, I owe Enterprise a lot of credit for the fact I\u2019ve lost ten pounds over the last three months.<\/p>\n<p><strong>Afterwards, I go for a walk with my wife and daughter, and then head home for a quick breakfast<\/strong>. I know you\u2019re going to laugh, but I\u2019m an American and I\u2019ll have a Diet Coke with breakfast. Then I jump into the car with my chauffeur Mahmoud, who does the hard work of driving in Cairo. That\u2019s usually when I start doing my work.<\/p>\n<p><strong>My work day is usually very packed<\/strong>. I start by looking at sales and production numbers. We also have two leadership meetings every week. I schedule all my appointments a week in advance, so if someone would like to see me on a short notice, it\u2019s usually between 7-8:30am or after 5:30pm. From an organizational perspective, I\u2019d like to tell you that I do everything myself, but I can\u2019t. I have an army of people who help me to be successful.<\/p>\n<p><strong>The one constant in my day \u2014 other than Diet Coke \u2014 is that I am so grateful for the opportunities God has given me<\/strong>. Honestly, if it all disappears tomorrow, I would only be thankful and happy for the experiences I have had. No regrets at all.<\/p>\n<p><strong>I\u2019m not happy with my work-life balance<\/strong>. I think most of us believe or have convinced ourselves to believe that we have a good work-life balance, but the truth is that hypertension, weight gain, cardiac disease, and anxiety have all increased dramatically in the professional sectors. Now that I\u2019m in my mid-life career, I think my focus both professionally and personally moving forward will be on finding a better balance.<\/p>\n<p><strong>I like to sit in peace and unwind whenever I have free time<\/strong>. After 10-12 hours of being at work, I like to sit quietly by myself for about an hour. Of course, my wife hates it \u2014 she sits there waiting impatiently and I can feel her foot tapping.<\/p>\n<p><strong>I also love working outside.<\/strong> I used to be a car mechanic when I was younger, and it\u2019s always been a dream of mine to own a garage where I can get lost with my cars and motorcycles for hours everyday. I already bought a small garage and I am having it outfitted with tools. I\u2019m really excited about it.<\/p>\n<p><strong>I wish I had a classier list of favorite shows and podcasts, but I guess my dirty secrets are the YouTube Channel<\/strong><strong><a href=\"https:\/\/www.youtube.com\/c\/MattsOffRoadRecovery\">Matt\u2019s Off Road Recovery<\/a><\/strong>, and probably <a href=\"https:\/\/www.joerogan.com\">Joe Rogan<\/a> and Lex <a href=\"https:\/\/lexfridman.com\/podcast\/\">Fridman<\/a> podcasts.<\/p>\n<p><strong>The piece of advice that I live by is <\/strong><strong>\u201cDo or do not<\/strong><strong>. There is no try.\u201d <\/strong>Those are the immortal words of Master Yoda from Star Wars. In other words, have confidence and faith and if it doesn\u2019t work out, at least you tried with all your heart and learned something.<\/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\/jimmy-khan\/\">Jimmy Khan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lafarge-egypt\/\">LaFarge Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/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=\"577908\" 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\/08\/577908\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-577908\" class=\"content-area-description single-story post-577908 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>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): <a href=\"https:\/\/www.facebook.com\/NebuGoldExpo\/\">Nebu Expo for Gold and Jewelry<\/a>kicks off.<\/p>\n<p>12 December (Monday): The Egyptian Private Equity Association\u2019s healthcare summit.<\/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\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":577882,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-577881","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"38af7d6e-b72a-4315-bf01-4ae39823b6ee","teaser":"","photo_url":"https:\/\/ent.news\/2022\/12\/148.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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