{"id":578007,"date":"2022-12-13T04:00:19","date_gmt":"2022-12-13T04:00:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=578007"},"modified":"2025-12-16T11:29:57","modified_gmt":"2025-12-16T11:29:57","slug":"saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year-says-bloomberg","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year-says-bloomberg\/","title":{"rendered":"Saudi sovereign wealth fund could finalize United Bank acquisition this year, says Bloomberg"},"content":{"rendered":"<section id=\"578009\" 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=\"578009\">\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\/13\/this-morning-what-are-the-chances-of-a-surprise-cbe-meeting-this-week-plus-the-former-king-of-crypto-is-in-cuffs\/\">\r\n                            THIS MORNING: What are the chances of a surprise CBE meeting this week? Plus: the former king of crypto is in cuffs                        <\/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\/13\/this-morning-what-are-the-chances-of-a-surprise-cbe-meeting-this-week-plus-the-former-king-of-crypto-is-in-cuffs\/\" 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\/13\/this-morning-what-are-the-chances-of-a-surprise-cbe-meeting-this-week-plus-the-former-king-of-crypto-is-in-cuffs\/')\">\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\/13\/this-morning-what-are-the-chances-of-a-surprise-cbe-meeting-this-week-plus-the-former-king-of-crypto-is-in-cuffs\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: What are the chances of a surprise CBE meeting this week? 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Plus: the former king of crypto is in cuffs\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+What+are+the+chances+of+a+surprise+CBE+meeting+this+week%3F+Plus%3A+the+former+king+of+crypto+is+in+cuffs+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F13%2Fthis-morning-what-are-the-chances-of-a-surprise-cbe-meeting-this-week-plus-the-former-king-of-crypto-is-in-cuffs%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\/13\/this-morning-what-are-the-chances-of-a-surprise-cbe-meeting-this-week-plus-the-former-king-of-crypto-is-in-cuffs\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/251.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578010\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/this-morning-what-are-the-chances-of-a-surprise-cbe-meeting-this-week-plus-the-former-king-of-crypto-is-in-cuffs\/251-jpg-35\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/251.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"251.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/251.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/251.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578009\" class=\"content-area-description single-story post-578009 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-abdel-fattah-el-sisi tag-cryptocurrency tag-diplomacy tag-economy tag-egp tag-enterpriseam tag-eu tag-ftx tag-imf tag-interest-rates tag-qatar tag-us 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, ladies and gents:<\/strong> We have a packed issue for you this morning so let\u2019s jump right in.<\/p><p><strong>HAPPENING TODAY-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>President<\/strong><strong> Abdel Fattah El Sisi is in Washington for the three-day <\/strong><strong><a href=\"https:\/\/www.state.gov\/africasummit\/\">US-Africa Leaders\u2019<\/a><\/strong><strong><a href=\"https:\/\/www.state.gov\/africasummit\/\">Summit<\/a><\/strong>, which starts today. The event will be the first meeting of African heads of state and a US president in Washington since 2014 and the biggest international gathering in the city since before the covid-19 pandemic in 2020.<\/p><p><strong>On the agenda:<\/strong> Russia\u2019s war in Ukraine, climate change, trade and covid-19 among other things, according to <a href=\"https:\/\/apnews.com\/article\/biden-politics-china-africa-covid-d91f14e95e592802dc056bef6ac72024\">the Associated Press<\/a>. President Joe Biden will address a US-Africa business meeting, hold meetings with individual African heads of state and host a dinner at the White House. <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2765510\">Al Masry Al Youm<\/a> reported yesterday that US officials intend to discuss the disputed Grand Ethiopian Renaissance Dam (GERD). It is unknown whether El Sisi will hold talks with the US president or meet with Ethiopian President Sahle-Work Zewde during his stay in the US capital.<\/p><p><strong>A play for Africa:<\/strong> As Russia and China strengthen their ties with the continent, the summit is part of the US\u2019 play to increase its influence among African leaders following four years of disengagement under Donald Trump. The administration will offer a sweetener and declare support for making the African Union a permanent member of the G20, a long-standing ambition of African nations that <a href=\"https:\/\/www.washingtonpost.com\/politics\/2022\/12\/09\/biden-african-nations-join-g20\/#\">the Washington Post<\/a> suggests could help the US get them on side on issues such as the war in Ukraine and climate change.<\/p><p><strong>The Federal Reserve starts its two-day policy meeting:<\/strong> Several months of positive inflation data have raised market expectations that the Fed will temper the pace of interest rate increases with a 50-bps hike this week. This would bring to an end a string of four consecutive 75-bps hikes in what has been the central bank\u2019s most aggressive tightening cycle in years.<\/p><p><strong>A lot will depend on today\u2019s inflation release:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-09\/traders-and-consumers-lower-their-expectations-for-us-inflation?sref=mmeFTDW1\">Analysts expect<\/a> inflation to have further slowed in November to 7.3%, allowing the Fed to ease the pace of its rate hikes. That said, a hotter-than-expected print could see the central bank go ahead with yet another super-sized hike.<\/p><p><strong>** The Federal Reserve will announce its policy decision at the end of the meeting tomorrow evening.<\/strong><\/p><p><strong>On the legislative agenda today:<\/strong><\/p><ul>\n<li><strong>Unified Tax Procedures Law amendments:<\/strong> The House Budget Committee will discuss and vote on a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8154336d-5f19-46c1-8a9c-ac176dc579c0\">controversial one-article amendment<\/a> to the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f38d1f46-cbe8-4ba4-90e0-39a5e75ee010\">Unified Tax Procedures Law<\/a> that would allow foreign tax authorities to access individuals and businesses\u2019 financial information.<\/li>\n<li><strong>Digital Egypt bill:<\/strong> The Senate is expected to give a final approval to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3f3cba0-4e3e-4ff5-b256-14c19025522f\">legislation<\/a> that would set up a fund to support the Communications Ministry\u2019s <a href=\"https:\/\/mcit.gov.eg\/en\/Digital_Egypt\">Digital Egypt initiative<\/a>.<\/li>\n<\/ul><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/4\/CBE_entrance_1600x.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>HAPPENING THIS WEEK-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Will we finally close an IMF facility this week?<\/strong> The IMF\u2019s executive board will discuss Egypt\u2019s request for a new extended fund facility on Friday, 16 December. Egypt and the Fund <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60dc5b0c-8c51-4c61-aa04-54e46a86a7c6\">reached a staff-level agreement<\/a> for a USD 3 bn, 46-month loan program at the end of October, but the arrangement needs the sign off from the board before the loan can start to be disbursed.<\/p><p><strong>Another analyst has forecast a surprise interest rate hike before the IMF meets:<\/strong> BNP Paribas\u2019 MENA economist, Mohamed Abdelmeguid, is the latest analyst to predict an unscheduled central bank policy meeting this week, writing in a note that policymakers could raise rates by 200 bps before the IMF board meets. The bank says that the CBE will likely need to \u201cmove more decisively toward a floating currency framework\u201d before the IMF agrees to disburse the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76937c25-3c19-442b-995a-5cf50812c220\">first USD 750 mn tranche<\/a> but warns that a further devaluation \u201cwould fail to stabilize the market.\u201d<\/p><p><strong>Others have predicted something similar:<\/strong> Al Ahly Pharos <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/947feb71-5cca-4d49-bc8c-b93d6d766016\">expects<\/a> the central bank to meet before its scheduled meeting on 22 December and raise rates by 200 bps. This would put the overnight deposit rate at 15.25% and the lending rate at 16.25%.<\/p><p><strong>What\u2019s next for the EGP + consumer prices?<\/strong> Abdelmeguid expects the EGP \/ USD exchange rate to fall to 33 by the end of the year and 37 during 1Q 2023. This will push urban inflation past 25% during the next quarter and leave it averaging 22% through 2023. Inflation rose to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/947feb71-5cca-4d49-bc8c-b93d6d766016\">18.7%<\/a> in November, its highest level in almost five years.<\/p><p><strong>PSA- Three days until the e-invoicing deadline:<\/strong> Companies have until Thursday to register with the Tax Authority\u2019s e-invoicing system. Only 150k companies had signed up to the new system ahead of the previous deadline of 15 December, according to the Tax Authority\u2019s most recent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b338d2e-7242-4675-8656-d831457321b3\">tally<\/a> at the end of November, which is well below a sought goal of 1 mn companies to register under the system.<\/p><p><strong>REMEMBER- This deadline no longer applies to the self-employed:<\/strong> The Finance Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bf798f1-37dd-4862-b1eb-536f8c97a47f\">pushed the deadline<\/a> for self-employed professionals \u2014 including doctors, pharmacists and lawyers \u2014 to 30 April 2023 after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4811d17-4f27-4d5b-afef-3cbec01f797b\">widespread opposition<\/a> to the system.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Messi-1600px-1.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>WORLD CUP 2022-<\/strong><\/p><p><strong>All eyes on Argentina v Croatia tonight:<\/strong> The semi-finals of the 2022 World Cup are finally here, with Argentina going head-to-head against Croatia at 9pm tonight for a place in the final. The stakes are high for Lionel Messi, for whom this is likely the last opportunity to win the World Cup. The Argentines are the stronger team on paper \u2014 even if they have struggled to fire this tournament \u2014 though Croatia should not be underestimated. They are bidding to make their second consecutive World Cup final (having lost 4-2 to France in 2018), and knocked out tournament favorites Brazil in the last round.<\/p><p><strong>THE BIG STORIES ABROAD-<\/strong><\/p><p><strong>SBF is in cuffs:<\/strong> Sam Bankman-Fried, the embattled co-founder and ex-CEO of collapsed crypto exchange FTX, has been arrested in the Bahamas after the US government filed criminal charges, a day before he was due to testify before Congress. Speculation that the company had misused client funds has swirled since it abruptly fell into bankruptcy last month. The <a href=\"https:\/\/www.nytimes.com\/2022\/12\/12\/business\/ftx-sam-bankman-fried-bahamas.html\">New York Times<\/a> is reporting that the criminal charges include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering. SBF, the biggest name in the crypto industry until a few weeks ago, could now be extradited to the US to face criminal proceedings.<\/p><p><strong>The news is dominating the front pages everywhere this morning<\/strong>, including in <a href=\"https:\/\/www.reuters.com\/world\/us\/former-ftx-ceo-bankman-fried-arrested-bahamas-official-2022-12-12\/\">Reuters<\/a>, the <a href=\"https:\/\/apnews.com\/article\/technology-business-bahamas-united-states-government-1de16cdf7e6956b401e998c34ad1fd11?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_02\">Associated Press<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-12\/sam-bankman-fried-arrested-in-bahamas-after-us-files-charges?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> and the <a href=\"https:\/\/www.ft.com\/content\/2068b928-cc17-485c-890c-3b5c2c00093c\">Financial Times<\/a>.<\/p><p><strong>EU-Qatar bribery scandal widens<\/strong>: Belgian police yesterday seized at least EUR 750k in cash amid ongoing raids in relation to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4338c8da-eaa1-46b7-8406-1fff7a6d3566\">a probe into alleged bribery<\/a> involving European lawmakers and Qatar, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-12\/eu-parliament-under-scrutiny-as-qatar-corruption-probe-expands\">Bloomberg<\/a> reported. Greek MEP and Parliament Vice President Eva Kaili is among six people to have been arrested and a number of parliamentary offices and residences have been raided as authorities investigate claims that European lawmakers took bribes from Qatari officials.<\/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>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong><a href=\"https:\/\/enactusegypt.org\/\">Enactus Egypt<\/a><\/strong><strong> and the <\/strong><strong><a href=\"https:\/\/www.citigroup.com\/citi\/foundation\/\">Citi Foundation<\/a><\/strong><strong> launched the second phase of social <\/strong><strong>entrepreneurship program Impact@Work<\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/12\/Impact@Work-EN-PRL.pdf\">press release (pdf)<\/a>. Some 54 university teams representing 9.7k students from various governorates will participate in the competition in July 2023 to demonstrate their efforts in generating a social impact based on their entrepreneurial ideas. The winning team will compete in the Enactus World Cup in the Netherlands in October 2023.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p><strong>In today\u2019s issue: <\/strong>Egypt\u2019s renewable energy capacity is on track to grow 65% by 2027, according to the International Energy Agency.<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ftx\/\">FTX<\/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\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/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=\"578011\" 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=\"578011\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/578011\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578011\" class=\"content-area-description single-story post-578011 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Simply-Somabay-1-1600px.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=\"578012\" 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=\"578012\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/\">\r\n                            Saudi sovereign wealth fund could finalize United Bank acquisition this 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 href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/\" 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\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/')\">\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\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/\">\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=Saudi sovereign wealth fund could finalize United Bank acquisition this year&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/\">\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\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/&title=Saudi sovereign wealth fund could finalize United Bank acquisition this year\">\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=Saudi+sovereign+wealth+fund+could+finalize+United+Bank+acquisition+this+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F13%2Fsaudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year%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\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/252.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578013\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/252-jpg-30\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/252.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"252.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/252.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/252.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578012\" class=\"content-area-description single-story post-578012 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-banking tag-enterpriseam tag-ma-watch tag-saudi-arabia tag-saudi-egyptian-investment-company tag-state-privatization-program tag-united-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>PIF could acquire United Bank this month for USD 600 mn: <\/strong>Saudi Arabia\u2019s sovereign wealth fund could acquire the state-owned United Bank for around USD 600 mn as soon as this month, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-12\/saudi-wealth-fund-in-talks-to-buy-egyptian-bank-for-about-600-million?srnd=premium-middle-east&leadSource=uverify%20wall\">Bloomberg<\/a> reports, citing sources with knowledge of the matter. The Public Investment Fund (PIF) is in \u201cadvanced talks\u201d over the acquisition and plans to purchase the bank through its Egypt-based investment vehicle, the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/358b6591-3db7-4fa1-bb2f-de2e69e31cc8\">Saudi Egyptian Investment Company<\/a>, according to the business news outlet. A representative from United Bank denied having knowledge of the transaction when we asked yesterday, noting that any negotiations over a sale would go through the Central Bank of Egypt (CBE).<\/p>\n<p><strong>Refresher:<\/strong> Reports on the PIF\u2019s interest in the lender have been floating around <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e98a9ec-3435-4759-a016-9f13d3dff520\">since May<\/a>, with sources cited by local media <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/466e8ac2-c495-4b0b-9dad-25bb5153c6b1\">saying<\/a> the acquisition could close before the end of the year. The CBE owns 99.9% of United Bank, which it created in 2006 through the merger of smaller entities near the end of its well-regarded cleanup of the banking sector nearly two decades ago.<\/p>\n<p><strong>A long time coming:<\/strong> In 2017, the CBE <a href=\"https:\/\/enterprise.press\/stories\/2017\/01\/18\/cbe-approves-egp-2-5-bn-capital-increase-for-united-bank-of-egypt\/\">said it intended to sell the bank<\/a> to a strategic investor and appointed EFG Hermes and New York\u2019s Evercore to advise on the transaction, before the covid-19 pandemic <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/50318de6-da3a-4bb1-887e-15199d9d4c21\">put the sale on ice<\/a>.<\/p>\n<p><strong>Advisors: <\/strong>Reports in local media have suggested that PIF has appointed our friends at EFG Hermes as financial advisors and US law firm <a href=\"https:\/\/www.akingump.com\/en\/\">Akin Gump<\/a> as counsel. CI Capital is reportedly acting as United Bank\u2019s advisor.<\/p>\n<p><strong>REMEMBER- KSA is on a spending spree here in Egypt: <\/strong>The PIF earlier this year acquired <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/316415e5-ccc3-42ca-b442-80dd3b8b2e16\">minority stakes<\/a> in four EGX-listed companies through its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/358b6591-3db7-4fa1-bb2f-de2e69e31cc8\">newly established arm<\/a> for Egyptian investments in August. The buys are the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">first of USD 10 bn<\/a> pledged by the fund earlier this year as part of Saudi efforts to support Egypt\u2019s external position, which has been rocked by soaring commodity prices, large portfolio outflows, and a weaker EGP.<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-egyptian-investment-company\/\">Saudi Egyptian Investment Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/united-bank\/\">United Bank<\/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=\"578014\" 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=\"578014\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/valu-issues-egp-854-5-mn-in-securitized-bonds\/\">\r\n                            valU issues EGP 854.5 mn in securitized bonds                        <\/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\/13\/valu-issues-egp-854-5-mn-in-securitized-bonds\/\" 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\/13\/valu-issues-egp-854-5-mn-in-securitized-bonds\/')\">\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\/13\/valu-issues-egp-854-5-mn-in-securitized-bonds\/\">\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=valU issues EGP 854.5 mn in securitized bonds&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/valu-issues-egp-854-5-mn-in-securitized-bonds\/\">\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\/13\/valu-issues-egp-854-5-mn-in-securitized-bonds\/&title=valU issues EGP 854.5 mn in securitized bonds\">\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=valU+issues+EGP+854.5+mn+in+securitized+bonds+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F13%2Fvalu-issues-egp-854-5-mn-in-securitized-bonds%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\/13\/valu-issues-egp-854-5-mn-in-securitized-bonds\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/253.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578015\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/valu-issues-egp-854-5-mn-in-securitized-bonds\/253-jpg-81\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/253.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"253.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/253.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/253.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578014\" class=\"content-area-description single-story post-578014 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt-watch tag-efg-hermes tag-enterpriseam tag-non-banking-financial-services tag-securitization tag-valu 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>v<\/strong><strong>alU<\/strong><strong> closes third securitized bond issuance:<\/strong> EFG Hermes\u2019 consumer finance arm valU has issued EGP 854.5 mn worth of securitized bonds, according to a <a href=\"https:\/\/www.efghermes.com\/en\/newsroom-km\/efg-hermes-concludes-third-issuance-for-valu\">statement<\/a> from our friends at EFG Hermes. The single 12-month tranche is the third in valU\u2019s EGP 2 bn maiden securitization program and holds a Prime-1 rating from Middle East Rating Services (MERIS).<\/p>\n<p><strong>The company has now issued more than 85% of its EGP 2 bn securitization program, <\/strong>which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2379b41-d12e-41da-a8aa-0971bc8b04e1\">kicked off<\/a> last year with an EGP 323 mn bond issuance and was followed by a second <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3e676359-bcf4-4b3b-8d5e-a2d1b17cba2e\">EGP 532.6 mn<\/a> issuance earlier this year.<\/p>\n<p><strong>Advisors:<\/strong> EFG Hermes acted as sole financial advisor, sole transaction manager, bookrunner, underwriter, and arranger on the issuance, according to the statement. CIB and the National Bank of Egypt were underwriters and aiBank subscribed to the issuance.<\/p>\n<p><strong>A bumper year for securitizations: <\/strong>The total value of securitized bond issuances brought to market this year now stands at some EGP 45.2 bn, almost triple the EGP 15.8 bn taken to market last year.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/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\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578016\" 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=\"578016\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/pts-projects-invests-in-local-healthcare-network-edam\/\">\r\n                            PTS Projects invests in local healthcare network EDAM                        <\/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\/13\/pts-projects-invests-in-local-healthcare-network-edam\/\" 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\/13\/pts-projects-invests-in-local-healthcare-network-edam\/')\">\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\/13\/pts-projects-invests-in-local-healthcare-network-edam\/\">\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=PTS Projects invests in local healthcare network EDAM&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/pts-projects-invests-in-local-healthcare-network-edam\/\">\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\/13\/pts-projects-invests-in-local-healthcare-network-edam\/&title=PTS Projects invests in local healthcare network EDAM\">\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=PTS+Projects+invests+in+local+healthcare+network+EDAM+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F13%2Fpts-projects-invests-in-local-healthcare-network-edam%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\/13\/pts-projects-invests-in-local-healthcare-network-edam\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/255.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578017\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/pts-projects-invests-in-local-healthcare-network-edam\/255-jpg-37\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/255.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"255.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/255.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/255.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578016\" class=\"content-area-description single-story post-578016 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-edam tag-enterpriseam tag-healthcare tag-ma-watch tag-pts-holdings tag-startup-watch tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Local healthcare company <\/strong><strong>EDAM has new shareholders: <\/strong><a href=\"https:\/\/www.linkedin.com\/company\/pts-holdings\/\">PTS Investments Holdings<\/a>\u2019 Egyptian arm <a href=\"https:\/\/www.linkedin.com\/company\/pts-hub\/?originalSubdomain=eg\">PTS Projects<\/a> has acquired a minority stake in local healthcare startup <a href=\"https:\/\/www.edamhealth.com\/\">EDAM<\/a> in a USD six-figure transaction, marking its first transaction in our local market, PTS Investments Managing Director Maha Mandour told Enterprise.<\/p>\n<p><strong>Going digital: <\/strong>EDAM will use the proceeds from the acquisition to develop a digital platform with PTS Projects and US-based <a href=\"https:\/\/www.bizapedia.com\/de\/kemtix-technologies-llc.html\">Kemtix Technologies<\/a> that it hopes to launch during 1H 2023, Mandour said. The company aims to hit 2.5 mn users by the end of 2023, it said in a <a href=\"https:\/\/ent.news\/2022\/12\/EDAM-Acquistion-Press-release-En.pdf\">statement (pdf)<\/a>.<\/p>\n<p><strong>About EDAM: <\/strong>Founded in 2019, EDAM runs a health services network that connects patients with over 3k medical services providers.<\/p>\n<p><strong>More investments in the pipeline: <\/strong>PTS Projects is looking at making acquisitions in the health, education, transport, logistics and energy sectors, Mandour told us.<\/p>\n<p><strong>DENTACARTS TO ENTER SAUDI-<\/strong><\/p>\n<p><strong>Egyptian dental marketplace <\/strong><strong><a href=\"https:\/\/dentacarts.com\/\">DentaCarts<\/a><\/strong><strong> will launch in Saudi Arabia during 1Q 2023<\/strong>, co-founder and CEO Ahmed Yahia told Enterprise. The company has already received a Saudi entrepreneur license, giving it the greenlight to kickstart operations there.<\/p>\n<p><strong>A big funding round in the works?<\/strong> The startup hopes to close a USD 10 mn funding round next quarter to fund its planned expansion into new markets, which include <a href=\"https:\/\/bit.ly\/3W81R6d\">Kenya and South Africa, Yahia reportedly told<\/a><a href=\"https:\/\/bit.ly\/3W81R6d\">Al Mal<\/a>.<\/p>\n<p><strong>About DentaCarts:<\/strong> <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/15\/dental-marketplace-dentacarts-raises-usd-450k-investment-8436\/\">Founded in 2017<\/a>, the startup allows dentists to purchase equipment and supplies online, offering financing solutions in partnership with EFG Hermes\u2019 BNPL platform valU.<\/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\/edam\/\">EDAM<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pts-holdings\/\">PTS Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578018\" 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=\"578018\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/gold-could-be-coming-to-the-emx-in-1q-2023\/\">\r\n                            Gold could be coming to the EMX in 1Q 2023                        <\/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\/13\/gold-could-be-coming-to-the-emx-in-1q-2023\/\" 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\/13\/gold-could-be-coming-to-the-emx-in-1q-2023\/')\">\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\/13\/gold-could-be-coming-to-the-emx-in-1q-2023\/\">\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=Gold could be coming to the EMX in 1Q 2023&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/gold-could-be-coming-to-the-emx-in-1q-2023\/\">\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\/13\/gold-could-be-coming-to-the-emx-in-1q-2023\/&title=Gold could be coming to the EMX in 1Q 2023\">\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=Gold+could+be+coming+to+the+EMX+in+1Q+2023+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F13%2Fgold-could-be-coming-to-the-emx-in-1q-2023%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\/13\/gold-could-be-coming-to-the-emx-in-1q-2023\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/256.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578019\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/gold-could-be-coming-to-the-emx-in-1q-2023\/256-jpg-26\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/256.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"256.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/256.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/256.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578018\" class=\"content-area-description single-story post-578018 post type-post status-publish format-standard has-post-thumbnail hentry category-commodities tag-commodities tag-emx tag-enterpriseam tag-fintech tag-gold tag-startups 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>Gold could be listed on the newly-launched <\/strong><strong><a href=\"http:\/\/www.emx.com.eg\/Default.aspx\">Egyptian Mercantile<\/a><\/strong><strong><a href=\"http:\/\/www.emx.com.eg\/Default.aspx\">Exchange<\/a><\/strong><strong> (EMX) <\/strong><strong>in 1Q 2023<\/strong>, Nagy Farag, an advisor to the Supply Ministry on gold, told Enterprise. The ministry is hoping to complete the listing procedures within the next three weeks.<\/p>\n<p><strong>This would be the second commodity available on the exchange:<\/strong> Traders are currently only able to buy and sell wheat on the exchange. The EMX <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3c8bf0f-0f62-45ff-9ba1-9a3edd9b892e\">launched<\/a> late last month with offers of wheat to traders from state supplier GASC.<\/p>\n<p><strong>Reminder:<\/strong> Traders aren\u2019t (yet) able to buy and sell futures contracts on the EMX. The exchange is currently only a spot market, meaning commodities are bought and sold at their current market prices.<\/p>\n<p><strong>Turmoil in the gold market:<\/strong> Local gold prices <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51b12248-ca21-444e-b2ac-c733ca817d67\">have surged<\/a> to record highs this month as people try to protect their savings following October\u2019s devaluation. The price of 21-carat gold rose to EGP 1.8k for the first time ever, prompting merchants to suspend pricing amid confusion about the EGP\u2019s value against the greenback. The official rate currently pegs the EGP at 24.69 to the greenback, a 25% decline since October, but the currency has been selling for more than EGP 30 in the parallel market in recent days.<\/p>\n<p><strong>ALSO- Fintech player <\/strong><strong><a href=\"https:\/\/paymint-eg.com\/\">Paymint<\/a><\/strong><strong> will develop the exchange\u2019s internal payments <\/strong><strong>system<\/strong> under an agreement signed between the startup and the EMX, it said in <a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/paymint-egypt-commodities-exchange-team-up-to-develop-internal-financial-payment-system-w2nb7ihi\">a statement<\/a> yesterday.<\/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\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emx\/\">EMX<\/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\/gold\/\">gold<\/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=\"578020\" 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=\"578020\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/new-building-violation-reconciliation-law-could-leave-almost-1-mn-buildings-in-limbo\/\">\r\n                            New building violation reconciliation law could leave almost 1 mn buildings in limbo                        <\/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\/13\/new-building-violation-reconciliation-law-could-leave-almost-1-mn-buildings-in-limbo\/\" 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\/13\/new-building-violation-reconciliation-law-could-leave-almost-1-mn-buildings-in-limbo\/')\">\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\/13\/new-building-violation-reconciliation-law-could-leave-almost-1-mn-buildings-in-limbo\/\">\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=New building violation reconciliation law could leave almost 1 mn buildings in limbo&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/new-building-violation-reconciliation-law-could-leave-almost-1-mn-buildings-in-limbo\/\">\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\/13\/new-building-violation-reconciliation-law-could-leave-almost-1-mn-buildings-in-limbo\/&title=New building violation reconciliation law could leave almost 1 mn buildings in limbo\">\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=New+building+violation+reconciliation+law+could+leave+almost+1+mn+buildings+in+limbo+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F13%2Fnew-building-violation-reconciliation-law-could-leave-almost-1-mn-buildings-in-limbo%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\/13\/new-building-violation-reconciliation-law-could-leave-almost-1-mn-buildings-in-limbo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/257.png?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578021\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/new-building-violation-reconciliation-law-could-leave-almost-1-mn-buildings-in-limbo\/257-png-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/257.png?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"257.png\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/257.png?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/257.png?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578020\" class=\"content-area-description single-story post-578020 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-building-code tag-construction tag-digitization tag-enterpriseam tag-legislation-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Owners of illegal buildings situated next to the Nile won\u2019t be permitted to pay <\/strong><strong>reconciliation fees and legalize their status<\/strong> under the new iteration of the building violations reconciliation law being discussed by lawmakers. The House Housing Committee yesterday voted to exclude the buildings from the legislation \u2014 along with structures built on archaeological land and plots allocated to public car parks \u2014 following a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/997d1309-a3d2-4e40-9cc2-860a20ed2aa6\">heated debate on Sunday<\/a> that saw some lawmakers warn that allowing buildings to stand next to the Nile could be in breach of the constitution.<\/p>\n<p><strong>The problem:<\/strong> The decision means that almost a third of the 2.8 mn reconciliation requests received by the government will fall outside the scope of the law. Ahmed El Seginy, who chairs the House Local Administration Committee, said this week that the bill will prevent 920k buildings from being reconciled.<\/p>\n<p><strong>Does that mean that all these buildings will be bulldozed? It\u2019s not clear\u2026<\/strong> El Seginy is calling on lawmakers to come up with solutions that don\u2019t involve demolishing thousands of buildings and leaving mns of people homeless.\u201cWhat will happen to the 500k illegal buildings which have an average population of 2.5 mn people?\u201d he asked in an interview on El Hekaya last night (<a href=\"https:\/\/www.youtube.com\/watch?v=O7Rp6FVFg-o\">watch, runtime: 28:40<\/a>).<\/p>\n<p><strong>REFRESHER- <\/strong>The original legislation gave owners the option to pay to reconcile illegal buildings but authorities have only responded to a fraction of the requests and fines have gone unpaid. Lawmakers are now drafting a new bill to replace the 2019 legislation, though the original reconciliation requests will remain valid.<\/p>\n<p><strong>No deadline on authorities to respond: <\/strong>A proposal to impose a deadline for authorities to respond to reconciliation requests was rejected by the government yesterday. Authorities have responded to only 180k of the 2.8 mn requests submitted since 2020.<\/p>\n<p><strong>Violators <\/strong><strong>will have six months<\/strong><strong> to submit reconciliation requests<\/strong> from the date stipulated in the new law\u2019s executive regulations. They will have to pay an inspection fee of not more than EGP 5k and 25% of a \u201cseriousness fee\u201d that will be set by the regs. The new bill will try to make it easier for people to pay, according to Local Development Minister Hesham Amna, who said that it will allow people to pay the fees in installments over five years, as well as a 25% discount if made in a single payment.<\/p>\n<p><strong>FROM THE SENATE-<\/strong><\/p>\n<p><strong>Digital Egypt Fund draft bill gets a nod from the Senate:<\/strong> The Senate gave a preliminary approval to the Digital Egypt Fund draft bill. The 30-article draft bill, approved by the Cabinet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3f3cba0-4e3e-4ff5-b256-14c19025522f\">last year<\/a>, would set up a fund to support the Communications Ministry\u2019s Digital Egypt initiative. The fund\u2019s HQ will be in Cairo, with potential to add other branches later in other governorates.<\/p>\n<p><strong>What's next?<\/strong> The Senate is expected to give a final approval of the bill today. It will then make its way to the House for discussions and a vote ahead of being signed into law by President El Sisi.<\/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\/building-code\/\">building code<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/digitization\/\">digitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578022\" 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=\"578022\">\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\">ENTERPRISE CLIMATE X FORUM<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/how-usaid-is-supporting-egypts-green-transition\/\">\r\n                            How USAID is supporting Egypt\u2019s green transition                        <\/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\/13\/how-usaid-is-supporting-egypts-green-transition\/\" 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\/13\/how-usaid-is-supporting-egypts-green-transition\/')\">\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\/13\/how-usaid-is-supporting-egypts-green-transition\/\">\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=How USAID is supporting Egypt\u2019s green transition&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/how-usaid-is-supporting-egypts-green-transition\/\">\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\/13\/how-usaid-is-supporting-egypts-green-transition\/&title=How USAID is supporting Egypt\u2019s green transition\">\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=How+USAID+is+supporting+Egypt%E2%80%99s+green+transition+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F13%2Fhow-usaid-is-supporting-egypts-green-transition%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\/13\/how-usaid-is-supporting-egypts-green-transition\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/258.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578023\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/how-usaid-is-supporting-egypts-green-transition\/258-jpg-28\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/258.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"258.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/258.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/258.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578022\" class=\"content-area-description single-story post-578022 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-climate-x-forum tag-development-finance tag-enterprise-climate-x-forum tag-enterpriseam tag-green-economy tag-investment-watch tag-usaid wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>A conversation with Leslie Reed<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/leslie-reed-3a33a29\">LinkedIn<\/a>), <strong>mission director for Egypt at <\/strong><strong>USAID, at<\/strong> <strong>Enterprise Climate X Forum: <\/strong>The inaugural Enterprise Climate X Forum we held last week saw us dive deep into the climate economy in Egypt, from green hydrogen to the recently launched Nexus on Water, Food and Energy (NWFE) and climate finance. Among our on-stage interviews, we spoke with Leslie Reed, mission director for Egypt at USAID, about how development agencies can support the green transition in emerging markets and what the agency has in store for Egypt.<\/p>\n<p><strong>Egypt, like other emerging markets, is facing a number of deeply interconnected challenges \u2014 particularly on climate and the economy<\/strong>, Reed said. \u201cThe economy is growing, but it's not growing as fast as the population, so the government and service providers will be challenged,\u201d she said. This is exacerbated by the fact that women, who make up half of the population, do not participate in the economy at the same rate as men, she said.<\/p>\n<p><strong>Why is this important for the green transition? <\/strong>\u201cEgypt is a young country and it\u2019s growing very fast,\u201d Reed said, meaning there is a more demand for jobs than there are businesses and organizations who can provide them \u2014 let alone offer training to develop the needed skill sets among job seekers. When it comes to operating large-scale renewable energy projects \u2014 like the Benban solar power park for example \u2014 training is key, Reed noted.<\/p>\n<p><strong>That\u2019s why a big part of what USAID does is invest in talent and capacity building: <\/strong>USAID <a href=\"https:\/\/eg.usembassy.gov\/usaid-ministry-education-launch-renewable-energy-curriculum\/\">partnered<\/a> with the Education Ministry back in 2018 to develop a curriculum that trained over 300 technical school students in Aswan and Hurghada on renewable energy, in particular solar and wind power. \u201cYou need a lot of people to operate and maintain a huge solar park,\u201d Reed said. \u201cAnd we made sure women were part of that, so right now, we have 300 women who have the technical skills to engage in operations and maintenance at Benban and across the country.\u201d The curriculum is now in three technical schools in Egypt, and it\u2019s \u201cbuilding the workforce of the future,\u201d Reed said.<\/p>\n<p><strong>The development agency also recently launched a climate-focused scholarship for Egyptian students: <\/strong>USAID at COP27 <a href=\"https:\/\/www.usaid.gov\/egypt\/news-information\/press-releases\/united-states-announces-scholarship-program-empower-women-and\">launched<\/a> a scholarship program for students seeking training in sectors relevant to Egypt\u2019s climate goals. The program will offer full benefits to some 700 students..<\/p>\n<p><strong>But there\u2019s a missing puzzle piece: the private sector. <\/strong>\u201cWe want and need to partner with the private sector as we help the government develop curricula, as we help build out the skills base of young students,\u201d Reed said.<\/p>\n<p><strong>Private investors are \u201cless naturally attracted\u201d to adaptation and resilience<\/strong>, Reed said, noting that adaptation attracts only about 10% of climate finance globally. \u201cWe think of the short term, but we need to be thinking of the longer term,\u201d she said. \u201cThe returns on investment are around USD 10 per USD 1. If you pay USD 1 today to avoid a future problem, you save USD 10 potentially on the backend, so I think there's an economic imperative,\u201d she added.<\/p>\n<p><strong>That\u2019s why USAID now has a mandate to bring in the private sector. <\/strong>\u201cThis is where I think development partners need to get involved to help de-risk,\u201d Reed said, pointing to the work of the US International Development Finance Corporation (DFC). Where USAID incentivizes the private sector to participate in adaptation projects, the DFC responds and pulls them in with loans, assurances and de-risking opportunities, she explained. \u201cWe want to attract the private sector because we know they\u2019re part of the solution,\u201d she added.<\/p>\n<p><strong>USAID is also starting to shift to a more blended approach to financing: <\/strong>The development agency is working to catalyze more private finance to support its own lending activity. Initiatives like <a href=\"https:\/\/www.usaid.gov\/catalyze\">Catalyze<\/a> aim to raise some USD 2 bn in financing over the next eight years. The USD 15 mn <a href=\"https:\/\/www.usaid.gov\/egypt\/news-information\/press-releases\/us-government-provides-15-million-launch-red-sea-initiative\">Red Sea initiative<\/a> also includes plans to use blended financing as a mechanism to help support businesses in Red Sea cities in Egypt.<\/p>\n<p><strong>Reed is hopeful about the trajectory we\u2019re on \u2014 but wants Egypt to leverage what it achieved during COP27: \u201c<\/strong>There are some basic fundamentals like ease of doing business that are needed, and also the green particulars\u2026 but the COP presidency presents such an important opportunity for all of us,\u201d Reed said. The agreements and initiatives launched during the summit \u2014 including NWFE \u2014 were important for Egypt \u2014 and gives us an obligation to follow through in time for the next COP summit, she said. \u201cNobody wants to go into the next COP not having made progress on that, so this is the window of opportunity to remove impediments,\u201d she added.<\/p>\n<div class=\"story__body\">\n<p><strong>** The Enterprise Climate X Forum is proud to be supported by\u00a0<\/strong>USAID, HSBC, Mashreq, Attijariwafa Bank, Etisalat by e&, Hassan Allam Utilities, and Infinity.<\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-climate-x-forum\/\">ENTERPRISE CLIMATE X FORUM<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/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\/usaid\/\">USAID<\/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=\"578024\" 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=\"578024\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/al-baraka-capital-appoints-sarah-hosni-as-managing-director-launches-real-estate-arm\/\">\r\n                            Al Baraka Capital appoints Sarah Hosni as managing director, launches real estate arm                        <\/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\/13\/al-baraka-capital-appoints-sarah-hosni-as-managing-director-launches-real-estate-arm\/\" 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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Hosni was formerly managing director and executive board member at Contact Financial\u2019s underwriting arm <a href=\"https:\/\/contact.eg\/sarwa\/\">Sarwa<\/a>.<\/p>\n<p><strong>And a new line of business:<\/strong> Al Baraka Capital also this week launched a real estate investment and urban development arm, dubbed Tanfeez, according to a <a href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7007781552067653632\/\">statement<\/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\/al-baraka-bank\/\">Al Baraka Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sarah-hosni\/\">Sarah Hosni<\/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=\"578026\" 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=\"578026\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/578026\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578026\" class=\"content-area-description single-story post-578026 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/3-SODIC-Monkey-Bar-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=\"578027\" 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=\"578027\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/building-reconciliation-law-a-government-clampdown-on-food-price-hikes-leads-the-talk-shows\/\">\r\n                            Building Reconciliation Law + a government clampdown on food price hikes leads the talk shows                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/building-reconciliation-law-a-government-clampdown-on-food-price-hikes-leads-the-talk-shows\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/building-reconciliation-law-a-government-clampdown-on-food-price-hikes-leads-the-talk-shows\/')\">\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\/13\/building-reconciliation-law-a-government-clampdown-on-food-price-hikes-leads-the-talk-shows\/\">\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=Building Reconciliation Law + a government clampdown on food price hikes leads the talk shows&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/building-reconciliation-law-a-government-clampdown-on-food-price-hikes-leads-the-talk-shows\/\">\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\/13\/building-reconciliation-law-a-government-clampdown-on-food-price-hikes-leads-the-talk-shows\/&title=Building Reconciliation Law + a government clampdown on food price hikes leads the talk shows\">\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=Building+Reconciliation+Law+%2B+a+government+clampdown+on+food+price+hikes+leads+the+talk+shows+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F13%2Fbuilding-reconciliation-law-a-government-clampdown-on-food-price-hikes-leads-the-talk-shows%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\/13\/building-reconciliation-law-a-government-clampdown-on-food-price-hikes-leads-the-talk-shows\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/260.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578028\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/building-reconciliation-law-a-government-clampdown-on-food-price-hikes-leads-the-talk-shows\/260-jpg-31\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/260.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"260.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/260.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/260.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578027\" class=\"content-area-description single-story post-578027 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-economy tag-enterpriseam tag-foreign-reserves tag-inflation tag-last-nights-talk-shows tag-moustafa-madbouly tag-policy tag-retail wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was another mixed bag on talk shows yesterday<\/strong>, with the talking heads focusing on a warning to shop owners from the cabinet and the ongoing debate over the new Building Reconciliation Law (we have more on the latter in this morning\u2019s news well, above).<\/p>\n<p><strong>All retailers are going to need to start clearly displaying the prices of all their goods<\/strong> under new rules designed to tamp down on food price inflation <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0Lx37gmGLvv2mAabHVEwxGNPwxUuowJyYAw8YM7A3RKWupnoxGdciJjjM3E74cu2tl\">announced<\/a> by Prime Minister Moustafa Madbouly yesterday. Shop owners will need to either price-tag everything or attach labels to the shelves, Assistant Supply Minister Ibrahim Ashmawy told Kelma Akhira\u2019s Lamees El Hadidi yesterday (<a href=\"https:\/\/www.youtube.com\/watch?v=wiNlecJONjU\">watch, runtime: 18:09<\/a>). \u201cMadbouly stressed that the state has an iron first to interfere against those who hoard commodities or overprice them,\u201d he said.<\/p>\n<p><strong>A taste of the fist:<\/strong> Regulatory bodies are set to agree on a deadline for retailers and shop owners to abide by the rules, Madbouly said. Anyone who doesn\u2019t comply is at risk of having their shops shut down and their stock confiscated and sold to citizens.<\/p>\n<p><strong>The move is designed to deter traders from hoarding goods and artificially raising prices<\/strong>. The government recently designated rice as a \u201cstrategic commodity\u201d for at least three months under efforts to control prices amid a rising cost of living. Ashmawy said that yesterday\u2019s decision does not amount to price caps though he did not rule out the possibility further down the line. \u201cIt is possible,\u201d he said.<\/p>\n<p><strong>The strongly-worded warning also received coverage <\/strong>from Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=c980JGbnYcM\">watch, runtime: 5:05<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=nw3bocw_3ko\">watch, runtime: 4:07<\/a>).<\/p>\n<p><strong>The search for greenbacks:<\/strong> Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=8XnH-h0VOzE\">watch, runtime: 5:13<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=OP5OKC5KSO4\">watch, runtime: 4:25<\/a>) both covered a meeting led by Madbouly yesterday to discuss efforts to replenish the nation\u2019s foreign reserves. El Hadidi noted that Madbouly once again did not specify what the plan entails, yet said took note of Friday\u2019s meeting by the IMF and previous statements by Finance Minister Mohamed Maait on a plan to attract USD 5 bn from developmental partners, an intention to sell USD 1.5-2.5 bn of sukuk, the planned debut CNY-denominated Panda bond issuance and others.<\/p>\n<p><strong>The arrest of fashion blogger Hadeer Atef on charges of fraud also got a mention <\/strong>from Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=PpyRypPaEkU\">watch, runtime: 10:04<\/a>) and Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=stFl1a9jXs0\">watch, runtime: 5:48<\/a>). Atef and her husband, sister-in-law and husband were charged with fraud through collecting over EGP 1 mn in funds from 16 people who were scammed to believe they own companies operating in auto, real estate and the stock exchange. Atef was accused of promoting such scams to followers on her Instagram.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-reserves\/\">foreign reserves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/policy\/\">policy<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578029\" 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: 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<div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/the-senate-education-committee-wants-to-introduce-a-13-hour-school-day-at-public-schools\/\">\r\n                            The Senate Education Committee wants to introduce a 13-hour school day at public schools                        <\/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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data-image-meta=\"[]\" data-image-title=\"261.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/261.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/261.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578031\" class=\"content-area-description single-story post-578031 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-acta tag-also-on-our-radar tag-cit tag-education tag-efg-hermes tag-energy tag-enterpriseam tag-mwsalat-misr tag-new-administrative-capital tag-orange-egypt tag-policy tag-renewables tag-superjet tag-transport 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<p><strong>EDUCATION<\/strong><\/p><p><strong>Thirteen-hour school days:<\/strong> That\u2019s the solution being proposed by the Senate Education Committee to tackle the problem of private tutoring. A committee report up for discussion in the Senate wants public school students to be at school from 8am to 9pm, and suggests breaking up the school day into three periods: 8am to 12pm, 12:30pm to 4:30pm and 5pm to 8pm. This \u201cwill recover the role of public schools as the main teaching venue for students, overcome the problem of overcrowded classes, and dissuade students from resorting to the costly private tutoring lessons,\u201d committee chair Nabil Dibis said.<\/p><p><strong>ENERGY-<\/strong><\/p><p><strong>Vortex Energy invests another EUR 46 mn in Spain\u2019s Ignis Energia:<\/strong> EFG Hermes\u2019 clean energy investment platform Vortex Energy has made a EUR 46 mn equity investment in Spain\u2019s integrated renewables group Ignis Energia, <a href=\"https:\/\/alborsaanews.com\/2022\/12\/11\/1607801\">Al Borsa<\/a> reported yesterday. The investment was made through the Vortex Energy IV Fund \u2014 which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/86c5a819-d5d5-4755-af2f-c9bbfdb504e8\">reached its first close<\/a> of USD 200 mn in July 2021. A representative from EFG Hermes declined to comment when Enterprise Climate reached out.<\/p><p><strong>HEALTH-<\/strong><\/p><p><strong>Egypt records a <\/strong><strong><a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/1236\/482454\/Egypt\/Health\/Egypt-detects-fourth-case-of-monkeypox-.aspx\">fourth case<\/a><\/strong><strong> of <\/strong><strong><a href=\"https:\/\/www.who.int\/news\/item\/28-11-2022-who-recommends-new-name-for-monkeypox-disease#:~:text=Mpox%20will%20become%20a%20preferred,midst%20of%20a%20global%20outbreak.\">monkeypox<\/a><\/strong><strong>: <\/strong>A 34-year-old man is receiving treatment at a Health Ministry-affiliated hospital after contracting the disease, the <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02JiWgmwcNcQP9rR1nz7iRUtYXCourqhGFdz5M89L37PhaSTn6BJMkGJDuX95uZjf2l\">ministry said<\/a> yesterday. He had been in close contact with a third patient, a European resident who was visiting Egypt, according to the statement.<\/p><p><strong>POLICY-<\/strong><\/p><p><strong>The Public Enterprises Ministry has completed several studies on establishing <\/strong><strong>new factories to localize production<\/strong> and reduce reliance on imports, and presented them to representatives of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36ec2b1c-8a17-45a3-a7cf-985fb5acd440\">Ebda initiative<\/a>, Minister Mahmoud Esmat <a href=\"https:\/\/bit.ly\/3FO5lWw\">said<\/a> yesterday. The statement did not provide further details on the industries.<\/p><p><strong>TELECOMS-<\/strong><\/p><p><strong>Orange CEO + El Sisi talk investment<\/strong>: Orange CEO Christel Heydemann discussed increasing investments in Egypt during talks with President Abdel Fattah El Sisi yesterday, according to a statement from <a href=\"https:\/\/bit.ly\/3uP7kDj\">Ittihadiya<\/a>.<\/p><p><strong>TRANSPORT-<\/strong><\/p><p><strong>Mwsalat Misr + Superjet to <\/strong><strong>operate buses<\/strong><strong> and electric taxes in new capital:<\/strong> A public-private joint venture was awarded a 15-year contract to operate buses and EV taxis in the new administrative capital, <a href=\"https:\/\/bit.ly\/3uGGc9x\">Al Mal<\/a> reports, citing sources it says are in the know. ACTA is a JV between the Transport Ministry\u2019s <a href=\"https:\/\/www.superjet.com.eg\/\">SuperJet<\/a> and privately-owned <a href=\"https:\/\/mwasalatmisr.com\/\">Mwasalat Misr<\/a>, which signed an EGP 200 mn contract to set up smart transport routes in the new administrative capital <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b705927d-ff68-4720-8bae-3b3dfde3705d\">late last year<\/a>. Operations are set to start next year with 145 EVs, as well as 80 buses that were used to transport delegates at COP27. ACTA could make an initial investment of EGP 1 bn in the routes, according to Al Mal.<\/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\/acta\/\">Acta<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/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\/mwsalat-misr\/\">Mwsalat Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-administrative-capital\/\">new administrative capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orange-egypt\/\">Orange Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/policy\/\">policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/superjet\/\">Superjet<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/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=\"578035\" 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=\"578035\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/egypt-the-eu-are-looking-at-setting-up-a-joint-business-forum\/\">\r\n                            Egypt + the EU are looking at setting up a joint business forum                        <\/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\/13\/egypt-the-eu-are-looking-at-setting-up-a-joint-business-forum\/\" 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 proposal was discussed during a meeting between Minister Ahmed Samir and EU\u2019s envoy to Cairo Christian Berger.<\/p>\n<p><strong>Egypt and South Korea agreed to exchange knowledge, tech and technical <\/strong><strong>support to improve Egypt\u2019s public procurement system<\/strong>. The move is part of the Finance Ministry\u2019s push to digitize its operations and localize tech to boost the efficiency of its governance and administration, the Finance Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid024mhdRH8Bazjhjbzh7cDnGZAx29nfyaShxmfjH5t9c1u9gd4VTcWMwvC3kvsQaWfvl\">said<\/a> Friday.<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-ministry\/\">Foreign Ministry<\/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\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/south-korea\/\">South Korea<\/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=\"578039\" 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\/13\/578039\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578039\" class=\"content-area-description single-story post-578039 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>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>16 December (Friday): IMF executive board to discuss Egypt\u2019s EFF request.<\/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: Egypt to <a href=\"https:\/\/bit.ly\/3bVoWYy\">expand Sudan electricity link capacity<\/a> to 300 MW.<\/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: 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>30 April (Sunday): Deadline for self-employed to register for e-invoicing.<\/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":578008,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-578007","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"2da554f4-4e33-449c-a903-6f2d0a0e38ac","teaser":"","photo_url":"https:\/\/ent.news\/2022\/12\/249.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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