{"id":578050,"date":"2022-12-14T04:00:43","date_gmt":"2022-12-14T04:00:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=578050"},"modified":"2025-12-16T11:30:58","modified_gmt":"2025-12-16T11:30:58","slug":"big-red-gets-new-owner-as-vodacom-snaps-up-55-of-vodafone-egypt","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/big-red-gets-new-owner-as-vodacom-snaps-up-55-of-vodafone-egypt\/","title":{"rendered":"Big Red gets new owner as Vodacom snaps up 55% of Vodafone Egypt"},"content":{"rendered":"<section id=\"578052\" 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=\"578052\">\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\/14\/this-morning-its-fed-day-a-big-day-for-moroccan-and-arab-football\/\">\r\n                            THIS MORNING: It\u2019s Fed day + A big day for Moroccan (and Arab) football                        <\/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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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/this-morning-its-fed-day-a-big-day-for-moroccan-and-arab-football\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/283.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578053\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/this-morning-its-fed-day-a-big-day-for-moroccan-and-arab-football\/283-jpg-22\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/283.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"283.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/283.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/283.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578052\" class=\"content-area-description single-story post-578052 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-abdel-fattath-el-sisi tag-cryptocurrency tag-diplomacy tag-enterpriseam tag-ftx tag-interest-rates tag-morocco 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, friends, and welcome to another busy news day. <\/strong>There\u2019s no rest for the wicked as we look at a flood of M&amp;A and FX news, Fed day in the US of A, and speculation that the Central Bank of Egypt could go for a snap interest rate hike ahead of the IMF\u2019s planned Friday board meeting to review our request for a USD 3 bn facility.<\/p><p><strong>HAPPENING TODAY-<\/strong><\/p><p><strong>The US-Africa Leaders\u2019 Summit continues in Washington today:<\/strong> President Abdel Fattah El Sisi is among the 49 African heads of state in Washington this week for the US-Africa Leaders\u2019 Summit. Ittihadiya <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0D8vbs8WWxyLUCt6G1A6s7NLsRuC5KqFx8Wmwz1AFLJwSAgMLWgqx9k3j72ywatWyl\">confirmed<\/a> this morning that the president had landed in the US capital, and said that he would be meeting with a number of senior US officials, CEOs and African leaders, though it didn\u2019t name names.<\/p><p><strong>Transport Minister Kamel El Wazir is in the UK <\/strong>to attend meetings of the International Maritime Organization (IMO), the ministry <a href=\"https:\/\/bit.ly\/3j2kbzo\">said<\/a> yesterday.<\/p><p><strong>THIS WEEK-<\/strong><\/p><p><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>An unscheduled CBE meeting this week?<\/strong> Al Ahly Pharos elaborated on their prediction for this year\u2019s final policy meeting in a note on Monday, writing that the Monetary Policy Committee could devalue the EGP by another 15% to rein in the parallel market and hike interest rates by 200 bps in an unscheduled meeting. BNP Paribas are of the same opinion, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fa71ef5-a161-4019-8ffb-b183f952ca63\">predicting<\/a> the EGP to fall to 33 against the greenback by the end of the year and 37 during the next quarter. The derivatives markets are also pegging the currency significantly below the current market rate, with 12-month non-deliverable forwards <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-06\/imf-board-to-discuss-egypt-next-week-as-loan-approval-awaited?sref=mmeFTDW1\">changing hands at EGP 30<\/a> last week.<\/p><p><strong>MEANWHILE- The IMF agreed yesterday to offer Ghana a USD 3 bn lifeline <\/strong>after reaching a staff-level, the lender said in <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/12\/12\/pr22427-imf-reaches-staff-level-agreement-on-a-3-billion-three-years-ecf-with-ghana\">a statement<\/a> yesterday. Ghana joins Egypt, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62b5496d-bf12-4a6c-86f3-bdfc53a5f41f\">Bangladesh<\/a>, Lebanon, Pakistan, Sri Lanka, and Zambia in requesting IMF facilities this year.<\/p><hr class=\"grey-line\"><p><strong>PSA- Two 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 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b338d2e-7242-4675-8656-d831457321b3\">most recent 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\/Jerome-Powell-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>It\u2019s Fed day:<\/strong> We\u2019ll find out this evening by how much the Federal Reserve will raise interest rates when its final policy meeting wraps. The consensus is that policymakers will begin to ease the pace of the tightening cycle with a 50-bps hike but signal that it will continue to raise rates into 2023. Faced with soaring inflation, the central bank has embarked on its most aggressive series of rate hikes in years, raising rates by 375 bps since March including four consecutive 75-bps hikes.<\/p><p><strong>The market got what it wanted ahead of the big day:<\/strong> Unexpectedly cool <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">inflation data<\/a> out yesterday gave the Fed more room to start a dovish pivot, further raising market expectations for a smaller hike today. The consumer price index fell to 7.1% in November, below the 7.3% expected by analysts, and down from 7.7% the month before. This is the lowest reading since December 2021, and will give further confidence to those who believe that we\u2019ve passed peak inflation.<\/p><p><strong>Conditions will stay tight in 2023:<\/strong> Inflation may be past its peak but it remains well above target in the US, the EU and the UK, meaning central banks will continue to raise rates into 2023 albeit at a slower pace, the <a href=\"https:\/\/www.ft.com\/content\/ac621c8b-74b5-441f-a7f5-b733687210ac\">Financial Times<\/a> writes. \u201cInflation is decelerating and the pace of rate rises is smaller, but central banks are still going to be hiking by larger amounts than historically,\u201d Silvia Ardagna, chief European economist at Barclays, said.<\/p><p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a> <strong>WORLD CUP- Morocco will play arguably the biggest game in their history tonight<\/strong> when they face off against France in the semi-final of the World Cup. The Atlas Lions have the rest of the Middle East and Africa behind them when they take to the field at 9pm tonight, making history as the first-ever African team to make it to the last four of the competition.<\/p><p><strong>It\u2019s going to be tough:<\/strong> France are the strongest team left in the competition and will be favorites to get their hands on the trophy for the second consecutive tournament. A lethal strike force of Kylian Mbappe, Antoine Griezmann and Olivier Giroud will test Morocco\u2019s battle-hardened defense to the max and their never-say-die attitude means that Morocco can expect a strong response if they find themselves in the lead.<\/p><p><strong>But anything is possible:<\/strong> Morocco has already beaten three teams ranked among the top 10 in the world. They shocked the world by knocking out Spain in the last-16 and Portugal in the quarter-finals, and beating Belgium 2-0 to top their group. Morocco also has the best defensive record in the competition, only conceding once (an own goal vs. Canada) in the five games they\u2019ve played. France aren\u2019t exactly impregnable, either, having conceded in all but one of their games (and losing to Tunisia 1-0).<\/p><p><strong>Whoever wins will meet Messi in the final after Argentina swept Croatia aside<\/strong> in last night\u2019s game. Argentina became the first to reach the final, winning 3-0 against the 2018 runner-ups with two goals from Julian Alvarez and a penalty from Lionel Messi. Messi became Argentina\u2019s all-time top scorer in the tournament, surpassing Gabriel Batistuta\u2019s record with an 11th career World Cup goal.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Sam-Bankman-Fried-arrested-1600.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>Sam Bankman-Fried is Sam Bankman-[redacted]:<\/strong> The co-founder and CEO of the collapsed crypto exchange FTX has been accused of committing \u201cone of the biggest financial frauds in American history\u201d by the US Department of Justice, a day after he was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fa71ef5-a161-4019-8ffb-b183f952ca63\">arrested by Bahamian police<\/a> ahead of a possible extradition to the US. SBF has been charged with eight counts including money laundering, conspiracy to commit wire fraud, securities fraud, and campaign financing violations, and if found guilty, faces years behind bars. (<a href=\"https:\/\/www.reuters.com\/technology\/how-secret-software-change-allowed-ftx-use-client-money-2022-12-13\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/cryptocurrency-technology-business-united-states-government-us-securities-and-exchange-commission-32d27016350e3e175c500eeefaf2aa4d?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_09\">AP<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-13\/ftx-founder-bankman-fried-s-arrest-sets-up-possible-extradition-fight?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/b62a2e86-ee61-4c4e-8ce3-418ae216d8a7\">FT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/ftxs-sam-bankman-fried-charged-with-criminal-fraud-conspiracy-11670951131\">WSJ<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/12\/13\/live-updates-ftx-collapse-house-lawmakers-hold-hearing-following-arrest-of-founder-sam-bankman-fried.html\">CNBC<\/a>)<\/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 class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>Proposed amendments to a law on building violation reconciliations, which could eventually see the government reach reconciliation agreements on some wildcat buildings, could present a big opening for local real estate developers.<\/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\/abdel-fattath-el-sisi\/\">Abdel Fattath 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\/ftx\/\">FTX<\/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\/morocco\/\">Morocco<\/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  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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\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=\"578055\" 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=\"578055\">\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\/14\/vodacom-is-officially-vodafone-egypts-majority-shareholder\/\">\r\n                            Vodacom is officially Vodafone Egypt\u2019s majority shareholder                        <\/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\/14\/vodacom-is-officially-vodafone-egypts-majority-shareholder\/\" 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\/14\/vodacom-is-officially-vodafone-egypts-majority-shareholder\/')\">\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\/14\/vodacom-is-officially-vodafone-egypts-majority-shareholder\/\">\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=Vodacom is officially Vodafone Egypt\u2019s majority shareholder&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/vodacom-is-officially-vodafone-egypts-majority-shareholder\/\">\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\/14\/vodacom-is-officially-vodafone-egypts-majority-shareholder\/&title=Vodacom is officially Vodafone Egypt\u2019s majority shareholder\">\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=Vodacom+is+officially+Vodafone+Egypt%E2%80%99s+majority+shareholder+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F14%2Fvodacom-is-officially-vodafone-egypts-majority-shareholder%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\/14\/vodacom-is-officially-vodafone-egypts-majority-shareholder\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/288.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578056\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/vodacom-is-officially-vodafone-egypts-majority-shareholder\/288-jpg-18\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/288.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"288.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/288.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/288.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578055\" class=\"content-area-description single-story post-578055 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-astra-tech tag-cement tag-cit tag-enterpriseam tag-industry tag-ma-watch tag-sinai-cement tag-vicat tag-vodacom tag-vodafone-egypt tag-vodafone-group 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>South Africa\u2019s Vodacom now owns the lion\u2019s share of Vodafone Egypt:<\/strong> Vodafone Group has transferred its 55% stake in its Egyptian unit to its South African subsidiary Vodacom in a EUR 2.37 bn cash and stock transaction, it said in <a href=\"https:\/\/otp.tools.investis.com\/clients\/uk\/vodafone4\/rns\/regulatory-story.aspx?cid=221&newsid=1651453\">a statement<\/a> yesterday. The British company received 242 mn shares in Vodacom and EUR 577 mn in cash in return for the majority stake in Vodafone Egypt.<\/p>\n<p><strong>Vodafone Egypt is now jointly owned by Vodacom and Telecom Egypt<\/strong>, which holds the remaining 45% of Vodafone Egypt. (Separately, the transaction raises Vodafone Group\u2019s stake in its South African unit to 65.1% from 60.5%, it said.)<\/p>\n<p><strong>Could Vodafone Egypt soon be welcoming more new shareholders?<\/strong> The Qatar Investment Authority is reportedly among three Arab sovereign funds in talks with Telecom Egypt to purchase a 20% stake in Vodafone Egypt, which local reports have suggested could close <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/23c6426c-0b5d-4302-aeb2-74226e86a276\">before the end of the year<\/a>.<\/p>\n<p><strong>We thought this was coming:<\/strong> The statement comes a few days after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d9bc06d-68ff-484f-b563-c69b7917a5e2\">reports in local media<\/a> suggested that Vodacom acquired the parent company\u2019s 132 mn shares in Vodafone Egypt in a block trade transaction on the EGX for USD 2.4 bn.<\/p>\n<p><strong>A win-win for all: <\/strong>The sale will help Vodafone streamline its African assets and hand Vodacom exposure to a \u201cleading business in an attractive market, diversifying its portfolio and accelerating its growth profile,\u201d the company said. \u201cVodafone Egypt will benefit from closer cooperation with its new majority shareholder, allowing it to fasten the pace for growth in financial services and the Internet of Things.\u201d<\/p>\n<p><strong>What they said:<\/strong> \"With the completion of the transfer of Vodafone Group Plc's shareholding in Vodafone Egypt to Vodacom Group Limited, we are simplifying Vodafone Group's structure and supporting Vodacom and Vodafone Egypt for future growth,\u201d said Margherita Della Valle, who is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0f16e2a-c624-4476-ac7e-09d4b05a6839\">taking over from Nick Read<\/a> as the group CEO this month.<\/p>\n<p><strong>REFRESHER-<\/strong> Vodacom shareholders <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b47597a0-70d6-4847-8152-a200afcf370b\">approved plans<\/a> to purchase the shares in January after the two companies announced an agreement in <a href=\"https:\/\/www.vodafone.com\/news\/corporate-and-financial\/egypttransfer\">November 2021<\/a>. The transaction values the 55% stake in Vodafone Egypt at <a href=\"https:\/\/otp.tools.investis.com\/clients\/uk\/vodafone4\/rns\/regulatory-story.aspx?cid=221&newsid=1524780\">EUR 2.72 bn<\/a> on a debt-free, cash-free basis, giving the company an overall valuation of EUR 4.95 bn, by our math. Vodafone had been expecting to close before the end of March, but the transaction stretched on as the two sides waited for approvals from Egyptian regulators.<\/p>\n<p><strong>VICAT UPS STAKES IN SINAI CEMENT-<\/strong><\/p>\n<p><strong>French cement producer Vicat Egypt has raised its stake in EGX-listed subsidiary <\/strong><strong>Sinai Cement to 67.2%<\/strong> from 51.0%, according to <a href=\"https:\/\/ent.news\/2022\/12\/Vicat-Egypt-Sinai-Cement-MA.pdf\">a disclosure (pdf)<\/a> filed on the EGX last week. The company bought a 16.2% stake (c. 21.5 mn shares) for EGP 139.6 mn (USD 5.66 mn), the filing said.<\/p>\n<p><strong>Among the selling shareholders:<\/strong> Arab Industrial Investment <a href=\"https:\/\/ent.news\/2022\/12\/Sinai-Cement_Arab-Industrial-Investments_Dec2022.pdf\">sold (pdf)<\/a> a 6.6% stake, United Company for Development and Services <a href=\"https:\/\/ent.news\/2022\/12\/Sinai-Cement_United-Development_Dec2022.pdf\">offloaded (pdf)<\/a> 4.85% and the Investments Company for Industry <a href=\"https:\/\/ent.news\/2022\/12\/Sinai-Cement_Investments-for-Industry_Dec2022.pdf\">sold (pdf)<\/a> 3.1%.<\/p>\n<p><strong>Vicat tried to mount a takeover bid for Sinai Cement earlier this year<\/strong>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49302d7a-dad9-41db-9a05-1ae78cd57d91\">launching a<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49302d7a-dad9-41db-9a05-1ae78cd57d91\">mandatory tender offer<\/a> for 42.1% of the company\u2019s shares.<\/p>\n<p><strong>EMIRATI TECH INVESTOR EYES EGYPT NBFS SECTOR-<\/strong><\/p>\n<p><strong>UAE-based tech investor <\/strong><strong><a href=\"https:\/\/astratech.ae\/\">Astra Tech<\/a><\/strong><strong> is looking to invest USD 400 mn in four <\/strong><strong>Egyptian financial services and consumer finance companies next year<\/strong>, founder Abdallah Abu Sheikh reportedly told <a href=\"https:\/\/bit.ly\/3YvPjrF\">Al Mal<\/a>. The planned acquisitions are part of the company\u2019s plans to create a super app that includes payment and transfer services.<\/p>\n<p><strong>Astra Tech is no stranger to Egypt: <\/strong>The company has been present in the Egyptian market since 2018, Abu Sheikh is quoted as saying, adding that the company has so far invested USD 400 mn. Earlier this year Astra Tech acquired Emirati super app Rizek, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3efeeaed-ae6a-4741-b0dc-80a68fb5c30f\">launched operations<\/a> in Egypt last year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/astra-tech\/\">Astra Tech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cement\/\">cement<\/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\/industry\/\">industry<\/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\/sinai-cement\/\">Sinai Cement<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vicat\/\">Vicat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vodacom\/\">Vodacom<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vodafone-egypt\/\">Vodafone Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vodafone-group\/\">Vodafone Group<\/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=\"578057\" 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=\"578057\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/appetito-jumlaty-merge-to-become-nomu\/\">\r\n                            Appetito + Jumlaty merge to become Nomu                        <\/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\/14\/appetito-jumlaty-merge-to-become-nomu\/\" 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\/14\/appetito-jumlaty-merge-to-become-nomu\/')\">\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\/14\/appetito-jumlaty-merge-to-become-nomu\/\">\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=Appetito + Jumlaty merge to become Nomu&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/appetito-jumlaty-merge-to-become-nomu\/\">\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\/14\/appetito-jumlaty-merge-to-become-nomu\/&title=Appetito + Jumlaty merge to become Nomu\">\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=Appetito+%2B+Jumlaty+merge+to+become+Nomu+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F14%2Fappetito-jumlaty-merge-to-become-nomu%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\/14\/appetito-jumlaty-merge-to-become-nomu\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/289.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578058\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/appetito-jumlaty-merge-to-become-nomu\/289-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/289.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"289.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/289.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/289.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578057\" class=\"content-area-description single-story post-578057 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-appetito tag-enterpriseam tag-fb tag-jumlaty tag-logistics tag-nomu tag-startup-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Appetito + Jumlaty tie up:<\/strong> Cairo-based grocery delivery startup <a href=\"https:\/\/appetito.com\/\">Appetito<\/a> and Saudi Arabia\u2019s <a href=\"https:\/\/www.jumlaty.app\/\">Jumlaty<\/a> have merged to form a new company called Nomu in that they say is a bid to become the region\u2019s leading food-tech supply chain platform, according to <a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/appetito-and-jumlaty-announce-merger-to-join-forces-with-nomu-kin1aac8\">a joint statement<\/a> out yesterday. Neither party released details about the merger, what triggered it, their post-transaction shareholding structure, or the company\u2019s strategy going forward.<\/p>\n<p><strong>CEOs take the top jobs:<\/strong> Appetito CEO Shehab Mokhtar is now Nomu\u2019s CEO while Salman Attieh, CEO of Jumlaty, is the chairman. The company will have its headquarters in Riyadh with a holding structure in Abu Dhabi\u2019s International Financial Center.<\/p>\n<p><strong>Nomu has access to four markets:<\/strong> The company combines Appetito\u2019s presence in Egypt, Tunisia and Morocco and Jumlaty\u2019s operations in Saudi Arabia to give it access to four markets in the MENA region and 100k F&B stores, according to the statement.<\/p>\n<p><strong>Aiming big<\/strong>: The merger sees Nomu on track to deliver USD 25 mn in revenue and a positive EBTIDA in 2023, Mokhtar said.<\/p>\n<p><strong>What they said: <\/strong>\u201cBoth companies shared the same vision on how to transform the industry, combining smart tech, lean operations with a deep focus on unit economics. Together we capture the entire value chain, from monthly shopping to weekly refills and outdoor dining,\u201d Attieh said.<\/p>\n<p><strong>Further expansion plans<\/strong>: Nomu aims to expand to Pakistan and key sub-Saharan countries in the near future.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/appetito\/\">Appetito<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fb\/\">F&amp;B<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jumlaty\/\">Jumlaty<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nomu\/\">Nomu<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578059\" 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=\"578059\">\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\">FDI + EXPORTS CEO POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/agriculture-is-egypts-gold-mine-says-cayeshs-mahmoud-hassan\/\">\r\n                            Agriculture is Egypt\u2019s gold mine, says Cayesh\u2019s Mahmoud Hassan                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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           <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/290.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578060\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/agriculture-is-egypts-gold-mine-says-cayeshs-mahmoud-hassan\/290-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/290.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"290.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/290.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/290.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578059\" class=\"content-area-description single-story post-578059 post type-post status-publish format-standard has-post-thumbnail hentry category-fdi-exports-ceo-poll tag-enterpriseam tag-fdi tag-fdi-exports-ceo-poll tag-mahmoud-hassan tag-startup-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>We recently had breakfast with 20 top CEOs to talk about why exports and FDI are key to <\/strong><strong>our economy going forward.<\/strong> After reading our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7\">five-step recipe for turning Egypt into a global export hub and FDI magnet<\/a>, every participating CEO has agreed to answer two questions on the record.<\/p>\n<p><strong>We\u2019ve already heard from: <\/strong>GSK\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fcde18b-95f6-4782-9083-0840d9fda8db\">Mohamed El Dababy<\/a> | McKinsey\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f93541d-abee-4a1a-b87e-2b6f88349f10\">Jalil Bensouda<\/a> | Somabay\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7ab47ec-95d5-46b4-a486-ce97ca107374\">Ibrahim El Missiri<\/a> | ALC Alieldean Weshahi & Partners\u2019 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2ab690b8-8f8f-4482-9729-879fc20d94bc\">Bahaa Alieldean<\/a> | HSBC Egypt\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e52c658-009c-46c8-b339-010f4d162cec\">Todd Wilcox<\/a> | Actis\u2019 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c3b5a2fa-f7ac-44ca-a582-48e3c1328442\">Sherif El Kholy<\/a> | Amazon\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dc87ff7f-7ee7-424e-b16f-ea2ea088998f\">Omar El Sahy<\/a> | BII\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/72d42f74-2905-45e9-b9fd-581dfc43b878\">Sherine Shohdy<\/a> | Mansour Automotive\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca15e306-2580-41a7-b7e7-efe5dcb4df16\">Ankush Arora<\/a> | Apex\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0398667-a5a1-46c2-9764-4524086c825b\">Tom Maher<\/a> | Travco\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba2f6472-f2fe-495f-8889-3d0e6957c1c5\">Moataz Sedky<\/a>.<\/p>\n<p><strong>Speaking to us today:<\/strong> Mahmoud Hassan (<a href=\"https:\/\/www.linkedin.com\/in\/mahmoud-sameer-hassan-90b44017\/\">LinkedIn<\/a>) is the co-founder of supply chain finance startup <a href=\"https:\/\/www.cayesh.me\/\">Cayesh<\/a>. Hassan is also a non-executive cofounder of fintech platform <a href=\"https:\/\/www.dfinholding.com\/\">D-Fin<\/a>. Over the past two decades, he has spent a large portion of his career working closely with SMEs and small and medium funds, including at the International Finance Corporation and Sharaka Fund, in addition to more than a decade in consulting, including Arthur Andersen and Ernst & Young.<\/p>\n<p><strong>ENTERPRISE- Which industry would you put on a focused short list \u2014 and why?<\/strong><\/p>\n<p><strong>MAHMOUD HASSAN- The agriculture sector is a gold mine that we are sitting on.<\/strong> We need to start with primary industries where we have a competitive edge. The agri sector is a primary feeder to many industries \u2014 from food processing and manufacturing to textiles. Historically, we have the know-how and the expertise, but more advancement is needed in terms of knowledge and technology. It just needs someone to scratch the surface and get it back to where it was. Once, agriculture accounted for 16% of GDP. Now, it\u2019s only 11.3%.<\/p>\n<p><strong>We are more advanced than neighboring agri markets like Libya, Saudi Arabia, or Sudan, so we can leverage this by becoming an export hub<\/strong> for these markets. We can also still produce and export our products to Southern and Eastern Europe at relatively competitive prices compared to other markets like Morocco or parts of East Asia. From a domestic perspective, agriculture is key for food security as the population increases. You'll find that low- and middle-income families spend 50-60% of their monthly budget on food.<\/p>\n<p><strong>We have the best cotton in the world:<\/strong> It\u2019s a shame that it gets exported as a raw material, treated, and then re-sold to us at a much higher value. Why don't we have that knowledge and expertise to do the treatment in-house, and then export cotton as a value-added product? Another example is food oil \u2014 a tremendously fast-growing industry worldwide and very much needed.<\/p>\n<p><strong>We have the enablers:<\/strong> relatively cheap labor, suitable weather, and the natural geographic location. State-owned entities including the Agricultural Bank of Egypt and e-Finance have huge databases on the agricultural land bank, so we know which plots in every single corner in the country produce what crops and how we can benefit. As your five-step recipe suggests, we just need to focus on it.<\/p>\n<p><strong>I think Egypt can focus on five to eight industries in the next few years.<\/strong> Five is on the low end for a country with a population as large as ours; India, by comparison, started with 15 industries. The payoff will be tremendous in terms of where we'll stand and how we can position ourselves in the region.<\/p>\n<p><strong>E- Why are exports and FDI the way forward? <\/strong><\/p>\n<p><strong>MH-<\/strong> I've worked at the IFC and the World Bank for almost eight years, so I\u2019ve seen firsthand the economic developments in nascent and developing markets in Africa and East and South Asia. Look at how the Vietnamese economy evolved after the economic reforms that started in the 1990s. GDP multiplied by five. By 2017, the trade surplus reached almost USD 3 bn. FDI boomed from a few bn USD to double digits. It's similar in India, where FDI increased by almost 51% between 2010 and 2011. That's incredible. This is where we need to be, and why we need to enhance our economic drivers to be export-led.<\/p>\n<p><strong>It has to be private sector-led and government-backed.<\/strong> The Indian model, with its Invest India program, really resembles what we're doing with the Sovereign Fund of Egypt. But in India it\u2019s private sector-led, whereas here it\u2019s government-led. So we need to balance the role each party plays in that game.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi-exports-ceo-poll\/\">FDI + EXPORTS CEO POLL<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mahmoud-hassan\/\">Mahmoud Hassan<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578061\" 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=\"578061\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/in-its-search-for-fx-egypt-is-burning-more-mazut\/\">\r\n                            In its search for FX, Egypt is burning more mazut                        <\/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\/14\/in-its-search-for-fx-egypt-is-burning-more-mazut\/\" 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\/14\/in-its-search-for-fx-egypt-is-burning-more-mazut\/')\">\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\/14\/in-its-search-for-fx-egypt-is-burning-more-mazut\/\">\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=In its search for FX, Egypt is burning more mazut&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/in-its-search-for-fx-egypt-is-burning-more-mazut\/\">\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\/14\/in-its-search-for-fx-egypt-is-burning-more-mazut\/&title=In its search for FX, Egypt is burning more mazut\">\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=In+its+search+for+FX%2C+Egypt+is+burning+more+mazut+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F14%2Fin-its-search-for-fx-egypt-is-burning-more-mazut%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\/14\/in-its-search-for-fx-egypt-is-burning-more-mazut\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/291.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578062\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/in-its-search-for-fx-egypt-is-burning-more-mazut\/291-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/291.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"291.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/291.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/291.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578061\" class=\"content-area-description single-story post-578061 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-electricity tag-energy tag-enterpriseam tag-foreign-exchange tag-oil-and-gas wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Egypt\u2019s use of mazut fuel oil in power stations has soared <\/strong><strong>to a five-year high<\/strong> as the country works to increase natural gas exports, according to data seen by <a href=\"https:\/\/www.reuters.com\/business\/energy\/egypt-burns-more-heavy-fuel-oil-free-gas-export-2022-12-13\/\">Reuters<\/a>. Figures from the Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera) showed that mazut accounted for almost 21% of all fuel used by power stations in October, the highest since September 2017 when it registered 22.8%.<\/p>\n<p><strong>That\u2019s not all: <\/strong><a href=\"https:\/\/www.jodidata.org\/oil\/database\/country-by-country-review.aspx\">Data from the Joint Organisations Data Initiative<\/a> shows that demand for mazut rose to 135k barrels per day in September, the highest since June 2018.<\/p>\n<p><strong>Why are we burning more mazut? To help ease a shortage of foreign currency.<\/strong> Egypt had significantly reduced its use of mazut in recent years but has increased consumption following <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8825220-3a11-4b4f-85d0-10a069902e3a\">a decision in August<\/a> to begin rationing the amount of natural gas used in local power plants. The government wants to make more natural gas available for export, which will bring more hard currency into the country as officials wrestle with the country\u2019s external position.<\/p>\n<p><strong>Cheap\u2026<\/strong> Burning mazut is four times less expensive than burning natural gas priced at the European TTF benchmark, Eugene Lindell, head of refined products at energy consultancy FGE, told the newswire. Refinitiv data shows that Egypt has significantly upped its purchase of discounted Russian fuel oil, enabling it to make \u201cmassive\u201d savings, he said.<\/p>\n<p><strong>\u2026but environmentally-costly: <\/strong>Mazut is a low-quality, high-sulfur fuel oil that generates more air pollution when burned than other types of oil.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/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\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578063\" 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=\"578063\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/premium-card-issues-egp-201-mn-in-securitized-bonds\/\">\r\n                            Premium Card issues EGP 201 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\/14\/premium-card-issues-egp-201-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\/14\/premium-card-issues-egp-201-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\/14\/premium-card-issues-egp-201-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=Premium Card issues EGP 201 mn in securitized bonds&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/premium-card-issues-egp-201-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\/14\/premium-card-issues-egp-201-mn-in-securitized-bonds\/&title=Premium Card issues EGP 201 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=Premium+Card+issues+EGP+201+mn+in+securitized+bonds+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F14%2Fpremium-card-issues-egp-201-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\/14\/premium-card-issues-egp-201-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\/293.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578064\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/premium-card-issues-egp-201-mn-in-securitized-bonds\/293-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/293.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"293.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/293.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/293.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578063\" class=\"content-area-description single-story post-578063 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-consumer-finance tag-debt-watch tag-efg-hermes tag-enterpriseam tag-non-banking-financial-services tag-premium-international tag-securitization 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>Premium Card closes seventh securitized bond issuance:<\/strong> Consumer finance firm <a href=\"https:\/\/premiumcard.net\/\">Premium International for Credit Services<\/a> (Premium Card) has issued EGP 200.6 mn worth of securitized bonds, our friends at EFG Hermes, which advised on the transaction, said in a <a href=\"https:\/\/ent.news\/2022\/12\/EFG-Hermes-Premium-Seventh-Issuance-English.pdf\">statement (pdf)<\/a> yesterday. The bond was issued in a 10-month tranche with a Prime-1 rating and a three-year tranche with an A rating from Middle East Rating Services (MERIS).<\/p>\n<p><strong>Premium is now more than halfway through its EGP 2 bn securitization program: <\/strong>The company has issued two-thirds (c. EGP 1.3 bn) of the program it began in <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/30\/raya-signs-off-on-issuing-securitized-bonds-worth-egp-500-mn\/\">October 2019<\/a>.<\/p>\n<p><strong>Advisors: <\/strong>EFG Hermes was the sole financial advisor, sole transaction manager, and bookrunner, underwriter, and arranger on the issuance. CIB and the National Bank of Egypt acted as underwriters.<\/p>\n<p><strong>2022: The year of securitization. <\/strong>The total value of securitized bond issuances brought to market this year now stands at some EGP 45.4 bn, almost triple the EGP 15.8 bn taken to market last year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/consumer-finance\/\">consumer finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/premium-international\/\">Premium International<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578065\" 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=\"578065\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/new-building-violation-reconciliation-law-gets-a-nod-by-a-house-committee\/\">\r\n                            New building violation reconciliation law gets a nod by a House committee                        <\/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\/14\/new-building-violation-reconciliation-law-gets-a-nod-by-a-house-committee\/\" 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\/14\/new-building-violation-reconciliation-law-gets-a-nod-by-a-house-committee\/')\">\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\/14\/new-building-violation-reconciliation-law-gets-a-nod-by-a-house-committee\/\">\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 gets a nod by a House committee&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/new-building-violation-reconciliation-law-gets-a-nod-by-a-house-committee\/\">\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\/14\/new-building-violation-reconciliation-law-gets-a-nod-by-a-house-committee\/&title=New building violation reconciliation law gets a nod by a House committee\">\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+gets+a+nod+by+a+House+committee+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F14%2Fnew-building-violation-reconciliation-law-gets-a-nod-by-a-house-committee%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\/14\/new-building-violation-reconciliation-law-gets-a-nod-by-a-house-committee\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/294.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578066\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/new-building-violation-reconciliation-law-gets-a-nod-by-a-house-committee\/294-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/294.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"294.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/294.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/294.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578065\" class=\"content-area-description single-story post-578065 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-building-reconciliation-act tag-construction tag-digital-egypt-act tag-egyptian-tax-authority tag-enterpriseam tag-legislation-watch tag-tax tag-unified-tax-procedures-act wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>New building reconciliation law gets committee approval:<\/strong> The House Housing Committee yesterday approved the new bill that will make it easier for owners of illegal buildings to go legit following three days of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/997d1309-a3d2-4e40-9cc2-860a20ed2aa6\">discussions<\/a>. The legislation \u2060\u2014 which replaces a 2019 law designed to legalize informal buildings \u2060\u2014 will prevent structures built next to the Nile from being legalized. The committee also agreed that illegal buildings on archaeological land and public car lots will remain outside of the scope of the law.<\/p>\n<p><strong>There\u2019s still no word on what happens to reconciliation requests that fall outside of the scope of the law<\/strong>. The new legislation will prevent some 920k buildings from being legalized, potentially resulting in their demolition.<\/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>What\u2019s next<\/strong>: The new bill will now head to the general assembly and could be up for discussion and vote when the House reconvenes on Sunday, 18 December.<\/p>\n<p><strong>UNIFIED TAX PROCEDURES ACT-<\/strong><\/p>\n<p><strong>Amendments to the Unified Tax Procedures Act get greenlight:<\/strong> The House Budget Committee approved 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 Act<\/a>that would allow foreign tax authorities to access individuals and businesses\u2019 financial information. Policymakers have moved to assure the public that the law will not give the Egyptian Tax Authority access to personal information and is being passed to meet obligations required by the Global Forum for Transparency and Exchange of Information for Tax Purposes, which Egypt joined in 2016.<\/p>\n<p><strong>Just for foreigners:<\/strong> The scope of the amendments is limited to foreigners whose financial and tax agreements could be a matter of information exchange among countries, Deputy Finance Minister Ramy Youssef said. He argued that a membership in the forum requires that countries exchange data on tax evasion, tax havens and others. \u201cCountries that fail to comply with the forum\u2019s obligations could face disciplinary measures, not to mention that international lending institutions could use this disciplinary action to strip failed countries of obtaining financial assistance in the form of grants and loans,\u201d he said.<\/p>\n<p><strong>What\u2019s next:<\/strong> The amendments will be up for discussion and a vote when the House reconvenes on Sunday 18 December.<\/p>\n<p><strong>DIGITAL EGYPT BILL-<\/strong><\/p>\n<p><strong>Senators reject Digital Egypt fees:<\/strong> A final Senate vote on the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3f3cba0-4e3e-4ff5-b256-14c19025522f\">Digital Egypt bill<\/a> was delayed yesterday after a majority of senators rejected an article that would allow the Communications Ministry\u2019s Digital Egypt initiative to charge EGP 100 fees for its services.<\/p>\n<p><strong>What they said:<\/strong> \"We can\u2019t approve any articles imposing fees on citizens at the present time and amid such hard economic conditions,\u201d Senator Hossam El Kholy, head of the parliamentary group of the pro-government party Mostaqbal Watan said. The government stresses the fees are mandatory, with Deputy Communications Minister Khaled El Attar saying that the fees are necessary to have the initiative providing online services on a sustainable basis.<\/p>\n<p><strong>What\u2019s next:<\/strong> Senators will debate the bill when they reconvene for the next session on Sunday 25 December.<\/p>\n<p><strong>ALSO FROM THE SENATE- <\/strong><\/p>\n<p>The Senate Housing Committee approved amendments to the 2008 Building Law that would ban construction outside approved urban areas, according to <a href=\"https:\/\/bit.ly\/3URAHj3\">Al Mal<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/building-reconciliation-act\/\">Building Reconciliation Act<\/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\/digital-egypt-act\/\">Digital Egypt Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-tax-authority\/\">Egyptian Tax Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/unified-tax-procedures-act\/\">Unified Tax Procedures Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578067\" 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=\"578067\">\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\/14\/ebank-gets-new-chairman-deputy-chairman\/\">\r\n                            EBank gets new chairman, deputy chairman                        <\/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\/14\/ebank-gets-new-chairman-deputy-chairman\/\" 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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Galal has served as the bank\u2019s deputy chairman since August 2017 while Abul Soud headed up the bank\u2019s consolidated risk management group since September 2017.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-galal\/\">Ahmed Galal<\/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\/export-development-bank-of-egypt\/\">Export Development Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578069\" 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=\"578069\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/578069\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578069\" class=\"content-area-description single-story post-578069 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\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=\"578070\" 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=\"578070\">\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\/14\/us-africa-summit-in-washington-leads-the-conversation-on-the-airwaves\/\">\r\n                            US-Africa summit in Washington leads the conversation on the airwaves                        <\/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\/14\/us-africa-summit-in-washington-leads-the-conversation-on-the-airwaves\/\" 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\/14\/us-africa-summit-in-washington-leads-the-conversation-on-the-airwaves\/')\">\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\/14\/us-africa-summit-in-washington-leads-the-conversation-on-the-airwaves\/\">\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=US-Africa summit in Washington leads the conversation on the airwaves&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/us-africa-summit-in-washington-leads-the-conversation-on-the-airwaves\/\">\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\/14\/us-africa-summit-in-washington-leads-the-conversation-on-the-airwaves\/&title=US-Africa summit in Washington leads the conversation on the airwaves\">\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=US-Africa+summit+in+Washington+leads+the+conversation+on+the+airwaves+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F14%2Fus-africa-summit-in-washington-leads-the-conversation-on-the-airwaves%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\/14\/us-africa-summit-in-washington-leads-the-conversation-on-the-airwaves\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/297.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578071\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/us-africa-summit-in-washington-leads-the-conversation-on-the-airwaves\/297-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/297.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"297.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/297.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/297.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578070\" class=\"content-area-description single-story post-578070 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-africa tag-diplomacy tag-education tag-enterpriseam tag-golden-industrial-licenses tag-investment-watch tag-last-nights-talk-shows tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was a slow night on talk shows yesterday<\/strong>, with the US-Africa summit in Washington leading the coverage by talking heads.<\/p>\n<p><strong>The shows zeroed in on the US-Africa Leaders\u2019 Summit in Washington, Dc, where 49 <\/strong><strong>African leaders have gathered<\/strong>, among them President Abdel Fattah El Sis. The first US-Africa summit was last hosted in 2014 by then-president Barack Obama, Kelma Akhira\u2019s Lamis El Hadidi notes (<a href=\"https:\/\/www.youtube.com\/watch?v=GY87OmfxB_8\">watch, runtime: 14:45<\/a>). \u201cThe question here is what Washington will offer to Africa,\u201d El Hadidi said as she took note of American media reports of growing Chinese and Russian influence in Africa and sizable trade volumes with the continent.<\/p>\n<p><strong>The US has already some pledges for the continent ahead of the summit<\/strong>, Heba El Koudsy, who serves as Washington bureau chief for pan-Arab newspaper Asharq Al Awsat, told El Hadidi, referring to statements by White House national security adviser Jake Sullivan on the US committing USD 55 bn to Africa over the next three years. Washington will fund initiatives sectors, including health, epidemic control, infrastructure, food security and renewables, El Koudsy said. \u201cWashington has awakened to a new reality after 2014\u2019s summit where China has increased its influence in the continent through a wide trade exchange and facilitated loans to African nations,\u201d she said.<\/p>\n<p><strong>GERD not on the agenda? <\/strong>Asked whether GERD would be on the summit\u2019s agenda, El Koudsy said it would be unlikely, given that Ethiopian PM Abiy Ahmed is not among the attendees. The attendance by the Ethiopian leadership is limited to a participation by Ethiopian President Sahle-Work Zewde, El Koudsy said, describing Zewde\u2019s position as a \u201cceremonial role.\u201d Sudan was also not invited to attend the summit, she said, adding that the Biden administration does not attach high priority to the dam crisis.<\/p>\n<p><strong>The summit is also getting a mention from Masaa DMC<\/strong> (<a href=\"https:\/\/www.youtube.com\/watch?v=-dGMRo4hJoQ\">watch, runtime: 3:57<\/a>).<\/p>\n<p><strong>It\u2019s crunch time for Morocco in Doha:<\/strong> Morocco\u2019s World Cup semi-final showdown against France today was on the minds of several of the talking heads. Kelma Akhira\u2019s El Hadidi described it as a \u201cdecisive game for all of us\u201d while speaking with ON Time sports correspondent on latest preparations for the game and statements between both teams\u2019 head coaches. Masaa DMC phoned Morocco\u2019s former head coach Rachid Taoussi who described Morocco\u2019s current manager Walid Regragui as the \u201cchampion of the tournament,\u201d and said that weak points in the French defense could give Morocco an opportunity to advance (<a href=\"https:\/\/www.youtube.com\/watch?v=I9VsGMPueJs\">watch, runtime: 7:49<\/a>).<\/p>\n<p><strong>Al Hayah Al Youm took note of four new companies submitting requests online to obtain the government\u2019s <\/strong><strong><a href=\"https:\/\/enterprise.press\/industries\/enterprise-explains-golden-licenses-for-industry\/\">golden license<\/a><\/strong><strong> for industry<\/strong> (<a href=\"https:\/\/www.youtube.com\/watch?v=KDfA0Pza-jo\">watch, runtime: 0:54<\/a>). The unnamed companies\u2019 activities are focused on food industries, agricultural products, furniture, wood and integrated waste management.<\/p>\n<p><strong>REMEMBER-<\/strong> The government announced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c6877e9b-11cc-4db7-bd39-53bfb157854a\">last week<\/a> it will allow companies to apply for golden license online through the Cabinet\u2019s website. The website now includes an application form and a guide for how to obtain the single-approval licenses. Companies need to fill out the form, which asks for details including annual exports and local component usage, as well as upload the relevant documents.<\/p>\n<p><strong>The Education Ministr<\/strong><strong>y on Thanaweya Amma examinations kick<\/strong><strong>ing off on Saturday 10 June got a mention<\/strong> from Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=vLenpMO3yaQ\">watch, runtime: 6:59<\/a>) and Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=NyAjYErZTD0\">watch, runtime: 3:25<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/africa\/\">Africa<\/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\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/golden-industrial-licenses\/\">golden industrial licenses<\/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\/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\/us\/\">US<\/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=\"578072\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center 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stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-aumta6d\" data-v=\"4\" data-block-id=\"aumta6d\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-aumta6d-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-aumta6d-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240923.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-0xkdsi0\" data-v=\"4\" data-block-id=\"0xkdsi0\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-0xkdsi0-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-0xkdsi0-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240924.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27487.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Live More<\/span>\r\n                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src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-a35xyvh\" data-v=\"4\" data-block-id=\"a35xyvh\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-a35xyvh-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-a35xyvh-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 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class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"578073\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/flamingos-flock-to-port-fouad\/\">\r\n                            Flamingos flock to Port Fouad                        <\/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\/14\/flamingos-flock-to-port-fouad\/\" 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\/14\/flamingos-flock-to-port-fouad\/')\">\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\/14\/flamingos-flock-to-port-fouad\/\">\n                  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src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/298.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578074\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/flamingos-flock-to-port-fouad\/298-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/298.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"298.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/298.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/298.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578073\" class=\"content-area-description single-story post-578073 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-ancient-egypt tag-enterpriseam tag-history tag-nature wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a slow morning in the pages of the foreign press:<\/strong><\/p>\n<ul>\n<li><strong>Flamboyance of <\/strong><strong>flamingos flock to Port Fouad<\/strong><strong>: <\/strong><a href=\"https:\/\/english.news.cn\/20221212\/8a1b6e5185a945c0804ba502aa49f219\/c.html\">Xinhua<\/a> has a photo essay on the flamingos catching some winter sun in the Port Said nature reserve.<\/li>\n<li><strong>Buried treasure: <\/strong>An Egyptian-British archaeological mission <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/575853771251714\/\">discovered gold<\/a><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/575853771251714\/\">jewelry<\/a> buried in the ancient city of Amarna in Minya. (<a href=\"https:\/\/www.thenationalnews.com\/mena\/2022\/12\/13\/egyptian-british-archaeologists-unearth-gold-jewellery-in-amarna\/\">The National<\/a>)<\/li>\n<li><strong>Egypt returned 176 antique coins to Saudi Arabia, Jordan, Iraq, and China. <\/strong>Authorities seized the coins at Cairo Airport and post offices during attempts to smuggle them out of the country. (<a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2022\/12\/13\/egypt-returns-176-antique-coins-to-four-countries\/\">The National<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ancient-egypt\/\">Ancient Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/history\/\">History<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nature\/\">nature<\/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=\"578075\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578076\" 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=\"578076\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/siemens-bags-another-smart-grid-contract\/\">\r\n                            Siemens bags another smart grid contract                        <\/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\/14\/siemens-bags-another-smart-grid-contract\/\" 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\/14\/siemens-bags-another-smart-grid-contract\/')\">\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\/14\/siemens-bags-another-smart-grid-contract\/\">\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=Siemens bags another smart grid contract&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/siemens-bags-another-smart-grid-contract\/\">\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\/14\/siemens-bags-another-smart-grid-contract\/&title=Siemens bags another smart grid contract\">\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=Siemens+bags+another+smart+grid+contract+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F14%2Fsiemens-bags-another-smart-grid-contract%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\/14\/siemens-bags-another-smart-grid-contract\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578076\" class=\"content-area-description single-story post-578076 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-cit tag-data tag-enterpriseam tag-greece tag-infrastructure tag-siemens tag-telecom-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>INFRASTRUCTURE-<\/strong><\/p>\n<p><strong>One step closer to the Egyptian-Greek subsea data cable: <\/strong>Telecom Egypt and Greek telecoms company Grid Telecom signed an agreement to lay a subsea data cable across the Mediterranean, according to a joint <a href=\"https:\/\/ent.news\/2022\/12\/Corporate_News17881f83-20bb-428c-a82f-b605acf3eba8.pdf\">statement (pdf)<\/a>. The cable is part of a system that will connect Europe, Asia, and Africa and will \u201creinforce Egypt\u2019s strategic position as an international telecommunications hub linking the East and West.\u201d The two sides <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cbad0805-29bc-4fa2-88f6-6a052c1ec37f\">signed an initial agreement<\/a>for the project over the summer.<\/p>\n<p><strong>Siemens has been awarded an EUR 40 mn contract to set up a smart grid system <\/strong><strong>and supply 175k smart meters<\/strong> in Dakahlia, Damietta, and Kafr El Sheikh governorates, it said in <a href=\"https:\/\/press.siemens.com\/global\/en\/pressrelease\/siemens-wins-new-order-grid-control-and-smart-metering-infrastructure-egypt\">a statement<\/a> last week. The project is being funded by the Japanese International Cooperation Agency. Siemens <a href=\"https:\/\/ent.news\/2022\/9\/JICA-Lot-1-Press-Release-En-Final.pdf\">was awarded (pdf)<\/a> a similar contract in September that will see it equip two control centers and supply 300k smart meters in Alexandria Governorate.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/data\/\">data<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/greece\/\">Greece<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/siemens\/\">Siemens<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/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=\"578079\" 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=\"578079\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/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\/14\/defining-our-maritime-borders-in-the-mediterranean\/\">\r\n                            Defining our maritime borders in the Mediterranean                        <\/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\/14\/defining-our-maritime-borders-in-the-mediterranean\/\" 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\/14\/defining-our-maritime-borders-in-the-mediterranean\/')\">\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\/14\/defining-our-maritime-borders-in-the-mediterranean\/\">\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=Defining our maritime borders in the Mediterranean&url=https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/defining-our-maritime-borders-in-the-mediterranean\/\">\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\/14\/defining-our-maritime-borders-in-the-mediterranean\/&title=Defining our maritime borders in the Mediterranean\">\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=Defining+our+maritime+borders+in+the+Mediterranean+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F12%2F14%2Fdefining-our-maritime-borders-in-the-mediterranean%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\/14\/defining-our-maritime-borders-in-the-mediterranean\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/301.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578080\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/defining-our-maritime-borders-in-the-mediterranean\/301-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/301.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"301.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/301.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/301.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578079\" class=\"content-area-description single-story post-578079 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-abdel-fattah-el-sisi tag-diplomacy tag-eastern-mediterranean tag-enterpriseam tag-libya tag-oil-and-gas tag-turkey wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>President Abdel El Sisi <\/strong><strong>issued a decree demarcating Egypt\u2019s western maritime border in the Mediterranean<\/strong>. \u201cEgypt\u2019s territorial borders begin from the Egyptian-Libyan border point No 1 to 12 nautical miles to point No 8. The western maritime border line runs from point No 8 to the north,\u201d according to the decree published in the Official Gazette read.<\/p>\n<p><strong>Maritime boundaries in the EastMed are being contested:<\/strong> Turkey and Libya\u2019s Tripoli-based government controversially announced a new joint exclusive economic zone in the Mediterranean in 2020, a move that was condemned by Egypt and Greece, who <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c3ad5b2-df09-4b29-a8b0-493e1b964837\">set up their own joint economic zone<\/a> that ignored Ankara\u2019s claims. Turkey and Libya <a href=\"https:\/\/www.france24.com\/en\/live-news\/20221003-turkey-and-libya-sign-maritime-hydrocarbons-deal-1\">signed an agreement<\/a> in October that could pave the way for the two countries to explore for oil and gas in the area.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-mediterranean\/\">Eastern Mediterranean<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/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=\"578083\" 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\/14\/578083\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578083\" class=\"content-area-description single-story post-578083 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>25 December (Sunday): Senate back in session.<\/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>10 June (Saturday) Thanaweya Amma examinations<a href=\"https:\/\/moe.gov.eg\/what-s-on\/news\/dates-for-the-exams\/\">kick off<\/a>.<\/p>\n<p>19-21 June (Monday-Wednesday) Egypt Infrastructure and Water Expo <a href=\"https:\/\/ent.news\/2022\/9\/Announcement__EGYPT_INFRASTRUCTURE_AND_WATER_EXPO_LAUNCHES_JUNE_2023.pdf\">debuts<\/a> at the Egypt International Exhibition Center.<\/p>\n<p>28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).<\/p>\n<p>30 June (Friday): June 30 Revolution Day.<\/p>\n<p><strong>JULY 2023<\/strong><\/p>\n<p>18 July (Tuesday): Islamic New Year.<\/p>\n<p>20 July (Thursday): National holiday in observance of Islamic New Year (TBC).<\/p>\n<p>23 July (Sunday): Revolution Day.<\/p>\n<p>27 July (Thursday): National holiday in observance of Revolution Day.<\/p>\n<p>Late July-14 August: 2Q2023 earnings season.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p>26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p>28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>6 October (Friday): Armed Forces Day.<\/p>\n<p>Late October-14 November: 3Q2023 earnings season.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>2H 2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H 2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H 2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q 2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>3Q 2022: Swvl to close <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">acquisition of<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Urbvan<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Mobility<\/a>.<\/p>\n<p>End of December\/early January: SFE\u2019s pre-IPO fund <a href=\"https:\/\/www.alborsaanews.com\/2022\/11\/20\/1599698\">to kick off<\/a>roadshow.<\/p>\n<p>4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.<\/p>\n<p>4Q 2022: Raya Holding subsidiary Aman and Qalaa Holdings\u2019 Taqa Arabia to launch their fintech company.<\/p>\n<p>4Q 2022: Saudi Arabia\u2019s Jamjoom Pharma to <a href=\"https:\/\/bit.ly\/3R7SGzP\">inaugurate its EGP 1 bn pharma factory<\/a> in El Obour.<\/p>\n<p>End of 2022: Decent Life first phase scheduled for completion.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p>2023: Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\">will host<\/a> the Asian Infrastructure Investment Bank\u2019s Annual Meeting of the Board of Governors in 2023.<\/p>\n<p>1Q 2023: Adnoc Distribution\u2019s acquisition of 50% of TotalEnergies Egypt to close.<\/p>\n<p>1Q 2023: Internal trade database to <a href=\"https:\/\/hapijournal.com\/?p=212185\">launch<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":578051,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-578050","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"a707ab42-ed3d-4147-9957-1cdeb5e712c5","teaser":"","photo_url":"https:\/\/ent.news\/2022\/12\/280.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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